Topic: [Flash Report] Bitcoin Challenges and What It Needs (Read 853 times)
The price drop is really nothing. The real challenges is getting government to not regulate it.
This event always occur in the world of cryptocurrency. There are times when the price is high, and there are times when the price is low. The dips usually occur when some panic sell-off happen because of some rumors. These rumors are often exaggerated by some greedy whales to target the faint-hearted and make them panic and sell, which would later result to a slight decline in price that would make this whales smile.
Accepted by as much people as possible, who have strong faith in the value of BTC, like people who have faith in gold and keep buying gold as an investment or jewel .
This is like the phone game, "professional trader X" tells "audience X" to SELL, then it keeps spreading, then "professional trader Y" tells "audience Y" that things are getting bullish because "professional trader Y" just bough a lot of cheap BTC and wants it to go up.
Then "superwhale Z" or unexpected news can fuck up "professional trader X" and their audience and "professional trader Y" and their audience by going both ways.
In other words: HODL
Then "superwhale Z" or unexpected news can fuck up "professional trader X" and their audience and "professional trader Y" and their audience by going both ways.
In other words: HODL
btc price is always up and down, just like sun, but it will always up at he morning.
With the push down of Bitcoin recently, I was asked what it would take for Bitcoin to firm up a recovery. Basically as you can see in the report below, with Confluence being red (most traders looking to sell), Bitcoin needs to make it back above the line I've drawn. But in addition to getting above that line, it needs to hold above the line. Then confluence will begin to shift green again, and long-term buying will resume. So keep an eye on the 520 mark, especially heading into Europe later this evening.
News has been mixed, with the traditional governments issuing "warnings" against a new currency. No surprise there. Other than that the news has been full of new announcements of where you can spend Bitcoin (which is good for the underlying Bitcoin economy). This is especially true with Overstock showing a healthy spend from Bitcoin.
Have a great evening, and let's hope Bitcoin resumes it's climb back above 1000 : )
cj
News has been mixed, with the traditional governments issuing "warnings" against a new currency. No surprise there. Other than that the news has been full of new announcements of where you can spend Bitcoin (which is good for the underlying Bitcoin economy). This is especially true with Overstock showing a healthy spend from Bitcoin.
Have a great evening, and let's hope Bitcoin resumes it's climb back above 1000 : )
cj
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