Green beautiful green! But could this be a trap?
Watching the mass of green on coin360 has been rather pleasurable over the last few days. For those of you not familiar with the site shown in the above image it provides a great visual overview of the entire market. Just click on the image to get to the site.
While it is truly a beautiful feeling watching this insane upward momentum I am feeling suspicious that it is too much too soon.
Today CNN covered this news with the words "Bitcoin prices are soaring again" and I am left wondering if perhaps this is not a good sign? During the last cycle the MSM didn't report on this till it was the worst time to invest.
But then there is another side of me, the more logical side which has been following the endless flow of bullish developments & announcements over the last year, which tells me that market fractals no longer apply. So many people have been waiting for this moment and now that the momentum has begun, perhaps there is no stopping it.
Could it be that we are about to witness something completely unique?
From bear market to parabolic rise, skipping the bit in between.
Let me know your thoughts.
Hi Sam,
I believe we are own the 3rd elliot wave up and will get to $5300-5500 then will retrace for the 4th wave down to around $3900 before 5th wave takes us just below $6000. 6K will not be easy to break so will take about 3 attempts to weaken and eventually fall. There may still be harsh corrections in store but I do believe we have seen the bottom and will now work our way back up and on to new all time highs within 12 months.
Upped and resteemed :D
Thanks for the breakdown! Much appreciated.
Good to see one of those healthy corrections in play now. Felt like it was needed.
The general consensus does seem to be that the bottom is in.
So... onward & upward we fly together!
It's a TRAP!!
But really, the price of cryptos has been suppressed for a long while, so their is immense pressure to rise.
The exchanges have been scrambling to cover their butts, while over the counter sales have been taking off. (and no you can't buy BTC for the exchange price)
So, with pull backs, the uptrend will be insanely quick, with many teeth.
I would even expect BTC to skip entire price ranges.
I do not feel i could play this market.
The moves are going to be too fast and furious.
Just figure out what things you going to trade your bitcoin for when it reaches $100,000
During the last cycle I enjoyed some swing trading but my feeling is that you are right. This time around it will be harder to catch the tops. I almost sold my BTC after the massive pump yesterday, thinking a big correction would come... yet it hasn't.
I will hodling tight all the way to the top instead ;)
I assume you're referring to the problem of what we will trade our bitcoin for when the dollar is crashing?
Sorta, but not really.
There isn't a bitcoin <-> fiat system that will work well at $100,000 per bitcoin. However, there will be people who will trade this tractor, that farm land, that house, that car for bitcoin.
Also, at that time, the laws for crytpo = money will not be passed yet, so if you convert your crypto to dollars, you need to pay capital gains on them.
I feel the dollar will be failing, but it will still be holding on by a thread.
It's coming back!
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Seems rather probable in this moment. After so long watching it go down it just feels a bit surreal. Like I'm gonna pinch myself and wake up any moment now ;)
Are you really a ganja farmer?
I used to grow back in my london days and kinda miss it. Since I had kids I've been going the easy route by getting other growers to come to me.
Yep actually getting ready to plant some seeds soon!
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Excellent! Love this dude ;)
I am just happily collecting scraps and setting aside (in terms of BTC) and only to use it when I really need it.
The only time that these crypto will actually stabilises is that when it becomes a norm in daily life and not some hype of some pro/anti government agenda (that somehow reflects a little of the bear/bull behavior)
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Happily collecting scraps. I like that ;)
Me too!
I have been wondering the same thing or perhaps I should say I have been feeling that it is a trap. I am on the sidelines watching, too soon to tell.
Yep, too soon to tell. Still lots of talk online of potential plunge on the horizon.