Now that we have gotten the messy business of testing $11,000 this morning, bitcoin (BTC) it may be a signal that March is going to end on a positive note.
CoinDesk's Bitcoin Price Index (BPI) clocked a seven-day high of $11,044 at 06:30 UTC and was last seen around $10,610. Due to the retreat from the intra-day high, the cryptocurrency is now trading largely unchanged on a 24-hour basis, according to data source CoinMarketCap.
For hodlers of BTC this is welcomed news and some may have even expected this happening considering that Feb. has a long track record of being annually bearish due to a few key factors but must importantly revolving around the fact that the Chinese typically take a break in this month to celebrate their new year.
The thing that makes this news so impressive is the fact that bitcoin had dropped to three-month lows below $6,000 on Feb. 6. Unfortunately based on the current chart, the "V"-shaped recovery may have already run out of steam in the low $11,000 range. And it has done this twice in the past seven days.
Most traders believe that volumes will likely rise if BTC sees longer-term bullish reversal via a break above the confluence of the inverse head-and-shoulders neckline and the descending trendline resistance.
This is just a fancy way of saying that if the bulls can push past resistance into new high territory buyers will come back!
What do you guys think will happen with BTC in the next few months? Are we seeing the slow and steady return of bulls in the market here or is this just a fools mission before heading back down to previous lows?
Please leave your thoughts below!
Source:
Bitcoin Brushes $11K as Bull Case Strengthens - CoinDesk
Image Source:
CoinDesk
I thought it was a "W" shaped correction done . Now the 4th arm would take it to 13-15k before a brisk pull back.
Bitcoin is being used increasingly by people living in countries where the monetary policy is inflationary due to over-printing of the currency. People in Venezuela for example can get their pay one day and may not be able to buy a loaf of bread the next day. A situation not unlike what what happening in pre-war Germany. There are a lot of countries with volatile currencies which is why I think the demand for crypto-currencies will keep growing for a while. There is a fixed limit of how many bitcoins can be generated, so this currency is anti-inflationary. Eventually, the offer of available block-chain currencies will exceed the demand, but this time has not arrived. The earlier block-chain currencies have more services built around them, giving them a narrow moat. Purchasing bitcoin, is a way to safeguard the purchasing power of a currency for a later day. In this fashion, it works like gold or diamonds but can be more easily be used to purchase items. The Blockchain tech isn't just a way to make online currencies. You can make smart contracts with it, and there are other applications.
Good point, I had not thought of that. Those buyers would not even mind so much the decline maybe, since it is not as worse as the inflation of fiat in their country.
Nice post. Quite informative and well-detailed. Thanks for sharing @techblogger
Very good picture and your story
Bereh that berita
Hmm... there's a good chance it'll lumber through $12,000 in the spring.
I think so too, slow growth in spring and then possibly accelerating growth in the summer.
I think that 2018 will be good for crypto as more and more people have started to invest i believe that both Bitcoin and ethereum is going to be in a bullish phase in 2019
am hoping fore a slow climber market to everyone feeling safe again so then we can go to the moon :)
And it's you who make the D-tube to pay your rent.
Sure it will see bulls run. More and more people will be using it. FIAT currencies are loosing their value due to an inflation - this is bad. As @shahaan menioned, people in Venezuala are in so bad situation that some of them are playing and collecting WoW gold to keep theirs families alive! This is so sick... :/
Also I think that blockchain technology will be developing year by year so it is not only of year 2018 byt whole future :)
Bulls are still in control

Should be no prob. 18-22k by May The feds BSing try to slow it down and so many peeps tryin to gank position. JMT 50k plus by December. disclaimer 70% info from @maxkeiser 20% net. Drive it like you stole it.