beneform
Panjang

Bitcoin On Its Way To Test $17,000 Again

BITSTAMP:BTCUSD   Bitcoin / Dolar
Bitcoin is on its way to $17,000 after bouncing off the $14,000 level of support. This beat my initial expectation that BTC would temporarily fall into the $12,000 to $13,000 range. I believe that we will test $17,000 again, and this time break through that level of resistance. If BTC breaks to the upside at that level, I predict the price will rise back to $20,000, and completing Step 3 in an Elliot Wave formation. In Step 4, we will see BTC correct to the $17,000, where old resistance becomes new support. Barring any black swan events, Step 5 will have BTC ride up beyond $20,000.

If this prediction is true, most altcoins will suffer a temporary drop in price (in both satoshi and dollar terms), followed by price stagnation in dollar terms. My expectation for a BTC bull market is also the reason why I thought ADA would enter a bear market in Q1 (analysis linked below), despite many long predictions on this site.

Finally, I would like to quell some skepticism on a BTC bull market beyond TA. First, one major factor that is overlooked is that new money is having difficulty entering the market. In the past week, we've seen Binance, Bittrex, Bitfinex, Kraken, and Gatehub either temporarily closing new registrations, having money transferring difficulties, or temporarily closing the exchange. Second, many note that institutional investors are shorting Bitcoin futures by a large margin. The reason why I believe this is not a big concern is because these investors never touch any Bitcoins during the betting process. Unless these institutions are dumping their Bitcoin directly onto the major cryptocurrency exchanges, shorting Bitcoin futures has no direct effect on its price.
___
This analysis is not a buy, sell, or hodl recommendation, and should not be taken as financial advice. I have long positions on BTC , USD (:P), and ADA . As always, thanks for reading and happy trading!

Idea Berkaitan

MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Penyaring Saham Penyaring Forex Penyaring Kripto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Dalaman Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Tetapan Profil Akaun dan Pengebilan Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Daftar Keluar