Hello Steemians,
All right, so the market has declined exponentially in the past 24 hours for most cryptocurrency, which is a good sign because it means more investors would be looking to invest into bitcoins, Which is going to cause a surge in the prices of other cryptocurrencies as well.
First let take a look at bitcoins 1 month price chart on poloniex.
According to the chart, the trend that is observed in past month, it can be seen that their is going to be a trend reversal since their was a bearish period, this would be immediately followed by a bullish trend, looking at the bollinger band, we can see below that the market is currently oversold so a upwards trend is to be expected, thanks to opportunists on the look out for a dip in the prices to top it all off , many Americans would be buying inn, in the coming days, since its the middle of the month which is usually a pay day in America and they would be looking to invest.
In the following chart, fibonnacci's retracement shows that in the previous two bullish trends it is observed, that the previous uptrend caused the price of the bitcoin to peak out at 50% and 61.8% above the previous months low, based on the current trend it is save to assume that the next uptrend would most likely peak out at above USD 18000, however this is just a prediction the prices might get affected by any positive or negative news in the market.
Moving on, the entire cryptocurrency market is greatly affected by the price of bitcoins, this is true for all the coins, however some coins might not get largely affected by the upcoming trend since they are already experiencing a bullish trend due to some amazing work being done by these markets, the upswing will only add to the currently bullish markets of these cryptocurrencies.
Hope everyone catches the uptrend and become rich like so, because we all love money.
