Topic: Next metastable trading range (Read 1345 times)
If it gets past 3.25, the resistance, both psychologically and depth-wise, is so low that it will most definitely shoot up to at least 3.6-3.7, after which 4 is very likely. I'll be watching the price to see if it does.
Rather than punctuated equilibrium with significantly different metastable ranges, I think (and hope) we'll see a slow and gradual rise in the exchange rate, perhaps 1-10 cents per week. Like most finance and banking, bitcoin is more useful to more people when it's boring and relatively static. In the $3 range, 3 cents per week is still a 4% rise per month, a far better ROI than almost any other investment.
I don't see the price going above $4 this month, maybe a spike but I'd be surprised if the price stabilized above $4 before mid-January. Bitcoin was obviously oversold at $2, given the triple bottom and subsequent rises each time over the past two months, and I think the main reason it didn't drop further is that miners stopped selling as many coins. If the price rises to the $4+ range this month, I think miners will start selling a higher percentage of their coins, adding downward pressure on the price. Also, the downward pressure from the holiday season starts now, and will continue well into January, as more people than usual will feel broke.
So, temper those enthusiasms, and here's to holding $3-$4 until the end of the year. Cheers!
I don't see the price going above $4 this month, maybe a spike but I'd be surprised if the price stabilized above $4 before mid-January. Bitcoin was obviously oversold at $2, given the triple bottom and subsequent rises each time over the past two months, and I think the main reason it didn't drop further is that miners stopped selling as many coins. If the price rises to the $4+ range this month, I think miners will start selling a higher percentage of their coins, adding downward pressure on the price. Also, the downward pressure from the holiday season starts now, and will continue well into January, as more people than usual will feel broke.
So, temper those enthusiasms, and here's to holding $3-$4 until the end of the year.
Over 9000
where is the 9000-10000 button :-)
Right there. Can't you see it?
What about $1M to $1B? Cant forget what BTC might have to go to if we get a few billionaires in this with a limited supply
I can't help but to picture a guy, with too much money and doesn't give a shit. Buying high and selling low. Then doing something really silly like 50k bid walls...oh wait, never mind.
That or the entire ask side vaporizing would kinda suck!
Over 9000
where is the 9000-10000 button :-)
Right there. Can't you see it?
What about $1M to $1B? Cant forget what BTC might have to go to if we get a few billionaires in this with a limited supply
Brilliant! :-)
By the way, more seriously, I do think that we will only have short-lived trading ranges in the months to come.
btcusd will remain very volatile.
By the way, more seriously, I do think that we will only have short-lived trading ranges in the months to come.
btcusd will remain very volatile.
Over 9000
where is the 9000-10000 button :-)
Right there. Can't you see it?
Over 9000
where is the 9000-10000 button :-)
It might take awhile, but yeah.
I suspect it will parallel the growth of internet bandwidth traffic.
Over 9000
I think we might be 3-4 to stay for a while. Any other range IMO will not be "stable".
What will be the next trading range that "seems stable" after $3? (use common sense here... examples include $13-$15, $5-$7, $3-$4)
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