Does this BTC rally seem unusually strong to anyone else?
Bitcoin goes up, and it keeps going up.
I'm not sure about you, but this latest rally is surprisingly strong to me.
After months and months of downward price action where not even the greatest news in the world could make prices bounce, we can't seem to go down now.
Looking at GBTC, which is the stock market proxy for bitcoin (it's actually a bitcoin investment trust, but just go with me here), we can see that we now have 9 green candles in a row...
The last time that has happened on GBTC was... never.
To put that in perspective, it's pretty rare to see any asset have more than 6 green candles in a row, it just doesn't happen without some sort of retracement, usually.
Keep in mind that GBTC is not a perfect measuring tool because it only trades during market hours while bitcoin never stops trading.
Either way though, it is interesting and unusual to see bullish momentum go this long without interruption.
What's more...
Looking at the actual chart of bitcoin there were some major resistance levels that bitcoin just knifed through.
We had a ton of resistance around the $6,000 to $6,300 levels.
Well, as I type bitcoin is trading for $6,400 without so much of a pause really through any of those previously mentioned resistance levels.
That is very surprising to me.
The FOMO is real!
(Source: https://en.bitcoinwiki.org/wiki/Cycle_FOMO-FUD)
Why is this rally so strong?
I think we have the perfect storm of sorts.
We have Consensus taking place in NY right now. Bitcoin rallies on average 77% in the 2 months following the event.
We are bouncing after falling by 85%.
We have Fidelity opening bitcoin trading for institutional clients.
We have Etrade and TDA both likely enabling bitcoin trading in the coming weeks/months.
Plus we have Bakkt liking coming online in the coming weeks/months.
Not to mention we are now less than a year away from bitcoin's next halving event.
Add all this up and we get a rally that just won't quit!
I for one am hoping for a pullback now so I can get back in!
Stay informed my friends.
-Doc
Did you read my latest post? I proposed this count 3 months ago. If it is correct, BTC cannot fall down until yellow wave 5 is finished (which will only be wave 1 of this new bull cycle)
No I did not. You proposed that bitcoin would bust through $6k area on it's first touch without any pullback whatsoever when prices were $3k? You would be one of the few if that is the case...
Somebody knows something. Yesterday millions of market cap dollars retreated into Bitcoin. I think Bitcoin is going to use altcoins to catapult itself and then bring altcoins in for the ride once it gets there... hopefully 12k. I'm going to be watching the market like a hawk mid june.
That is pretty much what happened in December of 2017, and then January of 2018. Bitcoin goes first, then as it pulls back or goes sideways, money flows back into altcoins.
I believe in FOLMA (fear of losing my ass) 🤪
That is a very strong motivator, let me tell you.
Well, Etrade and fidelity adding crypto trading like in a week or so. Also, a few other big stock market-related things are in crypto as well.
You also have politicians crying to Congress to ban crypto
Yes, Fidelity in the next few weeks. Etrade and TDA likely soon after. Then Bakkt at some point in the near future. Plus you have the Consensus 2019 conference in NY where bitcoin averages a 77% gain the following two months... It's the perfect storm.
It's a clear sign cryptocurrency is on a very clear line to mass adoptions. When the stock market says they feel they should be able to trade these tokens and have filed a massive amount of licenses. We all know there going to get their way.
There are also rumors that Bitfinex and Tether are a big part of these recent rally...
So much for falling back to 4200 like most people seemed to have been talking about forever. I certainly do hope we get a dip below 5000 again but it's starting to look more unlikely as we go along.
Yep I agree. I think we will dip back to 5,300 and maybe 5,000, but I don't see us going below 4,700 now and would be lucky to get that big of a drop.
at this point i feel like if bitcoin holds above 6k and then we see another major rally (say 12k) then 6k will become that hardcore support line once again... just like we saw for the majority of the bear market.
not going to be surprised if bitcoin never dips below 6k ever again
I hope you are wrong... Need a dip to get back in now. :)
psh i hope im wrong too. I'm setting up a hedge for said crash and I'd like to utilize it.
Same with me. There are rumors that Bitfinex and Tether are behind this latest surge... if that is the case, it may be go a lot higher yet.
and what about steem?
Steem is unusually week. Well not that unusual considering the lead developers on steem/steemit continue to dump steem without much to show for it. Too much supply out there.
I get the feeling as soon as MIRA is fully released the whales of Steem will lay off the selling pressure and we'll see some action. Steem has notoriously bad liquidity due to DPOS. If the selling pressure goes away the price will go crazy.
We also need Inc to stop selling... they claim they got costs down and also are generating revenue via ads, it's time to stop diluting the price.
honestly though if Steem is becoming more decentralized because of downward pressure they should keep selling. In the long run a more decentralized distribution is 1000 times more important than where the price is over the next few months.
Unfortunately, Measuring decentralization is impossible and the metrics used to estimate it are very flawed.
I have no issue with them selling, though I would prefer if they were spending to build steem and promote steemit.com, you know similar to what was described originally for that money. We have no idea how that money is being spent, but it appears to be needed just to pay salaries... which is another topic altogether. Frankly, I just wish there was more to show for the amount of selling being done. Otherwise, just burn the stake and get rid of the extra supply and we'll go from here.
One would hope the selling would be slightly more "strategic" than it is. Selling the same amount now when the liquidity has dried up is vastly different then selling in the mania days of 2017 and early 2018.
Agree with you. If MIRA can reduce the cost of nodes and servers then many of the top witnesses and also Steem inc would stop throwing/selling Steem in the market which would be excellent.
Posted using Partiko iOS
Steem is being dumped as soon as people see a little profit can be made. As for peoples claims saying its steemits fault. The community is dumping just as much.
Where do I begin...
The community wasn't gifted 100 million steem with the intended purpose of building out and promoting steemit.com. Which there has been very little of 3 years later.
The community is the only reason steem any value at all, and when I say community I mean anyone that bought and is holding stee. They are the ones that actually give steem value. I would be pretty shocked if Ned etc has ever purchased any steem at all.
Further, the inflation rate is roughly 8%, which is fairly high, but gets significantly higher when you factor in Incs programmatic selling. There isn't much liquidity out there currently so their automated selling isnt being absorbed by the markets like it was in 2017 and early 2018.
Now, I don't think they are solely responsible for steem at .29, but I don't think they are helping enough either.
There are likely, 0.5cents-5cent lose in the market. If you looked at how many people sell to blocktrades alone you would understand just how much the community is dumping and at very crappy fee rates.
But i guess this comes down to consumer confidence and having users who're greedy. We spoiled the users for a long time when the prices were up. As they get lower they will complain just as much. What people don't realize is every time steemit sales coins, that means more power to the users. One of the biggest issues people have with steem is its distributions which is being correctly pretty quickly when there selling of coins.
Steemit might have got a lot of tokens, but it hosts the most data, most images, and its nodes are constantly rekt and will be until mira's launch. I think this will be when they don't need to sell as much. You got to remember they were threatened with deleting their coins. We assume there dumping coins, they could be spreading them out to other accounts using exchanges as proxie.
But as i see it until the community stops dumping i don't see why steem should stop either. Just because they're a company don't mean they shouldn't sell off coins to make ends meet. I have a very bad taste in my mouth about things steemit has and hasn't done for the community so i understand.
But steemit is the one hemorrhaging money or was because top two witness or any witnesses feel they have no feed to run full rpc nodes. So steemit has taken up most of this cost. Hopefully, mira will fix this and witnesses will get it together.
Most of what the community is selling is because they invested early on. Not much is earned for free on here as you likely know. The stuff that is earned for free on here is very small and likely accounts for very little selling. I think you are missing my entire point. You are griping at people for selling what they invested in while giving Inc a free pass for dumping their millions of FREE coins that were largely supposed to go towards making steemit.com a success. And even then, them selling is not the issue, it's the fact they didn't plan ahead for a bear market (IE getting ads going much much sooner) and that the money they have spent hasn't been spent well at all considering there is almost nothing to show for it.
Overall, them selling steem is not sustainable in any way shape or form and continuing to do so now when there is little to no liquidity is likely going to contribute to them becoming insolvent sooner rather than later.
Increasing the numbers on here brings in the money via ads, google and facebook (as well as countless others) have shown that the numbers of people make the money.
However, expecting steem users and investors to not be selling steem is pretty foolish considering that is exactly how this place is designed to work and what brings in the people in the first place.
It seems strange that Steem, EOS, and BTC aren't seeing much if any action along with it. Makes me wonder....
Well most of this latest rally has been bitcoin and bitcoin alone. Some alts went up with it early on, but the last few days when it started going parabolic, it has been at the expense of the alts. This is lovingly known as the "bitcoin suck".
We've seen in the past how Bitcoin can spike first as the altcoins ride the coattails.
More and more I feel like that is what we are going to see between mid june and july.
The rapids of the entire world economy flow heavily in the summer time.
Mental isnt it! Will we test the 7k+? Looks like it could easy at this rate, but im no expert!
I think if it holds over $6,300 for a bit here, like a day or two, I think we could do something stupid on it... like go to $8k in a straight line or something.
Unusually strong? Scary strong.
Knifes through resistance levels like they aren't even there.
Dumped my mediocre to poor stocks in my IRA and bought GBTC and had a green week while all around was a sea of red.
Haha nice play. I actually bought SPY today in my IRA. Looking for a nice bounce. It had a great rest of the day after I purchased it so far. :)
Holding some of my GBTC still as well. That 38% premium is scary though.