In a report out by JPM, their technical analysis points to a move down to $4,600 as fairly likely at this point.
However, it also points to a move to $14,300 or even $16,300 if near term resistance levels are broken.
This kind of rhetoric is quite common among technical analysts as all TA is based on probabilities and "if then" statements.
It is not good for predicting, but instead good for charting possibilities based on previous price patterns.
Which means, they don't mean a whole heck of a lot other than making for interesting talking points.
However, if you are into that sort of thing, here is some tidbits from their report:
"Bitcoin's recovery from a low above $5,900 earlier this month was "impressive". Still, we see a "fairly high risk" of a sell-off towards the $4,605 level if the digital currency doesn't break through its resistance level between $10,128 and $10,776."
There you have it, IF we don't break $10,128-$10,776 area in the near term, prices are likely to head south down to $4,605.
However... and this is a big "however":
"Above $10,776 though, the door for a broader countertrend rally to $14,334 if not to $16,304 (76.4% on different scales) would be wide open."
So, if we are able to break the upside resistance levels in the near term, prices are likely to test the $14,334 to $16,304 levels.
To conclude...
Prices are likely to go down and they are likely to go up.
We can't say for certain which is more likely.
Thanks as always JPM!
Gotta love TA.
In some real news...
Check this out:
Microsoft announces that they are going to implement blockchain technology into their ID applications.
Currently all ID systems are controlled by a central authority. Microsoft is working on a decentralized ID system that isn't controlled by any one party.
Both bitcoin and ethereum were mentioned in the news release.
Now that is some news worth sinking your teeth into!
Stay informed my friends.
Follow me: @jrcornel
Wow!!!
I hope
It will grow.
gentelbot
Thanks forvoting
Greetings Berlin
Thanks for the analysis!
"Bitcoin is going to $4,600 or $14,300"
Volatility is the main word that comes to mind for me when I think about crypto. I am still learning myself a lot about it but I find it funny because it seems as if this is the trend today, criticize Bitcoin/Crypto, then turn around and say that crypo is "unlikely to disappear" I think while various crypto like currencies hit lows, companies and big figures are going to keep talking negatively about it.. acquire their own portion, and then talk highly of it to pump up the price.
As for "Microsoft announces that they are going to implement blockchain technology into their ID applications." I have a lot of faith in Microsoft turning to the blockchain rather than Google/Facebook. I'm also not sure how long that this has been a feature, but Microsoft is already allowing you to redeem Bitcoin!
Still very curious as to what Microsoft has planned for the future, but if it's digging in its roots now, it's choosing the right time.
Where is the bitcoin option available as a payment?
Respectfully, this looks like a shop-job.
Respectfully of course.. lol
Go to https://account.microsoft.com/ then log into your Microsoft account, then scroll down, there will be a section that look something like this,
Companies have always, really always their own hidden intentions behind open source technologies. So I stopped using Windows on my desktop and laptop machines. I switched to Linux (kubuntu) and from then on I'm pleased more and more with this open source operating system. Almost all crypto are implemented open source and code is mostly written on Linux machines.
I'm not surprised that Microsoft pick such an important field as personal data is! Smells on Big Brother evasion!
So what the BrainTrust at JPM is basically saying:
Basically.
Hahaha an image worth 1000 words and this one has nailed it xD
So the price can go up or down ;p It is quite simple you don't have to draw 10 lines to know this. I heard that technical analysis is very helpful in daily trading but not for long-term.
yep, they said basically nothing.
You nailed it!
No, silly. It's TA, not guesswork. Geeze.
Yup but I doubt 4,600 will be reached. No one will let it get that low people have buy orders set. WHALES will come like no tomorrow if it goes to 5k.
That is where I will buy :)
I hope it goes down to give me a chance to reset time and buy a whole btc easy lol
They are saying that because of bitcoins next resistance level but it has survived that so let's see.
I am hoping for the best as i have to buy MacBook.
dude i have to buy a macbook to
Best of luck for that. when are you planning to buy it?
Here is my small vote to support you in that.
So the price can go up or down ;p It is quite simple you don't have to draw 10 lines to know this. I heard that technical analysis is very helpful in daily trading but not for long-term.
what a wide range...
It doesn't really matter if the price went down. It is actually a good chance to buy more if that's the case, then wait for it to go up again. We've already seen BTC went down couple of times, yet in every dip, it easily rises way more than the amount it decreased from. But with this prediction, it might encourage people to buy more.
Imagine how much whoever came up with this range, gets paid. A person could literally know nothing about bitcoin and give an estimate as broard as "4000 or 16000", more evidence that the banksters still don't know what they hell they're dealing with.
It's always interesting hearing what JP Morgan has to say about anything! Usually you can bet against them and make a pretty good living! Lol. Bitcoin in my belief isn't going anywhere but up at some point in the future! I don't believe it will go to zero. I've only been in the crypto game for 3 months now! I'm just learning some basics, and it appeared to me that Bitcoin isn't really going to be useful for enterprise, and just a digital store of value. This didn't appeal to me much but a couple days ago it dawned on me the true value of Bitcoin! I wrote a quick article for anyone who's interested! Let me know what you all think! Thanks for the post! :-)
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
Definitely more upside potential than downside risk. These guys at JPM are trying to accumulate coins at a lower cost by spreading these kind of predictions. I’d be better off flipping a coin to determine my entry points than listen to them.
Haha probably true! That might be part of it, though as you know, fear sells better than optimism. :)
It really does. Not to mention it gives me the opportunity to take advantage of all the sheep who listen to them and buy their cheap coins when they panic sell.
This is so typical... I love it though and get a kick out of it every time. Basically, it can go either up and down. If it doesn’t go up, it will go down. End of story. Genius proclamation.
Yep, if it goes higher, it will probably go a little more higher. If it goes lower, then it probably goes a little more lower... genius!
I think I’m going to apply to be a part of their trading and analysis team. What can go wrong?
You guys haven’t addressed the sideways factor yet. Otherwise I think you’re ready! High and lower or low and higher.. yup, you’re ready!
This 4k thing is not a good dream that should come to pass man! I am seeing it break that resistance and probably hit 10k plus before the end February.
That is what I am thinking as well. But as you know, fear sells ;)
Mehn! selling is not what I am planning of doing soon. I stock BTC when it was 18k and it went deadly deep, though fear came in but I am still gonna hodl. We will get to the moon soon. Two coins I believe in is BTC and ADA.
Don’t forget about Steem and EOS. Oh, and NEO, too. And Monero!! Ok, I think that’s it..
Litecoin, and Litecoin! “Ok, I think that’s it.....”
you are right @dandays, EOS is a good project too that I have been following up for a while but I have not stocked yet.
hahah why do all these replies look like theyre auto responses by a bot? anyways, I was never a huge fan of TA ... everytime it seems like I read one the conclusion is, it could go up if it goes up, it will go down if it goes down ... lol. thanks for sharing
That is probably 90% of it. :) IF it breaks this upside target, it probably keeps going higher, mind boggling!
Wow this is very good findings. Looks like they're focusing on whether an inverse head and shoulders pattern plays out.
So it’s definately going up........ unless it doesn’t! Then it could go down!
Good analysis, let's hope it goes up
If it goes 14000 then it's good. We can make profit. If it goes to 4000 then it's good also. We can make "more profit" later.
I agree. I wouldn't mind buying a couple at $4,605 and then selling them for between $10k - $16k. The more volatility, the more chance for profit.
Joomanji intensifies
lol love the commentary. Thanks for sharing. if JPM is going to be doing TA it'll get interesting to see if they turn bullish if the resistance breaks.
Anyone who listens to the crooks at JP Morgan deserves all they get.
Use what JPMorgan says as a contrary indicator - do the opposite!!
let's test that upper resistance. I wonder if their clients will flock in once it's broken...
If we go down to 4K...
We go up 14K right after!!!
What if the price stays about the same? I never here about that TA.
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Bitcoin has chronic ADHD so we sell calls and buy puts because it never stays in one place very long.
Lets all say a prayer it brakes out.
Great post as always @jrcornel
What platform do you buy those through?
I am sorry JR, it was just wishful thinking on my part, at least for now.
Absolutely. A rise in Bitcoin makes me feel safer in my personal financial and economical world.
Thanks for the helping info... Friend @jrcornel
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information is very remarkable friend, I really like your post,
Bitcoin has recently been popular as an investment vehicle. Those who invested their assets in bitcoin believe that this form of investment is safer than other investments because it will not be affected by the banking crisis that often happens as in the United States and Europe. Similar to gold, bitcoin can be bought when the price is cheap, and sell it when the price is high.
bitcoin is believed to be a currency and a universal commodity so that prices will continue to soar.
Great report by JPM! I wonder why they didn't add the possibility that the price will go sideways forever. That way, they would cover all their bases! Any direction the price goes (or stays), they can say: "We told you so!".
Seriously now, unless another series of terrible news comes, I see bitcoin preparing to jump over the resistance very soon, and from there... who knows? I would say "to the moon", but I hate that expression.
It is crazy that these people are highly paid to make wild guesses. They could just hire some teenie bopper YouTubers to pump the price.
The bitcoin will rise to 50 thousand dollars.
or maybe $80,000 by the end of this year
THE bitcoin? xD
yes!
I hope that this will happen
I think the price is really going to be contingent on the risk appetite of the over all markets. When the major indexes started to get volatile and sell of a lot of the cryptos went along with it. Now, the markets are going back up and so are the cryptos. So, for now everything is based on the over all health of the markets in general.
I'm quoting a dialogue from Wolf of the wall street to summarize the situation.
"Number one rule of crypto. Nobody, I don't care if you're Warren Buffet or if you're Jimmy Buffet, nobody knows if a crypto is gonna go up, down, sideways or in fucking circles, least of all brokers, right?"
Really Great Analysis!
I resteemed and upvote. Always great content from you. I am new to Steemit, however I have been trading the foreign exchange for 5 years now. Here is my analysis, will be updating later today as well: https://steemit.com/cryptocurrency/@kid-martin95/bitcoin-btc-usd-morning-analysis
What do they know, they are late to the party!
It will be interesting to see what their strategy is when they set up their crypto trading desks, under the volcker rule banks are no longer allowed to do proprietary trading (speculative).
However, not sure if this will extend to the unregulated crypto asset class?
Price is going to up of Bitcoin after Feb in my opinion. It might be the same for the rest of the market.
Interesting article!
Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
great analysis.
most probably it will reach to $14300 mark.
good post. I really like it, always success brother
Nice to see your post.realy good news.great job.
Great post thanks for sharing .
wow!Nice to see your post.realy good news.great job
great info!
Radical talk by mainstream as usual.
In market speculation, "if" statements are inevitable, what we do not know though is, which of them is the most probable?
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upvote my senior @jrcornel
i think it doesn't really matter what JPM says , a new technological revolution is here and we are all part of it.
that's what makes it powerful , btc is the future.