I believe the bottom is in

bitcoin

#102

We all knew the CBOE would resubmit. No news there.

We also all knew that the rule is that the clock gets reset. No news there either.

We all knew the ETF was withdrawn because of the US Gov. shut down and therefore the SEC likely to reject the ETF as a default measure. So no news there either.

Also, as of yesterday the application hasn’t been listed yet so the clock still hasn’t started ticking yet.

We all come here to express our views, hopes, wishes etc. But in truth not a single one of us has a clue what will happen to the price of BTC or crypto. We are all just sitting at our kitchen tables guessing.

I have no idea why the price of BTC continues to decline even now. All the moms and dads left the market many, many months ago. There isn’t a day that passes by now that doesn’t bring more positive news. Yet BTC continues to bleed non stop. Who is pushing the price down? I swear, if an ETF was passed tomorrow and China opened its doors to crypto trading again the price of BTC would still continue to bleed. Who is pushing the price of BTC down? Who is actually selling out at this late stage in the game?

I personally have just received a nice tax rebate. It’s going into BTC over the weekend. These prices are now chomp change silly low prices.

If anyone here actually knew what was going to happen in the crypto market they sure as hell wouldn’t be here sharing that billion dollar knowledge for free. They would be too busy playing the market and buying that paradise island in the sun. Not wasting their time typing words on to a screen in this forum!

Happy crypto price guessing people!


#103

@HopingToMakeProfit

fair point - I am waiting for the right time to buy. So unfortunately I have some time. I think the time will be on us shortly. It is hurting everyone, however, the way I see it, patience and get those limit orders in now.

I have been recently watching closely what is going on with ICX. I think it will be going under 0.1 usd per coin. This is a phenomenal opportunity for us all.

It will be ok in the long run.

Crash


#104

I also watch ICX. Have been for over 6 months. It will go far.

Right now BTC is priced at Sept 2017 prices! Just before the bull run started in 2017.


#105

BTC bull run started on 2015 … mania phase was the last months of 2017


#106

Look back at your original post. You were so shocked the ETF withdrawal didn’t caused a “substantial flash crash (with no recovery)”. There’s a huge difference between a withdrawal vs. a SEC rejection, and not many people understood it at the time.

You might not consider it news, but you’re missing the key point. There’s no finite date on the ETF’s approval. The earliest would be in 9/29/2019 (if the clock started today), but it could easily be 2020 or later before an ETF is approved. So counting on the ETF approval, like many of the Bitcoin perma-bulls have in 2018, is a ridiculous idea.

Miners. Even miners that are profitable with $3,000 BTC prices still need to pay for expenses. Let’s say it cost them $1000 to mine a Bitcoin, unless they want to/able to eat into their savings, they have to pay for this capital expense. They do that by selling 1/3 of their Bitcoins.

Since some miners pay more and some pay less, let’s just use the $1,000 figure (which is really low, but it will prove my next point) for all miners and all of them pay this amount by selling their Bitcoins. We all know 12.5 Bitcoins are mined per block and a block is created ~every 10 minutes, meaning there are 1,800 Bitcoins created per day. That’s 657,000 Bitcoins that will be created in 2019. That means more than 200,000 new Bitcoins will be sold into the market.

Since all the moms and dads left the market, many months ago, who is actually buying these 200,000 coins? Crypto enthusiasts, who are dollar cost averaging into Bitcoin with their every paycheck. But that’s not enough to sustain the ~$3,000 price and that’s why the price has been consistently falling.

This news article covers it in more detail and also adds the alts into this conversation, which makes things worse IMO. The article points out that inflation is not growth, but they failed to correlate the fact that inflation simply drives down demand, which in turn drives down prices.

Have fun trying to prop up the market while we go into capitulation.


#107

@Manuel_Villarreal

True. But the real fun began mid Sept. 2017. Take a look at the graph.


#108

Monthly close BELOW the 55ema.

Bottom aint in


#109

far from it. :man_shrugging:t2: :poop::toilet:


#110

Longs are on the rise. Not good a good sign if you are bullish


#111

I’m starting to feel like the bears are getting exhausted. They’ve had a good run. I still have open orders to catch wicks but I feel like we might actually be near the end of the downturn. That’s not to say I believe crypto is going to shoot up. I think it’s going to turn like a slow heavy boat. Not graceful or pretty but a turn none the less.


#112

Yeah man we aren’t far off the bottom like, just looks like we are heading for another leg down


#113

What? If longs are on the rise the expectation is that the price of that asset will increase in the future. Why in an increase in longs a bad sign?

An increase in shorts is a bad sign for the value of an asset.

Correct me if I am wrong


#114

CraigMak, I agree with your view.


#115

Because the market manipulators like to make the market do the opposite of sentiment and wreck people.


#116

Yeah that’s it man. When everyone is bullish and thinking the price is heading up that’s when the bears strike.

Same goes when everyone is short, the bulls attack the same way


#117

High short interest = more potential buyers and short squeezes, and vice versa. High short interest tends to be highly correlated with bottoms.


#118

you are wrong Manuel_Villareal

BTC has only $3400 to go before it reaches the bottom now. So, almost at the bottom.


#119

LOL so confident to say another person is wrong. BTC going to 2k for sure. Capitulation dip hasn’t happened yet


#120

Dan_Do

Manuel_Villareal said BTC had much further to fall. I said he was wrong because it only had $3400 left to fall.

This is fact. Not confidence.

‘BTC going to 2K for sure’…? For sure Wow, such confidence…yet backed up by nothing…no explanation as to why based on fundementals or technicals…just a hunch?


#121

Guys and Gals,

Everyone has their opinion. Everyone is entitled to it and you know what, time will tell who is right… I have put up here what I think is going to happen and that is more or less it in regards to what I think. Everyone has an opinion and there is really little point in playing tic tack toe on this, saying he is right, you are wrong, I dont believe you. I think to be honest, this is a bit of a waste of energy. You can not change what will happen so get on and change the world in a more positive way!!

I think there are those that are naturally too optimistic. But given what and where we have been from all our individual perspectives, this is just fine and dandy. I wish everyone the best with whatever thoughts they have.

Better to try and do something useful and be proactive!

PS… Its the six nations… rugby is the game of the gods… this is the year of the rugby world cup… hopefully you can see it in America if you want to watch it… its an amazing game with lots of spirit, team play and commitment.

Crash

Crash.