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Crypto Analysis | Decisive Moment: Up or Down?

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TobeTada
@tobetada
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Good day Steemians!

Join me in analyzing the crypto markets!

 

For all of January the crypto market has been asking: up or down? Of course this is a question that is always being asked, but currently it is about the mid to long term movement. If the resistance for BTC/USD at about 9.000$ won't be breached, BTC and all cryptos will head down south for about 20-30%. If this key resistance line is broken, we will probably see BTC go back to 12.000-13.000$.

You can see that the price currently is well above the downward trend line. This might be a key indicator that the crypto markets will head up. However, there is still a chance for a double dip. I have argued in past posts that we might see a correction to (Z) in the mid term. While I still think it is possible, there is also a chance that the beark market has already turned into a bull market. In that case it would be definitely a good time to buy... However, the lack in volume currently suggests that one should be cautious of the rally as it might not be a breakout, but a fakeout.

For Steem, our prediction has been quite good. Although the correction and rebound happened much faster than anticipated. After the dip to about 15 cents we are seeing a rebound to 17-18 cents. If BTC/USD will breach the resistance line then we should be seeing prices back up at around 20 cents. If, on the other hand, BTC/USD reverses, steem will probably go to 13-15 cents short term.

 

As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!