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Title: Why is bitcoin not able to breach 16500? Post by: bigdude on December 28, 2017, 12:30:35 AM Well there are few reasons which needs to be analysed
1 Holiday season - As discussed earlier people have taken out their profits and in most part of the world trading volume is low on account of holiday season. 2 US Taxation There is a v high likelyhood that some new taxation laws/structure will be implemented on gains made from bitcoin and other crypto assets.This can also set precidence for other countries and some is being closely watched by big institutional investors. 3 Fear factor/Fud New money generally wait on the sidelines till there is a confirmed trend and most of the time this is the one which supports constant bullish growth. Since their are lot many rumours surrounding BTC and there has been a good correction in last few days these people will only buy their first Bitcoin when the train have already left the station (read 16500/17400$) 4 Your greed needs a break- Common what do you expect ? Bitcoin have seen a tremendous growth in last one year. You might have been late to the party but initial breed of early investors were waiting to take out some money to buy the lambo they always talked! Title: Re: Why is bitcoin not able to breach 16500? Post by: nightmanisrightman on December 28, 2017, 01:41:21 AM Good analysis I find myself agreeing more with points 1 and 4 though the most. The holidays but a strain on our bank account as a result it would be nice to get a lump sum from somewhere else and crypto does exactly that. At the same time one should expect those invested early this year to take some profit out because that is what I plan to do if BTC breaks $50k. The other points have merit as well but I would argue new money is going to come in anyday regardless of trend because they are constantly on the FOMO train and tax well those who are fearful are already fearful and those who don't care will probably never care.
Title: Re: Why is bitcoin not able to breach 16500? Post by: coin163 on December 28, 2017, 01:44:03 AM Let them take some rest and enjoy their new found luxuries.
Bitcoin will consolidate in the given range before it tries to break the resistance. Title: Re: Why is bitcoin not able to breach 16500? Post by: player514 on December 28, 2017, 01:53:16 AM Well there are few reasons which needs to be analysed 1 Holiday season - As discussed earlier people have taken out their profits and in most part of the world trading volume is low on account of holiday season. 2 US Taxation There is a v high likelyhood that some new taxation laws/structure will be implemented on gains made from bitcoin and other crypto assets.This can also set precidence for other countries and some is being closely watched by big institutional investors. 3 Fear factor/Fud New money generally wait on the sidelines till there is a confirmed trend and most of the time this is the one which supports constant bullish growth. Since their are lot many rumours surrounding BTC and there has been a good correction in last few days these people will only buy their first Bitcoin when the train have already left the station (read 16500/17400$) 4 Your greed needs a break- Common what do you expect ? Bitcoin have seen a tremendous growth in last one year. You might have been late to the party but initial breed of early investors were waiting to take out some money to buy the lambo they always talked! I don't see how holiday season can be so impactful on the price. Doesn't it make sense that people have more time to invest themselves into bitcoin and buy more? I know people have also claimed that it's possible that people are getting out of bitcoin to fund for christmas gifts and such. I think that's a bit of a stretch, but I think it also adds the question of how much these holidays can actually affect the price of btc. If it's this relevant, I think that's a little scary. Title: Re: Why is bitcoin not able to breach 16500? Post by: iamTom123 on December 28, 2017, 01:55:26 AM Well there are few reasons which needs to be analysed 1 Holiday season - As discussed earlier people have taken out their profits and in most part of the world trading volume is low on account of holiday season. 2 US Taxation There is a v high likelihood that some new taxation laws/structure will be implemented on gains made from bitcoin and other crypto assets.This can also set precedence for other countries and some is being closely watched by big institutional investors. 3 Fear factor/Fud New money generally wait on the sidelines till there is a confirmed trend and most of the time this is the one which supports constant bullish growth. Since their are lot many rumors surrounding BTC and there has been a good correction in last few days these people will only buy their first Bitcoin when the train have already left the station (read 16500/17400$) 4 Your greed needs a break- Common what do you expect ? Bitcoin have seen a tremendous growth in last one year. You might have been late to the party but initial breed of early investors were waiting to take out some money to buy the lambo they always talked! Bitcoin has been a big blessing to many but this time around we have to hold on and wait for some weeks before we start planning to buy that 'lambo' from the reputable car dealer. Anyway, it is always mesmerizing how much of our human nature is always displayed with Bitcoin. Things like hope, wait, patience, sharing as well as greed, selfishness, 'war' and yes even deception -- all of these and more are in play in the Bitcoin and cryptocurrency market. At last, what those traditional traders in the forex and stocks have been into are now being experienced by many ordinary guys like you and me thanks to Satoshi Nakamoto and his gift to humanity and of course the infrastructure provided by the internet. This time around, there is a need for Bitcoin to take some rest after weeks of a raging bull run. Everybody gets tired and Bitcoin is no exemption. It is right now gathering the needed energy for some big and exciting climbs this coming 2018. We are then hoping that scalability concerns which translated into unbelievable transaction cost will be resolved in our favor. Long live the King! Title: Re: Why is bitcoin not able to breach 16500? Post by: winchancer on December 28, 2017, 02:01:53 AM What has to do the world with "US Taxation"?! Now the biggest money comes from Asian exchanges, if it were only European or USA the BTC price should keep in $1000... Well there are few reasons which needs to be analysed 1 Holiday season - As discussed earlier people have taken out their profits and in most part of the world trading volume is low on account of holiday season. 2 US Taxation There is a v high likelyhood that some new taxation laws/structure will be implemented on gains made from bitcoin and other crypto assets.This can also set precidence for other countries and some is being closely watched by big institutional investors. 3 Fear factor/Fud New money generally wait on the sidelines till there is a confirmed trend and most of the time this is the one which supports constant bullish growth. Since their are lot many rumours surrounding BTC and there has been a good correction in last few days these people will only buy their first Bitcoin when the train have already left the station (read 16500/17400$) 4 Your greed needs a break- Common what do you expect ? Bitcoin have seen a tremendous growth in last one year. You might have been late to the party but initial breed of early investors were waiting to take out some money to buy the lambo they always talked! Title: Re: Why is bitcoin not able to breach 16500? Post by: Reid on December 28, 2017, 02:04:08 AM Love how it was said.
"Your greed needs a break." ;D That is all the reason I can think about. This people who kept on buying before the year ends have already made their rest and maybe dont want to be on the internet for some time but just their families. I have already done that, so greed needs to come back. |