Back in late January, even though I don’t make predictions, I predicted that the Bitcoin price would start to move up, or at least stabilize after the 15th February. This prediction came true, but I later updated it saying, “the Bitcoin price will either stabilize or start going up by Mid / Late February”.
We are already in Mid / Late February, and the Bitcoin price is really strong compared to the position we were sitting at by the end of January, when everything was pure red and there were no chances of testing resistance levels, only looking down for support.
Yesterday we enjoyed tracking Bitcoin , to see if it would close above our very strong resistance point. It turned out it wasn’t possible, the price was clearly manipulated, all the way down, then up and back down for a negative close. It is ok, we know how this game works, but it is a shame that it is so clear… From here Alan Masters, tell me, where to we go?
* Bitcoin can now decide to go sideways, to build up momentum for another run up. Another try at our or maybe go down, even a bit hard to try our closest support. The bottom that we were looking at a few days ago is still possible to be tested, but not as far back down as many thought (including myself), I am not seeing lots of momentum but the general Bitcoin sentiment is still strong, testing the $4,500 levels would put us back many months. So the range that we should be looking at if Bitcoin comes crashing down hard is around the $5,900 to $8,200 levels, this is a good range to find a very strong support. Maybe a , but this is just speculation, in weeks time we will know. The point is that we had our fun going up, so it is time to test our support line at least, before we try another run.
But what about the Altcoins market? That’s the question I hear the most.
Let’s take a quick look, when this market will become a mine of GOLD .
The Altcoins are late to the party, all of the time. Think about it…
When Bitcoin started its correction, the Altcoin market took a while to feel the full hit, same happens when Bitcoin starts running again, the Altcoins keep on declining, until Bitcoin slows down and starts to think.
I’ve seen it many times before, let me tell you how this will all play out, from beginning to end:
1) The Altcoins will continue their correction until Bitcoin finds a strong support. They are already sitting near the bottom, but they can go another 15-35% more negative, before reaching a plateau and remain there until it is time to move up. Some altcoins are already there, waiting for their time to shoot up. This will be their consolidation period, this period is actually great, this is when our charts start to form.
2) After Bitcoin finds and confirms its strong support, and start its next run up (after consolidation and accumulation), the Altcoins market will give its first hint. Before anyone can even notice, we will be looking at 30%-55%+ across the board, but by the time beginners start to jump in, it will be too late if you don’t know how to trade, only those that were buying when fear was big will reap the maximum that can be achieved. Many altcoins will double and triple their value in a short period of time, but this will stop soon afterwards.
3) Now comes the final step, Bitcoin is ready for its next leg up, this can take many months, so give it time for the market to grow. After we reach the first half of the year, depending on these next few months, Bitcoin will grow and the market as a whole. We will see the entire cryptocurrency market booming, but we won’t be challenging the All Time High that Bitcoin reached just two months ago. We will have another period of rest, until Bitcoin starts its true run up. After Bitcoin has reached the mountains and calms down (late 2018), the alternative coins market will have its fun. So, so far we have two strong cycles per year, and there is an exception, in the near future it can be more.