DrJLT

Orderly dethroning Bitcoin?

BITFINEX:BTCUSD   Bitcoin / Dolar
During the last month and half, we've seen bitcoin             dominance drop from 60+% to barely 30%. My personal view is that in the long-term this number will drop to 10%.

Currently, we've seen that bitcoin             weathered the China news and the Korea news pretty well. There's a chance for another rally that'll follow the thick green line (tagged "irrational exuberance").

Still, the prevalent channel BTCUSD             appears to be in is downward. The weekly EMA is still below the monthly (though a small push could reverse that & lead to the aforementioned rally.

On the downside, there's a downward-slopping neckline that's been touched by multiple lows & the breaking of which completes the "double top", which could lead BTCUSD             to the second thick green line (tagged "exaggerated growth" / target 9k). We have a quarterly EMA that adds additional insurance against this, however.

My opinion on this market remains unchanged: the best bets are on relatively new alts with high potentials & low prices.
Komen: Right at the neckline!

Another 500 or 1k drop, and bitcoin will go to 5k.
Komen: Probably should take out the "orderly" qualifier --- my unfortunate mischaracterization of the situation :D
Komen: Btw, tomorrow CBOE Jan future matures. Probably not going to bounce before that. I bet people manipulating bitcoin prices on the exchanges have shorted on the futures market last month.
Komen: WOW, Bitfinex 4 digits now
Komen:
At what point should we start considering the possibility that bitcoin might not recover? Would that be below 8K?
Balas
DrJLT ofbsn
@ofbsn, I think the recovery will possibly take place after the CBOE Jan matures.

With those futures, it may or may not go to 20k again. I however can't pretend to know more than you do :)

I tried to buy the "bottom" & lost even more. :D

Check coinmarketcap --- bitconnect is going to 0 :D
Balas
DrJLT ofbsn
@ofbsn, & I saw my "triple insurance" & thought while btc will slide down it'll stay in channel & not cause panic ---> so I just bought some new coins the last weekend!

Balas
ofbsn DrJLT
@DrJLT, Thanks for your detailed and informative response... we appreciate your insight!
+1 Balas
@DrJLT, I was watching the you tube opening of CME and reading the chat and yes, they were saying are we gonna short or what. So from that I would say definitely.
Balas
DrJLT monitorr
@monitorr, CNBC? Yes, I watched that one too
Balas
@DrJLT, it was someone that was there, not sure but all the guys that were on the CME exchange trading were on the chat and I was watching the chat etc
Balas
Flippening
Balas
DrJLT qdoc
@qdoc, may stay below the neckline. I hope not. I just tried to buy the "bottom" half an hour ago :D
Balas
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