Bitcoin continues to go sideways
News continues to mount, but bitcoin refuses to budge.
Another day, another record for bitcoin volatility. Or should I say, lack there of.
This is the most stable bitcoin has been than at any point in the last year and a half.
In fact, the lack of volatility is now near historically low levels.
Check out a chart of the last few weeks of trading:
(Source: https://www.ccn.com/bitcoin-doesnt-move-as-market-continues-stability-volume-rises-20/)
What comes next?
That is what everyone is wondering at this point, but there is no obvious answer.
The lack of movement indicates that the market is in balance at current prices. There is roughly the same amount of sellers as there are buyers.
Until that changes we continue to go sideways.
At some point this balance will break, whether it be due to time or the more likely scenario, a news development.
Once a big enough event triggers a break in the sideways action, bitcoin will likely move violently in one direction or the other.
I am hopeful that the next move is higher but only time will tell.
We are in a good time of the year seasonally and we have a couple really good catalysts coming up in the form of the Bakkt bitcoin futures launching as well as Fidelity and a couple others launching custody solutions.
Not to mention that October and November are the 2 best months out of the year for bitcoin seasonally. December is also a pretty good month traditionally.
We are likely getting very close to a breakout.
Stay informed my friends.
Image Source:
https://www.ccn.com/bitcoin-price-back-sideways/
Follow me: @jrcornel
Bitcoin continues as a stablecoin :))
Haha nice. Who needs all these others when we have bitcoin?!
i have only steem :))
Well if bitcoin runs, hopefully it pulls steem up with it!
Absouletly, important for me about cryptocurrency, you can create your value with mineable. So steemit platform and steem is different than other cryptos.
Steemit is a way to keyboard mine steem.
Not goin no where 😂🤓😂
Sideways is a direction. :)
Only institutional investments will cause another price hike @jcornel or maybe if banks in America will allow credit card purchase of Bitcoin will really again will make its price hike.
Yes, institutional money will likely be the next big driver. A bitcoin ETF would also be a nice catalyst.
bitcoin is not limited to American only. the are still alot of country are able and keen to buy crypto.
Very true, though I do think the next incremental buyer is of the institutional nature. They won't come until there are certain standards in place.
A small movement is still movement. Maybe we just were used to see the wild dips and ups and now those tiny ups and downs are uncomfortable...
Yes that could be it too, though we are seeing historically lows levels of volatility.
The trend is clearly downward... but that might be a just small notch before the direction changes.
Yes that is correct. The trend has been down and this is either a pause before a continuation downwards or it is a trend reversal. The breakout from the sideways action will likely be very telling.
If it would be a trend reversal, we would see the two lines get closer to each other... But there isn't enough momentum yet. To get more momentum to climb up, the exchange rate needs to go lower, or there needs to be a positive event to build the momentum.
Yep, and there are several potential catalysts in the wings. IE Bakkt launching and/or a bitcoin ETF, among others.
Just spent the day on the Crypto Summit here in Zurich and have to say that it was all realistically bullish (that euphoria is over, but realism is back)
You mean coders are coding again instead of price checking?! :)
Yep, exactly...
I just put up the video of hodgkinson talking and he is a very good example. There is so much going on behind the scenes
on what basis?
Volumes have also dried up as traders are probably also on the sidelines at this point. Will be interesting to see as the weeks progress and how the other financial markets moves may impact bitcoin risk appetite.
Yep, traders love volatility. There isn't much of that currently.
hi, my friend Robert.
you always gives good informations,
we must be optimist.
maybe bitcoins increase its price.
well done @jrcornel
Who's Robert?
To be fair i thought i bought it at the wrong time, safe to say there will be breakout, been analysing the charts for a long time. But still there's uncertainty that the price might go down and hit the $6400 mark.
When it's stable it's actually the most scariest time 😂.
What price did you buy?
I bought it at $6485 hoping it would go up a tiny bit and hit $6500 maybe $6510, it didn't and it crashed to $6400 just like i predicted it would. So then i had to rework my game plan and start doing some research and found ETH pairs to be more stable and bought those when the price of bitcoin shot up for a bit.
Ok, so you are scalping small amounts here and there? Or are you on margin?
Currently I’m scalping because I’m used to that since my time in forex, however I’ve learned that some coins you have to hold on to them. Again it comes down to what my analysis says and I work according to that.
If my analysis indicates that price is going to rise then I hold on to the coin and vice versa.
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