Bitcoin took a relatively hard fall over the past several days, but began to rise less than 24 hours ago. Along with the return of the bull attitude the most famous cryptocurrency game a few more ramp-ups followed. That means boosts for Ethereum, Litecoin, and Ripple too. But how long will this bounce last, and is it a bounce of the dead cat variety?
The most clear path forward seems to be toward $15k for Bitcoin. As several cryptocoin chart mappers suggested over the last few hours, it looks like Bitcoin will reach $15k nearer the end of this month. At that point, there’ll be a test, and not one investors can necessarily study for.
Target ~$15k #bitcoin.
Break the downward trending line and we're back to bull, if not we're going back down below $10k after it touches the line. pic.twitter.com/mGY74fH4ub
— 🏴☠️Jack🏴☠️ (@jackfru1t) January 18, 2018
Above you’ll see a chart showing support lines for Bitcoin VS USD. This chart was made by JackFru1t and demonstrates the mathematics of the situation. If investors decide it’s time to roll past $15, it’ll be done quickly. If the test is failed, we’ll be headed straight down toward $10k once again. If that happens, get out your handkerchief once again – there’ll be a whole lot of crying going on.
The rest of the cryptocoin market is likely to follow suite. Moves made by Bitcoin seemed to go in the opposite direction of those made by altcoins as of the last several months. But big moves like those that took place over the past several days have inevitably created a path for the rest of the market to follow.
Make it rain. 5 days in a row. After all, there is no reason for central banks to be the only ones to have this privilege. https://t.co/fc4vlgARCE
— Wilson Trodler (@cryptowilson) January 18, 2018
And don’t forget, there’s a whole lot of tether out there, with more coming in every day. Not to mention real dollars converted to coins. It’s getting easier and easier for the average citizen to try their hand at this extremely volatile mess of coin trading.
NOTE: None of what’s included in any article on SlashGear is nor should be considered financial advice. Make investments only once you’re working with a professional financial advisor, and not before. SlashGear takes no responsibility for anything any reader does before, during, or after reading SlashGear.