During the last month and half, we've seen bitcoin dominance drop from 60+% to barely 30%. My personal view is that in the long-term this number will drop to 10%.
Currently, we've seen that bitcoin weathered the China news and the Korea news pretty well. There's a chance for another rally that'll follow the thick green line (tagged "irrational exuberance").
Still, the prevalent channel BTCUSD appears to be in is downward. The weekly EMA is still below the monthly (though a small push could reverse that & lead to the aforementioned rally.
On the downside, there's a downward-slopping neckline that's been touched by multiple lows & the breaking of which completes the "double top", which could lead BTCUSD to the second thick green line (tagged "exaggerated growth" / target 9k). We have a quarterly EMA that adds additional insurance against this, however.
My opinion on this market remains unchanged: the best bets are on relatively new alts with high potentials & low prices.
Currently, we've seen that bitcoin weathered the China news and the Korea news pretty well. There's a chance for another rally that'll follow the thick green line (tagged "irrational exuberance").
Still, the prevalent channel BTCUSD appears to be in is downward. The weekly EMA is still below the monthly (though a small push could reverse that & lead to the aforementioned rally.
On the downside, there's a downward-slopping neckline that's been touched by multiple lows & the breaking of which completes the "double top", which could lead BTCUSD to the second thick green line (tagged "exaggerated growth" / target 9k). We have a quarterly EMA that adds additional insurance against this, however.
My opinion on this market remains unchanged: the best bets are on relatively new alts with high potentials & low prices.
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Probably should take out the "orderly" qualifier --- my unfortunate mischaracterization of the situation :D
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Btw, tomorrow CBOE Jan future matures. Probably not going to bounce before that. I bet people manipulating bitcoin prices on the exchanges have shorted on the futures market last month.
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WOW, Bitfinex 4 digits now
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Another 500 or 1k drop, and bitcoin will go to 5k.