The Bitcoin Price Action is Excruciating to Watch
The price of Bitcoin is just pushing and pushing us, giving these little glimpses of hope as it tests trend line resistance on the daily...
BTC/USD Daily
...but then snatches all hope away in a single intraday candle that just makes new low after new low.
BTC/USD 4 Hourly
The feeling is real.
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
After going over a lot of historical Bitcon chart data, I've come to an inescapable conclusion. In BTC, the trendlines that are by far the most important (and hardest to break) are the ones that appear on a log scale chart. Which brings me to my next point:
We haven't broken the real downtrend yet. In fact, every time we have come anywhere near it, we've turned back with double the momentum that we had on our approach.
We still have some time to chop around in this bear market - potentially until September. But an extended bear market is a very good thing for Bitcoin right now - not just because it needs to correct after going parabolic. During a bear market, Bitcoin will be out of the general public minds', but all of the entrepreneurs and developers who have been bootstrapping the ecosystem and rolling out critical infrastructure will be hard at work. The next bullish impulse cycle will be Wave V of the Cycle. In Bitcoin, 5th waves of higher degree tend to extend. If we were to get on the road to 50-100k before summer begins, existing infrastructure may fail to cope with the influx of new users, and that's a surefire way to stop a crypto bull run dead in its tracks.
This chart is an example of what happens to Bitcoin when an influx of new adopters is too much for existing infrastructure to handle.
Thanks for taking the time to share your thoughts man. Really interesting.
This is the key for me. It’s not only about the dollar investment in the coin, it’s the ivestment of labour, time and effort into developing the technology. This is what’s still going parabolic and will be reflected in price in the end.
Exactly! But if we start another bull run too soon, there's a distinct possibility it will abort halfway through. If exchange infrastructure buckles under load across the board, it could cause panic - because (from the public's perspective) what good is an exceptionally volatile speculative asset - if you might not be able to sell it when you want to: when it starts crashing and you should be buying, because you already sold into the masses' greed, but of course in the real world "Bulls make money, bears make money, pigs get slaughtered".
If we run with the bulls again too early - this could be a bubble in the end - if it rises too fast, without anything to support it... Personally, I'm working towards creating a reality in which Bitcoin Pizza Day marks the start of a Grand SuperCycle, but I recognize that at this point it could still go either way.
By the way, have you looked at EURAUD, GBPUSD, or GBPEUR since the daily closed yesterday? There are some juicy setups developing there on weekly and monthly timeframes, I think. EURAUD in particular looks about ready to go...
I haven’t done any forex analysis this weekend actually. Find me on Twitter and share me some charts?
Seriously, when is this going to pass, haha... Could be a while! this is one hell of a rollercoaster.
Welcome to markets!
My idea is that bitcoin will go to 100k in the end of this year, if it went from 1k to 20k last year so this year is easy to make 10x. :)
Maybe not in 2018 ...
and this would be worst time for BTC... where people will be afraid of BTC and angry.
I think - that was the target of BTC pumpers (from 5k to 19k)
Whales like big funds and banks - will buy more BTC - for lower prices... When people will start to sell BTC...
I think - we may see RUN from 2k-3k USD for 100k - even to 400k USD in next years.
They (banks) will not stop this trend... This is too strong.
So when people don't give up - and start using BTC often... Central Banks need to buy cryptocurrency - so - they will make it bigger and bigger...
Very positive prediction and even real, I hope everything will be like you said and people who believe and just hold and trust in bitcoin will be very rich. ☺
Well - local - I see bearish trend to about 5000$ area.
I wrote more about that in my post here.
So from my comments and - posts to now (8256$) - just go down more than 1000USD.
Good guess. But it's just starts...
When I remember that bitcoin was about $300 I don't care, even if it will go 5000$, you feel the potential of it.
I was checking BTC price for 6$ with friend programmer - who follow BTC from 1$ :-)
I see potential I fell that - and I know what may happen...
From technical side - of a good with a limited number and how price may react... when will be a time with short of sellers. But realy huge buyers come to market. So HODL - is best way - to wait and don't give opportunity to loose money and loose BTC - if you don't know how to trade.
[somebody who could use my tip - sold 8 BTC on 9200$ =73600$ and buy back 9.2 BTC for 8000$ ]with clear 1.2BTC profit... in one day.
But trading is risky. You need to know what are you doing.
ok . BTC breaks 8000$. Some profit taken - may be some small correction.
Best regards!
Great chat guys 😎.
Very cool that yo do these updates :):):)
No worries 😎.
hahah always nice to just be updated even on Steemit :)
Cool post man, but you really have to think about cryptocurrencies perhaps a little more long term. Yes you can make some money on the short term market vulnerability but its never wise to put all your eggs in one basket.
Have a look at this post if you really wanna make it big. This post would give you a better idea of the future, and a variety of ways to invest all the way from low risk to high risk, short term and long term. Changing your life with Crypto, Gaining Financial Freedom and Eventually Quitting your job.
There are no eggs in one basket. Trade and manage your risk champ.
If you read the attached article, you would realize that I'm not just talking about trading brother. There are many ways to get involved and scale up for all kinds of budgets. What you choose to do is your personal choice based on your capability and money you are willing to loose.
Remember, not everyone is on the same boat.
wow nice post bitcoin
Wow, I know!!
Enjoy the ride folks, it will be fun to look after we have moved onward and upwards.
Haha, yep. On a monthly chart, this will all just be a blip.
Please how can I be vast in this crypto knowledge...sorry but I'm new in this and I need someone to put me through...
Can you please help out ?
Find @forexbrokr on Twitter and DM me there to chat.
For future viewers: price of bitcoin at the moment of posting is 8605.00USD
Thanks. Please add the price of Steem as well in the future.
No, please don’t add the price of steem. Please kindly fuck off and stop spamming everyone with your crappy bot. You are what devalues steemit. Go away.