Pressure building on Bitcoin, Could this be the breaking point?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Yesterday's candle was meant to signal the end of the downtrend on my daily chart . It seems like it did that and about 30 minutes before close BFX decided it wanted to test 165 real quick. Since that daily candle was meant to signal the end of the downtrend and now a new uptrend is starting with the new daily candle it kind of looks like how it did in 2013, before we had our huge bubble.

It seems like the market didn't support going under 220 because the other exchanges didn't follow. The retracement on BFX was extremely fast as well which is also pretty common for the end of a long-term downtrend in bitcoin . This is obviously a high-risk/high-reward trade, It may be worth it to wait for a higher low before using margin.

"Be Greedy When Others are Fearful" -Warren Buffet


This is a really good entry point if you still are interested in taking this trade.

+1 Reply
I have a question about this: If you're predicting 3000 USD per bitcoin by October 20th, and up to 0.08 BTC per Litecoin, doesn't that mean LTC will be reaching about 240 USD per litecoin?

Just confirming whether my (greedy) eyes are deceiving me or not.
Intuit rivet.popper
We'll see. It seems impossible but it also seemed impossible when BTC went from 4 to 15 to 240usd
+1 Reply
Thanks for your reply. If that ever happened, should I cash out of LTC or should I exchange them irectly for BTC at that point? LTC seems to have much more upward potential but then again it is an altcoin, liable to go right back down again.

If it actually ever got to 3000+ USD, bitcoin could actually have a chance as a longterm hold to wait for Tim Draper's 100,000 per coin... In any case a price like that would have to mean people are leaving stocks and other securities and starting to believe in digital assets.
Intuit rivet.popper
I can't predict that far into the future but 100k per BTC is practically impossible. That would be 19,000,000,000,000 USD market cap which is roughly 25% of the global GDP. If something like that were to happen USD (and probably most national currencies) would essentially have to become worthless.

Normally I would cash out for fiat except in the above situation it would probably be a good idea to exchange for some other type of asset when LTC or BTC are peaking out, like precious metals or stocks or whatever seems the most profitable at the time.
But to have that capitalization is not necessary that all that money is in.

Thanks for your contributions
Another thing to take into consideration is the state in which global economy is (which is terrible if you take time to read about it)
Too much debt everywhere, inflation, falling stocks, general uncertainty - all of that is a great thing for btc.
+2 Reply
Gox is gone and Willy is gone though. no new money coming in. we need a major news event, also Bitcoin XT = bearish.
But sure you never know your scenario could happen!
+2 Reply
Intuit BitcoinGuru
BFX is the new Gox.

Also check my other post

The fork is the catalyst.
the reason we pumped to $1170 was because of the Federal reserve speech on Bitcoin and cryptos mainly that was the bullish catalyst.
Bitcoin XT is not imo bullish in any way especially with the division were seeing and the centralization of XT.
However the launch of Gemini might be the catalyst to pump us up after this dump :) lets wait and see.
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