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Which occurrences determine the price of Bitcoin? Why is that pressure on the price of Bitcoin? What is the reason for the huge drop in the price of Bitcoin? Why is the correction such excessive? Let’s have a look on the two main influencing variables. Criminal activities in the milieu of Bitcoin. Governments worldwide seized Bitcoins worth more than 3.8 billion USD . They started to sell this huge quantity of coins, which makes a huge pressure on the Bitcoin’s market value. The calm before the storm. Like on any other cryptocurrency with a fixed number of coins, there exists a relation between the number of Bitcoin users and the price of the Bitcoin. As the price of a coin increases with a growing number of users, a cryptocurrency has no inflation on the long term. With a fast growing community, the price of the Bitcoin knew only one way: up, up and up like a rocket. However, things are changing to the bad right now. For several reasons, the number of Bitcoin users will rapidly shrink on the short and middle term. Because of the relation between the number of users and the price of the coin, we will see a fast drop in the price of the Bitcoin and it will not recover from the low price on the short term. Please read the full, very detailed story here: achieve-your-goal.com Technical analysis After a sharp drop from 17174 down to 9005, the price is consolidating right now. The consolidation range may go up to the red dashed line at 12787. Above that line, a lovely bullish scenario of riches and wealth is waiting. However, will the price of Bitcoin achieve to regain the bull-trend and go towards 22500 and 24000? It is more likely that Bitcoin fails to break that red dashed line and remains in the bear-trend. If this is the case, after testing the level of 12787, a sharp drop in the price down to 5568 will follow. I personally think that it is a good idea to sell Bitcoins during this current consolidation phase and avoiding a huge loss. Disclaimer I sold all my Bitcoins and I will rebuy them once the price of the Bitcoin will be below 6000. I publish my personal opinion and not a trading recommendation. It may be that I change my mind without an announcement. Everybody has to take his own decisions and is responsible himself for his trades.
COINBASE:BTCUSDShort
by luckyhelper
1
Strange movements in the Bitcoin's price.This is a chart of the Bitcoin's price in USD of the last two weeks. We can see unusual patterns in it that makes it difficult to predict the direction of the price of the Bitcoin for the next few weeks. While there is enough evidence to forecast a bullish development of the Bitcoin, the bullish forecast did not get confirmed. A triangle is a formation that is usually followed by a continuation of the ongoing trend. I did expect the price to exit triangle A in direction of the blue arrow. Instead, the price broke the lower border in direction of the red arrow. Following this downwards outbreak, the price of the Bitcoin went up from 12050 to 17234. There, it was already exhausted and started to move downwards, building another triangle B, which lets us expect a downtrend. While the uptrend is still valid, an outbreak of triangle B on the lower side of triangle B would change the outlook of the Bitcoin massively. Instead a comfortable journey up to 22500, we would see a free fall as deep as 5568. Why is this uncertainty? There are three forces influencing the price of the Bitcoin: 1. There are the investors who are interested into a permanently rising value of the Bitcoin. 2. There is a growing demand for Bitcoins. As there is a maximum of 21 million of coins, the growing demand for the coin will increase its price on the long-term. 3. The governments of the USA and Bulgaria own sized Bitcoins for 3 billion US-Dollars. They want to sell them and this will give some serious pressure on the Bitcoin and may even lead to a "massacre" of its price. This constellation will lead to erratic and unforeseen price movements of the Bitcoin in the next months. Whenever many buyers are on the market, the governments will flood the market with their sized Bitcoins. This makes it difficult to predict the price and otherwise reliable chart signals may not work during this time.
BITSTAMP:BTCUSD
by luckyhelper
3
Bitcoin at the crossroadBitcoin is at the crossroad. It is swinging around 14642 while the Stochastic indicator suggests that the long-term uptrend is still intact. As long as the Stochastic indicator is above the blue dotted trend line, we can assume a bullish scenario for BTCUSD. However, once that blue dotted trendline will be broken to the downside, a very bearish scenario will take over with a target of 5568 USD per Bitcoin. We know that the governments of the United States of America and of Bulgaria confiscated Bitcoins worth more than 3 billion US-Dollars. They probably want to sell them all. www.coindesk.com The price of the Bitcoin will mainly depend on how they flood the market with their confiscated Bitcoins during the next few months. I expect a high volatility and many good opportunities for buying cheap Bitcoins.
COINBASE:BTCUSD
by luckyhelper