The Bitcoin Update!
Hello Steemians!
Here's a post showing BTC scenario and What should you do?
The below image is showing on BTC journey to 20k and back to around 6-8k(the present)
According to the below chart BTC failed to break the blue line(drawn) and after touching it shows downfall.
After the last attempt it has not shown much downfall which was expected. Let's see how it reacts in next few upcoming hours .
We need price to breakout above the two important lines and levels for confirmation that the market hast started the uptrend and going to continue the same.
How December hike and the dip in Jan-Feb affected BTC?
BTC has eventually gained popularity and many media channels all over the globe have covered about BTC.
This is the time to collect BTC as we won't see BTC in such lows in the upcoming future. Big companies and whales who know the potential of BTC are already doing the same in this dip.
The Market Cap scenario
Here we can see the Market Cap of from December on (CoinMarketCap)
The highest was recorded on Sunday, Dec 17 2017 which was around $335 Billion.
The lowest was recorded on Tuesday, Feb 06 2018 which was around $102 Billion.
Here in this image BTC is compared with the psychological trading cycle that goes on/ trader faces!
In this image as we can see the BTC chart is almost following the Psychology of a market cycle and about to start the uptrend, So no need to panic, HODL
What to do?
As we all can see BTC is not breaking the line.
So for now you all can wait and hopefully we can see BTC cruising upwards in next couple of months.
We all know PATIENCE is the key and Good things take time.
If you are an expert/experienced in trading and know how charts work or been in touch with btc latest news
Do buy/sell to increase your btc stock!
And if you have lack of knowledge about the same
Buy btc at every dip and store them in offline wallets because in the upcoming future there are huge possibilities that btc will cruise upwards and there are less chances of btc coming back in 4 figures!
I have posted some charts and have expectations/assumtions on how BTC will react in the upcoming period. However, No-one can predict the market accurately.
Invest only that part of money which you can afford to loose.
Thankyou,
Please donot forget to Follow me -> @msteemian to get daily updates 
Good to see it trending up. As long as we see volatility in the stock markets, that should be great for cryptos.
I am a strong believer of cryptocurrency. Finally, its recovering from all the bad news in the market for last one month. All related to regulations and hacking. Many of you may not be knowing whats wrong with cryptocurrency which leading to crash. Here i have listed the major reasons for major crash in january and February 2018.
Cryptocurrency prices are largely driven by news events.
Let's talk about some bad news which recently resulted in a huge price drop in the value of Bitcoin and other altcoins in February.
- Indian Finance Minister, Arun Jaitley, restricting the legal use of cryptocurrency.
- Facebook banned the ads for Cryptocurrency and ICOs.
- JPMorgan Chase & Co., Bank of America Corp AND Citigroup Inc also halted the purchases of Bitcoin and other cryptocurrencies on their credit cards.
- UK’s largest bank Lloyds Bank announced that they will not allow cryptocurrency purchase through credit card issued by them.
- Discover credit card has banned purchasing Cryptocurrency. Some cryptocurrency-backed debit cards dropped from Visa network. MasterCard removes cryptocurrency Debit Card availability outside European Economic Area (EEA).
- U.S. Securities and Exchange Commission who freezes the assets of a Texas-based initial coin offering that claimed to have raised more than $600 million.
- Japanese Cryptocurrency Exchange CoinCheck also get Hacked and $530 Million NEM got stolen.
- The U.S. derivatives regulator recently said that they will hold two meetings to discuss the procedure and operational controls for listing and trading digital currency futures.
- South Korea and China are making it tough to gain from cryptocurrency trading.
- China has banned Cryptocurrency-related advertisements from Chinese websites. Chinese search engine Baidu and social media platform Weibo already stopped showing cryptocurrency and ICO ads.
- China has already banned the domestic cryptocurrency exchanges and ICO in September 2017 but they now banned any purchase by Chinese people with foreign cryptocurrency exchanges as well from February 2018. They are trying to reduce the financial risk as per government's statement. China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.
All these bad news was making a negative impact on cryptocurrency prices. People started selling their digital assets to secure themselves from the big loss. As price is largely driven by faith and fear, so it's falling continuously with continuous bad news one after another.This is an excellent summary which lists the negative news surrounding the downturn.
It would be good to see a list of the positive developments as well.
Where I live, Switzerland, the authorities are doing all they can to promote the growth and use of the blockchain and to position themselves to be the number one crypto nation.
Such projects as cryptopolis are helping to lead the way by offering a liaison between government and crypto projects.
An excellent example of integration with Fiat can be seen with the lykke platform.
Please, please please, place all your coins in a digital save on the internet, what can go wrong?
Thanks for your comment. I will come up with a new blog post with all the positive news which is adding up now to raise the value of Bitcoin and all other altcoins.
Never forget that the news aren't really playing a big role in this market :)
So what is the additinoal factors which is driving price? Do you think whales are paying bigger role compared to news?
It's more about emotions and how people with big influence behave. So whales are pretty right. But don't forget things like this: https://steemit.com/news/@genblockchain/is-this-the-crash-my-experiences-say-or-genblockchainnews
nothing to worry btc will reach to 20k again
I agree
You are right and if you go watch my video you will be surprised how and why. I could change the way you are buying right now. check it out and let me know what you think. https://steemit.com/cryptocurrency/@probizranker/bitcoin-major-historical-event-about-to-happen-soon
This comment has received a 3.13 % upvote from @speedvoter thanks to: @jassi.
Great summary - followed...
Thank you for your support.
Your observation is nice but I think that there is much simpler reason for BTC drop. Market went too far too fast and many people cash out their gains and wait for this drop.
I agree @cicbar this was a normal retracement as the price had spiked too quickly we have seen this many times with bitcoin over the years but as the technology is still evolving the long term trend should still be on the way up. Although I'm more interested by the innovation than the price.
your in it for the tech. Riiiight. ;)
hahaha jk man.
You spoke my mind succinctly! Couldn't have said it better @cicbar
It is absolutely true that price was up many fold without any reason. But people were still interested in purchasing at high price. The one point apart from all the regulation and hacking which I missed is that cryptocurrency is not like regular investment where investment is done by big agency, professional investors and venture capitalists. They have good understanding of the market and future. However, cryptocurrency is different. This is because most of the investors in this domain is common man who purchase cryptocurrency in hope to encash these in coming future when price will go up. However, common man don't have lots of money which they can live without. They are always nervous when price goes up or down. Any bad news like one of above spread in market which makes these people very nervous and they want to save their loss. So they sell their cryptocurrecy if market is going down. Similarly, if market is too high, these small investors thinks that they are done with current gain and lets sell whatever they have to make quick gain. They hope that price will come down again and they can purchase it later (just like trading which is very easy now a days because of easy interface in multiple exchanges like GDAX and Binance). So huge number of such small investors like us, we are always going to see great market volatility and most of those fluctuations will be because of the market news. Any sudden bad news can stop currently improving prices of cryptocurrencies.
be careful when you say it is recovering. If you look at the last few weeks we have gotten a little bit of upside and then right back on its correction. We might have just a little bit more left to go. I hope not but i think it is good be stay cautious. These are deff great prices at an almost 50% discount or more. So in the long run i think this is great! Enjoy!
Yeah, still price is very low and its not recovered completely. It may be a good opportunity for newcomers. My advice should not be considered as financial advice as this is just my personal opinion and I am not responsible for any loss of investment. Personally If I have some money which I can leave without then I will take benefit of this low market and buy some Cryptocurrencies. Litecoin would have been on top of my list but I would have also consider Ripple, Stellar Lumen, Verge, IOTA, Tron, Ethereum and some bitcoin. I would have keep looking at price and will make decision when should bet my luck on purchase. Price may still go down further. So keep watching the price and if you are ready to invest then catch the lowest possible price. But remember cryptocurrency investment is a risk and such crash can be in future as well. But gain can also be many fold. So its totally game of luck.
gotta have them disclaimers in there!! hahaha and Whoa look at the market today! Litecoin up 30% over night! Thanks for the reply and i agree with you completely. This is a great opportunity.
Yeah, Litecoin is skyrocketing. This is because of the scheduled launch of LitePay. For more information please read this article.
https://steemit.com/litepay/@sumanpuja/litepay-is-coming-one-of-the-best-time-for-litecoin-lovers-don-t-miss-the-opportunity
Also there is an upcoming fork of litecoin. Lick it or not. I do believe it is having an effect on the price.
Yes, you are right. I have written about it in my recent blog article.
https://steemit.com/cryptocurrency/@sumanpuja/get-ready-for-some-free-cryptocurrency-plan-making-10-litecoin-cash-every-owned-1-litecoin
The coins tend to suffer the most in the first two to three months of the year but it later picks up and goes on well take a look at the market around this time last year you would notice a little instability in price then notice how it has gone over a 1000% before the end of the year. So I would say give it time and it will become more stable and grow
Yeah, you may be true. This may be because this is the time for tax filing and everybody may be hiding their potential gain and they don't want to get caught into trouble with tax authorities. One tax season gone, everybody will come out to play more and take risk to gain many fold.
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Yes! I agree. Thank you. I'm tiered of hearing about people looking at charts and talking as if they can predict the future price based on patters. That is ridiculous, this is not black jack. There are way more factors that effect the price. There would be a ridiculous amount of rich people if pattern recognition was they key to figuring out the future price of a cryptocurrency or stock.
Since when the new actually explained what happened let alone "driving" the market?
IF it did "drive" any market, it is no longer news.
Most news, if they are actually correct or accurate, is "a day late and a dollar short" so to speak.
IF you invest in response to new stories, you will almost always do the wrong thing.
Investing in anything, it is critical to not pay attention to news "analysis" and stick to a well researched, and well thought out game plan. Just as in sports - play your game and the scores will take care of itself.
Two things:
Endure the guys left a little bit since February, bitcoin will be strengthened and by spring it will gain strength!!!I'm not a prophet, I'm just analyzing the market !;)Bitcoin the king! And behind him grows steem...
you have consolidated the information for everyone to go through the state of cryptocurrency all over the world. it is really helpful for other investors for sure.
omg too much earning how is this possible ???????????????????????????????????????????????????????
I know why bitcoin will fall wildly from January to February this year because Chinese people are massively selling bitcoin in their hands and Chinese are going through the New Year as they did on December 25, 2017 So on December 23, 2017 Bitcoin bitterly falls, I have this screenshot of Chinese selling bitcoin evidence that they posted in WeChat's circle of friends, if I can receive 1000 likes, I will publish screenshot evidence. Amount, my bandwidth is not enough.
Tether
Yes, but bad news about tether is in market since long time much before this major crash. And real bad news about tether has come after major crash. During crash tether was standing at $1 comfortably. Still its not deviated a lot from $1. So I don't think this is one of the major reason for crash.
no fud, We must promote news that promotes the use of cryptocurrencies and not scare away new investors, so join my NO FUD campaign
I agree but all coins have both side. We cannot only have one side of the coin. As cryptocurrency or any other investment is a risk so people should know the involved risk before taking any decision. Their hard earn money is at risk which should not be wasted just in hope.
What we all can do is HODL and trust it otherwise it will create more chaos and then we might face some hardships.
True story, in a few weeks we'll be talking about the fact that "we survived" #HODL
Check this Tshirt out!
http://bit.ly/2EwVRjq
Good luck and may all our investments go TO THE MOON!
ahahaha I'm definitely getting a "I survives january crash" and "#HODL" XD
This is sick af
BITCOIN IS TAKING OVER! Thanks for this post. I call it financial guidance @msteemian
Cheers!
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https://steemit.com/gurunanak/@jatinder/guru-nanak-wali-qandhari-the-arrogant-priest
I'm Hodling many positions and waiting for things to turn around. Gotta have faith
Good things come to those who wait! ;)
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I wonder if the price will peak a bit earlier this year as people sell off expecting another post-xmas downturn?
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Yes, Agree with you mate.
upvote and support pleas*e
---> https://steemit.com/@serpilgunduz
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Wow, thank you so much, msteemian! This post was short but very informative. I am new to this topic. This post has peaked my interest in the topic and got me into it. I am now thinking of buying BTC but I don't know where I should get started. Do you have any suggestions?
i downloaded the exudus wallet great wallet that stores about 20 coins including bitcoin easy to download but does not connect u directly to the blockchain i also downloaded daedulus wallet only for cardano coin this wallet took me 12hrs to download as it linked me to the blockchain my computers old too so don't know if this can b faster once u have your wallet get on an exchange like coinbase this can take time so if u know someone that is already on an exchange they might be able to send u crypto it worked for me...thats been my journey for now.....have a good one
Here you go.. https://steemit.com/cryptocurrency/@sumanpuja/a-comprehensive-guide-to-cryptocurrency
Soon I will be publishing a comprehensive guide on purchasing cryptocurrency. I have almost compiled everything and article is almost ready. I hope to publish that in 1-2 days. Please follow me to get article update.
Already published, You guys now can read the article on my profle https://steemit.com/@sumanpuja/
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In the mean time watch Magical Crypto Friends : https://steemit.com/bitcoin/@sames/magical-crypto-friends
Nice post i just shared some important tips about bitcoin now. Check it out and give your opinion https://steemit.com/bitcoin/@bafspotlight/5-tips-for-successful-bitcoin-trading
You may want to buy more after you watch my video about the major event thats coming. https://steemit.com/cryptocurrency/@probizranker/bitcoin-major-historical-event-about-to-happen-soon
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I do hope you are correct with your analysis and BTC starts a bull run again.Its been a very nasty beginning to the year and when BTC bleeds, all crypto bleeds.I am still confident we will see new highs this year.
I completely agree. I have been in the game for about 24 months but have learnt a lot along the way. If you look at history and the future we are in a very small time windows of where this will be in the future. When credit cards came in there were skeptics and now look, almost each and every person has at least one or more. Many of what they call 'future' technologies were frowned upon at first and and hit all sorts of barriers. I truly believe that Bitcoin and many other cryptos are the way of the future. Whichever way you look at it crypto is here to stay and will only be more and more adopted and used into the future. Old legacy ways of doing business which we now accept as the 'normal' will fade over the years. These have only one way to go but to become more and more valuable. I have made money by staying strong in negative times and not cashing out but HODL. In 10 or so years if we hodl onto a good diversified portfolio there is no real way you can be anything but well off for it. I personally budget to put a small portion of money into Bitcoin and other cryptos each fortnight and leave it for long term.
24 months?! I would have been retire by now if I had gotten in at that time.
Nothing has changed. Everything in sight is being bid at every dip. A lot of junk has barely budged in this "correction" and is still sitting at all time highs!
Nice post! I appreciate you looking at the Bitcoin price a variety of different ways! This is a much more informative article than ones that are just looking at one 15 minute chart! Lol. I recently came around on Bitcoin. I didn't see much if any use for it as I started to learn more about other crypto currency tech. However, I did come to a conclusion that Bitcoin will never go to zero. For anyone who has a couple minutes to spare and wants to contribute to this conversation check out this article:
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
I'm interested to know what everyone else thinks! All the best and keep on Steemin!
https://steemit.com/cryptocurrency/@oroujda/price-analysis-for-bitcoin-ethereum-litecoin-and-ripple-february-11
very good
I wonder how many will look to diversify with crypto.
Thanks for your updates!
Buy BCH :D