PatrickGonsalvez

cookyjar thoughts for BtC in late q1 2018

COINBASE:BTCUSD   Bitcoin / Dollar
48 1 4
pains me to see btc             chart today. the squeeze to 8k mark is apparent from weekly, daily and 4 and2 hr             charts.
bears are clearly ruling, not often buls are seen and if,that too with little volume . the RSI for 50day is somewhat flattening off on the lower side. any chance for convergeance missed on daily on daily DMAC, giving more credence to lower lows in coming days. pressure is building as the 8k resistance nears. if 8k mark breached, bears are likely to linger for sometime until the next resistance, 5k is too far low.
from the confusing different high-low forks, the lower resistance was breached multiple times in jan, trice from high of 20k from first fork at sept17 low, second from nov17 low and from jan18 lows. buy volume levels are far less compared to dec17 to midjan18 level but on positive note, so are sell volume!
besides lost coins, significant btc             volume is likely invested in altcoins and actively engaged in p2p exchanges. top altcoins are equally on alow ride. market capitalization is slowly but sure increasing. btc             marketshare is barely clinging on the 30s% level, which i incidently think is healty.
Still bullish about btc             for long term though although lacks utility due to inherited flaws, crippling it from transactional use. this however makes btc             ideal as a storage of value, smiliar to gold             .
both negative and positive hype around btc             seems to work for earlier period in 2017 and against btc             for immediate term, but btc             is here to stay for a long time as the first blockchain gold             .
i will wait it out closely at 8k range and not hesitate to take position. if still a lack of bulls with volume , ill likely wait it out for few days for a further dip which looks possible.
the altcoins market however seem like a blackhole with many fakes/scams. its still yet to be seen projects that are live and cross-continent wide coverage. there are many projects in varios stages which i will carry in my fb             .
took wait approach when touch 7k. 6k is looking in sight.
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