Possible Catalysts for Bitcoin This Week
What to expect from Bitcoin this week.
We finally saw the slide halted, for at least the time being, and there could be a couple positive develops this week that could help continue the recent rally.
Last week, we saw prices come off the lows coinciding with positive news coming out from the Senate Banking Hearing.
What could be the catalyst for some upside moves this week?
First, we have the progress made during the meeting between the Senate Banking Committee and SEC and CFTC.
It was first mentioned here:
In the meeting we heard that they are not going to do anything to stifle innovation.
Phew.
They seem to be very much open to letting market forces dictate things, while at the same time sniffing out those that are just looking to abuse the current financial laws.
Basically, we are looking for some updates on how exactly they are going to do that this week.
Secondly, the state of Wyoming is set to vote on some cryptocurrency bills.
Some of the specifics can be read here:
https://www.coindesk.com/utility-token-exemption-sought-in-new-wyoming-blockchain-bill/
Basically, they are looking to pass some bills that would except certain utility tokens that meet specific standards from falling under current regulatory laws that might label them as securities.
If passed, it could help better define what is a security and what isn't which would go a long ways in not stiffing innovation as some coins aren't being introduced for fear of being labeled a security.
Finally, there is a big bitcoin super conference in Dallas Texas.
The exact date and time of the conference is posted at the top of the page.
Some of the specifics can be seen here:
https://www.bitcoinsuperconference.com/
Usually around these conferences some bullish news gets released and overall they are generally pretty positive.
We are at a pretty good spot technically for prices as well.
Something like 33% off the lows currently, which were put in on heavy volume and at an expected support area.
I think prices may dip just slightly to begin the week after our recent rally, but then I could easily see one or all of the catalysts listed above help give bitcoin some fuel to get back up near that $10k level, which I think we will see tested sometime this week.
We ultimately will break that level, but we may need to chop around for a few weeks first before we see some real sustained momentum.
Stay informed my friends.
Image Source:
https://www.bitcoinsuperconference.com/
Follow me: @jrcornel
Let's hope we don't get any unexpected FUD that sours the optimistic investors sentiment that has been built up over the past week.
Yes, I think we are mostly past that, though as you know it can strike at any moment. :)
I AGREE COMPLETELY!!! We are now in a "SELL THE RIP" mode versus "BUY THE DIP" mode until the corruption news settles down and people are brought to justice.
I think we might have to retest some levels, hope we can bounce from the current levels. Wouldn't be surprised tho to retest!
Agreed, market sentiment certainly seems to be shifting but we can’t be certain the bleeding has stopped! The tether concerns seem to have died down recently but that could rear its ugly head if the worries are true.
It looks like we've tested quite well considering the challenges bitcoin has been through this year. I wouldn't be too surprised to see bitcoin stall or even pull back for a bit. You can't restart the up trend too soon after such a huge correction. Or we could...IDK. Either way is ok for me. I wrote an article yesterday sharing my new perspective on bitcoin and why I now believe it will never go to zero. If bitcoin is a binary play then that means great things. If you're interested check it out here:
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
Let me know what you think. Also, would love to make the crypto event in Dallas. I've been going to events for years but in the real estate and finance industry. Now crypto is where it's at and I'll start hitting those conferences in the next 6-12 months! Thanks for the post! :-)
Excited! I believe the year 2018 will be more about doing and fulfilling the high growth expectation in cryptocurrency and blockchain technology.
technical levels of support levels.Technically, it gets power.starts rising after March
The big drop needed to happen, due to those BTC futures traders. Now, with most of them out anyways, prices have been where they should be ... in a much less volatile way.
Hell you can get the boys in Texas, then you got it made! Texas is super conservative. Im excited for the next couple months, some big things are going to happen in bitcoin and crypto.
Yes, good point! I am as well.
We are fairly convinced in Tx that there are two very different kinds of Americans. Those that are from Texas and those that ain't. We definately have a different world view from most.
Do not. Mess with Texas.
It's great to see the market starting to find some stability. It has been a rough and volatile month full of FUD and panic. As investors or people who believe in the cryptocurrency model it is important for us to show our resolve when faced with difficult times. As with any type of market we are going to see fluctuations all the time. If we run like scared kittens everytime this happens then the market will never remain stable. We need to get the weak hands out of the market and all feel the success that slow steady growth will bring.
With this type of good new we can start moving forward again. My only hope is that the growth is slow and steady. We need th market to stay as stable as possible and if we have a huge boom like we just had then we will be right back where we started. Hats off to all those who have HODLed through the hard times. Let's get back on track and ride this wave to the moon.
I think we have mostly accomplished that. Looking forward to picking up a few more coins still though. Not ready for it to moon just yet. ;)
Same here. Slow and steady and still lots of opportunity to take advantage of these great prices.
When prices start to move they could rocket. There are a lot more people with access to crypto now exchanges have mostly processed the backlog of accounts and apps like Robin Hood have stated adopting crypto. The next surge could be almighty!!
Am in it for the long haul and am positive that bitcoin will pick up in price and hit new highs. Its just a matter of time. Thanks for the updates @jrcornel