Bitcoin tanks, watch the bounce for clues as to where we go next
Bitcoin finally decided it was time for a move.
Unfortunately for most of us, that move was down.
In about a 30 minute stretch bitcoin fell from $6,200 down to about $5,500.
(Source: https://twitter.com/search?q=bitcoin&src=typd)
Finally some movement:
Bitcoin had been seeing historically low levels of volatility leading up to today.
In fact, the 30 day rolling average was the lowest level EVER:
(Source: https://twitter.com/charliebilello/status/1062687037738885121)
What caused the drop?
Like is the case many times in crypto, it wasn't readily apparent exactly what caused the drop.
There has been a lot of rhetoric out of Craig Wright lately saying how he knows of a way to kill BTC.
While that is highly unlikely, it may be what is being used as an excuse to sell currently.
Bitcoin was at a very important point technically and sometimes all it needs is a straw to break the proverbial camels back.
That may have been it.
Pay attention to bounce:
How bitcoin reacts right now is very important in telling us what likely happens next.
If bitcoin can rally back up to the $5,900/$6,000 area in the very near future, this sell off we just witnessed was likely the bottom.
However, if prices do not bounce all the way back to those levels and instead go sideways for a bit, we likely have more pain ahead.
Currently bitcoin is at $5,700, not high enough of a bounce for me to say the bottom is in. In fact if we don't see a better bounce within the next few hours I would say the more likely move is to break that $5,500 level to the downside.
Cheer for a bounce to $6k in the very near term, I know I am.
Stay informed my friends.
Follow me: @jrcornel
Well that 'gold' is down about 20% in the last two days while the real gold is up significantly.
Well in the end only gold is gold.
Still, i prefer Steem to paper.
True. I think bitcoin does everything that gold can do, but better.
🥵🥵🥵🥵🥵🥵🥵🥵🥵
What is this corndog?
Just saying a sad and angry goodbye to my investment 🥵🥵🥵
I will buy more bitcoin. Steem I am not sure. The developers haven't done much of anything since I have been here.
the only bounce will be the craniums severed from heads on impact ... not pretty
but I did just buy more so I must have that multiple personality disorder shit
Haha, well over time I think that buy will be a good one. Even if it isn't the exact bottom.
I have total faith it will bounce. I do think this is the bottom. Just not sure how long it will take to bounce but I don't think it will take too long. Now is the time to fill out your portfolio.
Did you buy any?
the day i waited is here.... time to fill in the stock.
I could definitely see that happening @jrcornel, although I find it hard to believe that Bitcoin would go lower than maybe $5K level due to the mining costs and the huge farms and investments that are made into the Bitcoin network by the giants like Bitmain, or even banking institutions, governments, and who knows who else...
As Mike Maloney would say, on the oposite side of every crisis, there is an opportunity...
Link to video here: Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney
Link to one of my posts: SATOSHI FACTORY - Brief History of BITCOIN
It might be selfish of me to say this however, but I wouldn't mind dollar cost averaging a $4K BTC during all of next year :)
You are in a good post then. This crash is welcomed by those with dry powder.
I don't feel uncomfortable in this bear market because I have planned ahead on what to buy and hold, but I actually miss the huge pumps from last year
I think everyone misses those pumps. This bear market has been going on for 11 months now. It has been the 4th worst bear market in bitcoin's history. Probably end up being the 2nd worst bear market when it is all said and done.
um, yeah... like when the price was 10x higher
I will take 2X higher at this point... :(
getting back to $1.00 again will feel like heaven, it's all relative, us humans have such a hard time dealing with that, myself for sure (-:
Might be the time to buy in, I hope.
Not sure. I am not seeing the bounce I was hoping for to signal a bottom. May have lower to go still.
I'm seeing $5821 right now... what I don't get is how when BTC takes a precipitous drop like this the alts follow immediately. I can understand a drop within a day or two, but it almost seems that they're tied together.
They are. Alts are priced in terms of bitcoin on most exchanges. That is why it is so important to get fiat pairs for altcoins, otherwise everything just moves with btc.
Well, that makes sense then!
Need more volume to the downside to establish a capitulation bottom... I think the downturn is overall risk fleeing financial markets and people seeking liquidity as they have been overinvested for years. We will see soon!
Yes we will. So far there hasn't been the bounce I would have liked to see that would indicate a bottom. Lower we go...
well now, that just means I'll keep buying more and more bitcoin as much as I can afford.
That is probably a pretty good idea.
Same.