The mainstream media is having a field day laughing at the price drop of bitcoin and other cryptocurrency assets -- including STEEM, by the by. However, here's something you won't hear from the business media conglomerates -- bitcoin sentiment among crypto traders is actually quite bullish!
I say this because the gap between the average highs of the session and the "closing" price of bitcoin is slight relative to market volatility. In the most bullish circumstance, the variance between the high and close is 0%, or no variance at all. The more variance, however, the more bearish trading sentiment is.
The present rally and subsequent correction in bitcoin featured pronounced variance, but far less so than the variance witnessed in the 2013 run-up. This tells me that traders are less emotional about their crypto portfolio, and we have yet to reach the manic phase of cryptocurrencies, when EVERYONE buys at any price.
So yes, we are in a steep correction with the cryptocurrency assets, but we are far from a bubble!
Very nice.
I agree! This has been very different from what we saw in 2013. There's a lot more maturity and growth in the space now, compared to back then.
Thank you for analysis ! Great post!
unfortunately this hasn't helped my portfolio. I have remained fully invested throughout. The only trading I've done is to pare down BTC and move more of it into my alt coins in anticipation of August 1 troubles. So far, that strategy probably hasn't worked so well. I wish people would just sit on their hands instead of freaking out and selling everything like mad.
Bitcoin's going nowhere , as in its here to stay.
Bitcoin (and crypto in general) have been through much tighter scrapes than this. I am buying.
Me to Vortac, i'm stacking Coins all the way to the crash site!
What is your mid to longterm outlook
I will comment @knircky
Midterm Outlook 10K around the next halving 2020.
Longterm Outlook 100K+ depending on WORLD GOV.
Well dropping 100$ every once in a while seems bearish to me. Anyways that's not good for Steem.
Maybe Winnie the Pooh bear, but not gnarly grizzly bear.
We'll see in a couple of daya.
Indeed. Time reveals all.
Thanks for this data. It definitely backs up the charts that say it is still actually just a healthy technical pullback.
I've blogged some technical views of both Bitcoin and Steem overnight, with both showing pullbacks still into previous resistance turned support. Most importantly, we're seeing buyers come in at these levels.
This is in no way a panic selloff, but just the overpricing in of August 1 risk. Once rumours become fact and there is no split, then we should see crypto quickly reprice back up to previous levels.
Have to keep in mind...
Some people have mined BTC in the early days when 50 Bitcoins was distributed per BLOCK, as every 4 years passes the halving gets cut in half to 25 Bitcoins per BLOCK, and today we are at the 12.5 Bitcoins per block so you can imagine in 2020 it will be 6.25 Bitcoins per block.
Lets forget about the cost of electricity for the moment!
Factor on ALL those Bitcoins the early pioneers had when it was like pennies! Not EVERY early pioneer SOLD ALL their Bitcoins...They did NOT need to! Some even bought them from an exchange for less than $100. Not saying I am one of the early pioneers...But I might know a few...
Every STAGE (halving) you might want to ReThink how much you should be SELLING if you were ONE of those early pioneers...right?
Because if you SOLD ALL of your Bitcoins and have NONE left, you would be buying at today's price just like the NEWCOMERS that are paying 2K+ per Bitcoin...
You don't want to be that guy!
But if you are...please Buy in Thirds and Sell in Thirds and Rinse and Repeat so you don't fell like paying FULL PRICE or TAKE a LOSS!