Is there enough volume to break through $10,000 Bitcoin this time around... and actually hold?
Ah, the age old question, one I'm sure many of you are wondering about too huh?
Well, I don't have an answer for you, but if I had to guess... I'd have to say no.
Because fundamentally, what has changed since the last time we got to over $11,000 Bitcoin, before totally breaking down again?
Is anything different, and are there more players in the market now?
These are questions we must ask ourselves, and frankly, no Hodgie Lee and his fancy charts is going to actually predict the future of Bitcoin, or any coin or token for that matter... so you really have to stop kidding yourselves.
I'd love to hear your thoughts on where we are headed in this market over the next week, and why you think so?
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I am not holding much hope for the coming week but I think a couple of months down the line - may be May-June things might start to turn up again! At least that is my wishful thinking :)
I think it'll be a little sideways, with some up-side action sprinkled in, but 4th quarter is going to be the big moves yet again I believe... until then I'll be putting in a little bit each week.
Funny you bring this up. It seems trading volume is not at all what we see.
This came out today in Cointelegraph. An interesting read.
Volumes on Most Major Cryptocurrency Exchanges Are Fake or Inflated: Study
https://cointelegraph.com/tags/blockchain
Going to read it right meow, give me a tick.
To bitcoin or not to bitcoin that is the question.
Ha ha, that is the question indeed, but I like to sit back and watch during uncertain times.
It remains to be seen how US tax season will impact traders. There are tons of day traders who owe the IRS capital gains tax. If they dont have cash on hand, they could be forced to sell cryptos to pay off the obligations, which could drive prices down due to an imbalance of sell orders....
An excellent point indeed my friend, and I myself owe the tax man almost $3,000, so there's go 3 grand that would have gone back into the market, so you make a very excellent point here.
I don't think we will hit above 11k till another month or so. I'm guessing at the 10k mark people will start pulling out to get some earnings.
Sadly, I think the $10,000 mark is already tainted, so the smart traders are going to pullout at at lower highs now, just to make sure they get their profits first.
Dipped under 9k already but you never know with this. Either way we still wait till it goes back up.
Well Bitfinex just printed 300 million more Tether today, so expect them to dump it all into Bitcoin soon.
I think we will keep bouncing between 8k and 11k for a year before we moon. I am saying this based on history of bitcoin. I may be both right and wrong.
I think you're right, but maybe 2 years.
From my point of view, and from what I have seen before, BTC will continue to grow, and will rise high, for most of 2018. The increase in Bitcoin and other cryptocurrencies has been one of the most spectacular phenomena of financial markets in the world. last years.
Sadly, a lot of traditional Wall Street types are in now playing the game, so expect one hell of a wild ride if it ever does go up again.
btc has broken and held 8750
next resistance is in the 9400-9500 range
closed back above the year long log trend
still waiting for a break and hold of the downward trend line before I go full bull
I will go full bull once we aren't setting lower highs, and lower lows.
The voodoo chart and Elliot Wave will predict the moon ;)
Ha ha, isn't it funny that they always do... and how do people still listen to them after they are completely wrong?
I found out through personal “wallet pain” the Elliot Wave ain’t worth a shit in cryptos. Probably in anything else really.
That voodoo chart shit is for the birds.
And like the Joker says, if your good at something... never give it away for free.
People want to be guided without doing the hard work themselves and sometimes they follow blindly!
I think we all want to convince ourselves that we make rational decisions. In order to do so we cling to “crutches”, such as technical analysis, etc. In the end, robotic moves such as dollar cost averaging may pay off much better.
And like the Joker says, if your good at something... never give it away for free.
Dollar cost averaging is my best friend!
Yep, this is the problem across most of society!
Yes, its likely to get over the mark but drop again. The bitcoin isnt meant to rise that high and any fluctuations would bring it down again. And alot of big muscles are taking up crypto currencies and the might find a way to regulate it
Good or bad for the market overall... these regulations you speak of?
The Bitcoin bubble is deflating, but there's no shortage of those who are determined to keep the faith and keep pouring money into it.
I get that, but so many of them have such weak hands... so their faith never seems to keep Bitcoin afloat.
Why to worry about them, let's do our best and have little faith.