Bitcoin to new all time highs, hits equal legs target at 6124
Bitcoin surged higher on Friday, taking out the previous all time high and setting a new record above 6000. Strength has continued through to Saturday with my 6124 equal legs target being hit in mid-Asian trade and a new record high at 6150:
As mentioned earlier in the week, there is another measured target just beyond here at 6200 - the 161.8 extension of the September correction. A break above there would target the 200% extension at 6960, with significant psych just ahead at 7000:
Having said that, I'll be keeping an eye on 6660 - I know it sounds stupid, but I've often seen reactions at levels like this - 666, 777 etc. There's nothing mystical or Satanic about it - traders are just smart arses and put limits and stops around these levels!
I'm long two coins, first from 5650 and second added following the break at 5860 ...
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"...200% extension at 6960, with significant psych just ahead at 7000..."
This is what I am looking for in the next 3 days, if not the next 3 weeks. Expecting a bit of free coin mania ahead of the forks followed by some dumping post-forks.
Shit yeah that would be nice!
I'd get out at 7 and try to get the dip back into 6.
Far from impossible either with recent ATRs - $500+ days becoming commonplace!
I wonder if it will dump afterwards? For example the last chain split was the start of the really, not the end of it!
Yeh, the last one dissipated everyone fear about chain splits - which was bullish. Then because of that and everyone who got free coins to dump we now have an over-correction with people expecting the same next time.
But I think Bitcoin Gold will flop and Segwit2x could get really messy, especially if the replay-protection doesn't get sorted out. Long term I'd rather be holding BCH.
Very true, we are at a very different stage in the trend-cycle now. I don't know much about BTC Gold, but I am sitting on mining gear that last I checked was unprofitable (NSW power increase and ETH decline pretty much fucked it).
As for BCH ... what is good about it? I'll admit I don't know much about it at all (I just sold it high and ran), but if I understand correctly it is just the old Bitcoin? Or does it actually have tech improvements?
BCH has larger block size so it can handle more transactions. This means transactions are also cheaper because there is no backlog. I don't expect it to really go well until BTC starts to bog down, but I think that will happen at some point.
PS - The next poster will probably claim Lightning Network will solve everything for BTC to scale but I'm not buying that BS story.
Ah yep that's right, but isn't the upcoming 2x supposed to do the exact same thing?
What are current fee estimates and transaction times on BCH for interest's sake?
2x only takes block size to 2MB. It was the originally proposed compromise with 90+% support (but before BCH was born) that may very well still-birth because the BTC core group won't support it and the big block factions support BCH. It is almost a legacy political compromise at this point.
That said, 2x is still smaller block than BCH. I don't know fees off the top of my head but transaction times are the same across all the Bitcoins. 10 mins per block.
Very interesting ...
Re: transaction times - if block times are always 10m and exchanges etc don't change their confirmation requirements that often, how come some Bitcoin transaction's take so bloody long? Is that backlog due to the smaller block size? Your send isn't included in the next block?
Your predictions are helping people earn money. Great job!
Hi, based on my analysis it gets opened doors for crossing 10000$ mark
Although bitcoin is surging at the moment, it has provided opportunity to get in on some altcoins at a serious discount. OMG is trading at $7.30 at the moment which is very good value. NEO is always a good buy, has a great long-term future and currently trading at $27 is a pretty good price
I'm very dodgy on NEO - I mean it's a Chinese ICO coin. If anything is getting banned it is that coin. Even without regulatory issues, the first ICO was a mess wasn't it?
I am of the opinion that China's ban on ICO's will only be temporary. It is likely that they are simply stepping in at the moment to protect investors as ICO's are new. As this is resolved they will slowly ease the regulation. I believe NEO will emerge as the leading platform in China to then handle these future ICO's.
I'm not so sure, TBH I'm surprised they let Cryptocurrency go this far in the first place ... they have been trying to crack down on money leaving the country for a while now. You could be right though, I suppose more regulation just encourages more money to leave the country!
That Lambo is getting closer @bulleth. 😁
Hahaha if I hadn't been such a fuckwitt last week I could have at least rented one for a Sunday drive ... gone from being long from 5150 to long from 5650 ... where'd my 500 points go?
Maybe you should try hodling?
When I lived in Adelaide there was a Lambo in the garage under the apartments. I used to chain my bike to post next to it. That's the closest I've got to one.
I had a lambo once. A little red one....
Lol. Did it have Matchbox Cars written on the side of it?
Great post, I actually think bitcoin will soar even higher because of the upcoming hard fork. A lot of people are investing seriously just so they can get their hands on some free coins. Bitcoin is currently getting most of the attention out there. Although am anxious to see what happens to the price after the hard fork. Thanks for sharing.
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STOPGreat post, very interesting analysis, bitcoin go yo moon! Good job, thanks for sharing it, greetings!
Crazy BTC but does anybody know anything about Steem price? When other cryptos are going to recover and grow?
Good keep going