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. i think it is mainly a confidence reason or lack thereof. people are still not sure about the short term result of bitcoin price so they are mainly waiting. someone said the other day that "only bots are remaining in the market" although i don't agree with it but it makes sense. investors are still not back in because they may be afraid of the short term fluctuations and the manipulation that may come with ETF rejection. if we didn't have that, we might have been seeing a very different market today. |
|
|
|
|
something that usually people forget is that unless trading altcoins is a way of making a living for you, you don't have to trade every day under every market condition. just stay away when you see the dumps are happening like these days, cash out back to fiat or bitcoin (whichever you prefer) and stay there.
during dumps it is harder and riskier to trade be cause they are dumping altcions and prices are going down. what you can do as it was mentioned is to trade the recoveries. buy the dips and sell for a small profit daily. although i personally prefer to look for pumps and go there instead of sticking to these small profits.
|
|
|
|
bitcoin has been getting out of the big bear market after one of the biggest drops that it experienced in the pat ~8 months. so at this point it is understandable that it would be hard for some people to see and accept the fact that bitcoin is going way beyond $20k. everyone right now is too caught up in meaningless short term scenarios and are missing the big picture. the real potential that bitcoin has. it is funny to think about how they were all talking about $100k not so long ago and they seem to have forgotten that  |
|
|
|
|
because the "truth" never stays hidden for long. eventually all the FUD and all the negative news in the media that you are specifically seeing these days will go away and the truth will come out.
people may temporarily believe some of the FUDs and others seeing the situation may take advantage and push the price lower but at the end of the day everything will come back to normal and the demand is still there and will start buying. which is why price rises in the long run.
|
|
|
|
But world wide all county are announced its illegal.
of course in the dream land anything is possible. there are unicorns and Leprechaun everywhere and the government in that "world" has announced bitcoin illegal. |
|
|
|
|
you basically choose a trading platform that has not scammed anyone YET and pray to god that when they start scamming people you detect it fast and are capable of withdrawing before you lose everything you have on that exchange. because they will eventually scam you.
|
|
|
|
The good news is a lot of the Alt coins {including Bitcoin Cash} that was used to as a alternative "transfer" option,
this is a statement that i will never understand and i have seen multiple users make this statement. what transfer? to where? to pay for stuff? to transfer money to someone else? donations? none of these happen with altcoins. for instance if i wanted to buy some goods from a merchant that was accepting bitcoin, when BCH forked, they didn't start accepting it so how could i use BCH "as an alternative transfer option" when they didn't accept it? transferring money to someone else? why would i do that when the other person only wants bitcoin not an altcoin because he is not capable of installing another wallet. donations? nowhere accepts BCH or altcoins donations. at the bottom of PirateBay website is bitcoin SegWit address and is written a LOL in front of BCH there are some altcoins with usage like LTC and XMR,... but majority of them are not used for anything else apart from trading. |
|
|
|
|
the most absurd part of all this is that when the discussion was about another hard fork[1] the arguments were that hard forks are terrible, the worst thing to happen, they are risky and should be avoided at all costs. now we are talking about the same process[2] but the arguments are not softer and it seems like people have forgotten what a terrible thing they are rooting for.
[1] increasing block size, not that i say it was a good idea!
[2] changing algorithm, which is even riskier and more damaging to the whole system.
|
|
|
|
|
since price is not falling now, and more importantly since bitcoin price is not falling in long term then your question is pointless. last year price was $1000 and now it is nearly $7000, 2 years ago it was $600 and before that it was $100 so it is rising.
all that price talk aside, bitcoin is a currency and as a currency it shines a lot more when its price is stable like nowadays. although this stability won't last long and the big rises will start soon.
|
|
|
|
unless you think it is the exchange itself making the orders and increasing the volume, the Wash Trading is real trading. there are real people buying real coins with real money and paying real fees for each trade.
i think in the end the real question is: does it matter?
in stocks market or even in altcoin market where there are different choices you may look at the volume as an indicator. for instance you may go to a stock that has a higher volume that day. but when it comes to Bitcoin, people don't choose it because it had high volume!
among bitcoin exchanges like the Chinese ones which were reporting ridiculously high volumes it was done for competition so that you choose exchange 1 over exchange 2.
coinmarketcap says trading volume was $4.5 billion. lets say half of it is Wash Trading volume! do you think it would matter if volume was $2.25 billion? you think people would stop investing in bitcoin just because the volume is lower and would invest a lot more because the volume is higher? i don't think so.
The conclusion is ultimately wrong. Trading volume is a significant data point when considering price movements. Higher volume gives the appearance of more consensus and legitimacy that the price is sustainable. That's why wash trading is potentially an important issue, because if some of the data is faked or isn't reliable, it undermines confidence in the systems. If a stock goes up in value from $5 to $10 dollars in a single day, that's a huge gain; 100%. If the average daily trading volume is 100,000 shares and it goes up 100% on a trade volume of 25,000 shares, this is a potentially important data point telling us the price is not widely accepted by the market to be indicative of true value. It could be one trader who is out of his mind or will ultimately be proven to have greatly overpaid for his shares. However, if the price goes up 100% on daily trading volume of 500,000 shares, we now have a 5x increase in average trading volume, which tells us that the number of people who are consensus over the new valuation is significantly higher and the price increase is more likely to hold. In investing, market consensus is pretty important, since the wisdom of the crowd often prevails and the odds that everyone is wrong diminishes compared to one guy. This is why trading volumes matter. The fraudulent trading volumes by the Chinese exchanges are meant to give the appearance of more consensus and to trick investors into trading more so they can earn more in fees. They are obscuring the risks of investing by hiding what may be far more shallow markets that would keep risk-averse investors away. It is not defensible in any way, and not a small deal. but how much of the trading volume do you think is fake/wash trading? for example from $2.25 billion is it a small percentage like 1% ($0.02 billion) or it is a large percentage like 60% of it? i'd say it is not big enough to become a concern. as for Chinese exchanges they were offering 0 fee trading which automatically increases the volume, it doesn't have to be fake. for example you could buy at 5000 CNY and sell at 5001 CNY and make profit but with fee in normal exchanges you should have sold at 5021 CNY and that reduces the number of trades and volume drastically. you still can't call it fake though. |
|
|
|
Question after all the reading. How will they buy bitcoin?
They will be using their own currency which have a lot of issues now and probably most exchange or wallet websites knows it by now and will be disabling the buying method using their currency since it may decrease more.
the currency (Turkish Lira) has no problems, it is just losing its value as their economy collapses. but it still is a currency and has value, a lower one now. people can still use it to buy anything, and they usually do it peer to peer and off the markets during times like this that tensions are high and the government watches everything. |
|
|
|
|
unless you think it is the exchange itself making the orders and increasing the volume, the Wash Trading is real trading. there are real people buying real coins with real money and paying real fees for each trade.
i think in the end the real question is: does it matter?
in stocks market or even in altcoin market where there are different choices you may look at the volume as an indicator. for instance you may go to a stock that has a higher volume that day. but when it comes to Bitcoin, people don't choose it because it had high volume!
among bitcoin exchanges like the Chinese ones which were reporting ridiculously high volumes it was done for competition so that you choose exchange 1 over exchange 2.
coinmarketcap says trading volume was $4.5 billion. lets say half of it is Wash Trading volume! do you think it would matter if volume was $2.25 billion? you think people would stop investing in bitcoin just because the volume is lower and would invest a lot more because the volume is higher? i don't think so.
|
|
|
|
A fun wee figure but meaningless. Much of that 'value' will be coins moving between wallets owned by the same person or to and from exchanges. There are very few actual transactions taking place. It's primarily movement. On top of that, the idea of "transaction value" really doesn't mean much if the analysis doesn't account for change addresses. Most transactions involve change. Let's say I use "Input A (0.5 BTC)" to pay "Address A" 0.01 BTC and "Change address B" 0.49 BTC. When you look that transaction up on Blocktrail, the "value" is 0.5 BTC, even though only 0.01 BTC changed hands. It's meaningless. i don't know how Blocktrail does things since i have never checked it out but most of the explorers "guess" the change and exclude it. it usually is not that hard to do since change is for most transactions either - too obvious back to the same address - smaller - a brand new address - final output and even if you don't, the difference is not that huge. maybe 10 or 20% lower. still the value transferred through bitcoin every day is huge. |
|
|
|
But often times it is forgotten how he called $7500 as the best possible scenario for 2018, so he got it really wrong.
that is how it has always been. and it is why they still make random guesses on the internet. simply because when you make a prediction according to what people are looking for not according to reality and speculation, you can easily get some moment of fame. if it is wrong then you will be forgotten among millions of others who throw some guess out and if it is not then you get another shot at moment of fame |
|
|
|
When tether gets printed that means that someone bought tether with UDS to buy Bitcoins. That should increase price of Bitcoin.
maybe you need to read what you just wrote again you said people buy tether with USD then you say this purchase increase price of bitcoin!!! it is like saying people buying a JPY in forex with USD increases price of bitcoin! not to mention that nobody in his right mind would buy tether first then uses tether to buy bitcoin! that would cost you 2 times the trading fees which is percentage wise not a fixed amount. |
|
|
|
I thought about the unpredictability of bitcoin and its current status and it made me realized that this might drive people away from getting into cryptocurrency.
first of all what bitcoin is or is not, doesn't affect other cryptocurrencies much. contrary to popular belief if an altcoin were good it would surpass bitcoin regardless of bitcoin being first, king, big,.... or whatever else. as for the reason you mentioned, things like volatility, unpredictability,... will only drive people away from investing in bitcoin. it has nothing to do with when they decide not to use it. even volatile bitcoin is still a currency and can be used by anyone anywhere. so if someone chose not to do it, they had other reasons. |
|
|
|
|
if miners can't make ends meet in case of a price drop then they will shut down their miners. but this is not something that happens for all of them. only some miners are affected and as a result only some of them shut down their miners while others continue mining.
and as this happens, difficulty comes down and things go back to normal.
|
|
|
|
|
i don't seem to see anybody asking this but why $14000? is it just because you bought there? because i don't see any significance to this particular price. the main resistance is at $10k which was tested before, twice if i am not mistaken, and breaking that can be significant and the "road" is to that price. beyond that i don't suppose rising is that difficult. it would be a drama-less rise...
|
|
|
|
|
breaking the $7k resistance was a good sign and it happened pretty smoothly but at the same time with a very slow pace. and i believe it is all a good sign showing that weak hands and FOMO buyers aren't completely back to the market yet so we can expect no panic sells either.
if this trend continues we can see higher prices before the ETF nonsense begins again although i don't know how effecting it is going to be this time after so many ETFs rejected already!
|
|
|
|
|
just use a bitcoin wallet (a full verification wallet like bitcoin core or a light wallet like Electrum). sites like Coinbase are not a bitcoin wallet. they are custodial services that you can buy bitcoin and you can store bitcoin with them but you only have an account not a real wallet and they control your coins.
as for cashing out it depends on how much bitcoin we are talking about here!
you said donations but you didn't say how much. usually they are not big enough to even cash out. in which case just hold them, you can even use them to pay for stuff like your domain and hosting costs.
|
|
|
|
|
Show Posts
