BTC rallied up but...?
This is what many wanted to see from Cryptos and the leading coin, Bitcoin. I traded one tenth of my holdings, bought in 4370 CAD and sold at 4840 CAD had a juicy trade! though I missed the higher possible exit, due to my trading and money management strategy, I'm happy.
but what's next and what should we expect?
I still expect testing the 3000 USD Psychological support level. I believe the bear market appetite hasn't yet fulfilled. despite the current good news and sphere, the momentum is still against the market and it is better to have a bullish run after a solid change in the momentum.
So I prefer to be cautious in BUYING more at current levels.
The Psychological support level is NOT very important and strong support (3000 USD or ~4015 CAD) but it is seemingly to be tested. I even prefer to see that breaks and real strong support forms below.
Just after such pattern if occured, I can be hopeful of a long run bull market, which we all love to see.
Resistances are not the same as the stock market, fwiw.
would you please explain more?
This recent bounce off of the $3,200 level is THE test. It doesn't necessarily have to test the exact level of $3K, and here is why:
For a long, long time there have been a large set of unfulfilled orders for BTC sitting right in the range of $3,000 - $3,200, with the vast majority of those being in the higher part of the range at $3,150 - $3,200. At the same time, the 200 Weekly Moving Average (which is a very strong support) just happened to be moving through that price level at the same time the market was testing that price. This produced a sharp bump upwards from that level of support. That is a pretty positive sign of a bottom, IMHO. Right now we're probably going to test that $3,200 level again - but we're still up around $4K !!!
While these are good strong signs of support at the $3,200 level, we all know how volatile the cryptos are. And, overall they are a small drop in a larger ocean of finanacial assets - so they can easily be tossed around by banks and whales like they are nothing.
If the $3K level does fail as support any time in the near future, I'm afraid this won't be a test of the 3K level, but rather a test of the longer-term support around the $1K level (maybe $1,175 - $1,200, actually). If that happens, I think that would be a very bad sign - but I don't think it will come to that.
It's helpful to know THE bigger picture of what this current crypto craze actually is. In short, believe me or not, this whole crypto market is nothing more than a temporary testing ground - a "sandbox" if you will - for big money and banks to prototype and test their new ideas for the next World Reserve Currency, after the demise of the current US Dollar system. Big money is happy to let us minnows chew on a little bit of the fat because we are helping to "normalize" peoples' opinions and get them more used to the idea of using digital currencies. Then, when the time is right, the dollar crisis will be allowed to happen and the central banks will swoop in with their new digital solutions - to fix the problem which they caused in the first place. Except, they'll be telling us now how cash must be eliminated to remove "crime" from the system and protect us all - which basically means they have total control of all money, at all times, and can completely screw us all over with the click of a mouse - and there won't be a damn thing anyone can do to stop it, if we let this happen to us.
I highly recommend that everyone buy and hold physical silver and gold coins in their own hands - that way you can protect a portion of your wealth, keeping it completely safe and outside of central bank control. And, it's worth noting that central banks, the world over, have been hoarding and collecting precious metals like there's no tomorrow. Do what the smartest guys in the room are doing: get your piece of the pie while there is still some pie left to get. Buy and hold your own silver and gold. Anyone who says this is a stupid idea is miseducated or working (knowingly or unknowingly) on behalf of the banks to screw you out of your wealth.
Thank you for the great comment!
One of the best comments I've seen on Steemit! Good post, and the whole time I've seen this for the market as well, a testing ground and a serious case of predictive programming. What better way to get everyone to put all of their money into something and be trapped than to tell them that they have a chance of being rich from it... haha
Mark, thanks for detailed comment. I got couple of questions if you don't mind.
thanks in advance
"Decentralization" isn't much more than a buzz-word, IMHO. It's like going to the store and seeing your old can of shaving-cream with the words, "33% MORE! FREE!!!" What they don't tell you is that they have actually been in the process of shrinking the size of the can by 1/3 over the last 3 years - so you're right back where you started. It's not that I don't "believe" in the idea of decentralization, because it IS a very good idea! But, I see it sort of like the idea of, "Socialism" - in theory, it's a really great idea: everybody with equal resources and opportunities. In reality, humans are corrupt, and so is every human system, and every automated system which is created by humans is also subject to manipulation by those who control that system. So, yes, I see cryptos as being VERY dangerous. People seem not to understand that equal resources and equal opportunities never equals similar abilities or outcomes. Anything done over the internet is spied upon by "the powers that be." Even most of the best anti-virus and encryption systems can be broken, or have been designed from the start with "back doors" for their creators - just in case they have to "fix an unforseen problem." Blockchain is a great idea - but look at the current crop of cryptos in existence right now: how many of them will still be around and working in 5 - 10 years from now? If one out of 10 is still around and working in 10 years, I will be surprised. I think that a blockchain, just like money, has to be backed up by a real product in order to be sound and resistant to manipulation. There are a few good cryptos out there, backed by real things. Otherwise, they are subject to inflation and manipulation. Almost every crypto exchange out there today is operating on a derivative-based ponzi-scheme, and people who think they know about cryptos are just being taken for a ride - because they really don't know $#!t about cryptos. I'm just smart enough to know that I am one of those people who doesn't know $#!t, so I'd better make sure I know how to properly manage my exposure to risk - because my well-being and my life depend on it.
Wait for it.... Biiiiiit-Coooooonnnnnn-Eeeeeeeeeeect !!!! That was easily identifiable as a complete scam, to the experienced person. There are still a lot of scams out there in the crypto world. And, cryptos that are sound today can probably evolve into scams tomorrow. It just depends on the timing of who puts in or takes out their money, and how much, and if you got left behind or not. It's not a nice environment here in the crypto space, where fools continue to be separated from their hard-earned money. Welcome to the new system; same as the old system. Cryptos are simply the next shiny, new tool in the toolbox. Some people will build new things with new tools, and other people will invent new ways to rip people off. It's a mixed bag - but, in the end, I think we'll see cryptos go through similar boom & bust cycles like different monetary systems have always done. Every generation tends to have the arrogance to think that they have come up with something new, something better, more sophisticated than our caveman predecessors. I have no such illusions. Human being are capable of a wide range of actions, and good and bad behaviors and outcomes will continue ahead as they always have.
I think Steem will be around for a few years, at least. It could well become, "The next FB" and "The next YouTube." Steem does have a real product: good information, an online social media platform, lack of exposure to the corrupting influence of advertising money, good blogs, music, and an online publishing platform for verifying and keeping control of your own original content. Steem is a good product - and I plan to make a large buy-in as soon as I can. But, it is also prone to developing bugs, occasional hard-forks, and some forms of manipulation - as we have seen from past experience. Nobody knows how long it will last for - but it seems to me that it will definitely go through some form of identifiable digital/electronic and social media life-cycle, then move on into the dustbin of history. But, the name of the game is to use what you've got - and if you can make it work for you, there's nothing wrong with making a buck as long as you are ethical in what you are offering. Like all cryptos, Steem is also a "buyer beware" market - volatile, unpredictable, and easily splashed out of the pool whenever a big whale decides to do a belly-flop, or give you a $#!t-Ton of downvotes because you like the wrong color of sweater. If I do buy a lot of Steem, I won't power-up very much of it - because I will hold it and use it for swing trades, when it's good for taking a profit. Better to rent somebody else's Steem Power through delegation, where you can experiment with shorter-term trades and purchases for voting power, curation, rewards, etc. That way you have a lower exposure to risk. It seems a very stupid idea, to me, to invest my hard-earned money into Steem Power, which takes 13 weeks to withdraw it, and all the while it can be subject to the whims of whales, trolls, and other people who I would rather not be in a monetized partnership with. The current world moves too fast to be tied down for 13 weeks. You need more liquidity and mobility in todays' environment in order to make the best moves, at the best times. I tend to call a spade a spade, and my philosophy of using my Steem Power however I damn well see fit to use it - doesn't always jive with other people's ideas of how they think I should be using my Steem Power. So, for longer-term investment (powering up), I don't really care too much for the Steem platform. Better to buy an ounce of gold, stick it in my safe, and spend it whenever I need to use it - because it's still going to be worth something pretty close to what I paid for it, more or less. (Actually, I think precious metals are an undervalued asset class right now and will probably be heading upwards soon.)
All you have to do is take a look at the recent example of Haejin to see how bad Steem can get. He did, "beat the system," or, at least pissed off more than a few people on his way to the top. I have nothing against him, personally, and think it was an interesting phenomenon to watch happen. It tells me that in order to be really successful on SteemIt, you've got to be very well-connected, have a lot of money - or access to borrowing a lot of someone else's Steem Power, and be ready for the feeding frenzy of sharks who WILL be coming to take a bite out of your @$$ to punish you for being successful. Was Haejin ethical in what he did? I have no idea - and I don't really care. If I can buy and sell Steem tokens and make a profit, that's what I'll do. Making some friends along the way, and learning a lot about various topics is just a huge bonus.
Decentralization.... HHAHAAHAH
great advice, I'm happy to be here to have them in 🙇♂️🙇♂️🙇♂️ thanks for the response
From the view of an investor, Bitcoin's beauty lies in its volatility.
Hopefully, now the price of BTC continues to go up. I believe the volatility will continue for some more days. The price will again fall, but it will soon come back up. I'm optimistic for 2019
I see the 2019 second half, a bright side for crypto too 🤞
It looks like December 15th was an important day. I saw a lot of network updates being pushed out and now a 4 day rally. Should be interesting how long this rally will go and if it runs into any resistance and gets rejected or powers thru and starts a new bull run.
i prefer a sustainable bull run to a quick one
BTCUSD is looking like is ready for another leg up. Possible resistance at 4000.Could go under down to the 1st wave on this elliott impulse, but assuming we don't get a new low
what's your prediction for this?
follow me please for more crypto ideas.
thanks for comment, followed you.
I think we NEED to test the psychological support level at least. I think this is crucial for a sustainable growth later
thank you @honarparvar
this is my last blog post reflecting on bitcoin behavior.
please take a look at it and tell me what is ur opinion
https://steemit.com/bitcoin/@orphism/bitcoin-is-the-bear-market-over
Hope bitcoin day by day increase from now. Thanks for this post.
比特币是否会涨到5万美元一枚呢
There is a possibility that nerds are buying BTC for holiday gifts or people who want to send money home for Christmas (but avoid the Western Union fees and the Venezuelan authorities) are putting in the buy orders that is causing it to go up.
That said... This would be really hard to figure out since we don't know why and where people are buying it.
right now btc hits $4k i'm hoping that it will pump back to $8k so for the meanwhile. I'm enjoying myself on a trading competition which i think is a great idea while the price is low. https://www.kucoin.com/#/rank/XYO here is the trading competition that i was talking about maybe you wanted to join as well since it was giving away a huge amount of XYO tokens for the lucky top 200 traders.
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Hello honarparvar!
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