Bitcoin May Have Found A Bottom...The Bottom Of Credit Suisse
Everyone is out looking for bottom-callers to make them feel better. I mildly obliged last night, throwing in a "this is probably a good spot to buy" at about $6060. It's still far too early to say, but little did I know what a clean bottom Bitcoin was about to put in. If this holds, I'll have been within 1%.
I honestly can't remember ever seeing such an exact bottom on a chart. $6000 and .00 cents indicates a buyer was sitting with large enough limit order right at $6000 to stop the downtrend to the penny. I'd call it a fairly bullish sign, as we're already up almost 30% from that bottom ($7678 at time of writing), but predicting this market is practically guessing.
What's causing the crash? There's chatter, yet again, of China shutting down all access to foreign cryptocurrency exchanges, rather than simply the domestic ones. Of course, this is nothing new.
A more interesting possible explanation for the increasing degree of this dip may be found in the US equity markets. The stock markets all dumped, and the BTC/Vix (volatility index) inverse correlation has suddenly broken.
This proved to be bad news for Credit Suisse, the custodian and largest holder of XIV, the reverse VIX ETF. Oh well, it's a major bank, so screw 'em! Reportedly, they "only" lost 2 quarters worth of profits...
Long-term, I can only assume such market turmoil is a positive for "alternate assets" such as Bitcoin.
Hodl accordingly.
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Yeah I am also seeing $6000 as bottom but I am still not convinced untill we break $10000 with strong impulsive move. Bitcoin is currently trading under $8000 and it is still under threat of another fall.
The price shoots up too high very fast so it's not surprising that it will go down since many are in profit already. Of course they want to have some cash too.
Exactly correct. Premature ejaculation to call the bottom just yet
https://steemit.com/bitcoin/@davebrewer/cryptos-hit-bottom-today-time-to-buy-hugely-and-hodl-as-we-go-to-the-moon
I am bearlish yet too. I hope we can continue recoverage moviment to cancel last low pivot
How many more falls before a tangible recovery.. sigh...hodl still
Buy more when the price is cheap and you'll see the profit the next few months.
B-but I already spent all my money sir. I guess I can do a bank loan. It will for sure go up r-right?
Never spend money you can t afford to lose on crypto. Never take a loan to invest in crypto... for now, just hold... it may take a year, but you will recover what you put in with benefits.
Never take loan for crypto
The graph was somewhat synonymous with was obtainable this time last year.
It will bounce even better.
More bitcoins are created "out of thin air"
Sounds like that other currency bitcoin evangelists swear bitcoin will replace lol
I just tried to learn bitcoin but still do not know
yes, learn about it, check it's history, and then evaluate the risks and reflect. Then, if you feel still up to it, you can invest, but always be careful and don'tlet emotions take over your decision.
Good to see the sunshine after many days of gloomy darkness! I believe the positive news from the SEC will push the price of the market in a more positive direction from now on!
Thanks for the info, I think bitcoin will be back over 10k in the coming weeks.. at least I hope so.. either way I am just holding..
Earlier this year the experts where calling for BitCoin to top out at $60000 I believe it will still happen. Just a little winter sell off stay strong.
I sure hope so. I miss those 2017 Green Days in December
Just be patient...
This dip is very interesting. It makes me even more excited rather than scared like what many feel right now. Let's just imagine we're buying a Ferrari now with a huge discount of 60 - 70%. Lots of profit to make these coming months haha
@lexiconical, you never know, Credit Suisse probably the ones who are buying Bitcoin to balance their sheet, what do they have to lose after the XIV fallout, they have already cleared out their profit margin for two quarters
The last bottoms I bought were not the bottom... now that I refused to buy, it's probably the bottom. :-P
I thought I was alone thinking this 😂
I wish I had more fiat to convert into crypto. This would have been the perfect time to storm the market.
On second thought, I can't even say for sure if I would have bought crypto if I had the money to. With all these FUD and scams all around, it makes a lot of us loose our faith in crypto. I for one, I'm guaranteed about the long term viability of crypto. However, I do understand that not everyone share the same point of view.
6k was low, but it could go even lower. So many technical analysts predicted a bullish trend prior to the dip. It makes me doubt the authenticity of technical analysis in the first place.
I think 6000 is the actual threshold. Why? Because the price of mining it is pretty much at that level. Its like gold: if you do not cover your expenses in mining it you just stay away. Possibly the same situation with BTC.
So, my bet is the bottom line is 6.0k - the top line...who knows? It really depends on your ability to HOLD
The near future will prove me right/wrong.
Cheers,
Adrian
Gotta wonder how it's going to play out in the future with more and more people getting into the crypto mix. Will these turn out to be a safe zone when wall street is taking a dive, or will they mirror each other? Another fun wrinkle is how diverse the crypto markets are and will markets in other countries (Asian countries, in particular) have similar effects?
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