Will Bitcoin see $7,900? I guess so.

in #bitcoin7 years ago

When I compare the price movements in July 2017 and January 2018, there are significant similarities.

First of all, last June/July term the price of Bitcoin decreased by around 60% in around a month. This price fall combined with falling volume (as expected) and double-dip RSI. Moreover, the price trend fluctuated down narrowing wedge.

When I look at what is going on today and compare it with July 2017, the conditions I mentioned (the falling volume, RSI dip, the falling wedge) are quite similar with today.

The only missing part of this puzzle is the next move of Bitcoin. If the next move will be the same with July 2017 then we will see a downward price trend and a fall to $7,900.

IMG_20180119_145343.jpg

The other scenario is that Bitcoin will break the falling wedge around $14,300 and goes above. But the news flow (South Korean Government's decisions, ECB's recent announcement, France and Germany will propose cryptocurrency regulation, etc.) is still affecting the market sentiment. In my opinion, there is still no story for an uptrend.

btc_alt.png

My Twitter: https://twitter.com/P_roxima/
My Tradingview: https://www.tradingview.com/u/kvck/

Let wait and see.

If you like the content, please upvote, follow and, share!

My BTC Address: 19vHuWQnAfP31LBBHq8eCewjCk4ctfBjow

IMPORTANT: The information above is not financial advise. Please do your own research and invest wisely.

Sort:  

Congratulations @kvck, you have decided to take the next big step with your first post! The Steem Network Team wishes you a great time among this awesome community.


Thumbs up for Steem Network´s strategy

The proven road to boost your personal success in this amazing Steem Network

Do you already know that awesome content will get great profits by following these simple steps, that have been worked out by experts?