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
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.
BitcoinGuru
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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!
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.
Intuit
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Silk Road being taken down on October 2nd, 2013 wasn't bullish at all either considering that the huge majority of Bitcoin's economy back then was based around SR. The catalyst for the final dump obviously isn't going to be bullish because it's the final dump. Its the one thing that makes all the weak hands panic and margin calls all the longs and makes everyone fearful and uncertain of bitcoin's future. Once we start going back up and do not retrace at all it will create some extreme FOMO because everyone will realize the fork is a no longer a major issue and the bullish news stories that you speak of will start to surface.
Intuit
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This is a really good entry point if you still are interested in taking this trade.
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.
Too much debt everywhere, inflation, falling stocks, general uncertainty - all of that is a great thing for btc.