[2017-05-14]Markets Update: Bitcoin Price Cools Down After Slight Correction

[hamilton_mn]

The price of bitcoin is back on the upside after a slight correction over the past 48-hours, dropping from a high of US$1870 to a low of $1601 on the evening of May 12. Currently the price per bitcoin is resting at $1725, rebounding on May 13, presently struggling to push above current resistance.
Are You Not Entertained?

Markets Update: Bitcoin Price Cools Down After Slight Correction It’s been an entertaining week watching the charts as bitcoin’s price once again hit an all-time high. After breaching the $1800 range the digital currency’s value almost touched the $1900 mark, but settled in the lower $1800s a few hours later. The price held stable in this territory for a little less than 12 hours and started to see a bearish dip. At its lowest point, the price spiraled downwards losing 10 percent in value throughout May 12 as the currency’s fiat value came awfully close to entering the $1500 territory.

Weekly View and Technical Analysis

Reaching a high of $1890 was sure to bring volatility and the following correction. Many traders this past Friday predicted the price to drop lower into the $1400-1300s. However, the downtrend has led to a slight comeback into the $1700 range, which is an excellent sign for global trading markets. The possibility of approaching new all-time highs is still probable in the near future with the way bitcoin’s price has been trending. Technical indicators are showing different stories once again as the Simple Moving Average (SMA) shows the price may continue its path on the upside. Meanwhile, the Relative Strength Index and Stochastic show buyers are getting tiresome.
read more:https://news.bitcoin.com/markets-update-bitcoin-cools-slight-correction/

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[Stariroy]

Bitcoin would surely soon breach the psychological and all-time high of $2000 level...at least towards the end of the year or if we get lucky maybe by next month and that would be crazy indeed. The opening of new markets for Bitcoin is now getting to be the prime impetus for Bitcoin growth. We should hope that more countries would officially recognize Bitcoin.

[Kemarit]

Nothing to worry about the price though. The correct and resistance is inevitable. Sure it can recover and rebound to any of this. We should really understand here is that Japan market is pushing the price and will keep doing so. The $2000 barrier is almost there to reach, but for me its just a matter of time. I think you will all agree that we can wait for it to be breach. Chinese will be back in action in the bitcoin scene. Australia is also there. So we can just all sit back and wait till the psychological $2000 barrier is reach and we are all be happy and eating popcorn in the background.

[Qartada]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

[1Referee]

I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin

I am hoping for that too, not directly because of the money shifting position from altcoins to Bitcoin, but mainly to get rid of those noobs that think Bitcoin will be surpassed by an altcoin as altcoins are gaining big time. Most people have the ability to differentiate a lowered overall market cap versus Bitcoin's adoption, but the noobs I am referring to can't. I am not a fan of any altcoin in particular, but I am kinda happy that Ethereum got pushed to the third position in market cap by Ripple. I simply don't like Ethereum and everything around how they have distributed their coins/tokens in a shady manner.

[Denker]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day. The thing is we don't know when and just can wait. But as longer as keeps on going the more of it might floog back into Bitcoin. And in the meanwhile Bitcoin grows as well because everybody who wants to get into alts has to buy bitcoin first.
The only thing I'm a bit concernded about is that on the next big conference, Consensus in New York, some actors may try to spread some new FUD and rumors to create turmoil in the market again.Pretty sure lots of shitcoin pumpers will be there as well. Events like this can be used pretty good for that.

[Qartada]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day.

I wish it could be as simple as that, but I don't think it is.

The problem is that altcoins are to Bitcoin what Bitcoin is to fiat.  They're traded with Bitcoin for people to basically increase their stash from extreme price rises while someone else loses.

Therefore people are sometimes reluctant to actually sell their alts because they want to make sure that they can get as much profit as possible.  They're greedy, which is why they chose a market which sometimes has such high returns.

[TravelMug]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day.

I wish it could be as simple as that, but I don't think it is.

The problem is that altcoins are to Bitcoin what Bitcoin is to fiat.  They're traded with Bitcoin for people to basically increase their stash from extreme price rises while someone else loses.

Therefore people are sometimes reluctant to actually sell their alts because they want to make sure that they can get as much profit as possible.  They're greedy, which is why they chose a market which sometimes has such high returns.

Sooner or later those altcoins enthusiast will sell off and go back to bitcoin ecosystem. They really new that altcoins is for pump and dump only.  The sooner they realized that they need to burst the bubble because they already yielded good returns, the better for them. And once they go back to bitcoin, the price will really be push again and the bullish trend will continue.

[arpon11]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

the price is definitely going to break $2000 as all technical indicator point to that. We should be holding as the current trend show bitcoin may touch $3000 before the end of this year.

[Prohodimec]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day.

I wish it could be as simple as that, but I don't think it is.

The problem is that altcoins are to Bitcoin what Bitcoin is to fiat.  They're traded with Bitcoin for people to basically increase their stash from extreme price rises while someone else loses.

Therefore people are sometimes reluctant to actually sell their alts because they want to make sure that they can get as much profit as possible.  They're greedy, which is why they chose a market which sometimes has such high returns.

Sooner or later those altcoins enthusiast will sell off and go back to bitcoin ecosystem. They really new that altcoins is for pump and dump only.  The sooner they realized that they need to burst the bubble because they already yielded good returns, the better for them. And once they go back to bitcoin, the price will really be push again and the bullish trend will continue.

Despite only Kia is looking for investment opportunities even those who served in altcoin, will still in a certain sense support Bitcoin.

[BitcoinPanther]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day. The thing is we don't know when and just can wait. But as longer as keeps on going the more of it might floog back into Bitcoin. And in the meanwhile Bitcoin grows as well because everybody who wants to get into alts has to buy bitcoin first.
The only thing I'm a bit concernded about is that on the next big conference, Consensus in New York, some actors may try to spread some new FUD and rumors to create turmoil in the market again.Pretty sure lots of shitcoin pumpers will be there as well. Events like this can be used pretty good for that.

Probably some altcoin needs to purchase BTC first to be able to trade but the majority of altcoin in the top coinmarket cap can be purchased in USD or other major currency.  If ever it has an effect on bitcoin probably it is very minimal.  I guess it depends on what kind of FUD those some actors have in their hand to outweigh the good news about Bitcoin.  Remember this adoption stuff had outweighed the negative effect of this scaling debate. 

[planfox]

The market is still looking extremely bullish with a sharp uptrend.  I'm hoping that we'll finally start seeing some altcoin blood soon, in which case we'll have a whole new stream of money into Bitcoin, just like we're getting from the millions of other positive factors going on (and from the ransomware, but let's keep quiet about that).

Well this bubble will pop one day. The thing is we don't know when and just can wait. But as longer as keeps on going the more of it might floog back into Bitcoin. And in the meanwhile Bitcoin grows as well because everybody who wants to get into alts has to buy bitcoin first.
The only thing I'm a bit concernded about is that on the next big conference, Consensus in New York, some actors may try to spread some new FUD and rumors to create turmoil in the market again.Pretty sure lots of shitcoin pumpers will be there as well. Events like this can be used pretty good for that.

Probably some altcoin needs to purchase BTC first to be able to trade but the majority of altcoin in the top coinmarket cap can be purchased in USD or other major currency.  If ever it has an effect on bitcoin probably it is very minimal.  I guess it depends on what kind of FUD those some actors have in their hand to outweigh the good news about Bitcoin.  Remember this adoption stuff had outweighed the negative effect of this scaling debate. 

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Do not be afraid of lower prices. For crypto currency - this is a natural phenomenon. Everybody expected this correction for a long time. But this is a very good time to buy coins