BitKing, the one coin to rule them all. Recently there has been major backlash for BTC's retracement. This is to be expected after each bull runs. BTC is notorious for retracing up to 40-60% after each run (which is normal btw, google 50% retracement). This latest bull run took us from a whooping 5k (wave 2 of the first bull run) to an astonishing 19.9k! Thats an insane amount of gains, 4x. With that kind of gain, a big retracement is to be expected. Honestly, I thought BTC would have fell even more and broke through the support level at 11.5k, which was the previous support before BTC had its runup from 12k->17k. This retracement alone was about 60% (counting the wick of the candle) but when you look at only the candle's body, then it was roughly 50%. That is aligned with the 50% retracement theory. This correction was much needed and is actually healthy for BTC.
The massive pullback from BTC brought upon chaos within the crypto-world, but thankfully it seems that BTC has formed a double bottom on the 4hrs chart. I would give it about half a day more for the double bottom formation to be formed and it'll be back on the road to recovery. That is the first obstacle that BTC has to overcome. This would put is in lined with Elliot's 5th way. The rise of BTC will find support at the around the 16.4k and 17.9k levels before it finishes off at roughly 23-24k early Q1 2017. I also expect BTC to hit my second target late Q1/Early Q2 of 2018, but is a chart for when the time comes. Following that would be a healthy retracement so do not panic sell! Regardless of what the media says or portray BTC as, BTC is here to stay for a good while. Happy investing guys and merry christmas!
Lastly, this is not, in any shape or form, investment advice. This is just my take on BTC.
The massive pullback from BTC brought upon chaos within the crypto-world, but thankfully it seems that BTC has formed a double bottom on the 4hrs chart. I would give it about half a day more for the double bottom formation to be formed and it'll be back on the road to recovery. That is the first obstacle that BTC has to overcome. This would put is in lined with Elliot's 5th way. The rise of BTC will find support at the around the 16.4k and 17.9k levels before it finishes off at roughly 23-24k early Q1 2017. I also expect BTC to hit my second target late Q1/Early Q2 of 2018, but is a chart for when the time comes. Following that would be a healthy retracement so do not panic sell! Regardless of what the media says or portray BTC as, BTC is here to stay for a good while. Happy investing guys and merry christmas!
Lastly, this is not, in any shape or form, investment advice. This is just my take on BTC.
Komen:
www.reddit.com/r/Cry...rk_bitcoin_scammers/
So it seems like the segwit2x fork is a scam. This fork is not the same fork that was schedule to occur during November. I provided the reddit thread if any of you guys are interested in reading up on it. That would explain the pullback from my first support zone for BTC. I guess one more day and we'll be able to see how segwit2x plays out.
So it seems like the segwit2x fork is a scam. This fork is not the same fork that was schedule to occur during November. I provided the reddit thread if any of you guys are interested in reading up on it. That would explain the pullback from my first support zone for BTC. I guess one more day and we'll be able to see how segwit2x plays out.
BTC's recovery is anything but shocking! We are about to enter previous support zone, although we might just pull through the support zone with segwit2x around the corner on Dec 28th! Segwit2x will cause many people to FOMO into BTC, thus restoring its value back to previous ATH and more. I would be weary of ALT coins at the moment but nevertheless, it will be a perfect opportunity to buy ALTs at a discounted rate. Cheers guys, and happy investing.