And so the Bitcoin Collapse Begins
In my post of a little over a week ago which I entitled ‘Bitcoin et al….look out below’ and to the annoyance of many crypto fans, I suggested that the price of Bitcoin was set to collapse once the technical support region at $10,000 had been taken out.
As expected this has duly occurred with Bitcoin now trading well below this level at $8,603 at the time of writing, but this is just the beginning with far more dramatic moves to come as this cryptocurrency, along with all the others, finds more natural levels of value in the single and double digit price areas. No doubt this will leave many very different emotions. A few of the early adopters will have made vast profits, whilst those traders and investors who jumped in late on FOMO (the fear of missing out) will now be regretting their decision, living in hope of a recovery to exit at breakeven, or more likely facing a rapidly increasing loss as they are now caught in the headlights of indecision. For those who have stood on the sidelines, and now watching this collapse must be relieved this decision is being vindicated, and perhaps even feeling a degree of schadenfreude.
A salutary lesson, and one which will no doubt be repeated in the future, as our memories are always short, and we soon move on to the next mania or market which promises untold riches.
However, this is not to decry the technology of blockchain which is here to stay. But for Bitcoin and many cryptos, prices are now set to fall driven by a variety of factors, not least the rising selling volumes coupled with the lack of buying volume, which in this market of supply and demand dictates everything.
So where next for Bitcoin? And the major technical support levels suggest a pause at $4,482, followed by $2,779 and finally down to the $1,000 region. And once through this final level we then move back to three figures and ultimately to two or even single digit values.
By Anna Coulling
Chart kindly supplied by Trading View
Source: http://www.annacoulling.com/forex-trading/and-so-the-bitcoin-collapse-begins/
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Whistler Blowers, Insiders
The floor is $5000 at which point the server farms cannot operate in a profit and this ends Bitcoin and all other crypto trading on exchanges since BTC and no other currency is the universal trading medium. $5000 why?, because the transactions are part of the mining algorithm, the server farms mining are running the transactions betwen wallets and acting as nodes, blockchain repositories for wallets/other Miners needing to update and syncronize their blockchain and that costs power(money) and most of these farms bought their rigs by loans with the specific concept that each one would pay for itself within a year, in the early days 6 months or less. Now with increasing difficulty this takes over a year or more, in which time chip failures and duff vapourware equipment make the investment risky along with ever increasing difficulty. Now the reason the prce is falling expodentially, well Bittrex and Polonex allow shorting and they account for 90% of trades. The whales are shorting the market and know in advance every bit of ‘bad’ news including the MSM fake exchange news scams such as coincheck(robbed, so big in Japan it never made the top 400 excahnges worldwide on crypto currency market capitalizations the aggrigate site monitoring prices ), or China is closing down coin mining when it actually wanted all trades registered and those sites which refused closed themselves down before the next communist party conference a year away when the legislation was to be voted on(the reports gave a deadline to close in september 2017 when they had to meet the BOC deadline to report trades – BTCC OKCOIN did and are still trading). However banksters too lose everthing when they crash BTC to below operating costs, it is not like gold or silver you cannot hord it, when you kill off BTC it and all its dependencies fail and they will no longer be traded because mining becomes impossible. The current Bitcoin MSM India problem has been going on since 2015(rehashes old news), the Indian government has been attempting to completely control all currencies and replaced its old FIAT without notice (https://economictimes.indiatimes.com/industry/banking/finance/banking/top-banks-suspend-accounts-of-major-bitcoin-exchanges-in-india/articleshow/62576882.cms) and yet unike the MSM reports India is not banning BTC or exchanges, its banks unilaterally withdrew trading with exchanges citing irregualrities, this is NOT the same thing as India banning cryptocurrency.
And bitcoin is not going alone /gold-and-precious-metals/2018/02/sea-of-red-stocks-futures-tumble-amid-soaring-yields-3179572.html
Bitcoin to $13,888 by mid February