We might need another couple of weeks before BTC if going to go higher. The big influx of people over November and December has temporarily dried up and we need time before people get use to the idea on BTC being in the 15K range before more money will flow in. This market is at a ATH, and the new money folks needs time before they see this range as being safe.
As usual, when BTC idles, ALTS will spike and that will happen as expected, so make sure you in your favorite ALT.
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It still moving down, so lets see if the 12K support holds. We should get a jump at that price.
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First target hit but we need to close above the 50MA for this to work. If we go lower, expect 9K-11K target drop.
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So it seems we had a short pump from under the 50MA but it seems we turned into a bearish flag. I suspect people cannot believe BTC is not moving up but soon they'll come to realize that BTC also has it's bad days without bad news.
If today closes at below the 50MA we'll go down to the 10K range very quickly...
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The last time we had this happen, BTC dropped to between the 50MA and 100MA which means this can repeat. The key here is to understand that if the 50MA turns into resistance it's a certainty of a down trend.
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Two options that I can see here, we go down as previous, or we go lower which I suspect won't happen, but again, all you need is bad news (FUD).
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Ok drilling into the 30min view now as things are happening quickly here. As you can see we have a clear H&S formation from the trend line and volume confirmation which will drive us down to the upper 12K range.
Nice Call! Updating your chart, I see the wick hit the base line on your chart (Poloniex low at 12,593) and bounced off it currently trading at 13,740.
I laugh at how a story on coindesk (ref. coindesk.com/south-korea-reportedly-expands-crackdown-bitcoin-exchanges/) of "supposedly" S. Korea Justice Ministry is making anew law to make all exchanges illegal there can have such a huge effect on the market. Since when and in what form of government does the "Justice Ministry" create laws (i.e. this so called "Bill")? This has "Fake News" (to cause a FOMO/FUD dump and get in at rock bottom prices) written all over it. When will we get more critical thinking back in journalism? Notice the prices are still 30% higher on bithumb.com.
silmaril0875
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@Inspirar, yes this market is driven by FUD but I suspect the whales are in on it. Only they can move this market and when they say jump, BTC asks, how high.
Inspirar
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@silmaril0875, There's no question in my mind that at least some of the whales were in on it to some degree to push the markets like that.
I laugh at how a story on coindesk (ref. coindesk.com/south-korea-reportedly-expands-crackdown-bitcoin-exchanges/) of "supposedly" S. Korea Justice Ministry is making anew law to make all exchanges illegal there can have such a huge effect on the market. Since when and in what form of government does the "Justice Ministry" create laws (i.e. this so called "Bill")? This has "Fake News" (to cause a FOMO/FUD dump and get in at rock bottom prices) written all over it. When will we get more critical thinking back in journalism? Notice the prices are still 30% higher on bithumb.com.