Whats with the panic here? The highlighted rectangles are the fractals where the same pattern has occurred over and over on the smaller time frames BUT THE OVERALL BIAS IS STILL BULLISH. Enough of this mumbo jumbo. It's clearly pointing downwards, but have people never traded before? All these crypto traders seem to have never traded anything other than bitcoin. This is normal. On the daily, we are still on an upward trend. It's just the smaller time frames that are showing downside momentum. China bans ICOs and starts regulating everything crypto. Well duh, they are a communist country after all. This has gone too global and they do not fully control the market. Jamie Dimon has something negative to say about bitcoin because it clearly effects his business. He's also the same guy accused of fraud. Sounds fishy to me. Bitcoin is going nowhere. It's died nearly 160 times and revived. The bubble has already burst many times. This is part of trading so put your big boy pants on and stop freaking out. I will set small buy orders at $3,000 and huge buy orders at $2800.00 depending on the price action. Thats where I believe it is heading.
The following comment is spot on! Credit for the following comment goes to wolfofblockchain.
Set your buys at $3000-$3400
What not to do:
-Don't get caught up in all the China FUD... Bitcoin is here to stay.
-Don't listen to Jamie Dimon, CEO -0.02% of JPMorgan, this is the 3rd or 4th time he's called Bitcoin a fraud yet he paid billions of dollars for being apart of the financial crisis of 2008.
What to look forward to:
-Regulation is a good thing whether you like it or not. It will clear things up and bring more money into crypto.
-Buying everything you can before China comes back into play driving the market up. You have an opportunity here that you can capitalize on in many ways... from ICOs, to alts, to Bitcoin as Chinese are on the sidelines. Don't forget China makes up a lot of volume ...
-"INVEST INTO WHATEVER CHINA BANS"
Things to notice in my charting:
-Red line represents the support on a bigger picture. Even if we go sub $3000 (coming into October) we are still bullish .
-Fibonacci levels show us that Bitcoin is heading to the 38.2% retracement where I imagine many traders and wise investors are looking to buy Bitcoin on the dip. If there isn't enough volume of buyers that come in at this fib level you can expect it to drop to a 50% fib level. I don't think we will, but I am not a prophet and we will have to wait and see.
-The chart tells us that there are HEALTHY retracements on Bitcoin . The end is not near. My word of advice is to HODL and pick up some more Bitcoin on the dips always...
-Stoch RSI shows that Bitcoin was oversold - you could have expected this as the masses panic sell on news.
Outlook on Bitcoin in Q4 of 2017:
-$5000+ Bitcoin highly possible. I believe we will get passed $5000 for a potential rally to $6500 before another pullback. The next stop would be $10,000 after that.
-Understand that more and more people are coming into these markets. Everyday people, hedge funds, traders, etc.... Also remember that Bitcoin has "died" many times in the past. It's been here a decade and survived some BRUTAL headlines and swings in price. If you don't understand the true value of holding Bitcoin and simply just want to dick around with it, you are only cheating yourself. Get educated on crypto and understand that this is a revolution right in front of our eyes.
The following comment is spot on! Credit for the following comment goes to wolfofblockchain.
Set your buys at $3000-$3400
What not to do:
-Don't get caught up in all the China FUD... Bitcoin is here to stay.
-Don't listen to Jamie Dimon, CEO -0.02% of JPMorgan, this is the 3rd or 4th time he's called Bitcoin a fraud yet he paid billions of dollars for being apart of the financial crisis of 2008.
What to look forward to:
-Regulation is a good thing whether you like it or not. It will clear things up and bring more money into crypto.
-Buying everything you can before China comes back into play driving the market up. You have an opportunity here that you can capitalize on in many ways... from ICOs, to alts, to Bitcoin as Chinese are on the sidelines. Don't forget China makes up a lot of volume ...
-"INVEST INTO WHATEVER CHINA BANS"
Things to notice in my charting:
-Red line represents the support on a bigger picture. Even if we go sub $3000 (coming into October) we are still bullish .
-Fibonacci levels show us that Bitcoin is heading to the 38.2% retracement where I imagine many traders and wise investors are looking to buy Bitcoin on the dip. If there isn't enough volume of buyers that come in at this fib level you can expect it to drop to a 50% fib level. I don't think we will, but I am not a prophet and we will have to wait and see.
-The chart tells us that there are HEALTHY retracements on Bitcoin . The end is not near. My word of advice is to HODL and pick up some more Bitcoin on the dips always...
-Stoch RSI shows that Bitcoin was oversold - you could have expected this as the masses panic sell on news.
Outlook on Bitcoin in Q4 of 2017:
-$5000+ Bitcoin highly possible. I believe we will get passed $5000 for a potential rally to $6500 before another pullback. The next stop would be $10,000 after that.
-Understand that more and more people are coming into these markets. Everyday people, hedge funds, traders, etc.... Also remember that Bitcoin has "died" many times in the past. It's been here a decade and survived some BRUTAL headlines and swings in price. If you don't understand the true value of holding Bitcoin and simply just want to dick around with it, you are only cheating yourself. Get educated on crypto and understand that this is a revolution right in front of our eyes.
