Bitcoin Price Analysis
BTC is following a slow downtrend after it's rebound from the China Exchange FUD and comments from prominent figures. As we can see BTC bounced off the first support line after the BTC dump when China FUD started spreading.
It then traded around 3850 to 4100 respecting it's downtrend line. From here we can see MACD for 4hrs are entering the bearish zone since BTC could not break out of the downtrend over time.
However this is healthy for BTC as it prepares for the next bull run when mainstream China citizens gain confidence in their local exchanges. Since, after such a big drama happened, I believe many more mainstream households will start purchasing bitcoin like how they purchase gold to keep. These mainstream household will push the price up as predicted to the next all time high 6.8k/ BTC. This is because mainstream households considers bitcoin as an investment and they would hodl, therefore decreasing the circulating supply.
If predicted correctly, BTC will drop back to about 3400 range nearing the date when the china exchanges closes down. However, do not panic sell, it is difficult to time the market because China releases their news anytime. We should be seeing another good year into 2018, when crypto currency starts getting more attention as the world moves towards cashless payments and stronger transparency in the market.
It then traded around 3850 to 4100 respecting it's downtrend line. From here we can see MACD for 4hrs are entering the bearish zone since BTC could not break out of the downtrend over time.
However this is healthy for BTC as it prepares for the next bull run when mainstream China citizens gain confidence in their local exchanges. Since, after such a big drama happened, I believe many more mainstream households will start purchasing bitcoin like how they purchase gold to keep. These mainstream household will push the price up as predicted to the next all time high 6.8k/ BTC. This is because mainstream households considers bitcoin as an investment and they would hodl, therefore decreasing the circulating supply.
If predicted correctly, BTC will drop back to about 3400 range nearing the date when the china exchanges closes down. However, do not panic sell, it is difficult to time the market because China releases their news anytime. We should be seeing another good year into 2018, when crypto currency starts getting more attention as the world moves towards cashless payments and stronger transparency in the market.
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