Bitcoin Has Gone Straight Bananas!
The last six days and especially the last 24 hours have seen Bitcoin go into straight bananas mode!
The numbers of times bitcoin has gone up more than five days in a row is few if any. I only looked six months back and didn't see any. Then you top it of with today's candle!
At the time of this post Bitcoin is up 1500 points just today. Will it close here, who knows?
I'm very interested to see how the remainder of the day plays out and if BTC pulls back as this current move is unprecedented, but we are certainly in unprecedented times!
Here's a quick video I did discussing BTC. I touched on ETH, LTC and EOS briefly.
P.S. - Best selling author James Altucher created a crypto investing formula, which focuses alot on finding the small alts prime to explode.
Might be worth the watch: Cryptocurrency Investing Formula
Best Regards,
I am really impressed by what is happening to bitcoin lately. And nobody has a plausible explanation.
There is not a plausible explanation. Money flowing in, everyone wants to get on the money train. See how long it lasts, riding the wave in the meantime.
crazy runup
This market is certainly defying all odds in the short term but I still eye with a certain level of suspicion. There are just so many factors at play here. I do believe the predominant factor at play is mania and frenzy. I think that a great many people got onboarded to BitCoin over Thanksgiving dinner. Not wanting to be the odd duck out, seem unsavvy or unable to be financially successful or give their spouse any more reason to bang their rich brother in law, a lot of inexperienced men jumped into the market
We are in a greed phase at the moment where everyone is buying because it's going up and for no other reason. They see it as safe as they are earning every day, therefore there is no reason to study the charts.. Trading is easy, I'm gonna be a billionaire in no time. Sadly, as the price goes up they will get in deeper and deeper and deeper.. and when it goes down to correct 40,50,60 percent they will have no idea what is going on. Instead of selling at the top they will ride it right into the dirt; only selling at the last minute, when the pain is to great just to watch it begin retracing.. But by then their capital is all gone.
Bitcoin is great from the standpoint of a professional trader or someone like me that makes their yearly wage doing this and nothing else. But it is a dangerous trap for those that are just throwing money at it without taking the time to actually invest in themselves and learn market dynamics. This is the same crowd that thinks googling Bitcoin makes them a trading expert..
I also see huge potential for Bitcoin to get shorted right into the dirt once the futures market comes on line in 4 days. Bitcoin cannot be shorted in any appreciable quantity at the moment save exchanges whose volume is to low to make it matter in the big picture. Once Billions of dollars in professional traders come online, hedge funds, money managers etc. they are going use technical analysis to make decisions will will quickly reverse the irrational behavior we are observing. Sadly a lot of people will get hurt due to their fear of selling and realizing a loss.. But on a positive, big money will bring stability and lower long term volatility.
https://steemit.com/bitcoin/@pawsdog/12-6-2017-the-market-view-and-trading-outlook
https://steemit.com/steemit/@pawsdog/steemit-quest-for-one-million-time-required-to-build-a-usd1-000-000-00-steemit-account
Yup - I'm just riding the wave waiting for the next pullback...basically every pullback of 20% or more has been a quick profitable trade. I'm holding a core position for it we ever to get to 40k, etc. but trade around it a bit so I can free roll it.
Got put the 10+ years trading experience to use somewhat! :-)
You apply to the same theory of thought I do then. That being that it takes 10 years to become an expert. http://www.selfgrowth.com/articles/10-Year_Rule_to_Become_an_Expert.html
You just see so many patterns over time, so many subtle nuances, etc. that you can begin to read the market like the matrix. Being able to even have a basic understanding and not get whip sawed around takes time. But to be able to see beyond the hype, develop discipline etc. take time and getting burned here and there (paid education). Only experience can make you a good trader in the long run.. I feel kinda sad for the throw money in late to the game crowd at the moment. Especially as I know they are the ones that won't be able to let go when it goes down. They figure if they don't sell, it's not really a loss..
It's a pretty wild ride, right now. I just sold some at $13300-ish... I needed to pay some bills, and was pretty happy with the profit. Do I think it will go higher? Sure... but I'm at peace with where I got out.
Bitcoin paying the bills - that sounds like a win to me regardless of what it does! :-)
Satti says that Bitaken did not have to be born,
Bananas is an understatement! Bitcoin's grown a whole garden of banana trees! I think it'll close the 2017 year at above 15 grand. Maybe even 20 grand. I also think that after the holidays, the hype will die down again and it will have a bit of a drop. Back when bitcoin went as high as 1500, it did drop down to about 500. So I would not be surprised if bitcoin dropped as low as 5500 before taxes, inwhich case it'll just bounce back up anyways. I still agree with the 1 million dollar prediction by 2020. It'll come!
Yeah I'm in the same boat. I think we may have to wait till the new year for a substantial pullback. If you think about it, the tax environment on it is so up in the air that mind as well take profits in Jan and worry about it in 2019....maybe that will be a catalyst.
Only problem with that is when we get the pullback I'm looking to add on...we may be pulling back to 15k or 20k...lol
Feels like a crash is coming to somewhere like 8000, bitcoin ahs been going up way too much.
its banana's B A N A N A S.
It seems like every morning I wake up BTC has gone up another 10%. It's insane. So many people trying FOMOing right now it's unreal.
Man i still dont belive all that happened with bitcoin this last year, so yeah.
Lets see. Have a good day / night mate @scaredycatguide