Topic: Bitcoin Daily Speculations (Read 188 times)

Bull Gone: Bitcoin Price Forming Doji to Signal Potential Trend Reversal

Bitcoin price on Tuesday reached a session high on Coinbase at $3,586 but remained in the fears of a potential reversal action overall.



Bitcoin/Dollar 1D CHARTS | SOURCE: COINBASE, TRADINGVIEW.COM


Ahead of the US session so far, bitcoin’s opening and closing positions today have remained very close to one another, as indicated by the small candlestick. Called a Doji candlestick formation, this signals a potential trend reversal. We saw a similar creation recently on December 15 during the downtrend action. The price corrected exceptionally well to the upside after that, recovering as much as 14% of the previous losses.

And now, we are looking at the Doji again. It could mean that bitcoin will either undergo a sideways consolidation or potentially end up finishing the rally altogether.

    The Doji tells us that bulls aren’t out of their shells yet.


Bitcoin/Dollar Technical Indicators


Bitcoin/Dollar 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM


The Bitcoin/Dollar rate appears to be inside a tight bear flag formation, akin to the price action between 18 and 29 November. The pair is only beginning to break out of the structure, albeit sideways, again pointing to extended bearish sentiment. Even if we see it moving above the critical resistance area of 3586-3647 USD/EUR, it cannot guarantee a sustained upside momentum.

On a 4H chart, the Relative Strength Index is also rejecting further upside gains and is correcting from its overbought area. The bias is utterly bearish, as of now.

Nevertheless, the intraday price action could bring adequate opportunities to take out small but decent profits. Let’s have a look.


Bitcoin/Dollar Intraday Analysis


Bitcoin/Dollar 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM


We are first looking at our parameter of the day, defined by dotted horizontal lines in red and green. While 3586-fiat is acting as our interim resistance, 3446-fiat is providing an equally credible interim support.

We will first begin with our intrarange action. It means entering a long position towards resistance on a bounce back from support and a short position towards support on a pullback from resistance. The circa $130-gap between the levels would thus give us plenty of opportunities to make profits, providing we also maintain a stop-loss order just 1-pip opposite the direction of the price action.

In case either of these levels fails to hold Bitcoin/Dollar, we will switch to our breakout/breakdown strategy. In case the pair pierces through 3446-fiat, we will open a short towards 3323-fiat, our primary downside target of the session. A stop-loss at 3436-fiat will meanwhile protect us from additional losses should the price bounce back.

In case the pair jumps above 3586-fiat, we will open a long position towards 3647-fiat while maintaining a stop-loss order at 3576-fiat to maintain our risk management strategy.

I don't know what Mr. Ayre smoked today
Bitcoin is currently selling at $3,535 while BSV is only at $80.
How BSV is going to surpass BTC in 2019, I still don't know... Oh, sorry I forgot the bitcoin is falling to zero

Bitcoin Price Will Crash to Zero Says Calvin Ayre

Former Bitcoin Cash advocate Calvin Ayre predicts that the flagship cryptocurrency, Bitcoin, will plunge to zero in 2019 because it’s worthless. But never fear, he said,  because Bitcoin Cash Satoshi Vision (BSV) will be there to save the day.

Interestingly, Ayre insists that the Bitcoin price is being deliberately deflated right now in order to stamp it out of existence. He did not offer any proof to back up his dubious claim.

“Bitcoin — the technology and economic model — are alive and well with Bitcoin SV, and it’s going to have an amazing year,” Calvin Ayre vowed.

“I am predicting it to go to zero value [in 2019], as it has no utility,” Ayre told Express UK. “It does not do anything, and they intentionally are anti-scaling.”

Ayre — who’s known for his controversial bluster — said Bitcoiners need not worry when their preferred crypto goes down in flames, because Bitcoin SV will happily take its place.

“Bitcoin — the technology and economic model — are alive and well with Bitcoin SV, and it’s going to have an amazing year,” he vowed.

If something has proven to show its strength and durability in the first decade, it will very likely follow the exact same route in the next decade. Back in pre 2015-2016 times it was understandable that people had something like 'it will either succeed or become obsolete' because there was little to hold on to in terms of fundamentals.

We're way ahead of that right now and see that institutions are building up a basis layer at which they will be able to further institutionalize this space. If Bitcoin was shit and had no future perspective, institutions wouldn't be working hard to make the ecosystem around it more liquid and become an easy to access asset class for other institutions.

Bull runs attract tons of new participants, and if we have a couple of more to go throug as pointed out by him, it makes it even less likely to see Bitcoin go away.

I'm more worried about the Euro to be dead in the long term than Bitcoin itself. Heck, I'm sure that even Litecoin will outlast the Euro.

there are many holes in this article. if my memory serves me correct, he did buy at $12 but he cashed out at $1000 in 2013. he did not hold all his coins to $20k. he opened a business with his proceeds. so this article is a joke its just fud.

Well, I don't have any graphs but I'd like to build on Finman's prediction. I think a lot of people have a similar viewpoint but they're assuming things remain static in that time. As of yet BTC has not proven itself to have enough utility, something drastically needs to change in terms of adoption. Even if it is not mainstream adoption but largescale adoption. That will enable BTC to have underlying utility and will then make it much more feasible as a store of value. That is where I see BTC's true acceptance, as a long term store of value and an alternative to gold.

We encourage solid discussions of bitcoin daily speculations. This is a self-moderated topic, the spam (lazy posts) will not be tolerated.

Try to post high quality bitcoin speculations (including images of market chart, and references) of the markets from all over the web. There are many high experienced members/readers that are here to contribute more about the market situation.

Example:
Teen Bitcoin Millionaire Erik Finman Proclaims Bitcoin Is ‘Dead’ in the Long Term

Teen crypto star Erik Finman has said Bitcoin (BTC) “may have a bull market or two left in it,” but that “long-term, it’s dead,” in an interview with financial news site MarketWatch on Dec. 17.

Finman is famous for his precocious investment in Bitcoin back in 2011, when he reportedly bought in — at the age of twelve — at $12 a coin. The high schooler’s $1,000 gift from his grandmother thus became over $4 million during the cryptocurrency’s 2017 all-time price highs. Finman sealed further fame by notoriously winning a bet with his parents that if he became a crypto millionaire before the age of 18, he could opt out of going to college.


Reference: https://cointelegraph.com/news/teen-bitcoin-millionaire-erik-finman-proclaims-bitcoin-is-dead-long-term