Did bitcoin just bounce off the bottom?
From looking at the chart today it does seem to show some indication that Bitcoin might be mounting a comeback!
Everyone involved in crypto has been glued to the bitcoin chart waiting for signs of a bitcoin bottom. Today bitcoin is showing a huge bounce off what looks like a bottom and the volume seems to support its rise. If bitcoin can close the week above $ 9600 many experts would agree that the bulls may have taken over and the bears might be going back in to hibernation. I would love nothing more than to see all the short's on the futures market get Rekt. Although I don't want to see anyone losing there shirt in any market, these shorters, bears and fudsters have caused enough kaos in the market lately an I wouldn't mind if bitcoin teaches them a lesson! I mean common, who puts a short on bitcoin after a 60% drop, that's insane!Now that were above the 50 day moving average, it should give bitcoin some support at the $ 9000 area. Now lets just hope this is the reversal we've been patiently waiting for!
The Future of Bitcoin belongs to those who believe in it
While the price of bitcoin seems to be the main focus in the news and forums, bitcoin developers are hard at work getting this revolutionary new currency ready for mainstream adoption. Yes, it's easy to forget with all the fud floating around that despite the recent price drop , the underlying blockchain network continues to get stronger, more secure and faster every day! Bitcoin is being developed by some of the smartest people in the world, and no government or bank can stop it no matter what the media says. They can ban it, regulate it, stomp and shout ponzi scheme all they want but don't forget that they can never take away your belief in having a decentralized currency supported by its own community. After all BELIEF is the only thing that gives anything value, just like gold, if nobody believes it has value than it's just a useless yellow rock, tangibility has nothing to do with value, only the BELIEF of the people does.
Lightning network will scale bitcoin for mainstream adoption
The much anticipated lightning network is the first major scaling solution that will scale bitcoin for mass adoption, and its already here! being tested right now as you read this. The lightning network will allow for almost instantaneous transactions with almost no transaction fee. It runs as an off chain network off bitcoins blockchain. This has always been the major concern holding institutions back from investing in bitcoin but once lightning is successfully implemented, major institutions will pour in to bitcoin. When I did a google search today for "lightning network" I was pleasantly surprised with how many articles are coming out.
- Lightning Network Shows Progress Developing Lightning Nodes
- In This Storm, Be Hopeful; Lightning is on the Horizon
- World’s First Lightning Transaction on a Bitcoin ATM Realized by Coinfinity Startup
- Exchanges May Offer Custodial Lightning Network Accounts in the Future
- Bitcoin Gaming Operator Coingaming Group Implements Lightning Network
Lightning network is still in development and is quite buggy at this point, but that hasn't stopped lightning network enthusiast's from using it. Developers have warned people that lightning is still in development and transactions can have problems, so users should be aware. Despite the early developmental bugs it is surprising to see just how quickly lightning is being developed and it's clear that it won't be long until its ready for the masses.
I think its important that we should pay more attention to the underlying development of Bitcoin and cryptocurrencies rather than short term price action. This market has a such a huge infrastructure being built up around it that there is no way we are going to see any kind of long term bear market right now. By next year this drop from 19700-7700 will look like a tiny blip on the chart like every correction it has had in the past. Anyone who doesn't believe in bitcoin by now obviously doesn't understand it, nor do they understand what gives something value "BELIEF" don't ever underestimate it.
Sec is ruining crypto :(
I like that I am not the only one feeling this way. Something in my gut feels like we hit a bottom point as well. If so then full steem ahead!
Yes, I remember in the summer bitcoin dropped from 3k to 1.8k and even popular steemers were posting doom and gloom posts. There were only a few saying don't sell on the bottom, buy more. But most people were saying were going back to 1k or lower so just sell all! lol I'm not gunna lie I enjoyed letting them know "I told you so" after it rebounded hard!
I think it has a 95% chance at a rebound. I just don't know when.
Totally @cyberblock all the value of Bitcoin depends on the confidence that we have and many of us believe in it because it is changing things very positively, we have to be prepared for these falls are part of the market, there should be no panic and Bitcoin has traced the way to the new currencies that have much future, the world already changed and this great road has started Bitcoin and now with the Blockchain the possibilities are infinite.
Exactly! I'm glad some people get it! : )
I love your positive spirit and faithfulness in these markets! You clearly know what you're talking about! Keep up the good work and sharing your knowledge to us little guys! :D
Yeah, its a good sign. Today it shows some resistance,and now hopefully it will rise again
I'm pretty sure we will ;)
Yes, we can hope for it
And yes i believe in bitcoin
Today was a good day but we should't get too excited just yet.
Nothing to worry even if it goes down. It will go up eventually. Stop watching prices daily. It wont go up in a day just because we bought it.
Yes, of coarse! Unless your a day trader, than you kind of have to watch the price lol
😀
Thank you very much for sharing and analyzing beautifully.