Pack Up Your Bags - The Tides Have Turned!

trincowski (68) in hive-167922 • 5 years ago

Last December marked the end of 6 months of downhill for Bitcoin. After that, Bitcoin has resumed the upwards movement and every time it rises, the pullbacks are quicker and shorter.

Now, almost every trader is waiting for a pullback to the region of $8800 or $9600, at the very least.

Will Bitcoin allow them to wait... or will Bitcoin pull a fast leg on every trader and ignore all of their Technical Analysis and keep moving higher and higher, leaving all the day traders in the dust?

After another huge spike up today, all the technical signals showed the same: a downwards move to $9600 was about to happen.

Shortly after, two very bad news for the price of Bitcoin were released almost simultaneously, giving hope to all the traders that the so long awaited pullback was about to happen.

The first news came from Italy, where a massive hack happened in an Exchange, thus forcing them to shut doors after an irrecoverable loss.

Cryptocurrency exchange Altsbit to ‘terminate’ following mass theft of funds.

The second news came from Asia, saying the culprits behind the PlusToken Scam moved a huge amount of Bitcoin.

PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K

These kind of news made a lot of traders believe an imminent dump of Bitcoin was imminent and it was only a matter of hours until it would crash down... So... they all opened short positions. After all, these news came at the same time Bitcoin had a very huge gain in a matter of minutes. It was the logical move to make.

However, Bitcoin didn't care... and just kept creeping higher and higher...

For the first time in 2 years, such massive FUD was completely ignored by the market. Now, everyone is scratching their heads and thinking: "Could I be wrong?"

^{Image Source}

Now, I want you to pay attention to these charts. Take a good look at the point where Bitcoin cleared the previous psychological line of 6k... and where every trader was very confident on a pullback to 4.5k or less.

See what happened? Bitcoin ignored all the technical signs and didn't give a crap about staging a pullback.

Compare it to the chart today, where Bitcoin has just cleared the next psychological mark of 10k and when almost every trader is, once again, confident it's going down to $8800.

See the similarities? I'm starting to think Bitcoin will do the exact same thing here and, instead of a pullback, it will go up another $1000 or $2000 in a 3 day period.

What are your thoughts on this? Do you think the technical signs will give traders an opportunity to buy lower? Or will the markets move to the unexpected side of the trade, leaving everyone confused again?

Disclaimer: I am not a professional trader. Heck, I am not even a day trader, so don't take this as an investment advice. I can be right or very, very wrong. Do your own thinking and follow your mind.

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5 years ago by trincowski (68)

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kerrislravenhill (63) · 5 years ago

It's been certainly a nice move up for BTC, I figured that the 10K was easily reachable but also a mental barrier as if were most trader's will deem as the goal reached and profit taking is on until the next run up.

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trincowski (68) · 5 years ago

What next? It seems it's got to a point where it doesn't want to go up or down but we can't stay here forever. 😁

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beerlover (62) · 5 years ago

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maxwellmarcusart (74) · 5 years ago

The bitcoin theft and scam are really pathetic. I think these exchangers should take appropriate measures to secure their accounts. I'm glad despite all those setbacks, bitcoin keeps waxing stronger.

In respect to your questions, bitcoin trading has always been risk and following that signal will always be on the risk side though it is a good sign which would made them buy higher.

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trincowski (68) · 5 years ago

Everyone is expecting it to come down and it simply doesn't. It seems that someone... or something is not allowing the price to come down.

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maxwellmarcusart (74) · 5 years ago

Yeah you are right. Something just don't wanna let it special now a lot of private companies have been accepting it as a meduim of transaction.

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beerlover (62) · 5 years ago

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catscientist (51) · 5 years ago

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sinlg (65) · 5 years ago

BTC certainly moved up (spiked up)... drastically. Steem price did ok too

thanks for your article

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trincowski (68) · 5 years ago

Yeah, it's a hard battle right now. Will we hold the line? Or will we go down trying?

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digi-me (74) · 5 years ago

Thanks for great info, we should have a pullback but it usually dont make it easy to get cheap price when it first is bullish as last time from 4k to 14k, very few pullbacks.. but its been a great run and also ETH impressed, picked up a bit before the breakout of 170. Might get a pullback and retest the 200MA, we will see :)

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beerlover (62) · 5 years ago

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lady-idra (61) · 5 years ago

I think they have a strategy 🤔 :
full steam ahead and horse blinders? L 😂 L
... 😅 ?

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trincowski (68) · 5 years ago (edited)

Well, things are getting dangerous either way. With such Bullish momentum it's not advisable to go against it... but on the other hand, after such huge spikes in most coins, it's also not a good idea to get in. 🤔

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lady-idra (61) · 5 years ago

I agree.

Also, in my humble opinion, the spike may be in relation to the number of buyers, more investors widens the fields, offer more stability to the value and credibility of each coin. But, nothing is guaranteed, they have no threshold so they can go down as fast as they went up.
I know that some of the concepts I've written may be common knowledge but it boils down to it.

I thank you again and cheers! 🍻

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chekohler (70) · 5 years ago

Looks like you can't FUD a halving can you? I'm not too interested in what the peak will be i'm more keen on where it will eventually settle. TO be honest I feel 10k would be a fair price point once the madness subsides wel for me it would

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trincowski (68) · 5 years ago

Yeah, let's see where it goes from here. The riskier side of the trade is betting on a rise, but we all know how Bitcoin doesn't like to do the most obvious thing. Right?

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