Are we ready for the ^POMP^ yet?

[samcrypto]

Leveraging require a great skills, you should not ask the community about this one because you have to find out why you are doing it, this is not my expertise but I know its risky. Anyway, this is a big news Paypal shows a great result in the market in the past days. Actually, after the tweet of Trump about the bloody market I thought bitcoin will go deeper again, fortunately Paypal made this announcement very timely. Paypal users can easily buy now bitcoin, and yes this is not just an ordinary company expect the good impact in the market.

[Stedsm]

If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

A "sell the news" event? Well, there is always the possibility this spike above $12.5K is a B wave in an expanding flat, represented by the middle diagram:

https://a.c-dn.net/b/3M0sha/3-Types-of-Elliott-Wave-Flat-Patterns-to-Know-JWedu_body_Picture_1.png --> image

Once the June 2019 highs (the $13,800s) are broken, we can officially rule this scenario out. Until then, the $9,000s aren't completely off the table yet.

If you can't decide whether the market is headed to $8K or $13K, I would avoid taking any 10x leveraged positions.

Definitely, the exact same thought that came to my mind is this only. I recently checked the weekly charts and it looks like this pump will last this week only and the next weekly candle will be a big red one as its next leg looks to be a bearish one. I believe this will throw BTC under $11k next week itself because whenever a positive "news" came, BTC always got defeated downside. I hope I'll get a chance to buy BTC "cheaper than this" once again.

[shoreno]

it is party time because paypal is now finally friends with cryptocurrencies , party time for those people who bought btc at early days or on cheapest price but not a party time for those who joined late and have bought btc closer to the price it have now . they should  wait a bit longer because this is just the beginning but if more people got curious when they see the paypal update , this effect will just spread like a virus stronger than covid .

Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

this news was positive , no declined happen but just pure inclined  . btc at 13k was not cheap but its worth the risk because paypal plus crypto can do magic later on.

[Ridwan Fauzi]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

Don't forget with another factor that can make bitcoin price up like a few weeks ago. US government will spend another stimulus to push their economy due to coronavirus outbreak. The stimulus is planned to be passed before the presidential election on November 3, I think the movement market right now is not about a good new from PayPal only, there will be many investors who store their money to buy bitcoin because they are afraid the dollar index will fall. So, I think just have a little chance for bitcoin price fall to $8000 again, even before this information came bitcoin price has strong support in $10.000 barrier.

[milewilda]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

Don't forget with another factor that can make bitcoin price up like a few weeks ago. US government will spend another stimulus to push their economy due to coronavirus outbreak. The stimulus is planned to be passed before the presidential election on November 3, I think the movement market right now is not about a good new from PayPal only, there will be many investors who store their money to buy bitcoin because they are afraid the dollar index will fall. So, I think just have a little chance for bitcoin price fall to $8000 again, even before this information came bitcoin price has strong support in $10.000 barrier.

Fall is always possible to happen thats why its not safe to presume that we would really continue to see this price increase rally.When it comes on pointing out what reason on why the price
had move on this way then no one knows but this current Paypal news is the most near reason that we can really tie it up with the market.We dont know if that US govt is an another reason
but nevertheless then these things are really some good catalyst on driving out the market on a bullish manner.The question is , would it able to hold up for that long?
Huge sell-off is always there to happen but talking about going back to 8k? We are just too far off with that but if there are circumstances or events that might happen along the way
then we might able to see it once again.

[carter34]

As soon as crypto shows up in PayPal portals, all the merchants will clammer to add it to their websites and a whole pack of consumers will but it for speculation as well as purchases etc. This is the boost we need to get off into the 20k and above range.

Not a good time to sell at all!

Not at all a good to dump. All indicators for bull is signalling. The limits have been down, is just time that it will take that we can see the repeating of 2017. The good times are coming back for investors, buying now can be a profit time.

[el kaka22]

This big increase should not stop this quickly, I really hope for it to go break some new records, I am sick of bitcoin going up for a while and then dropping to a new low and suddenly not doing great once again, what is the purpose of bitcoin going to almost 13k if in a month or so we are going to be back to under 11k once again?

That is not useful, maybe for traders it is a good thing so that they could trade and make some money, but for people who are not traders and long term investors or even users (as in work and earn) it really doesn't make sense to me at all, I wouldn't really consider it a great idea. That is why I highly suspect this price should be going further up and up if enough people are thinking like me, there is no reason not to think like me when it comes to bitcoin going up, shouldn't we all want it to skyrocket?

[Golftech]

As soon as crypto shows up in PayPal portals, all the merchants will clammer to add it to their websites and a whole pack of consumers will but it for speculation as well as purchases etc. This is the boost we need to get off into the 20k and above range.

Not a good time to sell at all!

Not at all a good to dump. All indicators for bull is signalling. The limits have been down, is just time that it will take that we can see the repeating of 2017. The good times are coming back for investors, buying now can be a profit time.

All the signals are there but still investors needs to work out with good research before jumping into conclusions, PayPal brings the  hypes and with such actions many will fomos and the chance for whales to play needs to consider.
Many investors will try to hold as the value keeps rising, it needs to have a good target range and not be too greedy to prevent losing this opportunities.

[posi]

^ https://cointelegraph.com/news/bitcoin-soars-to-12-9k-as-paypal-proves-crypto-is-ready-for-everyone

Is it party time or shall we wait a bit longer?

^ Nah is too early to celebrate and we expected to have a correction right after pumping. From what I have observed in the market, it will always have a dump after it will be pumped in the market. There are too many factors that bitcoin price will down this month and we do hope that the US presidential election did not have an effect on the crypto market. Because if you will ask about the stock market, it was now affected due to the near schedule of the US election. Nevertheless, I believe that bitcoin will hit $15k by the end of this year.

If we are to evaluate the bitcoin market trend and yes its not yet time to celebrate but if we are to consider the most anticipated news of paypal implementing cryptocurrency which was later announced yesterday that they will takeoff a new service that will support customers to buy, hold and sell crypto it worth celebrating.
Hopefully amazon will join.

[exstasie]

It was actually strange why bitcoin was rallying and the stock markets were trading sideways or down. Basically makes me think that the Paypal news was leaked a few days ago to a few number of people.

That hadn't occurred to me. Good point, very possible.

I think we need to secure a close above $12.5K on the weekly to continue this bull trend. The larger issue is if the stock market goes to correct even more since the election is coming up. Then bitcoin can resume its correlation with stocks and begin to dive like it did so many times since this pandemic started.

Yep, stocks are in a scary place right now. The S&P 500 and Nasdaq indices are both testing their respective 20-day and 50-day MAs, and the top of their previous trading ranges. Failing below these areas could cause a significant decline, and I believe you're right that BTC would follow.

Since this pump felt very news-based, and stocks aren't moving with BTC, I'm still a little concerned this will turn out to be a "sell the news" event and we'll continue ranging a while. I need to see a break above the June 2019 highs ~ $13,900 to rule that out.

[Saisher]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

The Paypal news is a positive news and I don't think it will have a bad effect on the market that the price will go down to $80000 and I believe that the news can pump Bitcoin to $14000 level, there will be millions of merchants opened for Cryptopcurrency holders and they can use their coins to these merchants, what could be positive than this, it's one of the best news this year.

[Mahanton]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

The Paypal news is a positive news and I don't think it will have a bad effect on the market that the price will go down to $80000 and I believe that the news can pump Bitcoin to $14000 level, there will be millions of merchants opened for Cryptopcurrency holders and they can use their coins to these merchants, what could be positive than this, it's one of the best news this year.

Its indeed a good but one it wont really be enough to drive out prices on those level but somehow we do able to touch 13k once again after we have been stagnant for so long in lower levels.
Its better to have these adoption news rather than have nothing at all.This news proves out that we are really heading there but im not really expecting that much on it.
Lets see on how far it will go and lets hope for some another major news of acceptance or adoption into bigger merchants or companies out there.

[Lucius]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

Such questions are mostly asked by beginners who do not understand when is the best time to invest, and see some logic to invest when we have such big jumps due to positive news. The right time to invest was either when the BTC drop more than 50%, or at the time of the halving when it was worth about $7000 - at least as far as this year is concerned not to go further into the past.

$13 000 is cheap if you enter the long term, but it is also a risk if you go in the short term given the current situation with the pandemic in the world. The question is how much PayPal news will hold BTC this high, but I would not bet that this is the ultimate bull run that will reach the new ATH. Whichever way you turn, you gamble at the moment - those who invested a few months ago have only sweet worries about whether they profited 100% or maybe 300%

[thecodebear]

I don't think the market is anywhere near the point in which Bitcoin could go up by many thousands before correcting. But I do think it could go over $14k before correcting back to $11k or $12k. It established some support in $11k before, and then established a market bottom at $10k. I could see it going back to $11000's one more time, but I feel like before it does that it has a bit more room to run this upcoming week.

Things are definitely looking bullish these days in general though. When the bull market started the market got wayyy too excited, pumping it from $3000 to $13000, so we had that six month correction bringing the price back to reality of double the bear market bottom. Then it started moving up to start this year but Covid got in the way and put off BTC's topping of $10k for a few months. But now with the Covid crash well in the past, with $10k now solid support, recent institutional/corporate buy-in news, grayscale pumping, paypal - things are getting decidedly bullish for Bitcoin and I think we're moving from the early stages of the bull market into finally the middle stage where we see BTC start taking on prices around the peak of the previous market cycle and building a solid foundation at those levels.

[kentrolla]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

The party has not yet started I guess it will take some time, and yes till next week we can expect some positive trend's. As the US election is nearing there might be some twist in the tale movement, but at this point of time I recommend not to buy coins because  of its volatility.

[South Park]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

Honestly no one really knows and just as there are events that are making the price to go up there are some issues that worry me that could make the market to go down, personally this is why I like holding, a trader needs to take some impossible decisions with very little data available while a holder only needs to do one thing and that is to hold his coins no matter what and avoid becoming a victim of panic if the price begins to go down too abruptly, and that is easier compared to the decisions traders need to take almost every day.

[7788bitcoin]

I recently checked the weekly charts and it looks like this pump will last this week only and the next weekly candle will be a big red one as its next leg looks to be a bearish one. I believe this will throw BTC under $11k next week itself because whenever a positive "news" came, BTC always got defeated downside. I hope I'll get a chance to buy BTC "cheaper than this" once again.

There you go you have the answer regarding the PayPal new rally. If you look closer anyone who purchase the coin does not own the coin and if that is the case what kind of adoption are we talking about, if the markets really rallied because of that it will not hold up. I am not big into the weekly candle stuff but i want to see how the market reacts in a couple of weeks.

[Oceat]

I recently checked the weekly charts and it looks like this pump will last this week only and the next weekly candle will be a big red one as its next leg looks to be a bearish one. I believe this will throw BTC under $11k next week itself because whenever a positive "news" came, BTC always got defeated downside. I hope I'll get a chance to buy BTC "cheaper than this" once again.

There you go you have the answer regarding the PayPal new rally. If you look closer anyone who purchase the coin does not own the coin and if that is the case what kind of adoption are we talking about, if the markets really rallied because of that it will not hold up. I am not big into the weekly candle stuff but i want to see how the market reacts in a couple of weeks.

My best guess is if the market stays at $12k or $13k next week then the $11k price might hit next month and possibly would get back to the $9k range if the market tries to be bearish. I see this pump as a temporary pump it's just a matter of time before we start to see the stable $9k to $10k Bitcoin price. That might be the lowest for the next correction but I also think there might be lower than that, like $8 or something.

[adaseb]

The fact that bitcoin held on to $13K strongly while stock markets sold off hard and while alt coins tanked is a good indicator that we might see new highs sooner than later. I think that there is some large institution that is keeping a bid on BTC since it seems to be the only market trading sideways or upwards while everything else is tanking.

Generally since Coronavirus started bitcoin had a pretty close correlation with the stock market indicies. When the markets went down in March so did Bitcoin. And they also recovered at the same time. And they pretty much trended alike for the past couple of months. However in the last week and yesterday it seems that bitcoin is the only asset that is holding up while everything else is tanking.

[maydna]

I am a bit happy to see bitcoin price can stay at $13k for a few days. Perhaps, it is a sign for bitcoin price to have the time to increase more than the price now. So we can hope that the price will rise again in the next month and have a chance to break $14k-$15k. But we still need to be careful because there is no guarantee that the price can still stay at the current price, and perhaps, we need to prepare with another strategy or plan to decide with the current situation.

But if we check the price or the line at the market, perhaps, the trend will be sideways for a moment to get more support so that bitcoin price can increase higher later. I hope that the price is not going down because we expect to see the bitcoin price rise.