Bitcoin consolidation and state of the market

In this episode of Ledger Cast, Josh (@carpenoctom) and Brian (@ledgerstatus) talk about the current state of the bitcoin market, including the recent correction, and where we think it’s going from here.

Welcome to Ledger Cast, hosted by me, Brian Krogsgard (@ledgerstatus on twitter), and Josh Olszewicz (@carpenoctom). Ledger Cast is a cryptocurrency trading and blockchain ecosystem podcast.

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The information in this podcast should not be construed as investment advice, it is purely educational material and you should always do your own research before buying.

In this episode of Ledger Cast, Josh and I talk about the current state of the bitcoin market, including the recent correction, and where we think it’s going from here. We also discuss news of the week that helped spur the largest part of the dump, and other stuff we are considering during this time.

You can also watch via screencast, and see the charts and other information as we look at them.

Both Josh and I believe that the bitcoin market has found a relative bottom in the low $9,000s. Based on historical corrections, it has been along the same percentage, a little over 50%, as past corrections that ranged from 30% to 60% while maintaining the bull market.

Also, the 141 day moving average — which Josh found arbitrarily on the bitcoin growth curve, was touched similarly to past corrections.

And you can also see how price has been using the 50/100/200 moving averages for support and resistance.

And the overview the market using the Ichimoku Cloud system with doubled settings, including an intraday edge-to-edge move, and break below the cloud.

That has led into a long legged doji candle that is a potential sign of reversal.

In the low timeframes, you can further see a steep correction that’s leading into a possible Adam & Eve doubled bottom, or may not leave the horizontal channel — it’s hard to tell yet. I’ve combined this with Fibonacci retracement levels to show possible areas of support and resistance.

In addition, we can zoom out and look at the weekly. I show multiple things here: a long term pitchfork, the infamous parabola that defines the bull market, and the weekly touch on the Kijun, which is historically a great buy signal, but is also terrifying.

We discuss the bitcoin price action in addition to several other things.

News of the week

Primary topic: State of the market, bitcoin trends

Thing to expect in early 2018:

  • Rootstock launch to bring smart contracts to Bitcoin (discussed on the podcast a couple week ago)
  • Lightning network releases to make payments faster. Blockstream released Lightning Charge as an early test.
  • Hashrate increases lately as Josh showed in his Brave New Coin article
  • New mining rig technology will ship this spring
  • Mimblewimble privacy features for Bitcoin

Other links

Coin of the week:

Josh: Bitcoin!
Brian: Bancor (BNT) — because I like the chart setup after the dump. It maintained above the doubled daily cloud and the 200 day EMA, in a nice uptrend.

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Find Josh and Brian elsewhere

Interested in sponsoring?

We’d love to talk to interested parties about sponsorship opportunities. We are open to suggestions, but are not seeking deals that include promos for ICOs, etc. But if you do something interesting in the space and want to chat, contact us.

Music: “Oh, the chains” by Joel Madison Blount