Well before I get started let me clear the air, I am not a professional. This is not finacial advise!
What in the hell is going on with bitcoin? Now I know first hand how price Manipulation feels and this feels just like that. Bitcoin futures started tradeing thanks to CME, it futures are listed under XBT.
In less than a week (since bitcoin futures started) Bitcoin has seen a 30% drop in price. Now Bitcoin has experienced some pull backs before but Nothing to this size and usually has a day or 2 recovery and then shoots back up, well thats not the case this time.
Is Wall Street in control now?
I know thats a heavy question but is this the case? Is bitcoin no longer a free market? If you look at the bitcoin futures (XBT) everything is bidding down, and the price is going down as well. Look my friends, the precious metals have experienced price manipulation first hand. We know it is real and we also know that it is unstoppable.
So my question to everyone is this, is it time to get out of Bitcoin? Or is it time to buy? Now before you answer those question, let me first say that I don't believe that we have seen the bottom of bitcoin yet. I believe that Wall Street will get the price down and then make a killing off of it and leave the average person at a loss.
Proud supporter of #steemsilvergold
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To me it’s a normal and long over due correction. And it’s a good buying opportunity. I’m waiting to pull the trigger until I see 11K. We are almost there.
$10,000 might be a better trigger to pull, but I'm with you, looks like it coukd be a good buying time in days to come.
Looks like we hit 10k on coinbase.
This is actually a good sign. A healthy pullback is exactly what is needed. Anything that goes straight up without stopping is due to come down just as fast.
Also, it is Christmas time so some profit taking is to be expected. Those new iPhone Xs aren't going to buy themselves!!! Not to mention that any disposable income that was moving into cryptos/investments are being redirected into Merry Consumerism!
I hope you are right, but it feels like a Wall Street beat down.
You are definitely right about "Merry Consumerism" effect.
This is my wife and my's favorite semi-numismatic round. I think it captures so much in a small format.
Bottom = $11,561 and it just hit...I hope
I think you may see $10,000 or less.
Its the same feeling as May 1 2010 circa 0200 HRS...when I blew up my futures account lol
Great analysis of bitcoin
Bitcoin break down
Goldman Sachs announced yesterday that they'll start trading in bitcoin soon, officially making it a mainstream thing. So I would have expected the opposite thing to happen tbh
G.S. is in it to make money, don't for one second think they are gonna jump in when it's nit at the bottom. They don't lose money they steal it.
stealing in a legal way, that is :')
No you are not a professional, just a decent caring human being concerned for himself and his friends and family. Not alone by a long shot, trying to figure out the chaos. Hold on to the silver my friend and don't worry to much. Peace.
Thanks buddy, you too.
I'm out. You know how Eskimos leave their elderly out to be eaten by polar bears?
(I read it once so its true)
That's bitcoin. All the grandchildren are arguing over the timing and location, but it's happening.
I wouldn't recommend leaving your elderly for the polar bears Mr. Clarke, even if it is true. I believe you are right, it is happening right now.
Hoping its Christmas profit taking
Just as everyone was expecting a huge incoming wave from new buyers. This could be a dump and pump, not just Bitcoin plummeting, will big money gobble up the drop?
Of course they will, thanks for stopping by
Your guess is as good as mine Ray. My thoughts are torn between manipulation or "newbie" investors running sacred and crashing the market.
Bitcoin had a massive rise due to new money being chucked at it by "get rich quick" idiots that have no idea what the blockchain is or what it does, but saw an opportunity to make some quick cash. When coinbase launched bitcoin cash it scattered the market investors and new money didn't know its ass from its elbow and started flipping between the 2. In my opinion this has had a 2 fold effect, the money going to buy bitcoin and causing its sharp increase got diverted in to other cryptos that lead to bitcoins price stagnating and people started pulling money out. Slowly at first, but more and more new money(get rich quick kids) panicked and this nose dive is the result.
OK I've forgotten what the point of your blog was now.
Right I'm back - maybe not to buy any more yet, wait for the crash and stabilisation to occur and buy back in. I believe cryptocurrency has a future, it might not be bitcoin, but the blockchain and cryptos are here to stay.
Sorry this post was so long
Excellant way to look at it and this could be the case.
I'm with you 10k would be my trigger. The correction that takes us back to similar prices before the December buying hype.
I think maybe some people are taking year end profits? Definitely manipulation, but maybe as a trend and not intentional. Could also be triggered by automated selling? Just guesses. I read yesterday that the floor for BTC was around 11K. BEFORE the decline started that article appeared. Could be some panic with a lot of novice people invested.
Yeah I saw that too on the floor, I think it will go lower tho. Thanks for the visit.
I'm thinking the same. If there is a panic sell off, it could drop significantly. When it his 50 after Cypress, it dropped to ten, which was an 80 percent drop. When it hit 1200 during the first congressional hearings, it dropped to the 250 range, nearly 80 percent in drop. It hasn't had that type of correction since. But I would put the floor around 5,000. That's just based on my having watched it for eight years.
Not that it will drop to 5,000. I just believe that may be the lowest.