Topic: Bitcoin going the Silver Way - page 2. (Read 270 times)

its not a resistance point. its a settling point. there is still speculative hype/vapour value below $10k..
i edited previous post after doing some maths and explaining more detail..

but all that matters is stop caring about todays price and trying to make people think todays price is true value.. or that decembers high was true value.
just stick with not caring about the up's and only care about the lows and you will start to recognise where true value lays and what to expect over time

Silver crashed 6 years ago so bitcoin which is a completely different thing is going to crash  makes sense actually... LOL!


10k isn't a proven bottom but it's definitely a resistance point, 9k is the stronger resistance and seems more likely to be a bottom.

Values are always going to be speculative there will always be all time highs and lows.
1 btc is always going to equal 1 btc.

more like $5k-$6k is the resistance point for traders.. and about $8k-$9k for pools is their resistance point after doing some maths

this $10k is not a true low point for the month, its just a stable bit of speculation where people are not sure if it should go down or up.

.. take real estate (im just multiplying bitcoins prices and values by 10 as a comparison)
imagine it cost $80k-$90k to build a house and no one would be stupid to sell a house for less..
and there are a few house owners that still have houses that they bought averaging around $50-60k when they bought it

todays real estate market puts the average house sell price at $106k... however there could be another recession back down to near $60k or overhyping the real estate market where a house can go for $200k

once time passes and say over a year it never goes below $100k then house builders would be more confident to build more infrastructure and more securely built homes that cost nearer $100k to build knowing they will cover their costs.

much like mining bitcoin. pools wont spend on asics and electric the equivalent of $10k a coin unless enough time has passed to see a good trust that it wont go down to $5-$6k again.

..
if you do enough research you will see its multilayered. where traders bought at way below what it costs miners.. hense the resistance point of $5-6k is lower than miners cost/btc of $8k-9k

but if over time we dont see the price drop to those low levels again pools will spend a bit more. and traders will also raise their own resistance to sell lows too. but that takes time.

right now its a safe hedge to say $5k-$6k is the bottom.. because both traders and pools wont dare sell below that unless completely stupid

For the time being, I guess $10K is the resistance point, anything above it is pure hype/speculation.

forget about the 'all-time-high' prices
those prices are just empty speculation hype, which in many financial industries call the bubble price

look only at the 'all-time-low' prices long term and draw a line
 and you will see a more steady incline(rise).
yes this ATL price is much lower. but this line is the resistance point where people will refuse to sell below unless they are stupid.

this line is more commonly what smart investors would deem the true value.. and as i said at first, anything above that line is just speculation.

 

In 2012, there were lots of talks about "Buy 1 ounce silver. End the Fed". Then Silver price crashed from $50/ounce to $9/ounce.