Bitcoin resume its' Bulish momentum after Bakkt Announcement!

[arpon11]

Bitcoin recovered from the bearish momentum last week after forming a hammer candlesticks formation on a 4 hour's chart.  The price bounce after touching the support level at $9,600! Since Friday after bakkt announced that by "September 23 it will launched it future trade" https://medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0 and since then Bitcoin has gained over $1000. As at this morning bitcoin hit $10,760 resistance area and there is a probability that it might cross $11,000 before Wednesday this week. I am speculating a trigger of another bullish momentum that might create another high this year as the bakkt's announcement has taking the center of discussion all over the cryptocurrencies sites and blogs.

[Wilhelm]

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto 

[1Referee]

Nope. We hit the *temporary* bottom on the daily, being the 100EMA. It's usually a very strong support or resistance level, which in this case it favored Bitcoin functioning as support. In that regard, it's perfectly normal that the price is going up and will relatively soon hit its next lower high resistance point.

First people blamed the $3 billion Chinese ponzi to be responsible for tanking the price, and now it's Bakkt responsible for pumping the price. Are the Chinese scammers already finished dumping their 200,000BTC? That was quick.

[exstasie]

Bitcoin recovered from the bearish momentum last week after forming a hammer candlesticks formation on a 4 hour's chart.  The price bounce after touching the support level at $9,600! Since Friday after bakkt announced that by "September 23 it will launched it future trade" https://medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0 and since then Bitcoin has gained over $1000. As at this morning bitcoin hit $10,760 resistance area and there is a probability that it might cross $11,000 before Wednesday this week.

I'm keeping my expectations in check. Let's have a look at that 4-hour chart:



That's an awful lot of momentum spent on very little upside. Not even a 50% retrace of the last leg down. Bulls look to be approaching exhaustion on this time frame and the chart looks like a bear flag. The next leg down should be telling. It could be a weak pullback or it could be an attempt at new lows.

This is a dangerous place to buy considering oscillators are so high in a ranging market. The $10,800 area has also been an inflection point several times during this mid term correction, so it's likely a zone that bears will defend.

[arpon11]

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto  

The traders are the one moving bitcoin's pricing to either the bullish or bearish directions and it is the summary of all our speculations and opening positions that do create trend. The correlation of bakkt may not be the reason why trend is form, however,  most time analysis from coindesk and some big cryptocurrencies's traders and investors on Twitter and blogs can influence some traders and investors to make an informed investment decisions! This are some analysis I have read of recent: https://www.coindesk.com/bitcoins-price-is-up-more-than-1k-since-bakkt-futures-news
https://www.ccn.com/bitcoin-price-bakkt-launch/,
https://www.newsbtc.com/2019/08/16/bitcoin-space-reacts-to-bakkts-september-launch-date-reveal/

[Sebas.tian]

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto  

The traders are the one moving bitcoin's pricing to either the bullish or bearish directions and it is the summary of all our speculations and opening positions that do create trend......

Personally I have observed this too but was unable to analyzed it but here I get it better, traders should have.more power than the whales to make the cryptocurrency world a better place for us. Although I still believe that whales still exist but their powers of controlling the entire cryptocurrency market for their profits. This tactics used by traders look pretty.good to give hood health to the cryptocurrency world.

For the possibility of the prive, I think that Brexit no deal would trigger more persons from UK to hold more cryptocurrency and those without prior notice will buy for hold and this will skyrocket the entire cryptocurrency sphere and many will.make gains. Should the Brexit fail, we should be looking at $14,000 for the price of Bitcoin.

[lixer]

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto 

Lol, like you said, it is a speculation forum, and don’t forget that the market is also driven by speculation, so let’s just leave it to the way it is now, we don’t need any comment or any news that will work against the development and increase of bitcoin now, even if we have a mad man that will come up on forum today and say that bitcoin will reach $2 million by tomorrow, let those that would believe,believe and then invest based on that, it is all still good, we have nothing to lose.

The thing I just don’t like about some positive speculation is that, it seems at the point where everyone is going towards same direction, maybe same positive direction, that is when you see bitcoin going the other opposite direction, so I just don’t follow speculation that easily till I completely verify it myself and see if it would have any effect or not.

[BitHodler]

Bakkt can only disappoint. Just because an institution offers Bitcoin settled futures doesn't mean it has to be a successful product-- we have seen what happened to CBOE when their volumes didn't meet their expectations.

It only makes sense for an institution of that order to withdraw their product because it takes down their overall performance statistics. I hope that my skepticism will turn into a more positive vibe, but I want to see it happen first.

Another thing that works against Bakkt is that they may delay their launch once again. The CFTC gave them the approval they needed, but that doesn't necessarily mean that Bakkt is ready to launch next month.

[Wilhelm]

I'm always annoyed by people correlating stuff with no real basis.... ( it's ok becasue this is speculation forum )

Let me correlate something stupid too.........
I think bitcoin increased because of the leaked Brexit Memo and everyone in the UK will start hoarding crypto 

Lol, like you said, it is a speculation forum, and don’t forget that the market is also driven by speculation, so let’s just leave it to the way it is now, we don’t need any comment or any news that will work against the development and increase of bitcoin now, even if we have a mad man that will come up on forum today and say that bitcoin will reach $2 million by tomorrow, let those that would believe,believe and then invest based on that, it is all still good, we have nothing to lose.

The thing I just don’t like about some positive speculation is that, it seems at the point where everyone is going towards same direction, maybe same positive direction, that is when you see bitcoin going the other opposite direction, so I just don’t follow speculation that easily till I completely verify it myself and see if it would have any effect or not.

I just blow my own bullish horn *hoot* *hoot* 

[buwaytress]

Came really close to $11k didn't it? And then European traders chipped away at the gains, Eastern coast across the pond waking up but not seeing any effects register on price action.

Bakkt either all price in, or completely lost momentum. We should probably see some small jump if 23rd really happens with the launch though, and that's also the exact day of September CME futures expiration.

Not a coincidence I'm sure.

[figmentofmyass]

Bakkt either all price in, or completely lost momentum. We should probably see some small jump if 23rd really happens with the launch though, and that's also the exact day of September CME futures expiration.

Not a coincidence I'm sure.

good catch---perfect timing! where do they list these dates? i clicked around and can't find it. is a new CME contract launching at the same time?

my take on bakkt is that no one cares about or believes these announcements anymore. the only way it'll be a news catalyst is if it actually launches, particularly with a notable level of volume. if bakkt/ICE is smart (and i think they are) they've already on-boarded major market makers so the market will be liquid on day 1.

if the market stays sideways/bearish until then, CME settlement and bakkt launch would be a good time for smart whales to push the market up.

[Wilhelm]

I think the price increase isn't tied to that announcement. This is speculation board but I feel the down was because of some lost bitcoins in exchange, that could have created some level of panic around intending investors who were contemplating buying or not. Is a market demand and supply.

True, with every hack people tend to protect their assets by taking them out of exchanges. This is a sell order on btc...

[samcrypto]

BAKKT Announcement really affects the price movement of bitcoin, it create another hype and maybe if this development has been cancelled again, expect another downward. I heard this news since last year, it also create disappointment so I’ll not join the hype and if the bullish momentum happens, we just need to be thankful for that.

[leowonderful]

Ouch... we just had another dump of several hundred dollars down to a line that I'm carefully watching as it's been a point of action recently. 1D MACD was close to flipping green before this dump but this has delayed it, and the 4H MACD is now flipping red. We're still up over the last few days but this is a bit painful returning back to these levels once more. Not super surprised considering bulls were losing momentum and volume was lowering before the dump. Undecided whether or not to be bullish or bearish for the short term at the moment, but I'm still long and mid-term bullish.





On the other hand, we're right back to where we were a couple days ago.

[milewilda]

Ouch... we just had another dump of several hundred dollars down to a line that I'm carefully watching as it's been a point of action recently. 1D MACD was close to flipping green before this dump but this has delayed it, and the 4H MACD is now flipping red. We're still up over the last few days but this is a bit painful returning back to these levels once more. Not super surprised considering bulls were losing momentum and volume was lowering before the dump. Undecided whether or not to be bullish or bearish for the short term at the moment, but I'm still long and mid-term bullish.


On the other hand, we're right back to where we were a couple days ago.

Good thing i have shorted $10800.These kind of mini dumps isnt really new anymore.No matter how good the technicals showing bullish possible momentum it can always be destroyed by Bitcoin's unpredictable market.We are heading back and forth to those previous levels that we had passed.For active trades,these kind of movements can be utilize to make profits but goes also same on losing money.Dont care too much on any Bakkt announcement though yet these news cant fully dictate on what would be the possible trend of the market.

[pooya87]

taking a couple of steps back and becoming mostly stable with some sideways movements is not a bullish bearish move. it is more like a transitional phase between two bull runs that starts with the correction right after the previous one and lasts for a while before it starts going back up again.

the Bakkt news didn't do anything to the market either as we can see now. it was yet another small news that came out and the trend remains unchanged still in sideways mode between $10k and $13k.

[btc_angela]

Looking at the charts today? It looks like the price dip very quick so I don't think we are in a bullish momentum with this Bakkt announcement. For sure it will give a new hype again but I don't think it will be sustainable like the CME or CBoE in 2017 wherein there's a lot of FOMO prior to the announcement. Investors are getting wise and smarter now and not just buying. But we still have like a month before it will go live so let's see and just be optimistic that we will have another bull run.

[Jating]

Looking at the charts today? It looks like the price dip very quick so I don't think we are in a bullish momentum with this Bakkt announcement. For sure it will give a new hype again but I don't think it will be sustainable like the CME or CBoE in 2017 wherein there's a lot of FOMO prior to the announcement. Investors are getting wise and smarter now and not just buying. But we still have like a month before it will go live so let's see and just be optimistic that we will have another bull run.

We can't compare what CME or CBoE bring though in 2017. It's really the first time we have seen such offering in the market that's why there are a lot of FOMO that time. A lot of first time investors as well, who thought that the price will go on parabolic rise.

But this time around, then many are willing because they have learn their experience from the past. If I'm not mistaken, the price is around $10k when the news come up, a little pump to $10400->$10800 and now slowly going down to $10200. So it didn't really do any good up to this point.

[Red-Apple]

if people did really care about Bakkt news then the price should have gone up at least 20% or reached somewhere around $13k or even broke it. bitcoin has been bullish for the past 8 months but the momentum is not there yet because it was suppressed due to the initial correction and some manipulation.
unless we see another breakout like the $4k one we see earlier this year, this sideways trend is not going to end. low priority news such as Bakkt is not going to change that.

We can't compare what CME or CBoE bring though in 2017. It's really the first time we have seen such offering in the market that's why there are a lot of FOMO that time. A lot of first time investors as well, who thought that the price will go on parabolic rise.

you can't really make the comparison. the CME,... thing was a new thing as for the first time bitcoin entered other markets with regulations. and also by that time there was a huge momentum already in play and price was rising without the news. so they only fueled it.

[Bitcoinwaist]

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile. Looks like there just isnt any interest atm. Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

Ps dont be fooled by the fake support at $10k there is nothing there.