The big BTC pullback came, but is it over?
Wow, it been a wild ride on the Bitcoin rollercoaster.
It went much higher than I ever imagined and the pullback has been rather measured compared to its rapid climb.
But is it done yet? with Futures trading starting in a big way today.
We are seeing a big upswing just before that goes live this evening but is the market gearing up for a very large short.
I guess only time will tell and its not really time for the faint hearted, if you don't have your combat boots on.
Time to make or lose a lot of money. I think I am just going to sit this one out till its all over and the dust has settled.
"The dust has settled" meaning : the coke that will be snorted on Wall st tonight?
Either way. I think riding the volume tomorrow - up or down - might not be a bad idea!
Wow that looks amazing! Nice work
That is a very good question, one for which it is very hard to tell. Looking at it from a technical perspective. If we do a simple Fibonacci from the start of the last run on the Daily Chart, it puts us at a 50 percent retracement which is spot on, contract, consolidate and move on upwards. Add to that the 1 DAY StochRSI shows us as oversold now, and we really don't have a ton of divergence between the MACD and signal line. The histogram, however is trending downwards.. summing it all together its a mixed bag, but leans towards Bullish.
That said the 3 day and 1 Week, are more Bearish as we have not had a significant weekly correction in 3 months.
Either way the charts have to be honored, so based on experience.. I would say one of two scenarios.. Its trades in a range for a prolonged period between $14,000-$15,000 moving sideways until it can shake some HODLERS and alleviate the divergence in the 3 day one 1 Week Charts
Or we have another sharp drop that will be somewhat longer in duration before consolidation and carrying on.
DAILY DETAILED MARKET ANALYSIS, GIVE IT A READ, MAKE SOME MONEY OR SAVE SOME...
https://steemit.com/bitcoin/@pawsdog/12-9-2017-the-market-view-and-trading-outlook
BTC could without a doubt experience one more pull back before the moon shot. if it doesn't break 1600 within the next few hours then this is highly likely.
This is just a beginning !!! Bitcoin has lots of potential to grow and get into mainstream adoption !!!
im new to this also but after watching the charts all week it looks like bitcoin has leveled out and is holding at $15,000
thanks for the post
Go and enjoy your ride.......
yes , bitcoin will make a correction , i have already sell everything today at 16k
I'm holding my btc, that's how I see it
I am sitting this one out with the futures market involved now....I’m still a newbie😏
Futures were very tame at the open. This was expected. Only available to high value institutional investors. Generally not allowed to gamble with anything more than smallest fraction of portfolios.
https://steemit.com/btc/@davebrewer/xbtc-trading-opens-at-cboe-big-shorts-nope-slight-up-tick-in-btc-price-in-the-initial-futures-contracts
Thank you for the link @davebrewer. I see bitcoin is holding steady right now and following the same pattern it has with dips and going a bit higher with each dip. I find all this fascinating. I do own a bit of a bitcoin bought with some of my steemit profits, plus I've bought a handful of other coins that I find might be useful in the future with transactions and scaling on blockchain platforms.