Community post
The BTC Denial
Unfortunately, yes it is true, Bitcoin is very much still in a downtrend. As much as I don't want to see it happen (and I think everyone is thinking it), Bitcoin is in for another lower low! From what I see, and just looking at the basics, when we come out of this intermediate descending triangle, in one case BTC could make a move towards the upper downtrend line then continue to the lower low (what I don't think will happen). Or, in another case, could break down towards the lower trend line following completion of the descending triangle. Statistically speaking, the result of a triangle usually continues its previous trend.......in this case - down!
Replies (11)
hey we are in the same group text. I am friends with 516 number in that group. I am going to follow you and resteem you now
Already following you brother. Thanks for the kick-start!
no problem steem is actually pretty addicting I like it better than facebook
I have not gotten off since I first posted almost 4 hours ago...
Following, upped and ReSteemed. Well I agree that the TA is correct but I disagree with the end result. This down trend is being caused by the Chinese New Year. Now while Bitcoin is still down, the market Cap has been growing and it has been doing so without our friends from the far East. 10,000 is a big even and without some crazy bad news I do not see Bitcoin falling past 10k. Once the Chinese New Year is over I believe within 4 days Bitcoin will retrace to 17k and within a month new ATH. That being said we will also see some Alts bleeding as BTC rounds 15k so be ready to close out positions and move them to BTC. Just my opinion.
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Thanks a lot,
your @treeplanter
www.kedjom-keku.com
I hope you're right!
Crytpo is the future, we are early adopters, we are in a little bear market, but this will pass..
look at Jan. of every year.
I agree with the logic. However I think that even with the return in volume from Asia the trend may play out. But we'll see!
I think the slide will turn as the newbie minnows have withdrawn their funds and run scared. Now the investor confidence will rise again and the HODLERS will start to invest again