Is Bitcoin Price Being Torpedoed By Secret Chinese Miner Meeting? + Dash and ETH | Technical Analysis
DASH showing surprising strength against Bitcoin in volatile weekend trade. Bitcoin has to deal with a secret Chinese miner meeting and rumors of Coinbase going belly up. ETH should be stronger against BTC weakness.
I have really come to enjoy your TA. I learn new things every time. Like today I learned that past resistance levels mark future support levels, and vice versa. I have gone back and looked at a bunch of charts and have identified these patterns. It's truly amazing. I begin to wonder what forces drive these phenomena but that's something I need to think about.
One thing that I think I missed from your video is exactly how the talks between miners and the bitcoin development team is torpedoing the price. Is this something that the miners are doing in order to drive out competition, kind of like Wal-Mart comes in and operates at a loss for a while so that they can eventually displace local establishments? Or is it something more incidental, like maybe it is just the fact that the talks result in uncertainty about the development timeline that is causing people to sell?
What is your take?
Thanks @dashpaymag I think August bitcoin prices will be more active after a breakout since June, and my simple analysis that will come out to go up in the near future the early or mid-August this
1D MACD
Support at $ 600 so it was just heading to go to the lowest price $ 610 and the high price of $ 680 in one month yesterday, saw it cause it always is at the price of $ 666
Thanks for your analysis @dashpaymag!!!
Due to the nature of the asset, it's impossible to nail down the true reason for the sell off. Bitcoin is the master of swing and you've only got to look at the 12 month chart to see that it's increased 50%. All things are well in Bitcoin land and I only see this recent dip as a bump in the road.
Great questions and thanks for watching. The body of knowledge surrounding technical analysis is enormous and very subjective, it's definitely not a science. Ultimately it reflects investor (or trader) psychology and as I try to convey regularly, is a tool. Some of the oldest techniques that I've studied are candlesticks which have become almost ubiquitous in charting software. The origin of this analysis is centuries old dating back to Japanese rice traders. It's hard to imagine doing this pre-computer but it has stood the test of time.
With regards to the miner meeting. In my opinion it all comes down to uncertainty. No matter what it is being traded: BTC, currencies, equities, bonds... etc. people hate uncertainty. I remember trading securities back when the FOMC (the Fed) would issue press releases about rate decisions and the markets would literally come to a standstill because whatever was about to be presented would have tremendous impact; but it was unknown. The following volatility was something to behold. You can go back and look at charts of FOMC days and it's unreal. So there seems to be alot of uncertainty in BTC right now which I believe is the fundamental reason driving the selling pressure.
Route de l'moths
I love this image.
thanks bro ! what about ethereum classic?
It´s holding down the ETH price maybe?
There is only so much volume in the game. It moves between assets so it's a fair assessment to say that as ETC goes down, ETH goes up. It's just the zeros and ones being shuffled about. ETH will come good in the end as ETC (even with it's staunch support) doesn't have developers building quality dapps on the chain.
thanks @dashpaymag information good job
It's being held back by Blockstream who is controlled by Axa. Big banking now has full influence over bitcoin and will continue to have it until the miners do something if they ever do.
very good analysis you and cool
Your analysis almost right @dashpaymag
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good
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Nice blog. Nice to see I'm not the only one who thinks like this. Many people say the prices of cryptos are high but we also thought that about Amazon, Apple and Facebok last year. This is quite an interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check for example: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Report