Today is the first time in some time that for a sustained period, BTC has traded beneath 6400.00 U.S.D. , and with this development comes the release of news of the creation of "Wrapped Bitcoin," which is unlike other BitCoin knock off tokens in that it is apparently an ERC-20 token to be released on Ethereum this coming January , 2019.
Have you ever noticed that news like this often comes at pivotal points in price action?? That this new coin is "backed by BitCoin" and will expand use causes and cases for the flagship currency and it's "Wrapped" cousin.
Staring at a screen for the past several days has shown me that the number of automated buy in's at 6400.00 U.S.D. has declined , now to a point where before ,immediately upon breaching 6400.00 to the south , the price would nearly instantly rebound , and this is no longer happening . The only thing propping up BitCoin at the moment IS psychology, psychology that has shed much of it's bullishness.
Now, with BitCoin no longer snapping back at 6400.00 U.S.D. , and on a Saturday , comes this announcement, and while it is good natured, the timing of it's release seems dubious , and also seems to have propped BitCoin back up at 6396.71 U.S.D.
Neither 6400.00 nor 6396.71 are normal onramps for seasoned BitCoin investors.
This seems yet another ploy by big money and power players to shore up a dam on the verge of breaking. I have my own Stoploss set, and believe that the only difference between now and the last crash is low trading volume , and a slower, staggered decline that allows those with holdings large enough to pay fees low enough and to sell at lower point spreads than the general public to profit even as the value of their holdings decline.
Caveat Emptor.
Have you ever noticed that news like this often comes at pivotal points in price action?? That this new coin is "backed by BitCoin" and will expand use causes and cases for the flagship currency and it's "Wrapped" cousin.
Staring at a screen for the past several days has shown me that the number of automated buy in's at 6400.00 U.S.D. has declined , now to a point where before ,immediately upon breaching 6400.00 to the south , the price would nearly instantly rebound , and this is no longer happening . The only thing propping up BitCoin at the moment IS psychology, psychology that has shed much of it's bullishness.
Now, with BitCoin no longer snapping back at 6400.00 U.S.D. , and on a Saturday , comes this announcement, and while it is good natured, the timing of it's release seems dubious , and also seems to have propped BitCoin back up at 6396.71 U.S.D.
Neither 6400.00 nor 6396.71 are normal onramps for seasoned BitCoin investors.
This seems yet another ploy by big money and power players to shore up a dam on the verge of breaking. I have my own Stoploss set, and believe that the only difference between now and the last crash is low trading volume , and a slower, staggered decline that allows those with holdings large enough to pay fees low enough and to sell at lower point spreads than the general public to profit even as the value of their holdings decline.
Caveat Emptor.
Comment:
I should have proofread further, I meant to say that automatic , breakneck returns to 6400.00 usd upon breaching lower have stopped for the first time in several days.