RE: Bitcoin Update: 10 Analysts, 10 Different Predictions. Who's Correct?
Good TA, old bean and I agree that the short-term is unclear. I would be interested to know what you think about the following.
I think there is an increasing probability of Bitcoin returning to its previous Feb/April lows now that it has retraced below the golden ratio and the long-term support line at about 7,2. There seems to be a lot of buy orders waiting at around 6,450, so we'll probably see a bounce at that level and, if we don't, Bitcoin will break its market-structure.
However, with large sell -orders waiting at around 9,7, I think we are going to see Bitcoin continuing to move up and down between these two levels in the near future, as the 4%, who hold 96% of bitcoin continue to manipulate the price.
Bitcoin is not for hodlers at the moment, it's a trading tool that can be used to make 5% here and there on market movements, until we get some regulation from the SEC and more big money moves into the market, because there aren't enough DUAs to sustain any long-term increases at the moment.
I believe some, if not many of those buy and sell orders are fake....still they have the desired effect. I think you hit the nail on the head. There's absolutely no doubt the market is being manipulated.
I've said all month we need regulatory clarity for new money to enter. Until that happens, there's a good chance we'll see bitcoin bounce back and forth like a ping pong ball.
I agree, Bitcoin will just keep bouncing up and down in the meantime. The thing that concerns me is that the DoJ is reportedly investigating price manipulation, but I haven’t seen a statement from the DoJ itself, so it may just turn-out to be FUD that was conveniently timed to coincide with the Cboe futures expiration, like so many other FUD reports about regulatory measures in South Korea, paedophilic images on the Bitcoin blockchain etc. I suppose somebody will attempt to root-out the manipulation of Bitcoin in time anyway, because the NYSE and NASDAQ want to trade crypto, Goldman Sachs won't want their acquisition of Circle to be for nothing and apparently, the Winklevoss twins invited NASDAQ in to monitor trading and price movements on their site. If the US regulators are serious about protecting the public from 'risky' crypto investments, then they will have to sort this issue out. It's just the timing of these unconfirmed reports that makes me a little wary, but I hope my fears are unfounded.
I believe the investigation into price manipulation by the Dept of Justice is accurate and long overdue. I haven't bothered to look for a statement from them directly, but there are countless reputable news outlets reporting on it. Here's Bloomberg:
https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe?srnd=cryptocurriences
Yes, although Bloomberg were recently reporting that the SEC would be discussing whether or not Ethereum is a security. More FUD. It was interesting to see that the price dump that took us below 8k started just before the Bloomberg report about a DoJ investigation came out. Insider information?
Very possible.