I have had many requests to share my thoughts on BTC
, I usually do not do trading predictions for Bitcoin
, but I thought I'd make a chart to explain what I am expecting. BTC
, as explained in a previous post, was previously stalled when a backup of orders in the network occurred due to too many orders being processed by miners. The bottom line is that Bitcoin
needs updates and if there are no updates and features such as segwit that are not fully implemented into the network (implementing segwit is a choice) that has to be universally agreed on. This in my view being impossible because many do not understand how bitcoin
works let alone are interested in implementing updates. It is all about the money and many people see bitcoin
as something that has the possibility to rise to millions when they are not paying attention to the fact that the network needs support from miners to even make it run. The rewards are lowering, the electricity cost is rising, the network is extremely slow and expensive compared to other coins. There may be another high as I have charted as it seems to be holding above the blue support I have outlined. Otherwise it should be moving into a descending pennant
which is a bearish
indicator in my view and a spiral to the ground. I'm thinking it will be pumped one last time this year and a storm will erupt in the crypto community as trading partners shift around on exchanges. Remember that bitcoin
can be "replaced" by a new block-chain.
Most likely path being #1, the uptrend, then the second being the opposite.
Join in on the voice chat, coin text channels and a place to suggest coins/icos for analysis by myself or moderators on discord: https://discord.gg/c3hsAZZ
If you support my TA and it works out well please consider donating to support the time spent on tradingview and discord, thank you.