The recent slump in Bitcoin over the last few days has been considerable, however based on the Bitcoin's trading history volatility this is quite normal.
However the trading pattern currently in place suggests 2018 may be different this year as the crypto takes a breather from 2017 epic run.
Head & Shoulders Pattern About To Be Confirmed
Based on the 3 lighter circles on the chart below you can see the head and shoulders pattern forming. The final confirmation for this trading set up is a close below the support or neckline also marked on the chart below.
At the time of this post the price action of Bitcoin is sitting below this support level / neckline shown in the darker circle drawn.
If the price action confirms this pattern there is a high probability that Bitcoin would of seen its best prices moves in 2017 where it reached its all time records around USD $20,000.
If this is correct and Bitcoin's troubles continues will the weakness continue to drag down Altcoins especially the majors like Ripple, Ethereum and Litecoin or will they gain market share as their block chain technology surpasses Bitcoin?
Chart info supplied from https://bitcointicker.co/
bitcoin is strong, it has surpassed volatility before.. i'm sure it will regain its position back..
The crowd that adapted to Bitcoin and got in on the action in 2017 was exactly that, a crowd. Still a small minority. There's no sign of anything crazy slowing down the crypto growth or it from continuing to creep into the mainstream. Things such as Kodak getting into the game only increase the industries credibility and mainstream usage. This only improves Bitcoin value as well as the others that continue to build a strong foundation and solve a real need.
This post irrelevant in a couple months, downright silly in 18 months plus.
Maybe thats true and maybe it isnt. The fact the Wall street now controls Bitcoin via futures trading has had a big impact on Bitcoin moving higher. 2 days after they went live Bitcoin fell from its all time high and has never been close since.
I think other crypto's have a good chance to move higher, however Bitcoin I believe will be a different story.
Like you said this post is here so we can always come back and find out how things turn out in 12 months.