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The path of least resistance is clear and as long as prices are trading below $ 4,700, we could see a further decline to $ 3,000 or less. But even though analysts and investors are watching, Bitcoin's survival is reminiscent of the dot-com bubble. He broke out; Amazon and Google have emerged, companies that exercise such control with individual market capitalizations more than triple that of cryptos.
Latest Bitcoin news
There has been a lot of talk about price, collapse and low transaction volumes. In fact, there have been comparisons between the current bear market and the internet bubble. Well, this is not the deepest correction that Bitcoin traders have had to deal with. In 2013-2014, losses were deeper and prices more volatile, mainly due to low trading volumes, as investment channels were few and bitcoin less common than today. ; hui.
Lily: Kerner of CryptoOracle: Bitcoin is the "largest value store ever created"
Regardless, blockchain and Bitcoin are a solution that will last. Just like Paul Krugman, a non-technical financial guru from previous years said that the Internet was a fad and had hinted that he would not be more transformative than the fax machine. Today, Jamie Dimon and Roubini or Dr. Doom will not fail to watch the technology shaping and disrupting the current systems.
For the prospect read: Dr. Doom says Central Bank's digital currencies could destroy crypto
Although the controversy is different, there is a strong correlation between the events around the internet bubble and recent discussions around DLTs, public block chains and even competing protocols such as IOTA. The mass is divided and some are banking on IBM's HyperLedger interoperability, others on bitcoin – security and community, and more on IOTA and the Internet of Things.
However, many support open source solutions to override licensed systems, just as TCP / IP has fed current mega-corporations such as Google and Amazon. If this is the case, the stars will twinkle for Bitcoin investors.
BTC / USD price analysis
Weekly table
As before, the overview is quite clear: the BTC / USD is in crisis and is about to lose more as trade volumes dry up and the so-called whales cover their positions to remain profitable. But, even though bear pressure is raging and threatening to wipe out the super gains of 2017, prices have remained stable in recent days.
Moving between $ 4,300 and $ 4,700, there is clear support. If prices approach more than $ 4,500, prices are likely to recover above $ 5,000 and around $ 5,500 as previously reported. Conversely, large losses of less than US $ 4,000 could result in a series of sell orders, which would push the BTC to $ 3,000 – $ 3,500 while analysts wait for it. that prices find a solid support.
Daily table
The daily chart begins to show the importance of support from $ 4,300 to $ 4,500. We have here a doji bar, mark of the general indecision of the market, but the exchange volumes remain weak.
Nevertheless, this has had the effect that border prices have limited movements within a range of USD 200 on which buyers should continue their momentum.
Now, if today's day is a bull, surpassing the immediate resistance of $ 4,700, our previous BTC / USD optimistic price forecasts would likely come online when buyers push prices up to $ 20,000. above $ 5,000 to $ 5,500. If this is not the case and the BTC capitulates below 4,000 USD, we will trade as above.
All Charts Courtesy of Trading View
Warning: The views and opinions expressed are those of the author and do not constitute investment advice. Transactions in all their forms involve risks as well as your due diligence before making a trading decision.
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