The Crypto Market has not been fun to watch for the past 13 months but, could things be changing?
Looking at the chart below, it looks like December 2018 we finally saw the bottom, then we had a small bounce then by Feb 6th we lost about 70% of the gains from that bounce. We are now back at the December 2018 mark that we hit from that initial bounce, I believe that we are going to break through this previous resistance in the next 2 weeks. It looks as though this run is about over, since we are over bought, however if we continue this pattern of making higher lows we will likely be rejected down to the 3900 area before rallying again, once we punch through the 4200 resistance we will likely see 4500 very quickly. If this pattern continues it looks like we will make 6000 by the end of March. Nothing has changed with my opinion of the Crypto Market, it is still headed to the moon, its just about when. I was too enthusiastic to think it was going to happen so soon after the market crashed 13 months ago, I did not think the bear cycle was going to last as long as it did, but I think we are truly out of the bear cycle. Now we are in the accumulation period, now is when we will likely move sideways and slightly up for a few months. I believe after we hit 6000 we will likely crash down to 5000 and bounce back and forth in that range for a few months, this of course is part speculation, and part looking at what Bitcoin has done in the past. Bitcoin has huge spikes, then crashes 70-80% then spikes again after a long period of stagnation. I believe now we are in that stagnation, but it will not be partially confirmed until we break the 4200 in the short term, then fully confirmed when we shoot up to 6000 on or around the end of March. If this does play out this way I will be fairly certain that we are in the accumulation period. You see while the little guy (us), will buy now to make the most gains on something so "unsure", big players will wait until they see confirmation that things moving up before they enter the market. While I am making the call for 6k by end of March beginning of April, I have no idea when we will see 10k, but make no mistake, once we do break 10k we will see 35k!
Now what is making this happen right now, why are we seeing gains? Well as far as the charts are concerned its simple, we found the bottom and there is no where to go but up from here. However, there is some good news in the market that can be playing a part.
News:
- Although it has been pushed back several times which has dipped ETH below reason, it is finally close, Constantinople is coming and people are excited! https://www.fxstreet.com/cryptocurrencies/news/ethereum-overview-constantinople-is-coming-what-does-it-mean-for-eth-201902210709 .
- I said it before and I will keep saying it, the Lightning Network is a game changer and it is being adopted. https://dailyhodl.com/2019/02/23/trillion-dollar-titan-fidelity-takes-bitcoin-lightning-torch-prepares-crypto-platform-for-institutional-investors/ .
- Confirmed, Samsung Galaxy S10 will come with a built in Crypto Wallet, this will bring it into the main stream. https://blockonomi.com/samsung-galaxy-s10-crypto-wallet/.
- BAKKT is almost here, I have been saying this will be a major catalyst since I first read about what they are trying to achieve. https://cryptodaily.co.uk/2019/02/how-bakkt-could-help-lift-bitcoin
Its funny, when the market was tanking anyone who was following this blog will recall how many times we stated that the FUD was ridicules! We stated several times that the news was all negative and it was absolutely manipulation. People/News companies can be bought and in my opinion at that time the powers that be (the banks and trading companies), used their money and influence to scare the market to drop the price. However if you look at the news lately, it is as if that all never happened, all the news now is positive. Now do not expect things to turn around fast, people scare quickly, but it takes time for them to build confidence. Keep a weather eye on the news, in the next few weeks, if most of the articles are positive, there is a good chance that the powers that be are trying to instill confidence, hence trying to raise the value of BTC. If you see mostly negative articles, then I am wrong and the media is reporting it as they see it.
Remember markets move from news but, Blockchain Technology is the future and it is only getting better!
I am not a financial advisory and this is not financial advice, invest at your own risk.
