i bought 5 btc last weekend in hopes of this. right now i am $5k richer and just cashed out.
i don't see us hitting $3k anytime soon. guarantee this weekend it will stabilize around $2500
Topic: Up Almost $1000 in One day? - How is this possible? - page 3. (Read 2018 times)
If you day trade stocks, you ought to understand the concept of volatility, no? I agree, the price jump in the last 3 days or so has been insane, but it's futile to look for an answer as to why it happened. You don't need to know why to be a successful trader anyway. As I've said in similar threads, there's more buying than selling right now. Who knows why. I don't, and no one on this forum knows either with any certainty.
This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?
I think the answer to this question is actually quite simple, i think it is called the snowball effect or the bandwagon effect.
When bitcoin rises in price, people will hop the bandwagon and when people start buying bitcoin the demand rises and with a higher demand the price will rise.
When bitcoin falls, people will start panic selling for even lower prices and this shows the demand decreasing which then lowers the price.
~ Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?
it is exactly that. drunk gorillas hitting buttons! and all of it was because of their idiocy, laziness to educate oneself, and laziness to fact check an FUD.
for the past week there was a lot of bullshit around, each of them easily verifiable with some quick research. but it seems like bitcoin investors (these gorillas) are mostly interested in an easy way of gaining information aka reading what random dudes on the forums tell them.
the possibility of a split has always been very small. i have been saying this from day 1. miners won't kill their own million dollar investment. there is a lot of drama and shenanigans but it has always been public stunts to get those gorillas to panic and sell their coins cheap. and when you get their coins at $1800 it is time to tell them "there will be no split" then they panic again and start buying back.
the funny thing is, there is currently another wave of FUD going around
now they are saying "locked in" doesn't matter. miners will betray us and don't continue signaling. it is starting to look like a zoo.
This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?
Well, since you are a day stock trader, I am taking you as an authority on what you are doing and something is really confirmed coming from your own experience. Cryptocurrency (Bitcoin) is behaving differently because it is a very different animal...that is compared to stocks, forex, commodities and other trading vehicles.
We all know that in Bitcoin volatility is the name of the game and that $1000 in a day is not anymore shocking in here. Well, volatility has been the very reason why many crypto-traders are making huge money though it can also be the same risk that can kill anyone's trading career here.
Great answer, Thank you for your input. Where do you see the market in the next few months? With coinbase not allowing transactions after July 31ST? Im sure other places will do the same? Do you think this will affect the price action?
There doesn't have to be a "good" reason as it's just the marginal buyer and seller that sets the latest trade price. It's not surprising that the price is rising as resolution of the scaling issue in the most favorable (for stability) possible outcome has restored confidence among traders and investors. You could consider price action the past few weeks/months as being suppressed by the cloud over the scaling debate and that restriction is now lifted. As for the magnitude of the swings, blockchain assets are one of the most freely and organically traded things these days. Stocks were once like this before central banks started obsessing over them.
This is completely insane, How can fluctuations like this be possible? It seems to me that people that bought high are now driving market to cover and pull out> Can anyone help me make sense of this, I'm a new member and I day trade stocks. But I cant make sense of this. Its like drunk gorillas hitting the buy button. And all this weeks from a possible split?
Jump to: