Bitcoin hit a low around $6400 last week and has shown some strength over the past few days. I'll cover the levels to watch near-term but for now, I'm treating this as a bounce until we see more upside confirmation.
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No it can't be....all the TA guys said we were heading down. So I have to follow the herd right? Isn't that when Warran Buffet said I should start buying? When others are afraid or bearish, start buying. When they are bullish or say buy, I should be fearful...(btw, we very well could retrace down a bit...but in this market who knows?)
I do trade with the trend I see every day. And it changes due to dark pool accumulations and the Coinbase Custody boys and their volume trading HIGH FREQ ALGO BOTS. Any trend you think you see with them can be used against you as they trade counterintuitive, play against the herd, and make massive moves up and down triggering both buy and sell orders to create a perception of fake volume. This happens most at GDAX and I recognize it from my days in the small cap markets where there trading bots would wreck up some of those stocks...and I learned one thing: The BOTS are programmed to draw the sell volume in (and buy when it suits them) and will use it against you eventually and take you broke. So, I trade accordingly and very cautiously in this low volume volatile market. If your message is trade with caution, I am all with you. If your message is follow the herd...be my guest. There is a reason why the herd goes broke and those who figure out why the herd will always be the herd get rewarded. If it was as simple as riding a perceived trend we would ALL be rich.
Bitcoin is fundamentally weak compared to certain alt coins that have tremendous development teams and updates releasing or going to release this year. That's the thing TA can't predict. I have never used a lick of TA only fundamental analysis and have huge multiples over the years. If you are day trading I can see how its useful but not for longterm.
NEVER underestimate the power of the herd.
YOU may have researched the technical teams around other coins, but across the world Bitcoin far outperforms in terms of brand awareness.
Ultimately the SHEEP control the market.
Buy it up before altcoin projects start making major announcements regarding regulatory approval and technological breakthrough. Any profits taken near the top should be reinvested soon. The hesitation to sell at the top for fear of missing out on higher highs is the same greed paralysis that drives hesitation to buy at the bottom for fear of missing out on lower lows. Too late to sell at all time highs, only opportunity to miss or sieze now is to buy the dip. Load up, then bring on the short squeeze! As always, thanks for sharing your time and thoughts Node. Like button smashed!
I'm not getting excited until it goes above 12K. We tested 11.7K twice. I feel this could possibly be some false hope then big money will slam the market one more time to shake out the rest of the weak hands buying at the low and then 2018 will see epic numbers.
Volume is deceptive and can accumulate in hidden pools on certain exchanges. If there is no volume then in reality we will be going sideways soon. Volume is important though....and the top few coins have had decent volume in the last 24...hard to predict because everyone was saying we would be at 5K right now so they blew it entirely by failing to note that money volume can be produced in an instant by a whale in this little market.
Watch dow jones, its like the boss of stocks, like bitcoin is of crypto, its a typical bounce from the stock traders that came in crypto (because of stock crash) in mind that is a safe haven but no we wiill still see bottom!!!
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