Hi folks. On the 3hr chart I see a big possibility of a large Head and Shoulders pattern forming. The current fundamentals behind Bitcoin at the moment certainly support such a move. With high fees and slow transaction the market just is simply not going to support a coin with such high fees.
I'm looking for a continued bounce up to 16k give or take $500 and then a roll over to 12k. Some consolidation just above or below the neckline. Then a break of the neckline and the recent lows been taken out.
If this occurs then once again the whole sector will get dragged down again with Bitcoin. But during this next break down I see fundamentally strong coins such as BCH, Dash and Monero halting their decline midway and turning around a moving up.
I think the time of Bitcoin Legacy as the crown prince of Crypto is coming to an end and the movement of money from Bitcoin into alts will continue.
I also agree, the change-over from a broken coin to a working coin will possibly be a messy business. Not everyone has access to BCH on their exchanges ( yet ) and moving BTC around is like dragging an ox wagon over the Rocky's. BCH is feeling more bullish than BTC on Bitstamp. Maybe in a series of starts and stops BCH takes over incrementally more of the funding from BTC and eventually runs without training wheels.
Kumo77
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Agreed. The BTC devs need to get the situation with the fees sorted out before this coin ever hits a new ATH. I don't have as much time on my hands to chart during this crucial time, so I am going to stay in tether for the time being.
Dereks9
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bitcoin is an enormous piece of garbage - thanks for your in sight
HarveyWallbanger
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Get ready for some xmas day carnage folks. From the time xmas starts in New Zealand till the time xmas finishes in LA I thinks its currently shaping up bad. Watch for that 12k neckline to be broken.
A coincidence that carnage could come on xmas day ? I don't think so. Crypto = a new competitor to the power of money. Power of money = Nefarious Banking and Government interests. Nefarious banking and government interests = big money with the ability to work as a group. Xmas day crypto slaughter = the name of crypto tarnished as a fraud and a pump and dump. However I do believe fundamentally strong coins will still recover and become very bullish.
This is all speculation of course but I just get the feeling that the next 48 hrs is going to get nasty. I have sold all my positions after making last nights post. It must have galvanised me and I will be looking to rebuy those positions if things get extremely nasty downside over this xmas period.
Cheers
HarveyWallbanger
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@HarveyWallbanger, just to be specific, when I say the name of crypto to be tarnished as a fraud and pump and dump i mean over xmas tables the world over. Crypto holders sitting red faced at the xmas table while other family members tell them i told you so.
As opposed to crypto family members informing other family members of this wonderful new sector to invest in. = slower crypto adoption uptake in the long term and big profits for those who have pumped via tether and are now dumping