Bitcoin Struggles to Hang On and the Consensus Conference Myth

Well after a little two day bounce we are seeing an aggressive sell off over the last few hours giving back most of what was gained.

The day is young though. Hopefully we can bounce.

In the meantime I decided to talk about what the next price points on BTC are on both the up and downside, with downside being more imperative at the moment.

Consensus Conference Myth?

I also took a look at the price action of BTC in May of last year and the year before to see how it acted around the consensus conference which takes place this week.

Tom Lee talked a good amount of game about cryptos rallying up to and after this event....I don't know that I really so it as being the reason, especially since we weren't even up in 2016 during May.

Anyway, more detail in the video...

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Disclaimer: All info in this post is my opinion and for educational use.

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Odd part is we are at a point where we should be if we eliminated the sudden rise to 20k. Tough being patient. I look forward to building a floor over 10k.

some nerds at a conference dont effect the price

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I think a slow rise is better than a bulls run. We are miles away from the all time highs from last year. A permanent small rise is better than a huge spike.

That's right. An orderly move higher will always be more sustainable than vertical spikes.

Bitcoin may not be the main benefitor from Consensus as most speakers will probably be talking more about altcoins anyway. So it may have a secondary effect but it will be the projects that announce launches and partnerships that will benefit the most and potential lead the market higher if they can gain momentum and volume to breakthrough the recent resistance and low volumes.

Yes, and I believe alts have seen more of an impact from it in the past.

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