The bulls run hard yesterday and went through the $8550 resistance on Bitstamp up to $8973. But now the Bulls have run out of steam and there is a pull back. Currently we are at $8385. That fall, or consolidation has happened in the last 11 hours.
I trust it will consolidate at $8385 and go up again from here. If it does not it can go down to $8041 or $7826 where there is strong support. This is not the first time this support had to hold and every time we get to this support it gets weaker and the chances of falling further increases a lot.
Here is the short-term view from Dan at The Chart Guys:
Here is the lighter side of things from Crypto Daily. He is very positive:
What do you think of the current bitcoin price?
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Nice write up. I think the trading bots and algos are responsible for fluctuations between the support and resistance. Thanks for the hot tips too. I hope you can expound on those as well as buying of votes
Do you really think it is the bots @coinoutlier?
Whales move large sums with trading bots that use api and complex algorithms, combined with machine learning, to determine entry and exit price points for optimal profits. These bots could also spot arbitrage opportunities.
Interesting perspective thanks for that! You've got a new follower!
Thank you, but I can't take credit as I myself learned that through constant reading. What I can say is that there will always be market manipulation driven by greed. Big fish are always 3 steps ahead of the masses and we have to adapt to this. Yes, it's terrible that it's the newbies / weak hands /uninformed / those susceptible to fud who are getting burned and funding these whales. People cry foul when large volumes are dumped but they don't seem to mind when the same whales pump their coin. What I have learned, and what I aim to share with my steemit and twitter (although I'm still figuring how to) is that we need to stay constantly informed and updated to be able to whale-proof our portfolios.
Thanks for the follow 👍🏽
Do you think thats the best strategy given the whale influence?
The rule is never to sell at a loss. Now the best strategy (if you really want to invest in the tech as well as have future financial independence) is to take some profits while leaving a core position for long term holding. For example, your coin goes up 3 times, cash out 1/3 or 2/3. A good goal or strategy is to be able to remove your entire Fiat investment while having a good number of digital assets or cryptos left in your portfolio for future gains. That way, when whales dump or market dips, you won't mind seeing your portfolio value drop by half or 30% or 70%, whatever the case may be, as you do not lose anything. The issue is some people invest for a quick buck, and when the market dips instead of rises, they are forced to sell, losing their investments.
up and down market, so confusing for steemian like me, thank for the info buddy
Yeh, agree. Steem and SBD seems to hold @mrday
Yeah because Steems has a platform that gives it a stable and an intrinsic value... different to most of the icos...
Nice.
HAHAHAHA love it you've got a new follower!
Thanks i followed you back
Thanks this is so much fun love love love steemit...
I have plenty more crypto memes
Thanks for this! Seems like its stabilizing so thats a good thing right! I mean over the medium to long term.
I hope so @pjcwart :)
We are going to be so rich...
Can you elaborate a bit on this statement?: "This is not the first time this support had to hold and every time we get to this support it gets weaker and the chances of falling further increases a lot."
Why is it that, the more a resistance gets tested, it gets weaker? If a support level can hold multiple times, isn't that a sign of strength and shouldn't it by result decrease the chances of BTC falling further?
Thanks in advance :)
Investor confidence goes down when resistance levels continue to hold. Remember that a good indicator of bullish trend is achieving higher highs. In contrast, when support levels hold, it's stops prices from achieving lower lows. Thus fortifying the support and creating a virtual bottom or floor for prices
People that bought at the previous ''bottom'' sees the bottom come again and fear that they were wrong about the ''bottom'' and think it will go lower again will sell with the hope to get it at lower price later. That is what I think, I could be wrong @tuwore
Interesting article!
Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
Wow greate article!
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Good read. Thanks for the hot tips as well, always good to gain some understanding how this platform works. Thanks also for mentioning Genesis Mining, looks interesting. Have you posted about it?
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