[2018-08-28] Bitcoin Breaks Above $7,000 as Crypto Market Rallies Into Green

figmentofmyass

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just don't forget how the last run to $8500 felt, or the prior run to $10k. we don't have a bullish structure here yet.

Quote from: magneto on August 29, 2018, 02:29:05 AM

I would be careful of saying that this is a "persuasive recovery" at this point in time.

There was definitely a sharp jump in the price of bitcoin. There is no definitively one reason why this rise occurred. It's probable that this is just one of the short term pumps that will not convert into the actual recovery from the bear market.

while i'm hopeful this might develop into a legitimate mid term uptrend, we're a long ways away from establishing that, and people are a tad too bullish for my liking.

the low $7000s should be a major resistance level, given the previous action there. bears have been selling the bounce consistently, so we should definitely be prepared for a run back to the mid-$6000s.

1Referee

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Quote from: bbc.reporter on August 28, 2018, 09:47:38 PM

Also, if bitcoin stays over $7000 and then moves on to go over $10,000 without any of the ETFs getting approval, would only demonstrate that we are manipulated into accepting as truth that we need an ETF for bitcoin's success.

It's just market movers trying to get the most out of all this nonsense ETF speculation. If market movers wouldn't react to any of these ETF's, no one here would even bother caring about them. As always, it's move up -> noob and mainstream media hype follows. It's a psychological game that's being played here.

In the same way, market movers could have easily granted the bakkt announcement importance by driving the price up, but they didn't bother, and now you see barely anyone is even talking about it anymore.

Bitcoin doesn't need any handy dandy institutional dildo tools to rocket its price up. The sooner people understand that, the less effective whale manipulation will be.

magneto

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Quote from: ruthbabe on August 28, 2018, 12:43:27 PM

Crypto markets are seeing strong positive momentum bolster a persuasive recovery, as Bitcoin (BTC) breaks above the $7,000 price point and all but 3 altcoins amid the top 100 cryptocurrencies post strong gains on the day. Growth among the top ten largest assets ranges between 4.5 to almost 20 percent, as Coin360 data shows.

Bitcoin (BTC) is trading at around $7,016 at press time, up around 4.2 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin has seen several days of recovery since its brief price dent August 22 in the wake of toughened anti-crypto measures in China and a fresh series of disapproval orders for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). See more for yourself here.

I would be careful of saying that this is a "persuasive recovery" at this point in time.

There was definitely a sharp jump in the price of bitcoin. There is no definitively one reason why this rise occurred. It's probable that this is just one of the short term pumps that will not convert into the actual recovery from the bear market. And based on historical figures from previous bear markets, I think it's safe to say that we've got several months before markets finally start recovering.

Prices are in a constant incline in the past week in general though. I'm doubtful that bitcoin will be able to cross the $10k resistance at any time this year, due to the strong resistance there. Be cautious and don't FOMO buy in this rally.

bbc.reporter

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Quote from: InvoKing on August 28, 2018, 04:48:55 PM

Quote from: Slow death on August 28, 2018, 04:09:35 PM

because if the SEC does not approve the ETF, we will have a price drop and if the price remains at $7000. Then we will see a price drop to below $ 6000.

Investors should really forget about ETF. It isn't the end of the world, it is good to get but it is after all a step that is facultative.

Quote from: Slow death on August 28, 2018, 04:09:35 PM

Unfortunately we do not have much demand, we have many obstacles caused by many governments then the price of bitcoin and altcoins will not increase much unless it is approved some ETF or bakkt bring many institutional investors

Unfortunately, it is true but it is all a matter of time before acceptance.

Also, if bitcoin stays over $7000 and then moves on to go over $10,000 without any of the ETFs getting approval, would only demonstrate that we are manipulated into accepting as truth that we need an ETF for bitcoin's success.

Kemarit

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Nice to see bitcoin surpassing another major resistance at $7000, so short-term it looks like we are forming sort of a bullish trend. It looks like investors are no longer interested in the ETF hype, its still like a month before the decision is handed down, so we might see a good bump along the way and see if we can at least break $8000 prior to the decision. And then let's see how everything will pan out after the decision is made.

InvoKing

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Quote from: Slow death on August 28, 2018, 04:09:35 PM

because if the SEC does not approve the ETF, we will have a price drop and if the price remains at $7000. Then we will see a price drop to below $ 6000.

Investors should really forget about ETF. It isn't the end of the world, it is good to get but it is after all a step that is facultative.

Quote from: Slow death on August 28, 2018, 04:09:35 PM

Unfortunately we do not have much demand, we have many obstacles caused by many governments then the price of bitcoin and altcoins will not increase much unless it is approved some ETF or bakkt bring many institutional investors

Unfortunately, it is true but it is all a matter of time before acceptance.

Slow death

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Quote from: ruthbabe on August 28, 2018, 12:43:27 PM

Bitcoin (BTC) is trading at around $7,016 at press time, up around 4.2 percent on the day, according to Cointelegraph’s Bitcoin price index.

after several days when the price was $6600, finally increased to $7000, we now need to note how long the price will stay above $ 7000, because if the SEC does not approve the ETF, we will have a price drop and if the price remains at $7000. Then we will see a price drop to below $ 6000. Unfortunately we do not have much demand, we have many obstacles caused by many governments then the price of bitcoin and altcoins will not increase much unless it is approved some ETF or bakkt bring many institutional investors

Quote from: ruthbabe on August 28, 2018, 12:43:27 PM

Growth among the top ten largest assets ranges between 4.5 to almost 20 percent

IOTA had an increase of 25%. Is a big increase

ruthbabe

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Crypto markets are seeing strong positive momentum bolster a persuasive recovery, as Bitcoin (BTC) breaks above the $7,000 price point and all but 3 altcoins amid the top 100 cryptocurrencies post strong gains on the day. Growth among the top ten largest assets ranges between 4.5 to almost 20 percent, as Coin360 data shows.

Bitcoin (BTC) is trading at around $7,016 at press time, up around 4.2 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin has seen several days of recovery since its brief price dent August 22 in the wake of toughened anti-crypto measures in China and a fresh series of disapproval orders for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). See more for yourself here.

Topic: [2018-08-28] Bitcoin Breaks Above $7,000 as Crypto Market Rallies Into Green (Read 153 times)