.gif)
After a promising rally, bitcoin continued its downward journey. Despite hitting $7,500 on Tuesday, momentum wasn’t sufficient. As we noted earlier this week, bitcoin is better correlated with the mainstream markets nowadays. When the Dow Jones fell 500 points, BTC went with it.
This stage of the bigger picture has almost finished playing out, though, and a key decision for traders is at hand. Zooming out to the daily chart, we can see that BTC has been trading in a large wedge, with strong support and resistance zones. One way or another, that will be resolved within the next three weeks, and very likely far sooner (these patterns tend not to hold right to the very end).
Right now everything seems bearish, which – counter-intuitively – is actually good news, because it means sellers are running out. All the same, we’re approaching a moment that will determine whether the bear market is over and whether buyers, sellers or apathy will dictate market direction for the next phase. Some headlines from this week to give a better-nuanced picture:
India has banned regulated entities from dealing with individuals or businesses that work with digital currencies: https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
The SEC has begun considering two ETF proposals, apparently backtracking on its earlier stance: https://www.ccn.com/sec-quietly-puts-bitcoin-etf-proposals-back-on-the-table/
Vitalik Buterin, creator of Ethereum, publicly called out Craig ‘Fake Satoshi’ Wright at a conference: https://www.ccn.com/vitalik-buterin-re-craig-wright-deconomy-2018-fraud/
Donald Trump has tweeted: ‘When you’re already $500 Billion DOWN, you can’t lose!’ Most critics believe this refers to the US trade deficit with China, but it’s also how much crypto’s market cap has fallen. Coincidence? Seems unlikely.
Red hot news, scorching wit and searing opinion pieces from Crypto Inferno
Join us on
Telegram: https://t.me/crypto_inferno
Reddit: https://www.reddit.com/r/CryptoInferno/
Twitter: https://twitter.com/CryptoInferno_
Facebook: https://www.facebook.com/CryptoInferno/
The space is still on infant we need patience to be succeed. As long the internet exist this market will exist so no need to fear out. great post my friend
That daily chart looks brutal. Very close to a do or die for BTC. In my honest opinion that is not ideal to have BTC prices continue to test support with lower highers. Hope crypto in general do not fall further though. Thanks.
another great for buying more crypto.. :)
When Moon Sir?
Hold your breath More money is gona pump in soon to the crypto industry for sure! Best time for Investments! Good news for ETN. Get Electroneum ETN for Free! Use my referral code: B67B39 and earn 1.00% Bonus of what you mine! NEW UPDATE from #Electroneum !
Download ELECTRONEUM mobile app miner https://play.google.com/store/apps/details?id=com.electroneum.mobile&hl=en … #freecoins #isupportcrypto
Put some effort into doing some useful work.
You want to make money doing the real effort, not the one from referral codes.
Well this itself is an effort and is a real work, referral system is a real time work - doesn't happen automatic. You need to put your time and efforts into it.
Its only people who have brains will do the rest will follow the old path.
What do you think, how many people will use your referral link and how many will flag you?
I bet if you are putting real work in posting your referral link on unknown people's comments, they are not going to like you.
I hope you understand what real work is, it's the one where you put some effort for the benefit of you and others, like I have put some efforts to reply you.
Looking forward to seeing a run northwards for BTC and Steem. :)
I’ve also been expecting to see a nice rally. Hopefully we can see a run back to $20k by the end of the year. :)
似乎想得很美好
is it end of cryoto ....!
no
Lol
This downward trend is really interesting. I wonder how soon and high it will go up this time. Patience with little brain is very crucial in this kind of situation.
I like it. Patience with little brain:)). Truth is if you think too much you'll have a lot of sleepless nights. HODL
We are going lower.....and not even the WHALES can stop it unfortunately lol
Great analysis!
If you're bored with the currently stagnating crypto market, pass the time until the next bull run by posting quality content here on Steemit. Early adopters have a real chance to earn hella skrill just by sharing posts! Take 5 minutes to learn how to start earning CASH MONEY by checking out my most recent post:
https://steemit.com/steemit/@maxstacks/how-to-earn-cash-money-on-steemit
Thanks for the info... I really appreciate this news.
Great post! I Just upvoted you.
Check my twitch stream for some Chill and relaxing music
TOP 5 Cryptocurrency exchanges 2018 @ https://mykucoin.com
oh this is very exciting!!!
Thanks, @crypto.inferno for your information.
The whales don't want to stop it. They want to get in and make as much cash as possible, so the lower the price, the better for them.
Bullish long term no matter what.
Hahaaa..
@resteemator is a new bot casting votes for its followers. Follow @resteemator and vote this comment to increase your chance to be voted in the future!
Good write-up and awesome cat haha. I've been calling 1-3k for a while now- I still think it will get that low. We'll see though.
very good information
thanks for the info
iam a vietnamese trader, i have a all chart altcoin, It will be useful to you.sorry if i bother you. but i bet you will be interested with it, and we will have a discussion about crypto graphs.
https://busy.org/@sonpham1997/bitcoin-update-bitcoin-trends-today-06-04-2018
I like, very interesting post, goodjob, I will follow you, thank you
Interesting news, it's good to be informed about those things
We recommended this post here.
I upvoted just for the gif
and why the bitcoin market is falling, if last December it was around 20,000
Its not the end off crypto too much going on and stil too much people who work on it.
If cryptocurrency is part of the future, then this year might be a realy small peak and fall on the 10 year chart in the future.
The stock market generally is expriencing down size and the crytocurrency market is noy different. Bitcoin will stabilise in no time probably at a price range of $1000-$2500 per BTC. I too is expecting a miracle but i don't think it is coming soon. Coins like Steemit that make use of proof of stake will bonce back soon and stabilize due to the fact that more people are seeing the future.
stay calm! this bad happening will pass!
Hoping things get better again....crypto works in the same as law of demand.....the higher the price ..the lower the qty demanded and the lower the price the higher the qty demanded. The fall indicates that more of crypto are been purchase.
This feels like another 'crypto is going to moon' soon clit teaser. But its probably not.
It is getting back up now
It's a very nice post, I really think that Bitcoin will move UP again !
Just wait, the market is fluctuating
It is also a possibility that prices may go downwards after hitting the nose of the triangle.
Funny cat. Interesting Trump mention. Don't like it when other countries take advantage of the USA. Didn't realize cryptocurrencies were also down too. Thanks for sharing, hehe. I'm Oatmeal Joey Arnold. You can call me Joey.
Hi
chill and wait
Hi, I am a young Venezuelan, sportsman and I am new to this social network ... I follow your work very closely, and I am delighted with the potential that you show in your publications .... I will follow your post to learn and grow progressively in steemit. .. Congratulation! Keep going on
heyy. Hello .Iam a vietnamese trader, i have a all chart altcoin, It will be useful to you.sorry if i bother you. but i bet you will be interested with it, and we will have a discussion about crypto graphs https://busy.org/@sonpham1997/btc-usd-price-forecast-short-term-trend
Bitcoin dying, rich people killing it
crypto.inferno godh
great, thanks for information good luck always
After FOMO hype causing a HUGE run up on price in 2017, I am not super surprised by this recent bear market. Great news is we are still substantially higher (Bitcoin market price that is) than we were this time last year. Not to mention more people know about Bitcoin than any other time in it's history. With the technology getting better every day with SegWit and the Lightning network, Bitcoin is destined to rise. I won't be surprised to see more people adopt crypto as a whole this year. Especially unbanked areas of the non-industrialized world. Hope you guys are Hodling!!
We are all waiting for bitcoin price to go up
Hahahahahaha owsome
The music of film ghost:
ooooooh My looooove...
my sweet lovelyyyy...
You are my hold.
And seeeeeee yeah you hold...
😍😍😍😍😍😍😍😍😍
https://steemit.com/@forgetsharif
😍😍😍😍😍😍😍😍😍😍😍😍
✌✌✌✌✌✌✌✌✌✌✌✌
✌✌✌✌✌✌✌✌✌✌✌✌👌
☺☺☺☺☺☺☺☺☺☺☺☺☺