From Isle of Man Summit through December
Why did the price get extra bearish last week?
Forget Apple Pay, forget generalized sensationalized headlines of bitcoin regulation horrors.
On September 16th, one day before the beginning of the Isle of Man bitcoin summit, banking facilities close accounts of any Bitcoin-related functions on Isle of Man.
coindesk.com/banking-crackdown-isle-of-man-bitcoin-conference/
Some people apparently knew on the 15th that was going to happen. By the 18th, OBV is clobbered to death, but CMF is already beginning to climb, nicely rounding the market back up into a retaliatory rally until... FIRST HEDGE FUND INVESTMENTS EVER!
thebtcsociety.com/headlines/hedge-fund-gabi-makes-first-bitcoin-purchase-via-digitalbtc
GABI was ANNOUNCED on September 23rd, conveniently as the price begins to sway down in like force again. According to my opinion, with CMF backing me, THEIR INVESTING BEGAN on the 18th, however. You'll notice they defended the price right at the 70% retracement (blue line) of the $1100 December high. Whether they are in this for long-term health of the industry and long-term profit, or whether they're here to serve their interests, even at the expense of Bitcoin reaching it's full potential for all peoples (I'm assuming closer to the former, could be wishful) they are going to contribute to those defending the price at $380 (BTCe price. Sorry, I know it's a bit different than Stamp, maybe throwing things off a bit). And strong contributors they will be, expect $380 to hold (or $370, they might try to scare ya. They like to do that.)
Also drawing up the price for the end of the year is the fact that rich people are still going to use this as a tax haven this year (and the next year, and the year after that, regardless of opposing legislation.)
Yahoo says a bullish breakout is coming...
finance.yahoo.com/news/bitcoin-technicals-suggest-it-may-be-ready-to-break-out--josh-brown-112600252.html
...so we should sell, right? WRONG! Look at the average true range of the two previous rallies that basically bounced off the 70% mark as well. $65 price swings, $70 price swings? On an investment that is only 3375/UNIT?! That's not sustainable! However, $40, a bit more than 10%, is perfectly acceptable quick growth off a 70% bearish retracement in a less and less volatile market.
BTW that bullish trend frame is roughly similar to one that is being posted by a few people now, reaching back to just before the explosive bubble last year.
Forget Apple Pay, forget generalized sensationalized headlines of bitcoin regulation horrors.
On September 16th, one day before the beginning of the Isle of Man bitcoin summit, banking facilities close accounts of any Bitcoin-related functions on Isle of Man.
coindesk.com/banking-crackdown-isle-of-man-bitcoin-conference/
Some people apparently knew on the 15th that was going to happen. By the 18th, OBV is clobbered to death, but CMF is already beginning to climb, nicely rounding the market back up into a retaliatory rally until... FIRST HEDGE FUND INVESTMENTS EVER!
thebtcsociety.com/headlines/hedge-fund-gabi-makes-first-bitcoin-purchase-via-digitalbtc
GABI was ANNOUNCED on September 23rd, conveniently as the price begins to sway down in like force again. According to my opinion, with CMF backing me, THEIR INVESTING BEGAN on the 18th, however. You'll notice they defended the price right at the 70% retracement (blue line) of the $1100 December high. Whether they are in this for long-term health of the industry and long-term profit, or whether they're here to serve their interests, even at the expense of Bitcoin reaching it's full potential for all peoples (I'm assuming closer to the former, could be wishful) they are going to contribute to those defending the price at $380 (BTCe price. Sorry, I know it's a bit different than Stamp, maybe throwing things off a bit). And strong contributors they will be, expect $380 to hold (or $370, they might try to scare ya. They like to do that.)
Also drawing up the price for the end of the year is the fact that rich people are still going to use this as a tax haven this year (and the next year, and the year after that, regardless of opposing legislation.)
Yahoo says a bullish breakout is coming...
finance.yahoo.com/news/bitcoin-technicals-suggest-it-may-be-ready-to-break-out--josh-brown-112600252.html
...so we should sell, right? WRONG! Look at the average true range of the two previous rallies that basically bounced off the 70% mark as well. $65 price swings, $70 price swings? On an investment that is only 3375/UNIT?! That's not sustainable! However, $40, a bit more than 10%, is perfectly acceptable quick growth off a 70% bearish retracement in a less and less volatile market.
BTW that bullish trend frame is roughly similar to one that is being posted by a few people now, reaching back to just before the explosive bubble last year.
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