How high or how low will Bitcoin go?
I have in Crypto now since early 2016 and have seen a lot of things, met a lot of good friends. I have learnt a lot, but I am still not at all convinced that Technical Analysis or TA of the charts have any bearing on the actual direction which the price will go.
Don't understand me wrong, there is a lot of great traders out there that is making a lot of money, even in this bear market and they use TA to understand the markets and decide when and what to buy.
Bitcoin is currently being driven down by force
I have been watching the BTC /USDT pairing on Binance intensely on Binance. I have looked at the indicators everyday, I looked at the Price Predictions everyday and what happened yesterday 10 January 2019, could not have been predicted by TA.
This is the current 4 Hour chart from Binance:
In this image we can see how dramatically Bitcoin dropped against the USDT pairing on Binance. It first dropped from around $4000 to $3800 and then did another few drops to $3500.
What amazes me, is that during this period of around 16 hours around 40 000 BTC was traded with the bears winning the battle. How on earth can 17 000+ BTC be traded in two hours,just after around 3500BTC was traded in the two hours before.
I don't think that anybody will be surprised that in my opinion there are industry insiders trading crypto based off information that the public doesn't have access to. There is just no other explanation.
Question: How high or how low do you think Bitcoin will go?
Happy Steeming!
the ultimate low would be $ 2500
I totally agree. There is always "natural" manipulation and price movements in Bitcoin. When whales play their games. But since November this game has somehow changed.
I am thinking like you, that there are new forces at play trying to hold the price as low as possible.
I am quite sure this has to do with the coming open up of blockchain to the financial industry with projects like the Bakkt or the ETF's.
The big players from the finance industry are loading their guns. Some started in November.
These people know much better how to manipulate than these small (noob) players in the cryptosphere for the last couple of years.
At least we have the advantage to know more about crypto.
But expect weird movements of blockchains projects in this year. The Wall Street has no idea about blockchain and is ready to invest - maybe even worse than those ICO investments we saw 2017/2018 :D
Hi @tosch, I agree with you that there is new forces at play in this space. You can see this in the sudden massive drops and then directly after that massive amounts of BTC is bought up. I also agree with you that the guys i the finance industry has much more knowledge and experience on how to manipulate markets in their favor. One thing that is for sure is that when these guys are happy with their stacks, they will manipulate the market the other way and we will see much higher all time highs than anybody expects. I am stacking as much alts as I can from the better Altcoin projects as I believe you can get a double whammy if you are in ALTs when we see the next run in BTC. First sell the alts for BTC, and secondly you will obviously get more bang for you buck from a BTC perspective.
Congratulations @jacor! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard: