Right now we can still observe a relative sideways movement which could be mistaken for a reversal of trends to the upside.
(Volume temporarily increasing artificially as a lure but bitcoin dominance falling from 36% towards 34% as people trying to "secure" their assets in altcoins although if BTC drops everythings dips anyway).
The volume resistance at the time of writing seems to be 424 bn. (falling)
Today binance finally managed to stand up after an unexpected and prolonged downtime of more than 24h.
The fourth largest BTC trading platform by volume is now being flooded with panic buying, fueled by an artificially increased FOMO and weekend gambling.
This is not sustainable and won't be able to break the overall bearish trend and downtrend channel of BTC.
The MACD seems generally bearish as well.
The bulls would like to break the very strong 9000 resistance but struggling heavily.
The bears are patiently waiting for people to regain trust only to form another surprising bottom.
Retesting the 5800-6100 area seems necessary and potentially the bears would welcome a further drop in hope of activating a second round of panic selling so they can enter the market around 6000, 5000 and 4000.
Just be patient and see how it develops. Some expect the next major dip around 10th, 11th or 12th of February 2018.
Others think a large bottom will form around the asian lunar year celebration on 16th of February or even 1st of March.
Some even forecast a hyperinflation of USD fiat between March-May which could be corelated to the crashing stockmarket but I think they will simply print less fiat to temporarily circumvent a 2008-2010 like crisis.
It's always a good idea to have some metals and cryptocurrencies stored.
Historic lows were:
5800-6000 (6th Feb 2018) corresponding to 5800-6000 (12th Nov 2017),
5500 (25th Oct 2017),
5200 (18th Oct 2017),
4200 (5th Oct 2017),
3600 (22nd Sep 2017),
3000 (15th Sep 2017).
(Volume temporarily increasing artificially as a lure but bitcoin dominance falling from 36% towards 34% as people trying to "secure" their assets in altcoins although if BTC drops everythings dips anyway).
The volume resistance at the time of writing seems to be 424 bn. (falling)
Today binance finally managed to stand up after an unexpected and prolonged downtime of more than 24h.
The fourth largest BTC trading platform by volume is now being flooded with panic buying, fueled by an artificially increased FOMO and weekend gambling.
This is not sustainable and won't be able to break the overall bearish trend and downtrend channel of BTC.
The MACD seems generally bearish as well.
The bulls would like to break the very strong 9000 resistance but struggling heavily.
The bears are patiently waiting for people to regain trust only to form another surprising bottom.
Retesting the 5800-6100 area seems necessary and potentially the bears would welcome a further drop in hope of activating a second round of panic selling so they can enter the market around 6000, 5000 and 4000.
Just be patient and see how it develops. Some expect the next major dip around 10th, 11th or 12th of February 2018.
Others think a large bottom will form around the asian lunar year celebration on 16th of February or even 1st of March.
Some even forecast a hyperinflation of USD fiat between March-May which could be corelated to the crashing stockmarket but I think they will simply print less fiat to temporarily circumvent a 2008-2010 like crisis.
It's always a good idea to have some metals and cryptocurrencies stored.
Historic lows were:
5800-6000 (6th Feb 2018) corresponding to 5800-6000 (12th Nov 2017),
5500 (25th Oct 2017),
5200 (18th Oct 2017),
4200 (5th Oct 2017),
3600 (22nd Sep 2017),
3000 (15th Sep 2017).