Hello people
We've seen a huge boost in cryptocurrency prices this week. In fact, I was as shocked as you on that monumental hour.
I am a Professor, so I arrived to the University and went to check the prices of crypto before going to get my morning coffee.
BTC was at $6700.
Well, not too bad, still far from my buy trigger at 5.5K. Now, I went to drink some coffee and when I got to my first class I had my page open yet...
...BTC was at $7700!
Say what?
$1000 in price rises in one hour and those sweet millions added on market cap this fast?
I checked the BTC forums and sure as hell there were rocket images everywhere... but is it that simple?
Here's where I stand on this, read below if you're interested...
To The Moon: The Good Side!
Well, first of all I have to hand it to everyone who said the prices would rise. I wasn't expecting that to happen before the 17th of April (Tax Stuff).
In fact, we have to admit the support at $6700 is stronger than most thought, or at least most bearish people.
I was part of the people who thought BTC would correct down to around 5.5K - 6K so I set my buy orders at 5.5K - seems I was wrong... for now.
The support is rock solid, but how much of it is real? How much of it is made by Miner Companies and Price Manipulators? Well, there's no evidence of this of course, so we have to check support as a positive thing.
BTC isn't a bubble and it won't burst - this we already knew but the market just proved it.
George Soros and the Rockefellers are also getting in, and Yahoo jumped on crypto as well.
The price is rising and there's a "To the Moon" on many people's mouths. BTC proved support is heavy and people don't fall for the bubble FUD.
But what's more? Well, there are some strange things to think about...
Price Manipulation: The Bad Side!
Finally, take a look at the graph above...
I share this guy's thoughts, it all seems strange, not because of this isolated BTC graph alone, but because every altcoin jumped alongside BTC.
Note that I say jumped alongside BTC, not moments after, not because of the BTC rise, but at the same time.
I may be a guy who learned to be suspicious, but this looks suspicious.
On another note, the rise can be a correction to give us an even deeper drop.
We haven't broke the resistance.
Now, I realize I am no Haejin and that my opinion is worth little, but I have to point out that we still have a bit of a long way to break the LOG chart's upper line... granted we are closer to that one and not the support line below.
BUT!
Look at that graph, it can easilly go down from there.
What's My Point of View Like?
Well, my point of view is...
... Hell if I know! I would become a very rich man if I did.
I only consider these two sides of the same bitcoin and try to take a guess. My guess is as good as yours, so I thought about giving you these two sides to consider and you take your own conclusions.
If the question is, "what is your oppinion @spiritualmax?", then I'll probably answer I think we're going to have a correction and a good sized price drop. However, I think that the bull is innevitable and it will happen - I just don't think it will be right now... but again I'm no Crypto-Seer!
In Conclusion:
So, in conclusion, don't get too excited because of one side or too bitter thanks to the other.
I say investigate both of them, check your sources, don't collect information only from the bulls or the bears.
Get your information from crypto enthusiasts and then get some more information from banksters.
Both pieces of the puzzle matter, because there are two different forces at play.
Consider everything, make a decision and stick with it.
Cheers!
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I get it man @spiritualmax.
You are waiting for our BTC to fall to 5.5k lolx
That may not happen again.
Or you may be right and this is a high before the dip.
Double bubble effect maybe!
Yeap, it may not happen again, but even if it doesn't I'll be fine with what I have.
Cheers!
Agree with you. The market jump was/is nice but caution still is in the wind.
Alot of short contracts were liquidated instantly with the huge 1K jump. That will take some bearish pressure off of BTC and hopefully we can maintain an upward climb.
Great post
Followed
Thanks man, glad you liked it :D
Thank you for the follow as well, see you around!
Indeed!
I also hoped for another high volume wash-out low and had some money ready to buy some extra if it happened. Now after recent days I feel the fomo taking over again. It will be interesting to see what happens once the major downtred resistance line gets reached.
Never a dull day in crypto
Let's see, a couple things changed already... heh! Fun days!
I would have to agree with you. The bull is coming, however, the recent upward trend seems to good to be true. While I would love to see the market continue to take off earlier than expected, I believe there will be another selloff and downward trend before we see it. Basically, I personally am holding off on any buying at the moment.
Yeap! I am too man, seemed fishy.
I reckon it was the big guys on Wall St. I imagine lots of people shorted bitcoin (probably more than long), all the banksters need to do is dump a massive amount of money on bitcoin and they liquidated all those positions, netting them millions.
One thing is for sure, it was definitely a huge whale/group of whales.
I highly agree with that Sisy.
Fantastic observations and I totally agree you have to consider both sides of the story. Who knows what's in store for the future but the successful ones in the end will be those who consider everything.
Indeed, that's a sober way to look at it :D
Cheers!
I’m one of the lucky ones that was able to buy my btc when it was still below $1000, so I can take another hit. The truth, however, is that I haven’t had the guts to look zt my portfolio for weeks now.
I know that in crypto, everything that goes down will go up again, but it is about time it does.,,
Oh cool! You're rich then? :D
I wish I bought enough at that time to be able to retire and go live at some tropical island. But it was my first encounter with crypto, so I was very careful... lol
If I would have known what I know now, I would have been filthy rich... lol
I was hoping the market would stay down for another week or two while I was getting funds ready to purchase more steem, but I won't buy any while the price is over $2. If it drops again, so i will take advantage of it because within the next few months, we should see some pretty decent rise in the market.
Yeah, when Hardfork 20 comes I wager.
History of crypto is all I can say. That giant line looks abnormal but I feel I've been seeing jumps of that magnitude so often in the past that I'm not surprised it can happen whenever. Yeah, I suppose it's closest to manipulation from giant money holders. It's fine though. The market will take time to adjust to the shock and we'll be on our merry way.... To where????
I tend to agree. Crypto normally takes longer to bottom out for a few months and consolidate before the next big rise. We have not passed enough time for a huge bull run. But who knows; its a crazy world.
Do you hold crypto yourself? Other than steem that is...