I would like to share my thoughts on Bitcoin for my fellow Steemians who are looking at Bitcoin and wondering what the deuce is going on.
There is nothing too technical going on here in this chart it's fairly obvious TA (technical analysis), but I always find it helpful to have a clear chart with some markers to help plan for potential moves.
I'm guessing that most of us here are more interested in Steem, right, but the sad fact is that Steem isn't his/her own man/woman and needs the reassurance from Bitcoin in order to climb up again. So we must look at Bitcoin in order to understand where Steem might be heading.
The chart should be clear to follow on it's own, but basically what I am looking at is volume and price action. We want (if you're a bull) to see high volume over the $4,000 zone and if we can break the $4,200 zone with volume we could be looking at price going up to the next support turned resistance of $5,500 area. If we stay below $4,000 and volume dries up then there is a good chance that we drop hard to $3,500 and then if we don`t see a bounce or bulls stepping in we would most likely continue down to the below $3K zone and hit $2,500.
I like to look at the daily chart as it clears up a lot of noise and reduces stress levels :-)
I hope this helps to give an overview of Bitcoin and some markers to look out for.
Play safe :-)
Last time it stayed sideways it decided to go down. The reason in my opinion was because people wanted to sell before the end of the year for tax purposes to claim capital loss. I think if it stays sideways for some time now, the move will be upwards. I think by May we will see significant moves. These are my predictions. :)
@geekgirl, thanks for your comment.
Yes, I believe that the tax harvesting may have been a factor, it’s impossible to know for sure how much.
Last time we had days of sideways the volume just dried up and we snapped down 35%, ouch! Volume is key so i`m keeping a close eye on it.
I am a huge BTC bull for the long term but must admit that another snap down the the 2K area looks very possible, I would love to be wrong :-)
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STOP@bistonic, thank you for sharing this daily chart with us.
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