Cryptomarkets – The Past
Bitcoin / Dollar
The previous week I made the live broadcast with topic “Cryptomarkets – The Past, The Present, The Future” where I tried to explain my vision on the markets conditions we have now and try to predict further market movements and forces which can help start a new bullish trend . In 3 posts I would like to share with your just the main ideas. Of course this is only my opinion and it can be far from reality. I will be glad to read your ideas in the comments below this post and have a discussion over them.
This post has the title “Cryptomarkets – The Past”, and here I note some important events which we had in 2017. The year was spectacular and gave us not only the levels for possible targets, but also showed us the possible levels where the market can find bottoms.
Another important thing is – Bitcoin confirmed that it is the King of all cryptomarkets. You can talk a lot about poor technology base if compared to other coins, but Bitcoin has the most important properties in finance:
– It has a solid reputation
– It is trusted
As for Bitcoin futures , which confirmed this coin as a financial instrument, it also brought it to a higher level and separated this market from the others.
Bitcoin takes more than a half of the crypto capitalization and it can move other markets as well. That is why we have to watch this market firstly when we talk about the crypto. Bitcoin will be able to start the first movement to the previous all time highs and probably altcoins will follow it.
Now, when we talk about Bitcoin and the previous performance, we have to note following:
– The 5000/6000 levels form the support zone which can be the bottom. These levels are also good as a starting point for a new bullish trend . The lower support is 3000 level and if the price breaks the support zone , probably this level will be reached.
– The 8000/10000/12000/17000 and 20000 resistance levels can be used as profit targets.
Also we should not forget about the hype which moved Bitcoin upward during the previous year. Now we don’t have such interest and a lot of people were disappointed by the previous performance of Bitcoin . It should make us think about other forces/events which will be able to push the market upward. However, for the past performance, we should note how the hype alone created a strong demand and helped crypto became one of the most interesting events and buzzwords of 2017.
Source: TW DLavrov