Briggsy's Bitcoin Blog - Monday January 29, 2018

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I've switched to the 4 hour chart today. I've done this because I feel that it better reflects the price action of Bitcoin right now.

I've drawn two red arrows pointing to a spot where I would expect Bitcoin price to go in the next week or maybe two, but that is merely my guess based on a weak premise, and not solid evidence. The entire market appears to be shaking off excess together, with market dominance staying relatively flat across the board with the top ten, and the rest of the altcoins fighting for position but as a whole neither gaining or losing.

Please remember that I am not giving financial advice and this is just my opinion. What I strongly advise is to get your information from multiple sources to get a broader perspective on the markets, but ultimately you need to developer your own intuition as well, so that you can feel confident in your market position.

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Today's Crytocurrency Marketshare:

• 75.82% - Top Ten
• 42.45% - Top Ten (excluding Bitcoin)
• 33.37% - Bitcoin
• 24.18% - Other
• 0.277% - Steem
  

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The total Cryptocurrency market cap today was $569,806,000,000. Steem Marketcap Today was $1,576,440,000, or 0.277% of total.

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Today Bitcoin's Price hit a high of $11,876, a low of $11,179 and an average of $11,527.

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Today Bitcoin's Market Cap was $197,871,000,000 US Dollars.

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Today Bitcoin exchange trading totaled a volume of $7,107,360,000 US Dollars.

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The average Bitcoin transaction fee was $7.14 US Dollars per transaction today.

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The average number of new transactions being added every second to Bitcoin's mempool was 2.671 today.

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The percentage of Bitcoin transactions using Segwit addresses peaked at 16.88% today.

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There were 230,747 new Bitcoin transactions added to the mempool today.

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The average block contained 1.01 Megabytes of transaction data today.

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Today there were 15,977 new transactions left unconfirmed by end of day. As per blockchain.info there were still ~37,000 total unconfirmed transactions awaiting confirmation in the mempool by end of day, with ~21,000 of those being stale transactions that may be stuck in the mempool.

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Article Spotlight: Bitcoin Price Looking Heavy As News Turns Negative

The sentiment of doom and gloom are apparent almost everywhere in cryptoworld, at least in the media.

From a purely psychological point of view, I find it amazing how we can collectively know what is coming next, but because many are unprepared for the emotional weight of a bearish market, it doesn't matter that they knew it was coming.

When in doubt, I like looking at this diagram that shows the emotional roller coaster of investing:

If I were to guess, I would say the Bitcoin market is somewhere between Despondency and Depression.

This next diagram is similar, but gives a little more insight into what investors might be thinking right now about Bitcoin:

#14 seems again to be the place we are at right now, or getting close to it. While I don't claim to understand the process entirely, I believe that what is really going on right now, is that those with deep pockets are buying a little bit on each dip and averaging out their orders. Statistically you will never get to buy at the very bottom, or sell at the very top, so it's better to just buy bits at a time when the supply is high and the prices are relatively low. What I think happens is that the supply eventually starts getting thinner, and that's when the next big run will occur. Volume is a good indicator of this, and in all the above charts we can see the Bitcoin market has been cooling off continually for a few weeks.

On the topic of today's article, Carter Thomas in the first video below discusses this, and I agree with his idea that people always look for real world causes that might be affecting the market, and are doing this in an emotional response to the lack of excitement they're feeling.

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Video Spotlight

Coin Mastery - Dead Cat Bounce? Protocol Trends, Boredom, ROI Difficulty, Attitudes To Win

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Bonus Video

SibertSpace - @dan Larimer Predicts the Future

Interesting Video that shows just how far thinking Dan Larimer is with his far-reaching participation in the crypto space.

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if you want to be more proactive in this community, try using steemfollower (sign in is done through steemconnect using your steemit name and your private posting key - found in your wallet under permissions). This Video will explain how the program works. It is a great way to motivate you to produce great content, and to reward others for producing great content.

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Tip Jars:

Dogecoin DDizpbLrYzFNEZtEVvUXo8kKBKu3K7yLry
Bitcoin 32p67yperYxM8dEFXESL3oeBcEn4qP32cQ
Ethereum 0x54c0387Fd48Dc8D48D30069be2e18756b8d203A5
ETC 0x067511c327Bc68b73726F4410fEAdb47ed396425
Ubiq 0x3EDb86c57f7f495aE0963855Cc37BA64B40C7685

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As always; good luck, good wealth and good health to everyone on Steemit. Stay positive towards others and help the community grow. Thank you for reading and sharing. Comments are always welcome.