[ Bitcoin Price] Bitcoin in down trend or has it found support?
Bitcoin fell more than 20% in the last 3 days and seems to make lower lows. We are not seeing the dump and then bounce back as before. It seems like bitcoin is changing its normal pattern.
We saw a dump to $13500 in the last 6 hours and then a bounce to $14850. So I hope day traders made a quick buck there. What I am watching now is to see if we go lower than $13500. Does not look like it right now.
The last time we were at these price levels was on 10 Dec. So this looks like strong support
Here are The Chart Guys technical analysist:
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The day traders are killing it tonight I would think .. I bought some bdc back at 13800 tonight but I did see it dropped well under 13k for a short time.. I think it going to bounce up and down here for a little while .. My opinion is that the wallstreet traders are in now with futures and all ,, There likely pushing it up and down with big buys and sells so they can ladder the big money .. Thats how they operate .. good post though <, you have my follow and upvote..
Thank you for your comment @jkenny. Lets see what happens in the next 24 hours.
My modest opinion. Cryptocurrencies are 1- very volotile and 2- not seen as longer term investments. This monumentous swing could be a result of a large percentage of investors skimming their profits, causing a sell off. I also know a few day traders that rely on these earning to support financial needs or desires. Christmas is just days away. Are these sell offs a result of record highs and a desire to turn that into consumer goods? My bet is that after the holiday when the discretionary funds are freed up again, we will see a strong buying pattern. Just a thought.
Interesting thoughts @jonpetrich
It should be stable soon and the Christmas is coming, and people can only trade coins.
As the price of bitcoin has soared in the past year, incremental retail attention has come to bitcoin (and cryptocurrencies for that matter). This has resulted in the inevitable pump and dump dynamic of a young market ripe for arbitrageurs and populated by retail investors, high frequency traders and technologists, alike. The market dynamic has led to a more than 20x price increase this year and thus, logically, people ask: how much is it really worth?
Whilst comparisons to tulips to CDO's abound, the reality is that, contrary to its past asset bubble contenders, Bitcoin relies on a technology that has and will undoubtedly continue to change the course of history. Bitcoin is but a mere financial representation of the promises of the blockchain. That, in itself, is the fundamental value of bitcoin from a financial perspective.
It follows that unless you are an algorithmic arb. trader, when investing in bitcoin the focus should be on the long run, not on the short run. It is self evident that the role of bitcoin has evolved from that of Satoshi's digital currency to a digital store of value. This, in part, has led bitcoin pricing from the bottom--individuals who believe in the power of a revolutionary technology pledge a fraction (or all) of their wealth to its product (buy a bitcoin). Hence, while Bitcoin displays incessant price volatility, the investment thesis should focus on the long run. Intra-day price movements should be monitored but ultimately not considered central to the continuation of Bitcoin's price appreciation.
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