BitcoinPenjualan
Bitcoin needs a correction to continue with healthy up movement
Diupdate
This week the Bitcoin price has risen as expected over 10. 000 $ this is connected with more and more positive news about the market implementation of crypto currencies as well as chart technical bullish breakouts of the Bitcoin. Currently many sellers are entering the market which has slowed down the growth in the last 24 hours. On smaller time units a bullish triangle forms which could bring the price up to 11600 if the formation is confirmed. At the latest there I reckon with first really big sales in the $1000 area as we briefly saw it yesterday. We have had nearly 300% growth since March and now my concerns come into play:
If a correction doesn't start soon we will have the similar artificial and fast market growth as in late 2017/early 2018. This always results in a strong downward correction and this time the correction would start earlier as the previous movement in late 2017 created resistances lines that have to be broken first.
Why a correction would help: If we see a correction to $9000 in the next few weeks or $8000 at worst and then bottoming in this area we can speak of a healthy and sustained up movement that will continue in the long run. The indicators would then go back towards the 0 line and be ready for the next upward movement. With further growth without correction these indicators will continue to move near to the heavily overbought area and thus bring more sellers into the market.
My personal view
Currently there is still too much uncertainty in the crypto market. Banks and states have absolutely no interest in leaving all possibilities to a free and uncontrolled system/market. I expect regulations about the tax offices of the respective countries to start soon. People always say you can't ban the Bitcoin or other crypto currencies. This is true but through penalties or legal prohibitions people are also prevented from trading in crypto currencies. Very few people will take the risk to receive a penalty for trade/pay with crypto currencies instead of normal currencies. Many believe that facebooks libra coin could be a starting shot for crypto currencies mass adoption but don't forget the original purpose of crypto currencies: Decentralization. I believe that Facebook's own currency is more a step towards the adoption of blockchain technology by huge corporations than a door opener for the masses. The powerful business people of this world have recognized the use of crypto currencies and are now trying to seize them. In the long run regular currencies are doomed and the next economic crisis will be much worse than 2008/2009 because weak companies were artificially inflated with credit (whatever else) to survive after the last crisis. This approach has been followed throughout the whole world economy. If interest rates were to rise generally in Europe now and even further in America many companies and private households would run into financial difficulties.
Don't forget that over 95% of the world's money is owned by only 3% of the world's people and they are not interested in us all earning money with bitcoins but more important is: they're not interested in allowing a payment system outside banks. This would question the largest source of income and origin of all economic evils - the banks.
If a correction doesn't start soon we will have the similar artificial and fast market growth as in late 2017/early 2018. This always results in a strong downward correction and this time the correction would start earlier as the previous movement in late 2017 created resistances lines that have to be broken first.
Why a correction would help: If we see a correction to $9000 in the next few weeks or $8000 at worst and then bottoming in this area we can speak of a healthy and sustained up movement that will continue in the long run. The indicators would then go back towards the 0 line and be ready for the next upward movement. With further growth without correction these indicators will continue to move near to the heavily overbought area and thus bring more sellers into the market.
My personal view
Currently there is still too much uncertainty in the crypto market. Banks and states have absolutely no interest in leaving all possibilities to a free and uncontrolled system/market. I expect regulations about the tax offices of the respective countries to start soon. People always say you can't ban the Bitcoin or other crypto currencies. This is true but through penalties or legal prohibitions people are also prevented from trading in crypto currencies. Very few people will take the risk to receive a penalty for trade/pay with crypto currencies instead of normal currencies. Many believe that facebooks libra coin could be a starting shot for crypto currencies mass adoption but don't forget the original purpose of crypto currencies: Decentralization. I believe that Facebook's own currency is more a step towards the adoption of blockchain technology by huge corporations than a door opener for the masses. The powerful business people of this world have recognized the use of crypto currencies and are now trying to seize them. In the long run regular currencies are doomed and the next economic crisis will be much worse than 2008/2009 because weak companies were artificially inflated with credit (whatever else) to survive after the last crisis. This approach has been followed throughout the whole world economy. If interest rates were to rise generally in Europe now and even further in America many companies and private households would run into financial difficulties.
Don't forget that over 95% of the world's money is owned by only 3% of the world's people and they are not interested in us all earning money with bitcoins but more important is: they're not interested in allowing a payment system outside banks. This would question the largest source of income and origin of all economic evils - the banks.
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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