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Stability has filled its sails once again, and the crew is undoubtedly waiting for an accident-free trip. However, a quick visit to the bridge and a careful examination of the cards will show that everything may not be as it seems. In fact, historical crypto maps will tell us that bitcoin is not in the safe waters at all. If anything, it is very similar to a too temporary consolation in the eye of the storm.
Last week, the bitcoin was punched between the rocks of $ 4,200 and $ 3,200, leaving some commentators to suggest the decade-long reign of the cryptocurrency while the market's flagship was coming to an end.
But some days holding suspiciously steady around the $ 3,400 mark are indicating imminent turmoil masked by stability.
It's hard to imagine a scenario in which the bitcoin could safely stay on course at $ 3,400. Instead, his destiny lies in either direction – up or down.
If we were to find a certain impulse to push the price to the north, it could enter 2019 with confidence in the year ahead of us.
The number to look for here is something above $ 3,560 – if the bitcoin can surpass that with sustained conviction, then one believes in the suggestion of stability.
There is, however, a growing opinion that in the north it is not the direction that this will oscillate.
In fact, the omens are that the likely scenario is more geared towards a potential wrecking ball that could break through what is currently considered a critical support line of $ 3,250.
Bitcoin has launched an impressive impression of resilience while continuing to scratch against that low level before climbing up again.
The thing to remember here is that every time that awkwardly touches that $ 3,250 level, the height of the rebound decreases and the chances of falling below the line are drastically reduced.
This is a dangerous and dangerous time.
If it falls below that mark long enough to allow those who manage to reduce the market to lose confidence in their efforts, then the next destination may be under $ 3,000 where support awaits as a last line of nervous defense to $ 2,950.
Obviously, as with any market, there is no guarantee of what will happen.
But we have to listen to the echoes of history to get a guide, which is why this dark cloud could still have a silver lining.
After all, we have already been in this position before. Just a year ago the bitcoin was washed like a castaway at $ 2,950.
What followed was nothing short of miraculous. With just enough time to brush the sand off her hair, she was pushed into the sky at the dizzying height of her all-time high – an incredible $ 19,783 on December 17th.
Whether you believe in miracles, or only in the science of repeating history, you can not help wondering where the next exciting chapter in the recent bitcoin history will take us.
What is certain is that something is going to happen, and with the bitcoin that scares his tired eyes this morning at $ 3,380 it is still too early to say if and when the other side of this storm will strike.
Get ready, just in case. We could head to rough waters.
