Firstly, this is not trading advice & i'm no financial advisor - i'm just charting trends that I see. Don't follow these calls.
BTC is correcting. I can see two possible bottoms as marked on the charts depending on which trend BTC decides to rejoin.
Trend 1 starts around August and i've added it because I personally think this could be the new trend that BTC follows. A lot of people back in June/July bought BTC from 2.5-5k and then those buyers experienced great gains throughout October and November before BTC went truly parabolic. I think that if you have been holding crypto for 6+ months and didn't sell at $20,000 USD you aren't going to take a loss at 5k because you know that BTC is going straight back up, even if it takes another 6 months.
Trend 2 starts at the beginning of 2017 at $1000, 20x below the all time high. I believe this trend is the current natural/organic trend that BTC will continue to follow after the correction. I'm not saying that BTC will be $100,000 by the end of 2018, I just think that we may rejoin this trend if we don't see trend 1 take place. I have marked two bottoms on this trend with a $750 differential, i've done that because if BTC decides to fall to the bottom a little quicker than anticipated it will hit a lower low before bouncing back.
Possibility 3, that can't be charted is 'the flippening' - or Ethereum taking the #1 market cap position. This will cause a lot of panic, FUD, news and a loss of market confidence in BTC. I personally believe this is a possibility within the next 1-2 years so I will be filling my Bitcoin and Ethereum bags equally, as you should.
Again, none of this is trading advice. Just my thoughts on where BTC is heading in the next month or two. If you have any comments or opinions I would love to hear them.
Happy hodling!
BTC is correcting. I can see two possible bottoms as marked on the charts depending on which trend BTC decides to rejoin.
Trend 1 starts around August and i've added it because I personally think this could be the new trend that BTC follows. A lot of people back in June/July bought BTC from 2.5-5k and then those buyers experienced great gains throughout October and November before BTC went truly parabolic. I think that if you have been holding crypto for 6+ months and didn't sell at $20,000 USD you aren't going to take a loss at 5k because you know that BTC is going straight back up, even if it takes another 6 months.
Trend 2 starts at the beginning of 2017 at $1000, 20x below the all time high. I believe this trend is the current natural/organic trend that BTC will continue to follow after the correction. I'm not saying that BTC will be $100,000 by the end of 2018, I just think that we may rejoin this trend if we don't see trend 1 take place. I have marked two bottoms on this trend with a $750 differential, i've done that because if BTC decides to fall to the bottom a little quicker than anticipated it will hit a lower low before bouncing back.
Possibility 3, that can't be charted is 'the flippening' - or Ethereum taking the #1 market cap position. This will cause a lot of panic, FUD, news and a loss of market confidence in BTC. I personally believe this is a possibility within the next 1-2 years so I will be filling my Bitcoin and Ethereum bags equally, as you should.
Again, none of this is trading advice. Just my thoughts on where BTC is heading in the next month or two. If you have any comments or opinions I would love to hear them.
Happy hodling!