Bitcoin Intermediate Bottom Made...Alot of Work left to do...
Well folks it is safe to say that a short term to intermediate term bottom I believe has been made. A lot of technical damage has been done and the doomsayers are out in full fledged ridicule mode of crypto for the past couple days and weeks. I can say that I honestly warned all of my followers and the platform that this WAS GOING TO HAPPEN back in February. It is all here and it is honest, market based opinion from studying many markets that have been around long before crypto was invented.
The February lows were going to be tested and they were, multiple times, and the fact that bitcoin kept testing them is a sign of weakness and the big boys just traying to hold it up, now there are MORE people trapped than there was before and the space was just not ready to fundamentally move forward again.
You could clearly see the lower highs across the board (and now people are starting to accept them in hindsight of course) from what I have been telling you.
Now that we have broken down, alot of noobs and grandmas and grandpa have thrown in the towel and we are moving closer day by day to the next move up in my opinion. This is not going to be a V shaped rally to new highs. NO WAY NO HOW. This is going to be a PROCESS that will take much like the last one did a few years ago due to the damage that has been done in my opinion and market experience.
The chart below shows a PROSPECTIVE repeating path that could possibly happen and just goes to show how much damage has been done. Bitcoin will need to make a LOW. then it will need to GO SIDEWAYS and PROVE it can hold this LOW before it can start moving higher. Any quick move up will likely be sold over the course of days and weeks. Bitcoin will need to prove that it can HOLD SIDEWAYS and MAKE HIGHER LOWS before I start to believe the long term bottom has been made again.
I am looking for something like this. I want to be ACCUMULATING FOR THE NEXT 2-3 YEARS for the next one. The move to Bitcoin 100k+, maybe even 200k or more before 2023. 90% of the crypto coins are going to go to zero and it is important we get this stage of the game out of the way NOW rather than prolonging it for LATER.
I am looking at this 200 Weekly MA that bitcoin seems to be somewhat tracking from the last major bull run and it is coming down into it soon...
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CRYPTO SNUFF
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by heyimsnuffles
A while back I wrote a post about when would new ATHs be likely, based on previous market cycle time symmertry.
Glad to see other rational technical analyses are on the same page.
Nail on the head my friend!
My Target for Bitcoin is around 2800$ and from there on we should see a Bottom pattern. I hope that some good altcoins will seperate themself from Bitcoin dominance and will outperform it like Steem.
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This is the time for the other alts to truly shine right here for the next move!
I absolutely agree with you. It's not going to be crazy run in he upcoming months but the agressive accumulation is the right tactics for now. The next run won't happen in the next 6-12 months. By run I mean 5x and more. It's crypto so 2x is obviously normal. Throwing a towel now would be stupid, sooo bad for them grandmas. :D
#steemitbloggers
Whether TA or fundamentalist, we all agree that experiencing this in the past makes these times MUCH EASIER to weather (and take advantage of too).
Namste, jaiChai
This is interesting. Upvoted! Resteemed too, others will wanna read this.
Thanks so my h
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Yes, basically crypto is not much different from fiat in that it is only as valuable as the markets decide. In itself, You can't eat it, and it doesn't keep you warm or dry. It'll work out, but will probably take years.
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Yup it's true, your analysis is spot once again :D
I love your perspective on crypto. It gives me hope for the future and helps me see the market more clearly. I have no background in such things, so I'm just kind of bumbling along and figuring it out as I go.
Patience is the medicine for Dec and 2019. There will be some rally’s but they want people to throw in the towel before the next major multi-month rally occurs. Just guessing.
Yessir!