Bitcoin is finally seeing some bullish price action and it's about time!
After dropping all the way down to $3,400 prices are now sitting at roughly $4k.
This is one of the first significant bounces we have seen since we broke the $6k mark to the downside.
Bounce baby bounce!
(Source: https://steemit.com/bitcoin/@morkrock/that-bitcoin-bounce)
What does this mean?
Well, to me, this is very interesting.
Often prices tend to have "V" bottoms. Meaning that they bounce significantly off the lows and don't give very good opportunities to buy the lows.
Does that mean these are the lows here, around $3,400?
I am not ready to say that just yet, but this is the strongest bounce we have seen since this most recent drop began.
I would like to see a bit more volume for more of a confirmation, but the sell off occurred on small volume as well so perhaps a volume surge is not as important as one might think.
If prices can hold up around $4k for a bit, we might have seen the lows...
Stay informed my friends.
Image Source:
https://news.bitcoin.com/bitcoin-volatility-match-fiat-two-years/bitcoin-bounce-614xa/
Follow me: @jrcornel
BTC at 4157$, is it possible that is the start of a reversal.
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BTC be like:
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Lol bounce bounce bounce!
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The cat should be dead to have a dead cat bounce:D
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Haha good one. Though I don't think the term dead cat bounce will be accurate in this case as I think bitcoin will eventually make another high. It might just take a while.
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Bitcoin will eventually go up as long as there is other cryptocurrencies that need to be exchanged to FIAT... Unlike most cryptocurrencies that are mainly used to increase portfolio because they are innovative, Bitcoin is used to cash out the portfolio.
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Lol it has other uses. Works great as a money transmitter that transcends borders.
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There is a lot of other coins that are better than Bitcoin for moving money across borders due to lower value and thus lower fees. I know Bitcoin network fees have dropped significantly during last year, but they are still quite high compared to some altcoins. In next few years more and more exchanges will support directly buying altcoins using FIAT due to large disk space required by Bitcoin blockchain.
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Yep, and also demand.
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Back to $3,700 😩
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Gross.
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Wow. And the chart looks ugly too!
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Yep. First decent bounce we have had in a while.
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I need it to drop again this night, it can rise tomorrow.
I'm still in Tether.
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You may get another shot in a day or so.
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Volume as well as a retest of the low with a blast past $4,100... That is my recipe for a potential bottom!
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I like no retests :)
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This will cool down rsi so it can go lower.
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Haha so a dead cat bounce to you?
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I see the panic so bottom should be near but broader markets r down which could drag cryptos further down. I want to see 40-50 coins die
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That is all? I would like to see about 1800 die :)
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I meant in top 100. Everything after that is just trash.
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Ah yes, that makes more sense. At this rate though steem may fall out of the top 100...
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Hopefully it doesnt
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See I told you in your yesterday's post , but I think we have to wait more :)
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How long will we wait?
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Probably one or two months. Listen the downfall I can see upto 3000$ and the market then we will have only 100 bln market what it means, it means that the 100 bln market is standing only because of the people like us small traders, long term hodlers,etc. It means at that we have no money of whales, so as they are here for profits, then they have to long their bitcoins because there's no option left for them.
In 2017 before the whales enter we have 100 bln which is of our small traders :)
So, probably we have to wait one or two months more
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The crypto market was a lot smaller than that actually. In January of 2017, bitcoin was around $1,000. The altcoin valuations were way smaller than even current valuations.
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Yeah, I agreed
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Get ready, we can see a huge bounce soon😊😊
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Yep, I think so a well.
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