NO BITCOIN IS NOT DEAD NO BITCOIN HAS NOT BRAKE SUPPORT!!!
I have not been that active recently due to work but I have seen many people saying its dead or it has break support, I have mention previously that in my opinion Bitcoin is not going lower than we have already, as many precious metals there is a cost to produce it, in this case to mine it, currently to produce 1 Bitcoin now days is around $4k to $6k in most countries $6k based on energy and equipment cost.
BTC currently holding support between $5800 to $6k
No one can tell what will happen in the future and crystal ball is broken doesn’t work anymore, it’s true that the sentiment of the market is fully bear but there are still people buying Bitcoin and Holding Bitcoin because they do believe in the technology and the value as the asset, not everyone is on Bitcoin for the technology but at least the believe on the value of it on the product, there are other coins on the market with much more use case and utility but the one that has lead this market for years and has proven to be secure is Bitcoin.
We will see many coins during this period go to cero, with Ethereum in 2017 came the ICO market where many coins depend on Ethereum and as a dependand when the host is not strong enough they will just die, 2018 is the year of the coins with a use case and a product, speculation is not anymore what drives this market, I’m not saying we are currently at the bottom but we could be starting to form a pattern where Bitcoin price gets stuck between $6k to $8k since may on the weekly chart.
IF ONLY IF, Bitcoin can hold the highs $5k as it has done it for the last three months we can see Bitcoin stuck here for some time and we can say it will probably start to consolidate, selling volume is getting lower, not as high as in May of this year, this also means that those who wanted to sell are almost out of the market.
On the daily chart Bitcoin RSI is very low at the moment so we could be getting to the oversold area and this highs $5k mark is a critical support
We could see a bounce soon, any positive news with some sort of impact could push it but still would be a dead cat bounce, I don’t see any massive rally for Bitcoin anytime soon and this is exactly what we are looking for, get the price stable within a range so buyers can accumulate and those who can’t take the lost go away. No one can predict what is going to happen but this is probably not the right time to sell, we will continue to see market manipulation and people shorting Bitcoin up and down, in my opinion even after most investors are scare this price action is good for Bitcoin after a massive 1000% gains from last year.
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