[ Trading ] Bitcoin Consolidation

in trading •  2 months ago

The Bitcoin Bulls are consolidating now and looking for new entry after this great bull run we had over the last month from $5800.

But how low will it go and when is a good time to get in again?

Here is Dan from the Chart Guys with his take:

Do you think we will go back to $7600 support?

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$7600 is a long way down. I hope we consolidate above that level.

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We went up very fast in the last week. So we might visit 7600. This will be very healthy consolidation and great entry point for bitcoin to go up again to next resistant level.

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@colinbrazendale, if the BTCUSD price retests the previous consolidation (what is quite possible), that is in the range of $7300-$7600 on 1H time frame, it can be considered as a good entry point (I mean for opening a long position).

@colinbrazendale, I think the price of BTC is going to enter the range of $9400-$9800. At the level of about $10 000 we will see some kind of consolidation. This is according to my technical analysis (TA). In my work I use fundamental, technical and candlesticks analyses.

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That is very interesting @cryptospa. $9400 or 9800 will be amazing. How low do you think this pullback will go?

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@lizette, it is hard to say when it will happen. The price of bitcoin depends on its usability/scalability (it is measured by the number of transactions/intereactions between the users of the bitcoin ecosystem). Recently, the number of transactions with bitcoins has been slowly, but steadily rising. At the moment, the main driver for the bitcoin price is the enlargement of the Lightning Network. Its capacity has increased since the beginnig of the month from the level of 20 BTC (120 000 USD) up to 113 BTC (almost 930 000 USD), according to lnmainnet.gaben.win. The faster the LN expands, the faster the price of bitcoin will be able to reach the level of $9800. In the long run, if the LN solves the current scalability problem of the bitcoin ecosystem, then the price of bitcoin will start growing again steadily, and it will able the renew the ATH from the end of December of 2017 at the level of approximately $20 000.

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@cryptospa, you should do more regular TA on your Steemit blog. I would liek to knwo more of you TA.

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@colinbrazendale, thank you for your support! I will also follow you. I will suscribe to your Steemit account, as well!

You got a 2.50% upvote from @emperorofnaps courtesy of @colinbrazendale!

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Hey Colin U just received a free upvote and resteem from @steemwhalepowerplease upvote this comment to help everyone who uses this service if you want me to remove this comment reply remove

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