Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Guys and girls - this situation is going to resolve itself just like the situation in the 400s. We bounced around high to low and mid to low 400s for many weeks. Finally, there just were no more sellers. None. And once that happened, the bulls ran wild.
Well, that is what we are seeing again. No buying, but less and less selling. So unless sellers start selling more soon, then the selling will eventually slow to a crawl again. At that time, our only way forward will be up.
Now this could take another week or so or more - who knows - its all just "speculation" that we love.
But, me, I'm watching the sellers, not the buyers, for clues on how low this goes and where the local bottom really is.
Well, that is what we are seeing again. No buying, but less and less selling. So unless sellers start selling more soon, then the selling will eventually slow to a crawl again. At that time, our only way forward will be up.
Now this could take another week or so or more - who knows - its all just "speculation" that we love.
But, me, I'm watching the sellers, not the buyers, for clues on how low this goes and where the local bottom really is.
Yeah I think there are just too many bulls expecting a bubble, can't go up when everyone is a bull unless there is a huge influx of new people getting into bitcoin. That's going to happen eventually but not as fast as people are thinking. Some impatient buyers have already sold and I see the number of bears increase again which is positive because we need them as fuel for the price to go up.
I don't expect a bubble any time soon but I do see 800-850 in the cards.