This past weeks BTC went from 18k (at the commencement of the year) to 5,8k (beginning of February) getting stable around 7k-8k today.
It is a good price to buy BTC, nothing to do with the Christmas panic that made many people think that it would go up to the moon to stay there or walk like the Tesla mounted on the SpaceX rocket that launched Elon Musk ^^.
Returning to the technical analysis we see a bounce when it touched 6k. At this point, he found a massive support that has raised his price by 50% in 20 days, but ... What happens now?
From here there are two trends that are equally valid, although I prefer the second.
I like the W, but in this case, the situation of scenario 1 is not going to happen, at least in my opinion.
I will give two reasons why this is not going to happen yet:
- Producing 1 BTC costs to the large mining companies 1k-1.5k today, depending on the difficulty, hence a BTC price (to date) of 9K is exaggerated and I attribute it to the difficulty for acquire Crypto (although we are insiders and it’s easy) and other reasons.
- The technological developments that will make the BTC an effective electronic money, although they are being tested, do not work in the main network and they will not do it for 2-3 years, so we are facing inflated speculation.
That said, it does not mean that I do not support the BTC in 1M or 100K or any price that touches this year 2018, but now in the month of March that enters this is what it touches.