Urgently to sell the cue ball! Technical analysis course bitcoin: BTC/USD 31.10.2018

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Good evening, dear friends!

Today ends another month in the history of bitcoin, and by the way, this year he turned 10 years old!

In 2008, a person or group of people under the pseudonym Satoshi Nakamoto published a file describing Protocol and principle of operation of the payment system in a peer-to-peer network.

The first exchange bitcoin for the national currency occurred in September 2009 — Marty Malmi (Martti Malmi) is sent to the user with the alias NewLibertyStandard 5050 bitcoins, for which he received to your PayPal account 5.02 USD. That is, at this point, bitcoin is worth less than 1/10 of a cent, just think! A first exchange of bitcoins for real goods occurred in may 2010 — American Laszlo Hanech for 10,000 bitcoins got two pizzas delivered.

Mark Andreessen, the developer of the first graphical web browser, NCSA Mosaic, believes that on a fundamental level, the system “Bitcoin” is a breakthrough in computer science that builds on 20 years of research into cryptographic currency and 40 years of experience in the field of cryptography of thousands of researchers around the world.

Over these 10 years, bitcoin has come a long way from an unknown development to the global payment system. So, happy birthday, Bitecek!

In the last couple of months ongoing flat very often hear opinions of people that bitcoin is a Scam, it will not be worth anything, soon it will drop to $3500 — $2600 — $800, Ah Ah, all gone. But, we are thinking people, so let’s look at everything objectively. I already discussed the situation with Bitmain and profitability of mining, so today we will not stop there (if anyone has forgotten – the profitability of mining is above $6 000). Therefore, I suggest again to look at the big picture from the point of view of TA.

So, my favorite logarithmic chart (Bitfinex, 1d):

The green line shows one scenario of how things can go the price (actually no one that for sure won’t tell you). By the way, the resistance of the large triangle is broken, and the price dropped to the support, where I believe that we will see a gradual upward movement.

What separately want to draw your attention to local minima, starting from the end of June: each successive higher than the previous one. But, let me ask, is it fall? This pattern is typical for most growing trend.

I’m not saying I expect the beginning of a bullish rally tomorrow, rather it will take more than one month. If you follow the logic and past experience that the price should touch the trend line or at least close to approach her, and from there start a steady upward movement. Actually, I think that touch will be along with the dump at this point, well once again not to shake the pockets of the traders. During this time in the market anything can happen – Alta will panitsa or fall, to fly foot, you know – the usual.

And, I would also like to draw your attention on the weekly indicators, specifically for MACD and Stochastic, the first one shows the reversal of the price movement up, the second is in the oversold zone.

Of course, you can say that during this time everything can change, and you’re absolutely right. But, this is my vision, and I want to share it with you.

And, most importantly, remember, will be a good uncle-Santa Claus and say, “Ho-Ho-Ho, began the uptrend, so PPC, afirca and neo, and I went”. When you realize that, it began to rise, the prices are already quite different. That’s all for today!

All good evening and profitable trading!

 

Author: Alexlucky

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