Bitcoin Forum

Bitcoin recovered from the bearish momentum last week after forming a hammer candlesticks formation on a 4 hour's chart.  The price bounce after touching the support level at $9,600! Since Friday after bakkt announced that by "September 23 it will launched it future trade" https://medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0 and since then Bitcoin has gained over $1000. As at this morning bitcoin hit $10,760 resistance area and there is a probability that it might cross $11,000 before Wednesday this week. I am speculating a trigger of another bullish momentum that might create another high this year as the bakkt's announcement has taking the center of discussion all over the cryptocurrencies sites and blogs.

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum ;) )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto  ::)

Nope. We hit the *temporary* bottom on the daily, being the 100EMA. It's usually a very strong support or resistance level, which in this case it favored Bitcoin functioning as support. In that regard, it's perfectly normal that the price is going up and will relatively soon hit its next lower high resistance point.

First people blamed the $3 billion Chinese ponzi to be responsible for tanking the price, and now it's Bakkt responsible for pumping the price. Are the Chinese scammers already finished dumping their 200,000BTC? That was quick. :D

I'm keeping my expectations in check. Let's have a look at that 4-hour chart:

https://i.imgur.com/dV38pYa.png

That's an awful lot of momentum spent on very little upside. Not even a 50% retrace of the last leg down. Bulls look to be approaching exhaustion on this time frame and the chart looks like a bear flag. The next leg down should be telling. It could be a weak pullback or it could be an attempt at new lows.

This is a dangerous place to buy considering oscillators are so high in a ranging market. The $10,800 area has also been an inflection point several times during this mid term correction, so it's likely a zone that bears will defend.

The traders are the one moving bitcoin's pricing to either the bullish or bearish directions and it is the summary of all our speculations and opening positions that do create trend. The correlation of bakkt may not be the reason why trend is form, however,  most time analysis from coindesk and some big cryptocurrencies's traders and investors on Twitter and blogs can influence some traders and investors to make an informed investment decisions! This are some analysis I have read of recent: https://www.coindesk.com/bitcoins-price-is-up-more-than-1k-since-bakkt-futures-news
https://www.ccn.com/bitcoin-price-bakkt-launch/,
https://www.newsbtc.com/2019/08/16/bitcoin-space-reacts-to-bakkts-september-launch-date-reveal/

Personally I have observed this too but was unable to analyzed it but here I get it better, traders should have.more power than the whales to make the cryptocurrency world a better place for us. Although I still believe that whales still exist but their powers of controlling the entire cryptocurrency market for their profits. This tactics used by traders look pretty.good to give hood health to the cryptocurrency world.

For the possibility of the prive, I think that Brexit no deal would trigger more persons from UK to hold more cryptocurrency and those without prior notice will buy for hold and this will skyrocket the entire cryptocurrency sphere and many will.make gains. Should the Brexit fail, we should be looking at $14,000 for the price of Bitcoin.

Lol, like you said, it is a speculation forum, and don’t forget that the market is also driven by speculation, so let’s just leave it to the way it is now, we don’t need any comment or any news that will work against the development and increase of bitcoin now, even if we have a mad man that will come up on forum today and say that bitcoin will reach $2 million by tomorrow, let those that would believe,believe and then invest based on that, it is all still good, we have nothing to lose.

The thing I just don’t like about some positive speculation is that, it seems at the point where everyone is going towards same direction, maybe same positive direction, that is when you see bitcoin going the other opposite direction, so I just don’t follow speculation that easily till I completely verify it myself and see if it would have any effect or not.

Bakkt can only disappoint. Just because an institution offers Bitcoin settled futures doesn't mean it has to be a successful product-- we have seen what happened to CBOE when their volumes didn't meet their expectations.

It only makes sense for an institution of that order to withdraw their product because it takes down their overall performance statistics. I hope that my skepticism will turn into a more positive vibe, but I want to see it happen first.

Another thing that works against Bakkt is that they may delay their launch once again. The CFTC gave them the approval they needed, but that doesn't necessarily mean that Bakkt is ready to launch next month.

I just blow my own bullish horn *hoot* *hoot*  :)

Came really close to $11k didn't it? And then European traders chipped away at the gains, Eastern coast across the pond waking up but not seeing any effects register on price action.

Bakkt either all price in, or completely lost momentum. We should probably see some small jump if 23rd really happens with the launch though, and that's also the exact day of September CME futures expiration.

Not a coincidence I'm sure.

good catch---perfect timing! where do they list these dates? i clicked around and can't find it. is a new CME contract launching at the same time?

my take on bakkt is that no one cares about or believes these announcements anymore. the only way it'll be a news catalyst is if it actually launches, particularly with a notable level of volume. if bakkt/ICE is smart (and i think they are) they've already on-boarded major market makers so the market will be liquid on day 1.

if the market stays sideways/bearish until then, CME settlement and bakkt launch would be a good time for smart whales to push the market up.

True, with every hack people tend to protect their assets by taking them out of exchanges. This is a sell order on btc...

BAKKT Announcement really affects the price movement of bitcoin, it create another hype and maybe if this development has been cancelled again, expect another downward. I heard this news since last year, it also create disappointment so I’ll not join the hype and if the bullish momentum happens, we just need to be thankful for that.

Ouch... we just had another dump of several hundred dollars down to a line that I'm carefully watching as it's been a point of action recently. 1D MACD was close to flipping green before this dump but this has delayed it, and the 4H MACD is now flipping red. We're still up over the last few days but this is a bit painful returning back to these levels once more. Not super surprised considering bulls were losing momentum and volume was lowering before the dump. Undecided whether or not to be bullish or bearish for the short term at the moment, but I'm still long and mid-term bullish.



https://i.imgur.com/X36JT0u.png

On the other hand, we're right back to where we were a couple days ago.

Good thing i have shorted $10800.These kind of mini dumps isnt really new anymore.No matter how good the technicals showing bullish possible momentum it can always be destroyed by Bitcoin's unpredictable market.We are heading back and forth to those previous levels that we had passed.For active trades,these kind of movements can be utilize to make profits but goes also same on losing money.Dont care too much on any Bakkt announcement though yet these news cant fully dictate on what would be the possible trend of the market.

taking a couple of steps back and becoming mostly stable with some sideways movements is not a bullish bearish move. it is more like a transitional phase between two bull runs that starts with the correction right after the previous one and lasts for a while before it starts going back up again.

the Bakkt news didn't do anything to the market either as we can see now. it was yet another small news that came out and the trend remains unchanged still in sideways mode between $10k and $13k.

Looking at the charts today? It looks like the price dip very quick so I don't think we are in a bullish momentum with this Bakkt announcement. For sure it will give a new hype again but I don't think it will be sustainable like the CME or CBoE in 2017 wherein there's a lot of FOMO prior to the announcement. Investors are getting wise and smarter now and not just buying. But we still have like a month before it will go live so let's see and just be optimistic that we will have another bull run.

We can't compare what CME or CBoE bring though in 2017. It's really the first time we have seen such offering in the market that's why there are a lot of FOMO that time. A lot of first time investors as well, who thought that the price will go on parabolic rise.

But this time around, then many are willing because they have learn their experience from the past. If I'm not mistaken, the price is around $10k when the news come up, a little pump to $10400->$10800 and now slowly going down to $10200. So it didn't really do any good up to this point.

if people did really care about Bakkt news then the price should have gone up at least 20% or reached somewhere around $13k or even broke it. bitcoin has been bullish for the past 8 months but the momentum is not there yet because it was suppressed due to the initial correction and some manipulation.
unless we see another breakout like the $4k one we see earlier this year, this sideways trend is not going to end. low priority news such as Bakkt is not going to change that.

you can't really make the comparison. the CME,... thing was a new thing as for the first time bitcoin entered other markets with regulations. and also by that time there was a huge momentum already in play and price was rising without the news. so they only fueled it.

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile. Looks like there just isnt any interest atm. Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

Ps dont be fooled by the fake support at $10k there is nothing there.

In other words, you prefer buying at +$13.5k levels than buying at $10k flat and have a 35% profit when we finally surpass the previous resistance? That sounds like you're a fomo buyer.

There is no guarantee that we'll keep going up from there, so if you buy at $13.5k you might still end up holding a bag of expensive coins. You're much better off slowly dollar cost averaging at current levels.

I honestly have seen more skepticism when it comes to Bakkt than positive stories. Not many believe it will have much of an impact nor do they care about selling this news, which won't yield you much to begin with.

We're just bouncing up and down within a large descending triangle. Pretty normal market activity in times where the bears are gaining more strength week by week. Not related to Bakkt.

Yes i myself would rather forego 35% than tie more money up. Because it can go down another 35%.

Bakkt announcement had nothing to do with it. I do not understand why people are always looking for a reason to get bitcoin up or down, sometimes it goes up and down because we are in a financial market and that is what financial markets do.

I swear sometimes I feel like only people in crypto are the people who have never seen a financial market before, haven't you even watched any movies about this kind of stuff.

It moves because we move it, we decide where it will go, we buy it to make it go up and we sell it to make it go down. It was a small movement that is not a great difference and that happens almost daily in bitcoin, so bakkt announcement could have affect a small percentage of people but that would not make enough change in the world of crypto to move prices to any direction.

Bakkt would have to make a lot of customers and a lot of volume in order to justify the attention it is getting. If they are going to end up with less than 100 million volume than I am sorry but it doesn't worth the attention its given. If it reaches over a billion however and some of it is new money coming into bitcoin instead of people moving from places like bitmex to bakkt than we can honestly say it was worth the wait.

Has anyone ever found any data or information about how much volume they were expecting and how many customers they are projecting to have when this is starting? I know the first few months will never be as great as the 6th month but the start would tell you a lot, if they start with 80 million dollars than reaching above 100 is quite easy but if they start with only 1-5 million than it will look very badly for their future.

You seem awful certain. Must feel nice.

This is a dead time of year anyway. Not a great deal has happened historically until it heads into winter.

Bakkt has been too drawn out for there to be much price effect. Most people don't understand what it is anyway. There've been plenty of similar scenarios in the past like the launch of LedgerX 2-3-4 years ago. Lots of people thought that was going to be world changing. Then nothing happened. There was no pump. There was no crash either.



They'd be very stupid to make predictions and they haven't. This'll be a product most of their customers won't be familiar with. It'll take time. If they're not planning for several years out then they're even more stupid.

I agree. Bakkt news seem to have rather random effect: sometimes the price rises (at least shortly) after Bakkt news, sometimes it falls and sometimes it doesn't react at all.
This actually means that we may just try to correlate market movements to something that doesn't cause them at all.


Somehow I start to believe that somebody tries to trigger certain expectations on Bitcoin price, unrealistically quick and unrealistically high. Maybe to trigger a FOMO, maybe to simply dump. I don't know...

Whatever is happening, be it FOMO or reality do happen because we see things different and people invest based on their perceptions of the market. As a trader there are some news that I will heard even if it is true or false I must have to take decisions either to buy or sell my holding and I do that not because I did not understand the news but how other traders and investors are going to react may change the directions of the trends. What matter is trying to predict what other are doing based on the prevailing news in the market and the major news we have now is bakkt!

Since you're not the typical hodler type of person, this is a serious question; ever heard of a stop loss?

You don't have to let the price go down and deplete your virtual dollar value. I know enough people who similarly aren't the typical hodler type of person, but they make use of every possible opportunity to either long or short the price with well set stop losses so that they don't suffer too much.

Another thing is that there isn't much significance to the $13,500 level. As long as we haven't blasted through the previous high of ~$13.900 we still haven't had a higher yearly high. Note how the ~$13,900 wick aligns with the monthly close of the 2017 bull run. It's not out of the ordinary to yet again be faced with a brutal dump when testing it.

ledgerX did get their CFTC approval at the end of july 2017, right before bitcoin went totally parabolic. that was probably coincidental though. if there was a news catalyst at the time it was probably consensus around segwit activation.

if bakkt launches a month from now, the market might pump coincidentally again considering the raging bull market on the monthly chart. price isn't gonna stay down here for endless months. i'd be surprised if we didn't see liftoff by october.

It was really sad also, I thought that the market had responded to this news really when it started growing little, but seeing it dump also broke my heart a little and then I saw that this event may not really have much effect in the market as people thought of.

I know we like to think the unthinkable and we believe that such positive news would have effect but I guess that many investors are still being tormented by what the bears did to them in the last bull run when majority of them fell for fomo, and you see now that it is also not only you and I that are being careful of fomo news, but majority of investors out there are also being careful nowadays. I guess people are just waiting to see exactly what the effect will be like when the project is being released.

It's been months now that the price has been holding very high above $ 9000, and now with BAKKT's announcement I hope we can see some significant increase after September 23rd. surely may bring more demand to the bitcoin market


today is thursday and the price dropped a lot, it dropped to $ 9900 and now it's at $ 10170


will depend on how much demand BAKKT brings to this market

I have been observing forecasts throughout this month and I see that very rarely someone can predict the future course of events.  Although it is already good that Bitcoin has reached $ 10,000 and does not show any impulses to a huge fall. But I still can’t understand why the events of September can greatly affect Bitcoin pricing.

You know that these kind of fundamentals can possibly affect bitcoins price and people do keep on speculating into things anytime if theres a news.

So this BAKKT event is somewhat a major one but not totally a thing to relied on because price increase will depend on the demand itself.

It is like this, I totally agree with you, we may begin to see Bitcoin with a great boost, just the fact that it starts this September 23, causes in many investors not to want to miss the moment, they know they should buy as much as they can so they can take the bullish way. I think we can reach the end of $ 20ka this year if everything goes well and if ETF approval happens.

Bakkt is a source that gives more liquidity to bitcoin, and the futures contract approved by all the committee for a launch by September is really a big news for all the cryptocurrency users. This is never gonna cause any form of FOMO as it gets more visibility same as stocks and the buying, selling and investing over bitcoin will increase randomly. The same is getting reflected over the present days growth.

Remember, we had the support of 6000$ and it was broken and bitcoin fell to 3000$ without any support level working. Then we pumped to 10000 from 4000K without any resistance working. These support and resisrtance are shattered when bitcoin is on the move , upwards or downwards.
Anything can happen from here and bitcoin look bearish at the moment from technical analysis.

All we can do is assumptions called as predictions that is why no one can predict what will happen in the future.If there is something good about the cryptos happened then it might influence the prices to increase that is why people says next month would be profitable.Anyway I am still neutral and all the way happy with $10K.