Return to 2017?
08. January 2018 21:35 GMT – Since the previous report the BTC-USD exchange rate started a downward movement at about 13:00 (about $15’500) and dropped continuously to about $14k at almost 15:00. The traffic was fairly heavy, but continued as the rate started moving slowly upwards. At about 21:00 it had reached about $14’900, but at this point with almost no trading.
09. January 2018 01:25 GMT – Shortly after the report above there was a sharp drop in the price caused by some (a few?) sales with the price ending up at about $14.7k. After that there were a few more starts and stops, ending with things looking like they might settle out at about $15.2k by the time of this writing.
09. January 2018 12:55 GMT – The price level held at the above level for about 4 hours, but then a low-level sell-off started. The BTC-USD exchange level dropped irregularly but consistently until it reached about $14’500 on weak trade at the time of this writing. There is no indication that the fall will continue or stop at this time. According to other reports, ethereum is reaching new highs presently, but with an uncertain level in very weak trading. BTC futures are off some, reflecting this morning’s BTC fall under $15k.
10. January 2018 12:55 GMT – BTC is under attack again. The theory is that BTC-holders are selling BTC to buy ethereum (ETH), which is experiencing a record high flight.
“TradingView.com” has an interesting theory that involves a cycle that repeats on an annual basis. The steps in the cycle (basis market cap) are
1- NEW MONEY GOES TO BTC
2- BTC BUBBLE POPS
3- MONEY GOES TO ALTS
4- XRP BUBBLE POPS
5- MONEY GOES TO ETH
6- ETH BUBBLE POPS
7- DEEP CORRECTION
8- BTC ETH MOVE HIGHER WHILE MOST ALTS STAY IN CORRECTION.
9- BTC DOMINANCE GOES TO OVER 50% AGAIN
10 – RINSE AND REPEAT
adapted from https://www.tradingview.com/chart/ETHBTC/o9Xcmvp3-BTC-MARKET-DOMINANCE-HISTORIC-LOW/
If this holds true again, then we will have to wait until mid-spring or so until BTC starts to make solid positive moves again. Patience is a virtue!