A few months ago, in this post, I said:
"The current chart (at the orange arrow) looks reminiscent of the 2014 correction which lasted over 2 years:
The 2014 moving-average crossover signal has recurred, making a longer correction seem likely, and would place the next leg up around 2022."
"Longer correction" now confirmed by chart
As our confidence in this predicted pattern grows, we can use it to predict the bottom (in terms of dollars, and in terms of time), and when the next move up might be.
- market collapse isn't over yet
- bitcoin to fall to 4000 or lower and stay there all 2018
- 2019 will be the recovery year
- 2020 will bring new highs
- market will peak at about $100000 in 2021
Obviously, these are only educated guesses about what MAY happen.
I think STEEM will continue to move along with the overall cryptocurrency markets. The next year or so might be a buying (or earning) opportunity, followed by a couple very exciting years of big gains.
As I've noted for many years now, the Bitcoin chart sticks to patterns and follows classic technical analysis far better than typical charts like stocks and commodities. There's no guarantee that a pattern will continue, but it tends to continue more often than not. Spotting and analyzing patterns like this one may be useful.
I'll be buying if its at 4k that's for sure.
The previous pullback saw bitcoin hit $152 USD briefly. The 4k figure is analogous to that. I assume there'll be a bounce after the current pullback, followed by 1 or 2 more lower lows after that.
(If the pattern continues, yadda yadda!)
Yeah, a month ago I wouldn't have believed it but now it looks like we're about to break through the 6500 low so who knows where it bottoms from there really.
True. Might as well follow the previous "deep pullback" pattern until proven otherwise.
I remember predicting $4000 a very very long time ago. I'm not sure what the price was then, $100 or so? Anyhow, I did a similar post to this one (on YouTube) explaining why it would hit $4000. So it's strange to be predicting $4000 again...... but from the other direction.