BTC/USD: How Much More Downside is Possible? | Crypto Craft

  • BTC/USD: How Much More Downside is Possible?

    From dailyforex.com

    Bitcoin keeps marching to the downside and briefly dipped below the $8,000 level. While this doesn’t represent a technical support level, it does affect psychology and could lead to more selling pressure. Following the price spike at the end of October, which represented the 4th best gain in Bitcoin’s history, trading volume in futures contracts has slumped to a fresh 2019 low. After the BTC/USD completed a breakdown sequence below its re-drawn Fibonacci Retracement Fan sequence, traders should be prepared for more downside as the current bearish trend has more fuel left in the tank. The Force Index, a ... (full story)

Comment Options
TudorIoan
Nov 20, 2019 11:08am
Permalink
Crypto it's obviously doomed!
It's just a matter of time
Why?
One single Bitcoin transaction requires the amount of electricity needed to power up a couple of American households per day
That's fkn huge. That's plainly unsustainable on the long run ...if mass adoption.

To foot the electricity bill, miners would usually sell their awarded coins for fiat money, which would lead to a downward movement in the price of the cryptocurrency.
"The tragedy of the commons" will deplete the "reward" for miners crashing the shitcoin industry
Reply
TudorIoan
Nov 20, 2019 10:33am
Permalink
@TMR, lousy extravagant cliche!
Reply
TMR
Nov 20, 2019 9:06am
Permalink
The real question is how much more upside is possible?

Answer: Bitcoin has no top, because fiat has no bottom.
Reply
  • Story Stats