Bitcoin price discussion and analysis

[noirua]

Quite a lot of thought going on in this market. Over 1,500 different coins and Bitcoin is adjusting to all the many events as well as the new lines of asset backed coins and gold backed cards. Always a guess but maybe leave it to late in 2018 as Bitcoin simply got well ahead of itself.

 

[moXJO]

It was a stellar run. Now it needs to drop to levels that all the hodlers feel comfortable buying in at. Scarcity and FOMO is what launches these crazes. And you don't need a massive volume for price spikes.
There are too many $hitcoins out there as well.

 

[So_Cynical]

The top (red) down trend line is the only one really intact - perhaps a turn around in a month or so..
~

 

[So_Cynical]

All the hype of six months ago seems to have evaporated. It was a glorious run to US$19,000, but it appears that reality is now beginning to set in.

I wonder how the guy who sold his home and all his possessions to invest in Bitcoin is feeling now: https://www.businessinsider.com.au/didi-taihuttu-sold-everything-for-bitcoin-fans-2017-12

Didi and family are doing great so it seems.
~

 

[greggles]

Didi and family are doing great so it seems.
~

 

[noirua]

Cryptocurrency
https://uk.advfn.com/cryptocurrency

 

[noirua]

European countries join Blockchain Partnership
10/04/2018
https://ec.europa.eu/digital-single-market/en/news/european-countries-join-blockchain-partnership

 

[noirua]

Winklevoss Twins Earn 5th Blockchain Patent
https://uk.advfn.com/stock-market/C...oss-Twins-Earn-5th-Blockchain-Patent/77165681

The most notable working operations the Winklevoss Twins are involved with are cryptocurrency exchange Gemini, founded in 2015, and investment fund Winklevoss Capital Management, formed in 2012. Their pursuit of patents may hint at a new route to establishing cryptocurrencies as ETFs.

 

[greggles]

Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta has declared that Bitcoin is Halal.

https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/

And up she goes! There's a lot of oil money that might start buying into cryptocurrencies now.

 

[CanOz]

Lol...is this serious??

 

[greggles]

Lol...is this serious??

Apparently so. I'm seeing it being reported from multiple sources. Confirmation from a more mainstream source would be good though.

https://cointelegraph.com/news/fint...oin-is-generally-permissible-under-sharia-law

 

[Joules MM1]

Lol...is this serious??

the new petrodollar ?

 

[CanOz]

What a load of wank, more rumor and innuendo from the crypto spruikers.....that recent low is what we refer to as a "poor" low in auction market theory. Value was not rejected, it was accepted there, price will return to unfinished business....

 

[greggles]

I'm getting mixed messages on the whole Bitcoin is halal story: https://www.finder.com.au/no-bitcoin-did-not-just-officially-become-halal

Maybe it is just a load of wank?

 

[InsvestoBoy]

What a load of wank, more rumor and innuendo from the crypto spruikers.....that recent low is what we refer to as a "poor" low in auction market theory. Value was not rejected, it was accepted there, price will return to unfinished business....

Hello CanOz,

Can you explain this a bit better? How do you know value was "accepted"? Why does this mean price will return there?

 

[CanOz]

As defined by FT71

https://futurestrader71.com/glossary/

 

[CanOz]

Poor or weak low

It is easiest to illustrate what a weak or poor low by discussing what a strong or excess low is. When the market moves lower and finds that prices are just too low to be fair, the traders generally immediately drive price higher as buyers grab up as many contracts as possible at the perceived low prices. This generally leaves a buying tail on the chart and little in the way of volume on the profile. A weak or poor low is the opposite. This occurs when the market tests a low and can’t move away from it readily. A lot of volume trades a tick or so from the low print and buyers don’t seem to be interested in lifting prices higher. This is a weak or poor low and there is a generally tendency to revisit that low within that session or immediately after that session.

 

[InsvestoBoy]

Poor or weak low

It is easiest to illustrate what a weak or poor low by discussing what a strong or excess low is. When the market moves lower and finds that prices are just too low to be fair, the traders generally immediately drive price higher as buyers grab up as many contracts as possible at the perceived low prices. This generally leaves a buying tail on the chart and little in the way of volume on the profile. A weak or poor low is the opposite. This occurs when the market tests a low and can’t move away from it readily. A lot of volume trades a tick or so from the low print and buyers don’t seem to be interested in lifting prices higher. This is a weak or poor low and there is a generally tendency to revisit that low within that session or immediately after that session.

Thanks, that sounds much clearer.

Can we see the chart?

 

[CanOz]

BTC / USD daily with excess low and recent poor low....

 

[So_Cynical]

Poor or weak low

It is easiest to illustrate what a weak or poor low by discussing what a strong or excess low is. When the market moves lower and finds that prices are just too low to be fair, the traders generally immediately drive price higher as buyers grab up as many contracts as possible at the perceived low prices.

Problem is that there is no genuine way to determine what a low price is, its crypto and basically worthless - and yet its not...whats fair here????