How can the impact of Bitcoin prices ahead of the Lunar New Year? - page 2.

BrewMaster

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There is trouble abrewing

Quote from: AakZaki on January 22, 2017, 06:59:54 AM

Ahead of the Lunar New Year to think about how it impacts on the price of Bitcoin? According to some there are two opinions because of differences in analysis,
1. Fundamental Analysis barga said Bitcoin will continue to rise.
2. Technical analysis Bitcoin said prices will continue to decline.

What is your opinion? Huh

you are a couple of days late on your number 2 speculation, the days of FUDpeculation was last week when price was coming down from $1160. now that we are rising again from $760 bottom the number 2 speculation is complete bullshit because there is no decline.

and about your main question i have to say the lunar new year just like Christmas, and other new years,... doesn't really change the price and any changes that happened from time to time are mainly coincidences.

Hazir

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Quote from: AakZaki on January 22, 2017, 06:59:54 AM

2. Technical analysis Bitcoin said prices will continue to decline.

What? Can you elaborate more on that? Because I checked some technical indicators and they are not negative at all. Bullish trend is forming.
Bitcoin started to recovering after that FUD caused by PBOC intervention, when traders realized that this is nothing to be worry about.
IMO there might be slight decline because of Chinese New York next week, but we won't see any dramatic dumps.

Technical indicators I was talking about:

Quote from: newsbtc.com

At first, the price broke the 23.6% Fib retracement level of the last decline from the $1302 high to $707 low (data feed from SimpleFX). Later, the price managed to break the 100 simple moving average (H4) at $850. This ignited an upside move, and the price is now above $900. Moreover, the price has also settled above the 38.2% Fib retracement level of the last decline from the $1302 high to $707 low. All in all, these are positive signs, and may lift the price further higher.

Karpeles

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For the last some years, the end of year was a time of heavy dump, but this year Bitcoin got pumped to $1100 instead. The chinese new year used to be dump time, but we can't be sure if the trend will reverse now.
That being said, I doubt we will see any big rise or fall until this issue with the People's Bank of China is solved one way or another. So I guess sideways, unless PBOC does something.

Red-Apple

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both of them are bullshit.
because in bitcoin, no amount of analysis is going to work. we are not there yet. right now the whales decide mostly the fate of price. of course that is to some extent. and unless the market grows and exchanges see more volume we can't expect much difference.

but overall price will rise because of adoption alone.

and also the new years never had any noticeable effect so far.

AakZaki

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Ahead of the Lunar New Year to think about how it impacts on the price of Bitcoin? According to some there are two opinions because of differences in analysis,
1. Fundamental Analysis barga said Bitcoin will continue to rise.
2. Technical analysis Bitcoin said prices will continue to decline.

What is your opinion? Huh

Topic: How can the impact of Bitcoin prices ahead of the Lunar New Year? - page 2. (Read 1502 times)