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RE: Why I'll Sell Bitcoin if it Reaches $17,000 Soon

in #bitcoin7 years ago

First of all, thanks for your videos, insight and opinions. Also, thanks to those discussing your topics and insights. I believe we have a solid base of data and opinion to create cogent discussions.

I would like to add an insight I believe may provide more evidence we are about to enter a period of bearish activity.

bitcoin 60 day cycle.

bitcoin 60 day cycle.PNG

I find evidence that a cycle has been at play for the past 180 days which must be considered. I do not pretend to know why this cycle is occurring, but I believe it's existence is important. A definitive bear movement (or correction, as it were) comes about on a 60 day range, followed by a bullish trend.

It is likely coincidence. September landed around the time of the China ban. Another coincided with Bitcoin Cash mining manipulation. Also coincides with some psychological prices (both Euro and USD).

From what I can tell, the next one is due to start around January 6-11. IF this is some sort of cycle.

I am not much of a conspiracy theorist... but there are definitely whales and such at play at any given time in all the markets... I believe the recent market trends and action are highly suspect with their inordinate correlation and price action. Recent dips are correlated very closely, ie. LTC and ETH and BTC dropping at the same time appeared to smell distinctly of coordinated sell off, which is historically different. But on the other hand very likely if attributed to a "cashining", or "flippening" [sic]

Complicated... I definitely do not have answers, but only questions. Yours and others within this post are helpful.

I am in a majority cash position at the moment, and I will wait to see the outcome of the market over the next 3 weeks.

I anticipate more people will become adopters of the ecosystem after having discussions with others over Xmas regarding cryptos. I anticipate there will be a flight to value in ALTs due to BTC transaction fees and transfer time between exchanges in addition to Anonymous Coins gaining popularity.

I see more flash smash opportunities when GDAX opens to other coins. I can see more insider manipulation while the vast majority of the ecosystem is controlled by the "great 40%" holders. I am, as always leery of what is driving the current market. For instance, adoption curve versus true price action based on "perceived value"... or both at the same time possibly implying shark activity praying upon the adopters. Also, a clear buildup of BTC market capital prior to futures contract implementation and then the upcoming call date(s) and a possible link to shorting the BTC market and then this correction. Is it all related, or is it like staring into a fractal and watching the snake eat its tail? I can not pretend to know any of this for sure. The "Catch 22 "in action...

Regardless, I will always be a staunch believer in the sociological good that this ecosystem will provide.

Best regards-
Fritz

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Fritz,

Thank you for an excellent and thought provoking post. Interesting catch on the cycle, even if it is coincidence. Correlations tend to rise during corrections and crashes, and definitely will if the bubble pops (likely go close to 1 between Bitcoin & altcoins). I won't pretend to know how much manipulation does or doesn't occur, but we can be certain a lot does just due to the nature of limited regulations. January should be an interesting month, especially as we reach final settlement date for futures. I appreciate your comment, I hope you leave more in the future.

Best,
CI

that was a very insightful read, thanks.

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