Well before I get started let me clear the air, I am not a professional. This is not finacial advise!
What in the hell is going on with bitcoin? Now I know first hand how price Manipulation feels and this feels just like that. Bitcoin futures started tradeing thanks to CME, it futures are listed under XBT.
In less than a week (since bitcoin futures started) Bitcoin has seen a 30% drop in price. Now Bitcoin has experienced some pull backs before but Nothing to this size and usually has a day or 2 recovery and then shoots back up, well thats not the case this time.
Is Wall Street in control now?
I know thats a heavy question but is this the case? Is bitcoin no longer a free market? If you look at the bitcoin futures (XBT) everything is bidding down, and the price is going down as well. Look my friends, the precious metals have experienced price manipulation first hand. We know it is real and we also know that it is unstoppable.
So my question to everyone is this, is it time to get out of Bitcoin? Or is it time to buy? Now before you answer those question, let me first say that I don't believe that we have seen the bottom of bitcoin yet. I believe that Wall Street will get the price down and then make a killing off of it and leave the average person at a loss.
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To me it’s a normal and long over due correction. And it’s a good buying opportunity. I’m waiting to pull the trigger until I see 11K. We are almost there.
$10,000 might be a better trigger to pull, but I'm with you, looks like it coukd be a good buying time in days to come.
Looks like we hit 10k on coinbase.
This is actually a good sign. A healthy pullback is exactly what is needed. Anything that goes straight up without stopping is due to come down just as fast.
Also, it is Christmas time so some profit taking is to be expected. Those new iPhone Xs aren't going to buy themselves!!! Not to mention that any disposable income that was moving into cryptos/investments are being redirected into Merry Consumerism!
I hope you are right, but it feels like a Wall Street beat down.
You are definitely right about "Merry Consumerism" effect.
This is my wife and my's favorite semi-numismatic round. I think it captures so much in a small format.
Bottom = $11,561 and it just hit...I hope
I think you may see $10,000 or less.
Its the same feeling as May 1 2010 circa 0200 HRS...when I blew up my futures account lol
Great analysis of bitcoin
Bitcoin break down
Goldman Sachs announced yesterday that they'll start trading in bitcoin soon, officially making it a mainstream thing. So I would have expected the opposite thing to happen tbh
G.S. is in it to make money, don't for one second think they are gonna jump in when it's nit at the bottom. They don't lose money they steal it.
stealing in a legal way, that is :')
No you are not a professional, just a decent caring human being concerned for himself and his friends and family. Not alone by a long shot, trying to figure out the chaos. Hold on to the silver my friend and don't worry to much. Peace.
Thanks buddy, you too.
Just as everyone was expecting a huge incoming wave from new buyers. This could be a dump and pump, not just Bitcoin plummeting, will big money gobble up the drop?
Of course they will, thanks for stopping by
I'm out. You know how Eskimos leave their elderly out to be eaten by polar bears?
(I read it once so its true)
That's bitcoin. All the grandchildren are arguing over the timing and location, but it's happening.
I wouldn't recommend leaving your elderly for the polar bears Mr. Clarke, even if it is true. I believe you are right, it is happening right now.
Hoping its Christmas profit taking
Nobody should be shocked....if you followed me. ;)
Is BitCoin at the Bottom of The Correction?
Your guess is as good as mine Ray. My thoughts are torn between manipulation or "newbie" investors running sacred and crashing the market.
Bitcoin had a massive rise due to new money being chucked at it by "get rich quick" idiots that have no idea what the blockchain is or what it does, but saw an opportunity to make some quick cash. When coinbase launched bitcoin cash it scattered the market investors and new money didn't know its ass from its elbow and started flipping between the 2. In my opinion this has had a 2 fold effect, the money going to buy bitcoin and causing its sharp increase got diverted in to other cryptos that lead to bitcoins price stagnating and people started pulling money out. Slowly at first, but more and more new money(get rich quick kids) panicked and this nose dive is the result.
OK I've forgotten what the point of your blog was now.
Right I'm back - maybe not to buy any more yet, wait for the crash and stabilisation to occur and buy back in. I believe cryptocurrency has a future, it might not be bitcoin, but the blockchain and cryptos are here to stay.
Sorry this post was so long
Excellant way to look at it and this could be the case.
I'm with you 10k would be my trigger. The correction that takes us back to similar prices before the December buying hype.
I think maybe some people are taking year end profits? Definitely manipulation, but maybe as a trend and not intentional. Could also be triggered by automated selling? Just guesses. I read yesterday that the floor for BTC was around 11K. BEFORE the decline started that article appeared. Could be some panic with a lot of novice people invested.
Yeah I saw that too on the floor, I think it will go lower tho. Thanks for the visit.
I'm thinking the same. If there is a panic sell off, it could drop significantly. When it his 50 after Cypress, it dropped to ten, which was an 80 percent drop. When it hit 1200 during the first congressional hearings, it dropped to the 250 range, nearly 80 percent in drop. It hasn't had that type of correction since. But I would put the floor around 5,000. That's just based on my having watched it for eight years.
Not that it will drop to 5,000. I just believe that may be the lowest.
I heard a lot of calls for Bitcoin to fall once the CME got involved. So far they have been right. Hopefully we don’t see a manipulation like we see in the PMs.
I think we already are seeing it.
You're spot on here!! I can only imagine how many they brought in and bought at 17-18k thinking it was going to go to the moon! Only to find out a week later their investment would be cut in half. Not able to stomach the volatility they got out of it at a huge loss! Wall Street comes in licking their chops and then rides it all the way up!
Right on dude, thats how it works.. have a merry christmas bud.
I hope you all have a merry Christmas also!!
Completely agree with you Ray. The Wall Street bastards piss me off. I sold enough BTC just before the futures markets open to cover my inital purchase for just this reason. I'm new to crypto and precious metals so have not experienced market manipulation personally before but the fact at there is bugger all we can do about pisses me off the most.
Well if it is manipulation, you just have to play the game with them.
I hope it's not the start of manipulation but just the fair weather investors running for the hills. I just wish I could buy more when the bottom comes.
You and I both, I have lost a bunch of money over the past 24 hours, but I am still buying.
It's not lost if you don't sell. Looks like it's mostly back up. What a wild ride, and so fast and turbulent.
This is not financial advise! Seriously I think those much smarter than us are just guessing. This is a brave new world and there are so many things that have to be shaken out. It's is going to be a wild bumpy ride with a lot of ups and down before we can really get a feel for where it is all heading. Specifically, right now I am just relaxing and waiting till the new year to see where we are. The holidays always get weird and as crazy as thing are already I say catch your breath and wait ten days. There are no moves I can make now and feel good about. I know what I don't know and what I don't know is what will happen next. Take a break!
HODL!!!! Just a nice fat dip, great chance to rebuy.
What is the future of the market conditions of bitcoin? say something about your business analysis. Thanks for sharing
i think you should buy because day by day bitcoin is rising
Thanks for sharing your valuable content..especially thanks for discuss about BTC..cause i gain knowledge to your post in crypto..well done.
happy upcoming christmas day.
upvoted and resteem
great analysis and very informative information.the cryptos get more and more exciting everyday.thanks for sharing.
upvoted and resteem
I heard that it is late to buy bitcoin. right? I am not sure it is right or not..
Well noticed, very much like the influence of Walt Street. Good luck to you and good.
btc is currently
testingfallingsmashing through the 12,600 mark. Maybe this wasn't such a good idea after all?https://www.ccn.com/billionaire-bitcoin-investors-winklevoss-twins-dare-jpmorgan-ceo-short-btc/
I️ think this is just going to be Thier’s law in action very soon. New and uneducated investors in the space are probably taking out for Christmas and then other newbies because they are getting scared of the prices they see falling. Maybe soon the good investors will outrun the bad and the market will become less frantic, stabilize, and then climb back up.
Steem is a buy and hold. I just posted new content at my blog.
Which price does Bitcoin hit at the next time ?
You are right Excellent post @raybrockman
I think ,rather than loss it is a great time to get entry in bitcoin if somehow someone missed it. In my opinion bitcoin bottom will be $10700-$11000.
So all the investor ,just hodl.there is noting to be panic in the market.the market will be green very soon.
Do not take it as a financial advise,it is just my opinion.the first and last rule of crypto is "DO YOUR OWN RESEARCH".
Best of luck.
People might be selling to buy extravagant Christmas presents for people. @ironshield
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Btc price very fall this week. Very strange
I agree Ray, the big boys are looking to somehow slam Bitcoin so they can buy at the bottom.
So, what is the process for the manipulation of Bitcoin?
Is it the Manipulation of the Mining Fees and the Transaction Fees at the exchanges that will be the process for the manipulation of Bitcoin ?
Similar to how the London Fix prices are manipulating the Silver/Gold prices. ...
Similar to how 'paper' contracts on Silver/Gold are used to suppress prices...
Similar to how the Federal Reserve manipulates interest rates...
...Could 'some group' manipulate the Bitcoin price by charging higher mining fees and transaction fees?
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