The thruth about Bitcoin. Breathe in the air.
Hello there!
Once upon a time some great heads considered Bitcoin as big bubble so what? They went short. This led to massive liquidation only in upward direction by exchange power which is impregnable and shows the deal. Remember when crypto went show? Around 4,5k almost everyone were screaming sell and? They were right. Because it was plain short hunting, perhaps bankers(J.D.) fell into dellusional shorts below 3k and despite the fact if they closed yet or not ;> the propel lasted long.
So whats the thuth about Bitcoin?
At the beggining some raw facts: After passing $2000 Bitcoin started planning the real future. First of all They considered many backups, one of them is BCH - Bitcoin Cash. This split allowed them to work together at different brands, independently but on the same code. This ties them to each other if They like it or not - like in ETH+EOS+manymany others(excluding code migrations) - this makes power, not single shark. The other backups are just trusted nodes, and You my dear friends - The Holders. I do not talk there about trading, being holder means there a strong private key supplier,miner etc. or just a user.
Technically, We can see big compromise between BCH and BTC setting the support at $6000 and starting to develop BCH. With more swift partner the real buisness could began. First hurdle was obvious but harder to solve out - transaction costs. Obvious was that crypto are still in experiment phase, BTC's network refused to support high overload and transactions throttled what urged developers to dump the price. This is the reason for manipulation, to wipe out users so the team can clean, maintenance and prepare for next wave.
This is why I still don't see anything bad in Bitcoin
Bitcoin remains as beast. And I don't see any shades of weaknesses. Bart moves are so easy to paint? Let's draw hundreds! Wonderful. Still I like it. Makes sense and tells that owners are in control. This is why long term bullish view on Bitcoin and others top cryptocurrencies is reliable, although it could go beneath main support but rapid transfer to BCH would be too easy to fix for retailers, so every breakdown I would treat as big bear trap. But is Bitcoin able to hit new record highs? Since the 2018 year began, hash power started to rise. This means BTC could get more popular. Perhaps We are not yet ready to make me rich, but hey, numbers don't lie. Soon We could enter the field, where shorts start threaten whales. My advice is to look at exchange volume. Especially looking at non margin exchanges where small differences makes shape :) - BTW. Poloniex expands USDC - not margin. I assume that there are a lot of crypto holders ready to keep the price above $6000 by the exchange orders because They drive the market wisely and in my opinion, the perfect buisness plan would fit into 6-20k swings for upcoming months or years until We are ready for more.
This is the time You are no oracle. Price can spike or just crawl, but momentum is positive.
If You enjoyed my piece of entertainment, please share like or even follow!
Once upon a time some great heads considered Bitcoin as big bubble so what? They went short. This led to massive liquidation only in upward direction by exchange power which is impregnable and shows the deal. Remember when crypto went show? Around 4,5k almost everyone were screaming sell and? They were right. Because it was plain short hunting, perhaps bankers(J.D.) fell into dellusional shorts below 3k and despite the fact if they closed yet or not ;> the propel lasted long.
So whats the thuth about Bitcoin?
At the beggining some raw facts: After passing $2000 Bitcoin started planning the real future. First of all They considered many backups, one of them is BCH - Bitcoin Cash. This split allowed them to work together at different brands, independently but on the same code. This ties them to each other if They like it or not - like in ETH+EOS+manymany others(excluding code migrations) - this makes power, not single shark. The other backups are just trusted nodes, and You my dear friends - The Holders. I do not talk there about trading, being holder means there a strong private key supplier,miner etc. or just a user.
Technically, We can see big compromise between BCH and BTC setting the support at $6000 and starting to develop BCH. With more swift partner the real buisness could began. First hurdle was obvious but harder to solve out - transaction costs. Obvious was that crypto are still in experiment phase, BTC's network refused to support high overload and transactions throttled what urged developers to dump the price. This is the reason for manipulation, to wipe out users so the team can clean, maintenance and prepare for next wave.
This is why I still don't see anything bad in Bitcoin
Bitcoin remains as beast. And I don't see any shades of weaknesses. Bart moves are so easy to paint? Let's draw hundreds! Wonderful. Still I like it. Makes sense and tells that owners are in control. This is why long term bullish view on Bitcoin and others top cryptocurrencies is reliable, although it could go beneath main support but rapid transfer to BCH would be too easy to fix for retailers, so every breakdown I would treat as big bear trap. But is Bitcoin able to hit new record highs? Since the 2018 year began, hash power started to rise. This means BTC could get more popular. Perhaps We are not yet ready to make me rich, but hey, numbers don't lie. Soon We could enter the field, where shorts start threaten whales. My advice is to look at exchange volume. Especially looking at non margin exchanges where small differences makes shape :) - BTW. Poloniex expands USDC - not margin. I assume that there are a lot of crypto holders ready to keep the price above $6000 by the exchange orders because They drive the market wisely and in my opinion, the perfect buisness plan would fit into 6-20k swings for upcoming months or years until We are ready for more.
This is the time You are no oracle. Price can spike or just crawl, but momentum is positive.
If You enjoyed my piece of entertainment, please share like or even follow!
Note
Okay, I assume some of You profited from recent movement, breakout was likely to happen. Of course it is not that confident step, but still trending up. As volatility lowered We could expect some swings before strong impulse. Perhaps You sit on green now? Well, it would be the best place to consider strategy plan asap. 0.5 fibonacci retracement could call again and put the price into correction. If not long, I would definately not short this. If You are not convinced, You should stay sidelines. If You are about to enter - wait for correction.Here You have 1D chart with BTC broke out through major resistance while support is that near calling for attention.
Note
Market has started reacting very rapidly, even if there is no real volume. This happens because volatility is that low, so We are getting used to such climat. It must look like this before decisive movement.To understand current conditions We need to think about trend and its strenght. Here I attached 1D chart with DMI indicator which shows current trend dominance and its power (ADX). These days Bitcoin shows no real trending, ADX keeps falling to all time lows, still not there. How to use it to navigate? In my opinion it is great tool to track market condition, seems like ADX is likely to fall below 10 - this means the price will be coiling down to $6000 support where new cycle could begin. In simple words : accumulate on supports :)
Note
Hello.ADX is falling, as I expected. I am very glad I can see a movement like this. Putting everybody in doubt is such a great play consolidating the price and discouraging to enter here. All for all owners are privileged to choose direction, They are conscious of Their flow capability. This is why coming days will probably be indecisive, where market waits for someone to make a big mistake.
Here I drew 2 possible scenarios before stronger impulse, I hope We will be able to trade more frequently soon also but patience is the only friend for now. The more market shows the better our experience and enter level. Blue scenario roots for bulls more, yellow one would fit into further clarification continuation. Since We have broke out there is no certainity, especially when some alt coins(XRP) seems They are done already.
ADX is a little bit over 11 points what gets us closer to nice opportunity to choose side.
Note
watching today's movements I see blue curve more likely to fulfill.Trade closed: target reached
Price movement filled into forecast, ADX fell below 10 and every condition led to succesful rise in value.Note
Check ping pong short possibility!
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