BITCOIN: It is really weird how the market is moving, don't you think so?

in bitcoin •  14 days ago

Seems we are enjoying of a good day according to the nice rise of BITCOIN and so, in general, of the whole market as well...
This is the chart today:

Nevertheless, it is really difficult for me to understand the last movements...
Usually BITCOIN used to move on a kind of inclined trendlines, up or down but not perfectly vertical or horizontal...

Last movements of the whole market have as well the same "pattern"... a sort of Horizontal intervals with steep up and down vertical moves:

It is like someone willing to "put" and spark in order to activate the bulls...but they are not coming...
After 7 months of Bearish cycle and having proclaimed the reversal trend three or four times without success, we, the market are behaving very cautiously during these days...
It is like no one wants to put more FIAT on the table since seems there is nothing important or, at least, with sufficient entity in order to bet with...

We really need great and good news in order to reverse the trend... and these news have to arrive soon or we may experiment a deeper low...

Or are we assisting to a sort of market stabilization which will last longer?

The confirmation of the UPTREND cycle is a process, that is going to take time and which in my opinion we are still far from that point.

In order to confirm that Uptrend I would like to break that Resistance trendline, the one dark and inclined... the other two Dashed-red lines are just accompanying supports, which can give a hold or a rejection when touched.

So, I am still bearish, cautious, as the whole market itself.

Patience....Be positive and Enjoy Cryptoland!

@toofasteddie



*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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It is like someone willing to "put" and spark in order to activate the bulls...but they are not coming...

Probably those previous fake patterns of iHS were drawn with the same reason.

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Well...let's say that doesn't look that the market is moving "naturally"...for sure...the micro iHS pattern of 4 days ago can be part of an artificial campaign, but for sure, what is clear is that there is no NEW money on the table, it is the same being played by just a few accounts.
IHMO there are just a few coins that are behaving a little bit different from BTC... STEEM is one of them, despite all are in bear trend.

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Actually today Bitshares acted the same and few others, too. @hgmsilvergold's last posts were about those breakouts. And yes - there were no new money - just somebody trying to push the market.

for me this "patterns" are just some bots set to play with 10/15 billions , they do their job buy low sell high (settings could be +10%), one day bulls will join for sure and they'll be out for a while, meanwhile they are taking their 3% 5% 10% profits weekly, while we watch like cows ;)

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Agree. No new money is inside. All the money is played automatically, without character or emotion.
Anyway, since BTC is the trending Crypto all the rest of altcoins are dancing around him.

It seems the result of one big buying order after another one to see if more volume follows

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Yes, it is...as I said, no one seems to follow him ;-)

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But there are more and more good crypto news lately and no real bad ones. Today it was Coinbase release of their institutional services, yesterday the futures contract expiration. It seems, little by little a final reversal may be coming after the 80% drop from late last year.

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Well, IMO we didn't hit the 80% drop yet...
The top market was more than 800 Bi USD... BTC reached 19000 USD... and 80% drop would mean reaching below 3800USD or 160 billion USD... that's why, despite the apparent good news we had recently, to tell you the truth, I don't feel as they are the GREAT AND GOOD news we all expect to get, I am still concerned about a longer bearish or steady state market...
Nonetheless, we are just observing the evolution of the market nowadays...we cannot say the bulls are back.

Manipuladores, manipulando!

Posted using Partiko Android

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exactament!

Yeah am also cautious...but am cautiously optimistic

Well, it is a reliever after the trampling of the last few weeks when it seemed like we'd hit rock bottom. And with it the alt coins. You heard/read how Steem was projected by some to tumble to $0's or thereabout lol... so at least we can all breath now.

At least for a while. I hope it will be for long.

And one more thing, can i have a moment on steemchat? Let me ping you..