Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I think it's hilarious people think bitcoin is going mainstream. It's no way near ready to go mainstream, not the exchanges, not the protocol, not the services built around it. No way the price is going to stay at 1000+ for very long. Hordes of speculators will cash out. Yes i'm as bearish as it gets at the moment.
Shaky, maybe - but the trend and news is too positive (sentiment wise) so much news will feed through in to price in the medium term (which in Bitcoin terms is weeks) you can play the ups and downs, but it's only going up.
If we hit 900 frothily, we will hit 1000 nonchanatly, maybe not today, maybe not tomorrow - but soon.
If you like to gamble it's all good. But I'm just saying, once the hype dies down it's gonna get ugly.
The thing is, $775 looked like a top. But, then (just now) we got an uptick, ARMS movement, and the (usually trailing) Directional is with us. I agree that the news is hard to factor in to the equation, but remember that monies that are trying to enter the system may well view under $1000 as a good buy point. Who knows?
Also, remember how much you are believing that somehow $1000 is a magical number. Will you feel that way when the price is $1143 or $1375 or $2100?
Same happened with 100 dollars, it busted that in a week after correcting from 70 dollars, a very similar movement from today by the way.
