Bitcoin has met resistance at 4959.00 , but it is my unlicensed opinion that was due to limit orders and automated trades. Warren Buffet once called Bitcoin "Rat poison squared," and he is a very wealthy, self made man. He didn't become as he is through ignorance or stupidity.
Optimism is a wonderful trait that Bitcoin has hammered down on time and time again. If it is so delicate that a hard fork of it's main derivative , BCH, and an argument between what is essentially two men can tear even the supposed unbreakable support level of 5200 U.S.D. apart, it is TOO delicate to place much hope in right now.
Unfortunately the market is too young, too susceptible to biased journalism and panic , and has dipped to a point where it is nearing the pointless to mine point. At 6500 U.S.D. miners were operating at a loss. Unless it's all a tax deduction in China - however their economy works , the incentive to mine is based on the belief that it will repeat it's parabolic rise in late 2017.
No miners = failed effort.
Will Bitcoin become an antique?? Something to tell stories about to your grandchildren??
Things certainly look bleak at the moment.
**opinion**
I am not licensed , and write because I enjoy doing so , and because I see the market from a different perspective than the classically educated broker or financial analyst.
That said ,Bitcoin is very reminiscent of the .com bubble. Not all crypto - but the highly overvalued one people still call a flagship.
XRP is QUICKLY regaining it's losses. The same can not be said for Bitcoin.
Optimism is a wonderful trait that Bitcoin has hammered down on time and time again. If it is so delicate that a hard fork of it's main derivative , BCH, and an argument between what is essentially two men can tear even the supposed unbreakable support level of 5200 U.S.D. apart, it is TOO delicate to place much hope in right now.
Unfortunately the market is too young, too susceptible to biased journalism and panic , and has dipped to a point where it is nearing the pointless to mine point. At 6500 U.S.D. miners were operating at a loss. Unless it's all a tax deduction in China - however their economy works , the incentive to mine is based on the belief that it will repeat it's parabolic rise in late 2017.
No miners = failed effort.
Will Bitcoin become an antique?? Something to tell stories about to your grandchildren??
Things certainly look bleak at the moment.
**opinion**
I am not licensed , and write because I enjoy doing so , and because I see the market from a different perspective than the classically educated broker or financial analyst.
That said ,Bitcoin is very reminiscent of the .com bubble. Not all crypto - but the highly overvalued one people still call a flagship.
XRP is QUICKLY regaining it's losses. The same can not be said for Bitcoin.