Disclaimer: Playing devils advocate here. And I hope im dead wrong.
We're back to the peak of the last spike. Right before the convenient fake bad news came out, and the price conveniently crashed. All on FUD.
What bad news is going to come out this coming week to make the price crash again?
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Genuine adoption and commerce don't make the price go up $250 in a week and a half. That's got to be a pump. Agree or disagree?I used to argue with people who claimed BTC price was being manipulated.
Then I learned through experience that BOTS, Fake news stories, and whales may be playing around a bit.
We can safely say Bitcoins actual value right now is about $450. Is the rest just large holders making profits?
I wonder what announcement will go live next week to justify a crash, and make it look like "investor confidence was lost".
Again - here's to me being very wrong!
I disagree: It appears to me the ta's are trying to fit btc into their known tried and tested formulas. Some traders may well be buying and selling on that basis but I believe it is wrong. EW analysis has always been applied to single currencies or commodities as have support and resistance lines based on macd related to market volume. However btc is not one thing -it is many things acting together. There are many long term holders in my opinion that believe in the long term value of valuable numbers and these will form a base line of value well above many predicted retracement levels. At the same time there are many who have a psychological value in mind to take a profit that may or may not coincide with a resistance line but I have noticed these are too few to cause retracement as far as ta't predict. Adoption is gaining pace I think and there is a lot of positive news just now so I think we will see buying even at higher prices by those who view btc more as a commodity and look for longer term price maintenance over fiat. so some manipulation yes but not enough at this market cap to count as dumping because it is not in the interest of large holders to devalue their holding significantly. My belief is we will see steps up with small corrections to year end at around $1500-$2000 . Select your strategy on the aspect of btc that suits you and go for it. good luck!.
-B-
