I remember how people were spreading fake news that Amazon was about to accept Bitcoin, lol. Noobs at some point really believed that. Threads were flooded with generic 'this is good news for Bitcoin' posts.
So much excitement but none of these noobs even use Bitcoin as currency. For them it's just good news because they think they can sell at a higher price. Say thank you to mainstream adoption to have these people here.
that's true, but i suppose that's why bitcoin works: greed. the mining incentive, limited supply, metcalfe's law......satoshi knew the economics underlying bitcoin would cause its incredible price rise if it ever caught on. people are (mostly) rational and they see that too by now, so it's only natural that they chase the price. i remember an old trading buddy of mine used to say: "one day, the world is going to collectively realize there's only 21 million bitcoins, and that time is running out." i'd love to see more people adopt BTC as a currency, but there's no way around the greedy hoarding. I mean there really isn't any way around it, people wont suddenly start using bitcoin just because it's decentralized and a few other aspects. For most people using bitcoin or any other cryptocurrency to pay for stuff is much harder and riskier than using a credit card/bank/paypal. I don't think ETF denial will be such a big deal just because most people already expect it to be denied but we will see. |
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I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.
Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.
I still think that we've got some more space to go potentially before we finally hit rock bottom in this bear market. And even if we already have established the bottom at $6k, it's very likely that we're going to see further consolidation at this level for at least several more months until the end of the year, before a recovery actually starts happening. For one, market sentiment is bearish still, and even though institutional investment is coming in, people generally do not react that positively to bullish news in a bear market as they would in a bull market. For two, previous bear markets have lasted around 1-2 years before recovery, which is a figure we have not come close yet, so I doubt that we could consider BTC bullish atm. But a bull market will come eventually, and accumulation will prove to be extremely profitable in the long run if you do so at this price level. ''previous bear markets'' there was really only 1 previous bear market, bitcoin is too new to look at the past. The space is way too different now than it was back then, more coins, more volume, more exchanges, better exchanges, potential good news, etc etc. There is no reason to think this bear trend will continue for 2 years. |
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Exactly. Having complete control over your funds as you do with Bitcoin is obviously a huge advantage over the fiat bank system, but can also be a disadvantage if you are careless with security. If your credit card gets cloned, or your account gets hacked, chances are your bank will pick up on suspicious activities and lock your account. Even if they don't, you may be able to claim back money that was stolen. If you are careless with your Bitcoin, using weak passwords or brain wallets or something similar, then tough - the funds are gone and there's nothing you can do about it!!!! I think the use of Bitcoin is more convenient than the bank. Bitcoin Transmission Facility Besides, strict security is used in the exchange of bitcoin. Moreover, if you do not have a solid password. Then there is the possibility of damages. Safe in banking than Bitcoin. Because the bank stole your money, you can get it back. If the bank can open up, then your account will be blocked. But in case of Bitcoin, if your password is weak or hacked it will never be returned. So this is as safe as the banks bitcoin.  It's honestly not better at all. Having control of your money is only as good as that. Money has to be spent and that's where trouble comes in. If you get scammed or you make any mistake, your bitcoins are gone and no one can help you. We are still far away from massive adoption just because of this. I never fear paying with my credit card, with bitcoin, however, it's far riskier and even well known websites can be hacked and you can still lose everything. |
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Bitcoin is not bullinsh or bearish right now it is just constantly moving in the range of $6000 to $7000 for few months
It's all personal in the end. If you look at the longer term picture then the market has definitely a bearish tint to it, the problem however is that people automatically think it's negative while it's part of the market and actually healthy. The thing with markets is that you can make them look as bullish or as bearish as you like, it all depends on the time frame of the charts you're interested in. It's not worth disagreeing with just because you don't see it as such. Based on the range you stated it indeed seems like the market has a firm range it's the most comfortable with. There is enough buy support to keep it above $6000 and there is plenty of selling pressure dumping it below $7000 again. The range has just been tightening since the downtrend started this year. That's why the range is really small and tight right now which is also why I think a bull break will happen. I mean it's definitely easier now than it was 6 months ago where we needed to see 5k+ moves. Right now we only need a 1k move to the upside to break the lower highs. |
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Obviously we are in a downtrend
first of all we are NOT in a downtrend. second of all you just contradicted yourself. we can't be on a downtrend and be bullish at the same time!  i believe you are calling the "small drop" a downtrend which is a mistake. a downtrend is a trend not just a drop. when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator.
i am no good when it comes to patterns but this doesn't seem like a descending wedge to me. for a couple of months now the high and lows are pretty much the same with the bottom at $6k. which makes me to believe we have not yet started to be bullish. Yes we are. ''A downtrend occurs when the price of an asset moves lower over a period of time. While the price may move intermittently higher or lower, downtrends are characterized by lower peaks and lower troughs over time. '' And I'm bullish simply because the pattern is getting tighter and tighter so a big break is coming soon. ''for a couple of months now the high and lows are pretty much the same with the bottom at $6k.'' Not really, weekly highs are pretty clear, 12k - 10k - 8.5k - 7.4k The lows have been pretty much the same but I consider that stronger than if they were lower and lower. |
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if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.
If the support will hold. If not we will see 4-5k few days later. Question is - will it hold? In my opinion there is no chance to it to hold. If market will act normal we we see 6k break in next 2 weeks. Only good news can save BTC. Support is weaker with every bounce. Why? 1- With second bounce traders were buying on 6k to profit till 12k. Now with resistance close to 6700 it might not be worth to take risk. 2- Those who bought in february, may, with every dip close to 6k are slowly getting into half year into position without any profit. They are slowly getting bored and are looking where to sell 3- Shorters know that braking 5,5-6k will dump market instantly to 4k (stoplosses, overlaveraged longs) - big short from whale is getting more profitable and less risky - it might be easier to earn for big whale shoring at 6k rather than buiying to sell at 6500 4- all willing to buy at 6k range already did. Now we are seeing only low volume speculation Take a look at silver few years ago and how its end up. Looks similar to BTC? 27$ support looks as strong as 6000$ for btc Thats how it end showing bottom at 15$. We need good news to help this support. Otherwise we will see another support at 4-5k what will postopne next pump from december 2018 too december 2019. A little depressing to read, but what you wrote makes some sense, at least to me. Now for a big news, I am thinking about the ETF, cannot see anything else than that in the short or middle term. Technically the ETF would not be good news for the supporters of the original wallpaper, but it would be good for those looking for short term profits (would definitely have a positive impact on the price if it happens). ''Shorters know that braking 5,5-6k will dump market instantly to 4k'' Not necessarily though. The 6000$ level was broken once on Bitfinex and saw no follow through. Also every time bitcoin approaches 30 on the RSI we see a bounce. At this point the weekly chart looks like an equilibrium pattern with a high, low, lower high and higher low?  We would have to see another lower high and then a bear break, which could happen but we would be close to 30 RSI again. |
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I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.
Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.
I read your post earlier and forgot to reply. I wanted to post this: So here is what happened since the last down trend. I am expecting the price of Bitcoin to go down a little more, perhaps down to $6,000. We can see that if the price goes down $200 or $300 more, the RSI still has a "comfortable" margin for a bullish trend again soon. We'll see this in a few weeks time. That's only short term, though, if we hold the 6000~ level we will be in a pretty ok situation. Again quite close to change the trend and the shorts are still almost at an ATH so the potential for a short squeeze is still there. I'll be cautious though, some small fud could crash or push the market easily right now. |
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Well, i think the example you give isn't a really good one... Human stupidity is human stupidity wether you're using the traditional banking system or bitcoin.
Exactly. Having complete control over your funds as you do with Bitcoin is obviously a huge advantage over the fiat bank system, but can also be a disadvantage if you are careless with security. If your credit card gets cloned, or your account gets hacked, chances are your bank will pick up on suspicious activities and lock your account. Even if they don't, you may be able to claim back money that was stolen. If you are careless with your Bitcoin, using weak passwords or brain wallets or something similar, then tough - the funds are gone and there's nothing you can do about it. Crypto is perfect if you want to be free of the nanny state overseeing all your transactions, but the buck then stops with you - you can't go crying to some higher power when you mess up your security. Even if you aren't careless with it, many other websites that are not under your control can scam you. You might try to buy something with bitcoin and get scammed, something that wont happen with paypal for example or your bank for that matter, at least you would have certain legal options. What about exchanges? Once you deposit your coins there you could lose everything even if you used the best passwords. Cryptocurrencies in theory are great but in practice not so much. |
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I think this discussion doesn't belong here if am not mistaken them will have to move it to the appropriate section. Meanwhile, if the deal was a $ deal then, the other person in question has to pay back dollars or ethereum equivalent worth of the said dollars.
It's fine here. Both parties knew what they were facing here. They knew the price of ethereum could go up or down significantly which would make one of them lose money ultimately. If it's pegged to $ then it should be paid in $. 1500$ or that amount worth of Ethereum. I think it's pretty clear. |
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What bothers me is why everyone is so anxious about the SEC decision. As if the future of bitcoin depends on it, which is crazy.
It's all speculative nonsense. The only reason people badly want to see an ETF approval is because of how they blindly assume it will instantly sky rocket the price. As soon as the price has gone up after an approval, they will sell the top and then no longer care about ETF's. That's how it always works in this space. People hop from event to event hoping to sell the top. These are the same people that will no loner care about Bitcoin when there isn't a viable way to book significant gains anymore. I'm really happy that the bear market is freaking out all these get rich quick noobs. The only one's who are comfortable during this bear market are those using Bitcoin as money. Low fees and a near stable price around the $6000 level, what else can you wish for? That's true but ETF's would still ultimately be a good thing for bitcoin, more adoption is always nice. Obviously most people want to make quick profits but that's how it is. It has to be like this to eventually become something else. Clearly bitcoin is not fit to become a normal currency right now so you might as well speculate with it. |
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The market has been quashing any bullish momentum for the past 6 months or more now. From here though I believe soon there will be some significant movement one way or another. Each time the breakout is to a lower level. That suggests to me that either the resistance around 5800 will soon fold or that the soon the breakout will succeed because each time it's not being allowed to go quite as high for fear that it won't be able to be brought back down again.
Exactly, this time we are only 1000$ away from a change in the weekly trend. The 5700-6200 are has been a strong support 4 times in a row. In fact the weekly charts are showing a descending wedge which is a bullish indicator. I would only worry if we fall below 5500$ at this point. |
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You can find experienced traders on youtube but it's hard if you don't know how to search them. Traders on youtube seem to have a '' I'm always right'' complex. There are a few that I consider beneficial though. TheChartGuys I think it's probably the best, you are not going to get signals but an overall view of the market everyday, good enough to make your own signals from it.
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I would hold instead of doing day trading unless you know what you're doing in and you'll probably need large amounts to make any considerable profit. As for buying bitcoins, I believe that you can buy as little as 2$ in Coinbase.
Thankfully in crypto you don't need very larg amounts of money to make profit compared to stocks where you need at least $1-5k to make any profit at all. Crypto gains blow away the stock market, however crypto losses also blow away the stock market. Clearly the best option is to start trading with virtual money but once you have a solid strategy you can start trading with even 100$ |
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If these theories are correct then they should be seen as a positive for long term holders. These whalecumulators (like the name, good job) would not be going to such effort to get btc around the $6000 price range only to then sell it around $8000 when they let their stranglehold on the market go and allow things to go upwards. It would not be worthwhile. That means a lot of money is in for the longer term and a price significantly higher than where we are now.
In theory yes, in practice probably not so much. There are definitely whales out there accumulating bitcoins during these times but even if the theory is correct and it is good long term, most people will be gone by the time the next bull run happens (if it even happens) and you don't even know if it's actually true or not, at the end of the day whales can profit from shorting as well so they don't necessarily need the market to go up. |
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I don't really buy the theory that the market is a marionette whose strings are pulled by the few fingers of the puppeteers...
But I actually do believe that the whale-cumulators are there, and prompting gently, casting out chum over the waters. It's all the little fish that bite that are triggering all the reactions. The news headlines, the Op-Eds from industry leaders (and dare I say, influencers?), the social media and forum sentiment... that self-fulfill the desired outcomes of these guys.
They can't control the market directly, they don't have the resources or coordination required. But they have influence, and since it's mainly sheep populating the space, it's pretty easy to prod and watch the dominos fall.
Something did happen this time though, have you seen those shorts open on Bitfinex a few days before the dump? How can you have so many shorts opening and no movement at all in the market? Really weird stuff, looking more and more like someone doing it knowing a dump was coming, opening shorts and longs at the same time so he basically can't lose. |
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I know people have been saying that since forever. This whole year people have been yelling ''bullish'' every day however, memes aside I truly think bitcoin is bullish. Obviously we are in a downtrend but I just find it funny when people lose their minds because bitcoin went from 7400 to 6700 in a day when in december we had $3000+ moves to the upside. No one was complaining back then huh? Technically speaking when you look at the weekly/daily chart you can see we are basically in a descending wedge which is, technically speaking, a bullish indicator. We have been forming weekly lower highs all year, however if the support area around 6000$ holds again this time, we will be in a really good position to actually break the lower highs, we would only need a 1000$~ move to break it for the first time in basically a year.
Not to mention the clear interest, governments/entities/businesses are taking in bitcoin. ETF's, Nasdq, etc etc, even if they aren't approved.
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You can never make money when the market drops but you can invest a huge amount to take advantage of the current situation in order to earn more profit when the market grows back again.
Indeed, So we should not be discourage when the market is declining because its an opportunity to buy more. If the market keeps falling dont be sad or think of anything negative towards your investment because the time will come all the coins are going to recover thus just have faith especially if you're aiming for big gains. Be patient and wait for the perfect time to take profit, keep in mind downward fall is not a bad thing if you look in the good side of it. This is what I call the ''Bitcoin fools theory''. Fools believe that when the price of bitcoin goes down, it's an ''opportunity'' to buy more, they have been saying this since the big drop from 20k. How is your plan working so far? Of course they would still tell people to buy more, ''bitcoin 100k by 2019'' and so on. What happens if bitcoin never recovers? Bitcoin is obviously strong but not absolutely necessary for the cryptocurrency ecosystem, it could eventually become obsolete and other cryptocurrencies could simply take over, I'm not denying that the whole market will grow in the future, bitcoin might not though. |
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In more general terms, marging trading is pretty much the same as trading with borrowed money. In most cases it's done to enhance gains, but it works both ways which means that it could just as easily result in deeper losses in case the market works against you. I don't recommend any newbie to play around with this, especially not when it comes to crypto as severely volatile asset class. In other words, don't do it. Even regular trading is a losing practice for most people, especially with how the market has a bearish bias to it right now. Dollar cost averaging is the most noob friendly investment strategy there is. Newbies should stick to buying Bitcoin and keep it offline for a longer period of time. Focus on that.  Also avoid altcoins. It's just not worth it. Well certainly you need to have a winning strategy before even considering leveraging. If you already are successful at trading then you can consider margin trading. It works reallly well when you have a really safe strategy, you must have very good entries becuase you cant really afford to be wrong too often. |
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They will keep delaying indeed, I think they can until March, I don't remember but there was a chart showing how many days they can delay.
Correct. They can officially delay it until March next year, but when a review is granted in March after the "final" rejection, the actual final (hopefully for real this time) decision could be pushed all the way to late 2019. The Winklevoss ETF review took nearly a year IIRC. I'm pretty sure all these rejections, delays and reviews are tests to see how the market reacts to each and every ETF announcement. Otherwise what would be the benefit of all this trolling? If you up front know that none of the current ETF's will be approved, what's the point of delaying and reviewing decisions? Perhaps they are trying to get the market to a point where it no longer gives a shit about ETF's, and then suddenly drops the bomb and approve one out of nothing in the next few years. Possibly yes. Last time there was pretty much no reaction from the market so it does look like the market has evolved and most people know ETFs are unlikely anyways. An approval of any ETF would certainly push the market up at least just enough to change the trend. |
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We have not really identified the market yet so it is best to wait at this time.
Speak for yourself. It's obvious that the market is setting lower highs continuously, which is what markets do during bearish cycles. People really need to accept that the current price isn't low, nor is it going to pump any time soon. The market had no chance to properly bottom out with how the ETF speculation fuels people's hope for another bull run this year, and then we have idiotic public faces throwing around with crazy high end of the year predictions. Seriously, what's wrong with everyone? Did the crypto market ever do things the mass was expecting to happen? Never. Did the crypto market ever do things the mass was not expecting to happen? All the time. Last year's bull run was so explosive because no one (including the most elite traders) expected it to happen. People had only one option at that point, which was to fomo in at any price. People right now have bought in already or are bagholders from last year's bull run. In other words, there is only selling pressure to eat through. Not a good environment for a bull run. Well that's true however we do have a very good chance to actually break the lower highs on the weekly chart. It just needs more volume but it can certainly happen this time since we only have to break 8500$ and we are at 7000$ already. Some good FUD can do the trick, so far bulls have been doing ok in the past 2 weeks. |
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