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Author Topic: $BTC Market Was Simply Too Bullish...  (Read 1032 times)
S3052 (OP)
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October 12, 2016, 03:43:34 PM
 #1

Market Commentary (BTC): 

Following the release of our price update yesterday, bitcoin continued to push to the upside reaching a high of 640 $ on the dot.  Despite the need for a pullback the market was simply too bullish, however today we are getting at least a small pause that hopefully refreshes.  As far as fundamentals go, there is still some near term uncertainty with regard to the release of the latest Core update and Roger Ver's new mining pool ViaBTC which is attempting to block SegWit.  Having said that, we think this is a passing threat which leaves the medium to long term fundamentals conducive to a sustained rally higher over the next few years.  For the technical perspective, let's take a look at the 6-hour chart below.

We can see that the near term EMA's are now stacking to the upside while the 200-period SMA continues it's steady journey higher, both of which tell us that the the market remains in rally mode despite the recent pause.  Also notice that there was a small selloff immediately following a breakout failure above 640 $ which was stopped by what is now the new bullish pivot area shown in light blue. Considering price ripped through the OTE short zone like tin foil yesterday, in addition to how well it has held up today, we think there is a pretty good chance at a continuation to the upside once this minor consolidation is completed.

Moving on to momentum and volume we can see that the oscillators remain heavily overbought, although we still do not have any bearish divergences to speak of which means the bulls remain in control for the time being.  Also note that PPO is flashing early warning signs as price extends well above the volume profile value area and PoC.  Speaking of volume, A/D line continues its trek higher, getting a boost over the past few days, and the volume breakout from late Monday is still confirming the bullish bias.

Almost all of the main indicators that we watch, with the exception of the momentum oscillators, are signaling that a continuation to the upside is the most likely outcome over the course of the remainder of this week.  That said, the current mini-consolidation is not yet over so we might have to be patient and neutral over the next few days in order to let the market settle into a new local bottoming area. 


GLGT!   Grin


bullbearanalytics.com



Meuh6879
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October 12, 2016, 05:03:00 PM
 #2

or, more simply, you can't sell bitcoins when you don't have ... and the price up for this.




no QE on BTC market !



~Bitcoin~
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October 13, 2016, 04:55:09 AM
 #3

Looking at the current good pump i also think this uptrend will last this week and may be we will see some correction by next week but this rally may not stop before crossing $700 price. Cheesy

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October 17, 2016, 08:55:25 PM
 #4

yes that is a fact and still we are expecting more, as you can see that bitcoin has gain the confidence of the people specially after recovering its position when the market fell down after bitfinex  so now people are welling to invest thier money in bitcoin as they expecting the price more high that the present position.
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October 17, 2016, 10:54:32 PM
 #5

Exciting times.
Shiroslullaby
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October 17, 2016, 11:00:52 PM
 #6

I would be very surprised if BTC didn't hit $700 by the end of the year.
And with the possibility of someone like Kim Dotcom or another service starting to bring more Bitcoin users in,
the future could look very promising.

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October 17, 2016, 11:06:54 PM
 #7

WTF do you mean "WAS"? Huh??  Angry




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October 18, 2016, 06:38:13 AM
 #8

Op, you seem to have good analytics experience, can you answer me this question:
Why do we always see Bitcoin price advancing in the Autumn/Winter? It is like recurring cycle, happening every year. Coincidence?

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October 18, 2016, 01:05:06 PM
 #9

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.

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October 18, 2016, 04:44:44 PM
 #10

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.
I think you better keep buying at the current price also because it looks like next big pump is coming soon to drive price over $700 within this month. It will never be late to invest in bitcoin as price have lot of space to grow in future.

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October 18, 2016, 05:44:54 PM
 #11

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.
I think you better keep buying at the current price also because it looks like next big pump is coming soon to drive price over $700 within this month. It will never be late to invest in bitcoin as price have lot of space to grow in future.
Yeah it is better to buy now in my opinion too.  The fact that bitcoin market at this point is bullish the possibility of bitcoin price increasing is very huge.  People might regret it if they don't act now and wait for sometime and jump in later at the higher price because they will think the bitcoin price will not stop increasing.  This means lesser profit from the late buyers.

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richardsNY
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October 18, 2016, 06:53:13 PM
 #12

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.

If you were looking for a short term investment, then I would have adviced you to wait a little bit, but since you're looking for a long term investment, then buy right now. If I was in your position, I would have bought with 50% of the fiat I have for investmenr purposes right now, and keep the other part for when the price goes down. Just use the other 50% to buy all the way down. This is the best way.
Meuh6879
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October 18, 2016, 07:42:21 PM
 #13

Exciting times.

Switching monetary base is always a ... spectacle.



But, this time, we have an escape.
All people of actual FIAT money have an escape.

The Plan BTC






https://www.youtube.com/watch?v=l1si5ZWLgy0
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October 19, 2016, 12:05:20 AM
 #14

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.
I think you better keep buying at the current price also because it looks like next big pump is coming soon to drive price over $700 within this month. It will never be late to invest in bitcoin as price have lot of space to grow in future.
Yeah it is better to buy now in my opinion too.  The fact that bitcoin market at this point is bullish the possibility of bitcoin price increasing is very huge.  People might regret it if they don't act now and wait for sometime and jump in later at the higher price because they will think the bitcoin price will not stop increasing.  This means lesser profit from the late buyers.

I would also buy immediately whatever you can afford, the price is threatening to shoot upwards every day

The risk of waiting is it might shoot to 800+ and a dip. Might only drop. It to the 750 range

Get them now and relax if you have cash AND DON'T LOSE YOUR PRIVATE KEYS!!!
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October 19, 2016, 01:56:34 AM
 #15

I really hope that the price will still go down. Because for me I still want to invest in bitcoin. I'm planning for a long term investment thats why I want the bitcoin to go down.
I think you better keep buying at the current price also because it looks like next big pump is coming soon to drive price over $700 within this month. It will never be late to invest in bitcoin as price have lot of space to grow in future.
Yeah it is better to buy now in my opinion too.  The fact that bitcoin market at this point is bullish the possibility of bitcoin price increasing is very huge.  People might regret it if they don't act now and wait for sometime and jump in later at the higher price because they will think the bitcoin price will not stop increasing.  This means lesser profit from the late buyers.

I would also buy immediately whatever you can afford, the price is threatening to shoot upwards every day

The risk of waiting is it might shoot to 800+ and a dip. Might only drop. It to the 750 range

Get them now and relax if you have cash AND DON'T LOSE YOUR PRIVATE KEYS!!!
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