Bitcoin's update - read my explanation!
Updated
reading this graph I can tell you obviously nothing. Strange hm?
Well, if I can't see anything using the indicators how can someone else does so?
Let's check the price of mining bitcoin at this moment, it's around 6000$ so why would it go below 6000$$? Simple, it won't because it would be too expensive to mine the coins because buying them is way cheaper. The miners will not do anything anymore if the price decreases and we see bitcoin stabilizing exactly around the fibonacci line which is a good sign. Yeah it's quite hard to increase from here because where normally bitcoin made these movements in days it now needs weeks, even months! to start a new bullrun. Please do not believe the big guys who are trying to scare people with bitcoin goes to 3000$ or the bullrun will continue. No it won't and if it does the game will be over because the miners will stop mining and they will have to make burgers at McDonalds or drive their Ferrari's making videos about gold digger pranks.
In my opinion bitcoin stabilizes around the current value maybe a little bit more maybe a little bit less but from here we need to start the bullrun.
In the worst case scenario bitcoin will fall back to at least 6000$.
When the next bullrun starts we will not see 6000$ again because mining will become more and more expensive due to the amount of bitcoins they get for each block.
Happy trading!
Well, if I can't see anything using the indicators how can someone else does so?
Let's check the price of mining bitcoin at this moment, it's around 6000$ so why would it go below 6000$$? Simple, it won't because it would be too expensive to mine the coins because buying them is way cheaper. The miners will not do anything anymore if the price decreases and we see bitcoin stabilizing exactly around the fibonacci line which is a good sign. Yeah it's quite hard to increase from here because where normally bitcoin made these movements in days it now needs weeks, even months! to start a new bullrun. Please do not believe the big guys who are trying to scare people with bitcoin goes to 3000$ or the bullrun will continue. No it won't and if it does the game will be over because the miners will stop mining and they will have to make burgers at McDonalds or drive their Ferrari's making videos about gold digger pranks.
In my opinion bitcoin stabilizes around the current value maybe a little bit more maybe a little bit less but from here we need to start the bullrun.
In the worst case scenario bitcoin will fall back to at least 6000$.
When the next bullrun starts we will not see 6000$ again because mining will become more and more expensive due to the amount of bitcoins they get for each block.
Happy trading!
Note
Watching the charts it looks like we're gonna see this up and down game for some more days. I don't know why bitcoin keeps moving horizontal, it's quite hard to find the reasons for the things which are happening at this moment. However I'm trying to give you as much information as I can and I see the indicators are increasing which means bitcoin increases as well. We're slowly climbing up and I hope it continues for now. As I said we can see bitcoin moving back to 6000$.
Making an Elliot is not possible for now because bitcoin is constantly breaking the patterns. It's making some unpredictable movements but soon we will be happy.
For this year I'm expecting at least 25.000 usd, some traders are way more positive and I hope for both of us they're right but I don't like to make people happy with things which are insecure to happen.
I've spoken with several other technical analysts and we came to the conclusion 25.000 will happen, we are using different strategies and they are using other indicators however we came to the same conclusion.
I'll update when I can see more ;)
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