I don't need to tell you what follows after "This is a sucker's rally". There was a total loss of faith, we saw that, a lot of voices called for $5000 and some even $1000. We're past that stage now. Those voices have silenced for the most part but the negative sentiment is still there. People are fed up. Many have lost their BTC to strong hands, some are yet to lose theirs to even stronger hands in the coming days. The big guys, the whales with deep pockets, they don't mind waiting. They are making money as you desperately wait for the price to rise and they are also accumulating, taking advantage of any frustrated weak hands. However, one thing that works for all of us is this quote from Warren Buffet: "The stock market is a device for transferring money from the impatient to the patient." ~Warren Buffet
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I've been getting a lot of requests recently to start a crytpo blog for you guys that has quality content and analyzes things from a unique perspective. I'm trying to find the time and cut down on some of my current commitments. If any of you want to help with that and be a part of this project, please send me a private message here.
Bitcoin mining cost is very high right now and difficulty is very high,so I thing that 3000-1000 usd for 1 bitcoin is very unlike because miner won't make money if it'll happen,so either btc will go up from here or maybe create one more low like 4500-5000 usd but it's also very unlike.
tepmoc
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@tadingmania1234, Break even for 1BTC was around 800$ by end of January assuming $0.05 per kWh
Sigmaniac77
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Hi @fakhan I have a feeling that the Wall Street cheat sheet should be applied to BTC too and we are clearly in a downtrend all the way to 3000. You can say I'm pessimistic but the volume is gone from everywhere and because of the CME futures now big whales drive the price up and down. What I have figured out that last year there were cycles with approx 45days up/ 17 days down like 5 times last year but now it's constantly dumping since December so that is almost 90days downtrend. Not to mention if I apply MA50 and MA150 on the daily BTC chart it appears that on 4th MArch we had a death cross so we are clearly in a downtrend in my opinion. But I'm not an expert so I could be wrong of course. Also if BTC goes downhill how it will affect altcoins? probably they will dump further down no matter we are in a so called accumulation zone imo. I would really like to hear your opinion (and hope you can prove me wrong) as I think big whales wants to have more before the next big push. It looks like they surpressing the price of BTC just like they did with Gold and Silver. best regards
Jefe
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@Sigmaniac77, I'll not say you're pessimistic but I'll say you're looking at the Wall Street Cheat Sheet upside down with your thumb up your a**. No offense.
Jefe
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@Sigmaniac77 You can't make money in this market with a confused mind. The way you put this up goes on to show how much you're letting fear cloud your reason. There's no room for emotion in trading. The whales, the big dogs, they're gonna play their games, no doubt but you just have to accept that this is part of the game and you gotta come up with your plan and then stick to it. Game theory, my friend. The best way to make money trading is to think the worst is going to happen and plan for it. That way, you got nothing to fear.
Sigmaniac77
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@fakhan, Hehe thanks for the thumbs up in my ***:)
I'm not really worried yet but because I have my stack in alts only and not in BTC It seems it's better to play with BTC against the dollar only as altcoins are really risky nowadays.
But if I do as you wrote (The best way to make money trading is to think the worst is going to happen and plan for it) then again I look BTC as bearish still... To be honest I've lost a lot of my stack last October-November and made it back luckily but again because I'm in alst they are rock bottom again (LBC, ETC, STRAT, DGB) If I look at the 1D charts from last year all of these coins should have their market cycle done and on the way up slowly but I'm not sure how the BTC price will affect them. But on the other side of the coin the last time I bought BTC it was $3000 in July so not really worried but I should have preserved my gains better... thanks for the heads up!
Jefe
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@Sigmaniac77, Happy to help! Regarding your thoughts on market cycle, I agree alts should start picking up from here. BTC will provide the green signal probably by the end of this month and it's going to be rapid.
Acel
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@fakhan, you should make this your status but i dont think it fits. haha
Both trade by the minute and long term are good as long as they feet your needs and make you feel confortable. As long as you dont lose peace all is good. Im a long term and Im patience for the rally. Thanks fakham for the postings and optimism.