Bitcoin's Slow Grind Lower (and maybe a coming catalyst)
Boy has the past couple weeks just been a slow grind in crypto.
What we need is a catalyst!
I heard of a possible one today while listening the the crypto talking heads on CNBC (hey, at this point I'll take what I can get).
The idea that alot of people are selling crypto to pay their tax bill due to good old Uncle Sam! I mean, it is atleast logically, right?
People have taxes to pay on their crypto gains and well, need to sell some more crypto to pay those taxes. Anyway, the deadline is April 17th this year. Who knows, maybe we see buyers come in then - or less sellers?
Not something I'm given much weight, but figured I'd mention it.
Bitcoin Grind
Bitcoin continues to grind lower. I still have my eye on that 5,900-6,000 intraday bottom from the last big spike. I talk more about it and the overall price action on the big three (btc, eth, ltc) in the below video.
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational us
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational us
Here we go again!!
I've thought the same thing about the tax item however the people most stressed about the bills are the small players who are not the ones moving the market. I would love to see a bounce back as it if is feeling painful to HODL. Hold On Disaster Losses.
Yeah, that is why I'm not giving it too much weight. But at this point I will give anything a chance ;-)
According to experts it will touch 4000$ so bad
Nice post
🌉 ✍️
very nice thoughts,thanks for sharing
When do you think the bullish market will start?? tax day is at 15th April, so i'm expecting the bullish run to start around 1 may...
Throw some dates and guess with me :-) I can see scenarios where we are in a "crypto winter" the rest of 2018. I can also see how we rally in a few weeks. I just aim to be prepared for all outcomes.
we can be in a crypto winter if one of this things happen: a big exchange like binance is hacked or crypto regulations come crashing down on us all over the world... if this happens we will have a year like 2014, without much change
But maybe the crypto market goes up after this tax day and crypto regulations actually bring big investors ( millionaires and billionaires)... the only scenario i cant' see is crypto market going to 0, the tech behind it has huge value, so it won't go to 0, but i might be mistaken... i'm not a crypto expert, and i don't trust anyone that says he is a crypto expert... there are no crypto experts in this world, we can have all the knowledge about cryptos and what they do, their partnerships, etc... and end up making a totally wrong call on the market
I'm a positive guy so i'm expecting BTC to go to at least 40k ea by december 1st (steemit should have a !remindme8months option like reddit has, where i would get reminded of this comment in 8 months
If we are in a crypto winter for the rest of 2018 the only thing i can say is: BUY the DIP!!
@scaredycatguide not to worry when we turn back UP it will be Beautiful...........
Worry? I'm drooling over these prices. I hope I can buy at 5,900! :-)
interesting analysis
I was trying to find a clip from the sitcom Frasier to post here, so I'll ahve to quote it instead.
The scene is some weirdo who keeps talking about "David Letterman, as I slowly turned towards him, inch by inch, step by step." He meticulously, slowly talks, and repeats, but her gets there in the end, revealing how he wanted to beat the guy up lol but Bitcoin is that guy, slowly turning, inch by inch, step by step, and then will jump out and give us a punch, a good ol' uppercut, and shoot to the moon.
Sounds like the price action of a tech stock ;-)
I agree that we’re likely to see BTC continue to fall in advance of the tax deadline on the 17th, but we’ve also got a futures expiration on the 18th and during the last expiration we saw reports of volume spikes in the futures market, along with large sell volumes on the exchanges, so this unregulated market is manipulated around these expiration times. The market manipulation is one of the stated reasons for the SECs reluctance to approve BTC ETFs, which give traders the option of shorting btc. So, 19th onwards, I think and not before.
Here's hoping it plays out that way!