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I'm afraid this move was calculated. Might have been in relation with that sudden move of btc to 6900 on bitmex? Someone needed the bitcoin at the right place at the right time... What i dislike a bit is uncorrelated data, if that bitcoin was just a portion on the pie one had on another account or company, for bitmex long and short business, then we are looking at a mouse, and cat at the same time.
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extra info:
Price
From yesterday BTCUSD 3.96% showed a sustainable growth, with a hike in
volume after reaching the Bearish Trend Line and 6250 level. This
growth showed a supportive power of the 6000 – 6250 zone, which gives a
hope to bulls, but still consideration of any reversal will need more
confirmations. The most important requirements to change outlook from
bearish to correction/reversal is to stay above 6250 level. From the
above, 6600 level will be the next resistance. A comeback below 6250
and Bearish Trend Line will send the price to test the next support at
5750 (2018 low). Also, it is worth remembering that the SEC is now
scheduled to decide on the Bitcoin 3.96% ETF ruling by September 30,
so, presumably, we will not see any significant developments until this
date (or premature SEC statements), rather it will be a lateral
volatile trading ruled by rumors.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
Comments from Nick Szabo on ETF
A well-known cryptographer and pioneer in the field of smart
contracts, Nick Szabo on Twitter expressed his fears about the approval
of bitcoin-ETF. In his opinion, there will be more cons than pros from
crypto-exchange-traded funds approval.
“I for one am not lobbying for an ETF or for Wall Street-managed
money in general. It might cause more problems than it's worth. The
recent sell-off by dumb money has or soon will deprecate many
opinionated know-nothings in this space. We don't need new ones to take
their place.” - @NickSzabo4
Big whale transaction on BitMEX wallet detected
Yesterday at 8:50 UTC time, a transaction involving 10 BTC 3.96%
went to a BitMEX-associated wallet. It didn’t seem like much, but less
than half an hour later, another 16 wallets sent 17,990 BTC 3.96% ,
bringing the suspected BitMEX wallet’s balance to a grand total of just
a hair over 18,000 coins, this was a few hours before BTCUSD 3.96%
showed a recovery movement from the 6000 level.
Such noticeable transactions sparked conversations and fears across
the community in multiple social networks: whether that will be a short
or a long position... Here is the synopsis of the most meaningful
opinions:
“They have to make sure the price stays below $6150 until futures
close tomorrow.”
“Shorts are stacked a mile high. Expect volatility .”
“Aside from the possibility that the exchange is consolidating
coins to a cold storage wallet, it could also be providing liquidity
for its trading platform. Either of these conclusions could be likely,
considering that it just recently posted another record-breaking
trading volume of over 1 million BTC 3.96% .”
Anyway, one thing stays clear, we should expect a high volatility
soon, and a fall further down stays in a high probability for now.
Because of the ETF and also because BTC is so close to 3 resistance on 4h chart, well, we could have an interesting scenario. Over 6640 is breakout if high volume (etf approved scenario) Slightly staying healthy above support at 6472 |
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I follow other technical analysts out there and also i am watching the boards overall sentiment.
Just set trend lines and support lines on the chart. For example, what i learnt today is that ETH had a pretty obvious sign (for shorting) at 290 mark, on horizontal and vertical support lines and resistances.
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What do you do if people are hoarding their coins and refuse to sell? You simulate a fake crash by stockpiling your coins over a long period and then dumping those coins at once to trigger a small crash. You then buy back these coins at a lower price than what you bought them and wait for the market to recover.
Would happen exactly the opposite, if no one sells, then no one buys, thus there is no volume in that 24h mark we seeing in CMC. Wash trading is happening when there is low volume and market actors use low buy power or sell power to mimic volume. Someone can take 1 satoshi and move the price, because the order book registers whatever input was triggered there... because these digital assets have so many 00000 out there. What manipulation i can think of that could happen, is that there is extremely thin volume and if someone is precisely targeting small buy blocks or sell blocks, can direct market action at his will. |
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despite all the speculation and TA and all the rest of them showing lower prices and people even wishing for them, the $6k price has been a very strong buy support which has stayed strong for a long time. it is now psychologically strong too as people see it as the bottom which price keeps on hitting and bouncing back from.
although there is a lot of dumps going on today specially among altcoins which is also influencing bitcoin price but we keep seeing this "resilience" which may not even be explainable for many.
Also 6550 was a strong support... How i see the market at the moment, is that the dangle news at the end of the rope that gives some incentive for the people to get into buying frenzy as coins gets extremely low, btc cannot keep up all these coins so they either sell into bitcoin and from there into fiat. |
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these suggestions are very good but i don't think they can stop the bear market from happening now or in the future. simply because a bear market is also a part of the whole market cycles and it needs to happen from time to time as it happens in any other markets.
these suggestions in my opinion would increase the adoption and in the long run increase the price more than it already is happening.
Bear market indeed. Although at full cycle, we already stood almost one year in this phase. No one know when it is gonna bottom, only price action can tell. You see that 6000 area is strong psychological support. |
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What's important is that Bitcoin must become stronger as an ecosystem. You're fearing speculation and manipulation? The more Bitcoin gets used, the less influence they'll have. And you, the Bitcoin user - beginner, average Joe or advanced crypto geek - can do a lot for that.
I think, also, that the more people want to use it (to extract value from its BTC into fiat) the more likely the market its going to react. Markets have their cycle and if the overall trend is selling, because more people sell then rather buy, the voila... nothing to do but stay and play the waiting game, sometimes you have a good year, sometimes you gotta be prepared. |
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Umm, yeah but they did not take the bear market roller coaster i believe? Right now the reward ratio is much less. Lets assume you invest in btc 100$ at 10000$ with hope of btc reaching 11000$ but with a risk of btc dropping to 3800$?
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Shows resilience but it is on the edge, so i would not rely on any outside source expect the price action momentary.
5800 is strong support, 6132 was supposed to be strong support and while eth was already down 12%, when btc broke the line, eth went to 22% down trend.
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This year passed very fast. Much has changed, but with lower frequency. Still lots of ICO's (many i have skipped), still lots of launches, but people are less vocal right now, like they look around, showing up to find clues. 2016 was relatively green, and that helped crypto in 2017... Now, 2018? Mighty crypto gods help 2019.
You can see even in google trends that people started to look for answers, like how to short and all that.
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NOTE : Questions from LAYMEN.
bitcoin is made without regulations, is decentralized, and controls everyone who has bitcoin. and in my opinion ETF is a rule that must be passed by Bitcoin. so will Bitcoin fail or die if the ETF disapproves of the bitcoin proposal? while Bitcoin has grown longer before going to ETF.
Tried, tested, blamed, still for a decade Bitcoin is going good (antifragile). Like the futures, ETF would be a much better opportunity for the rich bags with fiat to get into bitcoin. It would further establish Bitcoin as a mainstream financial asset when it's a peer-to-peer censorship resistant currency. You did saw the hype futures brought in December. Something like that would happen have if SEC approves Bitcoin ETF, but temporary/artificial, maybe again some FOMOs would get burned. Bottom line, why a decentralized network worry about its survival if a centralized proposal is approved or not. Ditto. In 10 years from now, probably bitcoin would still stand. If there is cash, there is business, and these attract new fintech implementations in various industries. Literally if bitcoin was the lider between currencies, because of the technology, nothing would stop new frontiers to be reached, as ETF and so. |
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Bitcoin's growth began in early 2017 and then it touch 20000. Bitcoin's largest growth is due to the ability to trade with tether dollar. With this growth, a huge growth in ICOs appeared. Nowadays about 30 ICOs are added to the market. This huge volume of ICOs, has taken the power of bitcoin growth. Like weeds next to a tree. Bitcoin will not grow until ICOs exists.
No, icos grew in price when the market was hot and the market was hot because investors were putting their money in bitcoin and they decided to invest in all kind of speculative coins not understanding why they were doing, if what you said was right icos should be dominating the market now and growing like we have never seen them before, but the opposite is happening with icos barely reaching their soft caps and trading way below their ico price after they are listed in an exchange. Yes, that is true. I recently read an article about ico. Basically only a handful of icos made it far enough. I recently looked at ico stats and the statistics were not so bright for much of the recent ICO's. In a sense, projects attracted attention to crypto space because it looked innovative, a fintech revolution. Thus, people invested in ICO's but the ICO's teams don't invest in Bitcoin alternatively. So yes, lots of link between two subjects. |
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I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
as far as there is no main reason why banks do anti-bitcoin. although some crypto lovers say banks are not able to compete fairly with bitcoin. At the moment bitcoin does not seem like it has enough steam to say it's gonna compete with anything. Of course if the volatility was not an issue, and was more like gold (which also its a bit volatile), you could say that. BTC looks much more like a digital asset or investment rather, because you invest in something you think it's gonna have much more value in the future. |
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Nelli Pankovichenko
In past - double European champion and vice World Champion, captain of national Russian handball team. 23 y.o W12
One of the best looking women in crypto. I am impressed.
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I never thought of bitcoin like that. I use it as an investment. Definitely, if the market is stable, i convert to bitcoin and send to a wallet that instantly turns to usd and fastly.
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When you think about it as investment for the future, like stocks, then this is a matter of time. Ask people from 2013 this question and how they achieved everything. I noticed in this market is not about achievements, but more like about discipline, patience, confidence. I ask outside of crypto what this is, and no one believes in it. You gotta experience it to see its value as an investment, etc.
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The crypto market is relatively small i think. Think about it, there are 26 million wallets for bitcoin from users. How many invested at least 1000$? Remember, 1 dollar is enough to rise the price of entire market on a thin order book.
Personally i am both skeptical and confused, since people bought based on what mass media said. The attention came from outside, and the crypto enthusiasts number remained little, still. If we go back in 2016 now? How many stuff changed?
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On the contrary, there was panic last year but price eventually went up to such height and the same increase will repeat itself. I think we are rather going to have a bullish.
The price of bitcoin is cannot be predicted because bitcoin is volatile, volatility is normal, it means that its price is unpredictable to know if its going to increase or decrease. The price of bitcoin will maybe increase or decrease before the year ends, just like last year. Lets just hope that bitcoin will increase and reach its peak just like last year or even higher than that. History repeats itself - is that the key to understanding the future lies in a study of the past, or that the future is just a repetition of the past. This is one reason people may predict that bitcoin will reach back the ath. IMO, it is also possible the market would be flat for a while, because right now is a lot of action. After a storm usually silence settles. |
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