Bitcoin and Altcoins Thread

Interesting tweet from Grant Williams:

That’s interesting to see. Personally I think the current relatively steady movement in Bitcoin is good, shows some much needed stability

Not what we want to hear

Cryptocurrency bloodbath: Bitcoin below $12K

Today’s small gain in the dollar or the fall in the pound following the publication of UK inflation data was nothing compared to the sell-off in crypto currencies. Bitcoin was down some 15% while Ripple had shed 30% at one stage. Cyptos have been held back in recent days amid increasing levels of scrutiny from regulators, most notably in South Korea, where the government is planning to clamp down on trading in virtual currencies. The justice ministry is apparently working on a bill to ban cryptocurrency trading through exchanges. If the bill is eventually passed by the National Assembly it would be very bad news given that South Korea is the world’s third-largest market for cryptocurrencies. The uncertainty is weighing on investor sentiment. However suggestions that this is the start of the demise of cryptos is very premature.

This uncertainty is reflected in price action, with Bitcoin trading near the lower end of its wide range. The key support that needs to hold on a closing basis is at 11400, a level which previously support and resistance. If BTC/USD breaks below this level then it could very easily drop to the next psychologically-important level of $10K next. Below that, the next support comes in at 8350, which was previously a resistance level. Meanwhile resistance comes in at 12800, last week’s low, followed by 13430, the low of the doji candle from Monday. If these levels break then Bitcoin will likely go above this week’s opening price level of 13648, which, if realised, would be a bullish outcome, particularly if the most recent swing high at 13495 is also taken out.

Source: TradingView and FOREX.com

2 Likes

Crypto carnage today. 200, 000 SouthKoreans petition against proposed ban

We have seen this before, some Government wants to ban Bitcoin and the market sells off 50%, as I have said before, Buy the Dip

Get ‘Em While They’re Cheap? Two-Day Crypto Market Slump Offers Steep ‘Discounts’

1 Like

Finance Magnates this morning:

** South Korean Regulator Suspected of Insider Cryptocurrency Trading**
Choi Heung-sik, the head of the Financial Supervisory Service of South Korea, responded in the affirmative when asked if employees of the financial regulator had sold their cryptocurrency holdings just before the agency publicly proposed measures against the industry, which caused cryptocurrency prices to drop.
When asked if there are such employees inside the agency, Heung-sik responded: “Yes.”

Hmmm…wonder will they buy in again now:

Naughty, naughty. Good spot peterma :slight_smile:

I take absolutely no pleasure in the roller coaster ride crypto-holders currently have to endure, but this was irresistible

In fairness, today’s been better, up 5%

1 Like

Bitcoin stabilizes after plunge, but downside risks remain

Recent volatility in Bitcoin trading has been nothing short of extreme when placed within the context of traditional financial markets. But in the relatively new world of cryptocurrency trading, the recent wild swings in Bitcoin have only been slightly more vigorous than usual.

The latest plunge for BTC/USD began in earnest earlier in the week when reports surfaced that South Korea and China were considering tighter regulations, and even a potential ban in the case of South Korea, on the trading of Bitcoin and other cryptocurrencies. These reports triggered an avalanche of falling prices for key cryptos, most notably the widely-traded Bitcoin, which fell by well over 30% at one point this week.

As the initial concerns over increased Asian regulation began to wear-off, however, BTC/USD began to stabilize on Wednesday after hitting a low well below the key $10,000 psychological level and establishing a new year-to-date low just above the $9,000 handle. By Thursday afternoon trading, BTC/USD was above $11,000 once again, and tentatively taking a breather after a wild ride.

While Bitcoin traders have calmed down in the latter half of this week, the specter of greater Asian regulation on the cryptocurrency has not gone away. The danger to Bitcoin of any increased regulation or outright bans in Asia, which is home to a great deal of cryptocurrency investment and speculation, should not be underestimated. If such tighter regulation comes into being, the price of Bitcoin could take an even more substantial hit.

From a somewhat limited technical perspective, BTC/USD dropped below a key short-term support level around $12,500 in the process of the recent plunge. If the cryptocurrency is unable to re-take that level, and instead falls back below $10,000 again, the outlook should remain bearish given the still-prevailing pressures on Bitcoin. Any further fall below Wednesday’s $9,000-area low would exacerbate this bearish outlook. In contrast, a sustained move back above $12,500 should indicate that traders are brushing off the threat of tighter Asian regulation, in which case BTC/USD could potentially be poised for a return towards January’s highs just above $17,000.

Source: FOREX.com

2 Likes

Another decent for Bitcoin, up over 4%, now over 11, 000

Excerpts from the Finance Magnates article:

"…bear with me for a moment, and read about how many brokers failed to time the crypto market."

“The notion that retail clients are always on the losing side of the trade has been intertwined into broker thinking for decades.”

"Consequently, the confidence that the industry expressed when creating synthetic cryptocurrency CFDs that are extraordinarily difficult to hedge, drove some firms straight into the “greed” phase of the bubble."

"Since about the middle of the year, retail brokers have started deploying their Bitcoin and crypto trading offerings en masse, relying on a given fact – that sooner or later, retail traders will lose their deposits. A miscalculation that was shaken by a notoriously annoying, but still funny term: HODL!"



Hodl?

– Here’s New York Magazine’s explanation of that strange word:

Hodl: The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, “I AM HODLING”; when the author, GameKyuubi, couldn’t be bothered to fix his typo, the community instantly turned it into a verb: to hodl.

Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.

2 Likes

Another down week for the Cryptos, this Bitcoin chart represents much of the Crypto market, stuck in a downtrend stepping pattern, until we break this pattern and see a higher high followed by a higher low, we could still see lower prices.

Theres some support at 10, 000 and again at 8, 000, but if they dont hold…

i’m eyeing 6,000, just saying

Here is week three update, we now have $300 invested in each of these cryptos and here is where we stand as this market continues to pull back

Bitcoin $ -61.36
Ethereum +12.03
Litecoin -67.26
total $ -116.59

Relieved to see you’ve only risked a relatively small amount on crypyo’s :slight_smile: