2020 For Bitcoin and the Crypto Market.
I feel that the new year of 2020 brings with it some expectations. In the past so many futuristic predictions used this year as a benchmark by witch we mark the genesis of the "future". I believe this will this will have an impactful effect on the subconscious & psychology of the masses as they flock towards a world filled with ideas that move us forward as a species.
What will this mean for the world of cryptocurrencies? While I certainly expect the price of Bitcoin and its valuable spawn such as ETH and XMR to have a good year, the real growth I hope and expect to see is from the Decentralized Finance industry as a whole. People seem to be starting to wake up to the idea that in a world organized and managed by code and mathematics we have developed systems that let us remove costly and inherently flawed intermediaries in our financial systems. This will lead to a more robust system that benefits the backbone of the financial system, the consumers and producers.
So how is Bitcoin looking at the begging of this new year? We have seen ~200 days of selling that have become ever more neutral all the while respecting the original trend line started ~11 months ago. While we sit below most key moving averages, rising political tensions coupled with exhausted selling pressure could lead to a swift rally that brings us back into technically defined bullish territory. Price still seams to be on the defensive as fear and greed indexes are still signaling fear. As we hug this trend-line, we are approaching a breakout of this falling wedge that we have been stuck in for the past 11 months. If this down-trend line is broken I would expect the sellers to start pouring in again.
** Also worth noting, if we mark the high and low of lasts years rally with the ever trusted Fibonacci levels, we have a textbook perfect .618 retracement.
What will this mean for the world of cryptocurrencies? While I certainly expect the price of Bitcoin and its valuable spawn such as ETH and XMR to have a good year, the real growth I hope and expect to see is from the Decentralized Finance industry as a whole. People seem to be starting to wake up to the idea that in a world organized and managed by code and mathematics we have developed systems that let us remove costly and inherently flawed intermediaries in our financial systems. This will lead to a more robust system that benefits the backbone of the financial system, the consumers and producers.
So how is Bitcoin looking at the begging of this new year? We have seen ~200 days of selling that have become ever more neutral all the while respecting the original trend line started ~11 months ago. While we sit below most key moving averages, rising political tensions coupled with exhausted selling pressure could lead to a swift rally that brings us back into technically defined bullish territory. Price still seams to be on the defensive as fear and greed indexes are still signaling fear. As we hug this trend-line, we are approaching a breakout of this falling wedge that we have been stuck in for the past 11 months. If this down-trend line is broken I would expect the sellers to start pouring in again.
** Also worth noting, if we mark the high and low of lasts years rally with the ever trusted Fibonacci levels, we have a textbook perfect .618 retracement.
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