Hello everybody, It is a rough week for everyone involved in the crypto world, but I can see light at the end of the tunnel. Here is my prediction for what will happen with the cryptocurrency market (I'm using the BTCUSD chart since I think BTC is still the backbone of the entire crypto market, if BTC falls down, so will the rest...):
Before BTC brokeout (december 2017) it was having a bullish run inside of a channel. The price went up with +100% with an ATH of 20k'ish, in just one month. BTC (and the whole market) was ready or a correction now. We only needed some bad news; which we got! Several countries wanting to ban crypto trading, exchanges being hacked, Warren Buffet spreading some FUD etc... So where are we now: BTC dove under 10000usd and total market cap is 425billion.
Technical analysis: BTC just entered its old channel and it's headed to a very strong support area. This support area is between 8300usd and 8900usd. After this BTC will start to grow again in its old channel.
(I see a bright future for BTC and altcoins. The best indicator for the future is the past; that would mean that in about 4 months, BTC will breakout again. So be patient...)
My advice: - Are you holding? Don't sell. - Buy-in at support area - Be patient
Questions?/What do you think?
Mark
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It might look a bit messy, but anyways. It is looking like bitcoin and the altcoins are coming back. Yet I don't think the correction is over just yet. If we look at the last correction; the market went down, was highly oversold, got back up again and then sank even lower before it started to grow again. I will stay with my last prediction (support between 8300 and 8900). But now I can see a selling point ==> 12.5k
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Don't know how that ended up there, but I meant to send this.
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So as you can see, Bitcoin has reached 12.5k usd. This is a 4h chart and both StochRSI and Fibonacci show that it won't be able to hold this position very long. For those who are interested, I will be selling now till it dropped down to my original support area. :)
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Update: Charts are looking beautifull today. This is the 4h time frame. The predicted resistance at 12.5k did its job and the price is going down again. If you ask me, two things can happen: 1 Bitcoin touches 11k before going up again 2 Bitcoin goes to original support area (8300-8900) I think option 2 is more likely, but we will see. That's it for now.
Nice idea, thank you for the update @MarkH99. I'm really curious about the path it will take.
Do you think the BTC follows the TA or the some pattern if you will or it's more likely driven by some whales group?
MarkH99
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@Augustus70, it is usually a mix of both. When I buy a certain altcoin I will first of all look at the fundamentals; you can look at a chart all day long but if the fundamentals aren't good, the coin will go nowhere. When the fundamentals are looking good, I will look at the chart and do technical analysis to look when would be the best time to buy. Usually I combine technical analysis with looking at upcoming events to see what could be triggering a breakout or breakdown. Hope that this answers your question, feel free to ask more :)
stanpantel
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Thank you for your update, @MarkH99 ! It looks like most of the top rated traders on this platform are having very similar idea. I was actually expecting to see your post on it. Very much appreciated!
All the best!
Do you think the BTC follows the TA or the some pattern if you will or it's more likely driven by some whales group?