If you got into bitcoin around Christmas you’re likely thinking now, wtf did I get into?
On December 17 we reached a high of $20,000. Today we traded as low as $7,900, a loss of 60.5%.
The question is, did we hit the bottom? I explore that below.
Before I get to the price action, I must say, after taking a step and looking at everything that is going on, this looks like a coordinated main stream media attack. Plunge, plummet, and crash seem to be the key words of the day. Consider…
Typical NY Times headline – Bitcoin Plummets More Than 30% in Less Than a Day
Money, a Time company – Bitcoin and Other Cryptocurrencies Plunged $100 Billion in One Day
Forbes is making predictions now – Bitcoin Is Going Below $5,000
And you also have some big time, but old school, finance guys chiming in…
Krugman calls bitcoin – Bubble, bubble, fraud and trouble
And Buffett’s partner Charlie Munger – Bitcoin is Total Insanity
Buy hey, what do you expect from a bunch of nocoiners.
Looking at the charts (see pic below) I see three reasons why we may be at the bottom.
First, we bounced nicely off the 200 day moving average on big volume today.
Two, we’ve been declining on decreasing volume, indicating the sellers don’t have much juice left.
And third, we look to be establishing support at the 61.8% retracement line.
Add it all together and it looks like we are near a bottom. It’s time to BTFD.
and trade cryptos on Binance
I didn’t notice that fib but it certainly feels like a bottom. The bitcoin bears are as cocky as the bitcoin bulls were on the 18th. Interestingly I think many who missed the pre futures run but were swayed by the arguments after it ran from 10 to 19k are buying now . I just spoke to one. Also i think square and robinhood more than offset the no credit card liquidity hit but it will take a while for them to get going. Now I think we may have hit the high for the year but we may have also hit the low.
Good post .
Cheers!
This is a very informative post.You have shown the entire thing clearly.People will be highly benefited by this post.upvoted
Thanks!
I think its good time to invest in bitcoin Thanks for sharing this post
You know it... BTFD!!!
Who have steem can transfer it to sbd
I like to buy STEEM w SBD when the ratio is right. Not now obviously.
I just checked it out and i agree with you..( last night i transfered 10steem to 11.2sbd and before this i transfered just 6.8sbd for that 10steem).. sorry i just edited the comment
Edited!
now more fortunate what exactly sbd or steem
Hope you're right, buddy! But I'm the kind of person who believes in the technology behind, so for me, I just care about the price like 5 years later.
I'm with you on that one.
It's quite interesting how I met this random guy in the street when I was talking about politics with my friend. This guys approached us and starting talking about his calculations and how during Trump's presidency that Wall Street would boom and then 2018-2019 a certain correction would come. He was saying how he was talking with JP morgan executives and they were saying, "oh it's time to take the pressure off Russia". So I told this guy about cryptos and he's always telling me to calculate the 200 day avg and standardize it to the day.
So Im learning about 200 day average and then standardizing it to the day. What is the formula to standardize it, do you know?
Thanks beforehand if you respond.
I used the 200dma feature from Bittrex.
I am very happy that we made significant bounce off of $8K, it seems like it was a bigger one than the other ones we've had before.
But I am still not 100% certain that we won't visit 6K before we definitively go back up.
Of course, true hodlers know that it doesn't matter if you buy at 20% from the bottom, or the exact bottom ,when there's 1000% gains to be had in the future. So even if it isn't the exact bottom.. seems pretty close to it to me
Agreed, this move down right now on lower volume. We'll see, never say never to anything in crypto!!!
Oh now that we broke below 8K I'm pretty sure we're going down further. Maybe $5400 will save us.
But I'm afraid a looooong bear market coming up. This feels like 2014..
In that case we'll see an eventual bounce to about 15K and then a slow decline that will last a long time.
Nice post @g-dubs..thanks. I jumped in today myself
Nice!
Guilty of this...
We all are!
I think we're close to the bottom as well. But who knows :-P
Personally I could use some calmer waters for at least a few days..
I think we're going to start heading back up by about mid February.
Gee.. I hope you're right @g-dubs :) we'll have to wait and see. As for me, I'm just HODLing. Dipping my toes in cryptocurrency has been entertaining to say the least.. It's been pretty crazy.
ok guys you heard him
go buy the dip
If you check the chart from all precedents years and precedents crashes, BTC follows the same patterns and seems to rebounce at a bottom near where you are. Let's hope we are starting our bullish rally :p
If you check the same pattern, BTC ran like hell after the massive crash 💪🏽
By the way, thank you for passing by my blog. I appreciate to see you most of the time on my post :). I'll be soon heading to Cambodia to follow this South East Asia road trip
Back at 8k right now. I'll be buying if it makes another leg lower.
It's FUD on FUD on FUD right now.. Big manipulation to get rid of weak hands. Market is suffering but it's an awesome opportunity to get in
a very good time to buy SBD or STEEM.karena its cheap price.
Now is a pretty good time to invest in btc
Yep
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Great post @g-dubs. I think we are at or near the bottom line, but only time will tell - I hope we are anyway!