Bitcoin Price Prediction and Analysis with xRHello,
I'm xR, with Biollp, and welcome to our block. We invite you to tune in as we tour through some of the nostalgic nuances of the past Bitcoin chronicle. Let us dive into the current occlusive conditions of the market.
News publishers continue to trek on about Bitcoin's bullish behavior, and it's evident a break out is on the way. Electrifying headlines captivate millions of users adhered to the pulsing lights from their LED monitors. Pings chiming click baits of market penetration, saturation, and expected growth in our booming market space streaming right from the blackened index pages of tactful market makers. It's July Twenty-Fifth, of Twenty-Seventeen, and I download my first bits of Bitcoin. The money is flooding in, it keeps coming in, and the market cap soars through all expectations. Thus, Bitcoin showed exceptional promises for a brave and bright new future.
Its March of Twenty Nineteen and Bitcoin begins to unleash havoc, like a bull, racing from it's lower price margins and blasting through all resistances with ease. The news publishers ramble on about its irate behavior and it's evident a break out is clearly on its way, surely? Perhaps the media might pose as a threat to the stability of the market space this time. Blackened Search Engine Optimization can be quite disillusioning, at least, until it isn't. Twenty-seventeen bruised many investors, miners, and community members, many of whom carry painful recollections from their experiences. The deceptive watery river of false promises touted from friends, family, and media outlets may have contributed to its distasteful flavoring. Wealth generation happens over-time, it begs the question, is this financial instrument durable as a storage of wealth? These questions are answered based upon data acquirement over decades, not weeks, days, hours, or seconds.
After browsing through the years of outlandish archives; a lacuna appeared before us, do we dare to imagine the plausibility of a One-hundred Thousand Dollar Bitcoin? An eerie sensation seeps into the tandems of my neck, just exactly who and, why is this narrative being published, let us begin to draw and check the technical analysis. Bitcoin's one-month trade chart vanities the momentous kinetic strength that is built over several years before twenty seventeen and notably without a significant pullback. We can attribute this occurrence to how market space development took place. Consequently, early adopters who spent years unrewarded suddenly became key-keepers to cash-filled hands of investors desperate to grasp their golden ticket to projected financial freedoms. Momentum wouldn't shutter until late September of Twenty Seventeen where we see a forty percent pullback formulating our Bullish Kangaroo Tail.
Perhaps there are indications of a retracement we can observe in the breakout of Twenty Seventeen. Previously the Eight-Day Moving Average carried support for Bitcoin's rapid uptrend exceptionally well. Continue to follow this trend line until the Twenty-Day Moving High makes a Bearish Cross with the Eight-Day Moving Average. Bitcoin's price breaks it's support line and falls beneath and away from its supportive trend line on the twelfth of February. Inspecting the MACD indicates momentum declined after the peak was reached in December of Twenty-Seventeen and consequently as did the price. While purchasing pressure decline is not a reliable indication for bearish behaviors, this circumstance displays it's potential to forecast price instability. Bitcoin purchasing pressure severely declined rather than slowly tapering down like we would prefer to see. Using the RSI indicator will spotlight our third observation in this analysis. Have a slight dab of Bitcoins relative strength, can you bounce with me one time? We offer a savory dead cat in several flavors, our most popular is raw. This trifecta left all those unaware of it's unfolding scraping at the knees for more yard stomping.
Heavy sell pressure continued throughout the year with the Eight-Day Moving Average acting as a steady soft barrier of resistance. The Thirty Day Moving Average reinforces this resistance as the year continues downward. Towards the ending of Twenty-Eighteen, we reached the all-time-low of the year at three thousand, one hundred dollars - two thousand, nine hundred dollars. This low point is the pivotal moment that is the basis for our perspective of this analysis. Not only does this form another Bullish Kangaroo tail but it also creates a secondary point of support. Let's take a look at what happens next.
Bitcoin's support is held and pushes outward to the side. The Eight-Day Moving Average trend line that indicates the previous downtrend clutches beneath price actions. This trend line immediately begins to follow it's previous trend and becomes an established line of support for Bitcoin yet again. The trend line then leads us into a bullish cross with our Thirty Day Moving Average at five thousand dollars price per Bitcoin. There were clear indications this would occur during the four thousand dollar price range. This momentous energetic output from Bitcoin's previous bull run is reflected in what we feel, resonate with, and desire. Is this enough to repeat and supersede history?
We continue to see the Eight Day Moving Average hold a steady line of support throughout the trend. This synchronicity unleashes an explosive and rapid price increase. Then suddenly Bitcoin pulls back thirty-four percent. Does anything seem familiar to you? There are a few indicators that might jump out at you. Perhaps the Twenty Day Moving High emerging into a bearish cross with the Eight Day Moving Average? A descending purchase pressure over the MACD leads to downward sell pressure. Lastly, the trifecta returns with a dead cat bounce, but will investors be fooled yet again? Fool me once, shame on you. Fool me twice, shame on me.
I humbly request investors take consideration of the politely drawn indications from this year's bullish uptrend and appreciate the nostalgic nuances to Twenty Seventeen's bullish uptrend. The various technical indicators, trends, and patterns of the past lead me to at a minimal consider the plausibility of revisiting the line of support. The continuation of this trend could initiate a break beneath the neckline. Typically breaks beneath the trending line of support are equal or greater than the wick atop of the peak. This would be a minimal breach of Two Thousand, Six Hundred points beneath the neckline or line of support.
We can project a course of intersection from the topside of our descending channel by use of moving averages and the bottom side of our lines of support. We can see the descending wedge by viewing the Moving Average Trending Channel. Breaching the neckline would bring us into the Lower Level Support Zone. There are further events we project feasible in the continuation of this trend. We'll save those ideas for another Bitcoin Price Prediction and Analysis with xR. Thank you for tuning in with Blockchain Investment Opportunities. We value your time, may your time be fruitful, invest wisely fellow block.
