Now the bulls are calling for 10k back. So far this is just a very nice bounce off support, I would not be getting that bullish just yet!
Glad to see BTC back to the 8k area. Took a bit longer than I thought and a couple dips to try and flush out anyone possible. But a month is not long in trading I guess. Now how long will it consolidate in this area before take off?
ShapeShift CEO Erik Voorhees said that the bear market for Bitcoin is not over yet. ThinkMarkets chief market analyst Naeem Aslam thinks similarly and believes that speculators have unnecessarily intensified the downtrend by overselling Bitcoin in the global exchange market.
Bitcoin Lingers With bitcoin down over 66% from its highs earlier in the year, it may sound pretty unbelievable, but the standard bearer of the crypto-currency space is still up over 50% on a y/y basis. That’s right, back in early October 2017, bitcoin was trading at a price of just $4,283 compared to today’s price of $6,463. Bubbles can take quite a long time to fully deflate! With bitcoin still trading up over 50% from where it was a year ago, it is actually outperforming all but 12 individual stocks in the Nasdaq 100 during that span. Just to show how timing really is everything when it comes to investing, while just 12 Nasdaq 100 stocks are outperforming bitcoin over the last year, on a YTD basis every single one of them has outperformed bitcoin.
Bitcoin Keeps Crashing Nov 26, 2018 What a difference a year makes! Last year at this time, bitcoin was in the middle of a run where it seemed to break through 1,000-point thresholds every couple of days (and in some cases even faster). Now, the leading crypto-currency is seemingly crashing through 1,000 point thresholds to the downside on what seems like a daily basis. In less than two weeks, the price has dropped below 6,000, 5,000, and now 4,000 today. The chart above is certainly ugly, and while the decline from the peak earlier this year is by far the largest in point terms, in percentage terms as well, bitcoin’s decline from the highs is nearing historical proportions. In its eight-plus year history, the current decline is only the third time that bitcoin has fallen more than 80% from an all-time high. The largest decline ended in November 2011 when the price fell 93.1% from its high. Then, in January 2015, bitcoin experienced a drawdown of 83.9% from its high. In order for the current decline to move into second place in terms of magnitude, bitcoin would have to fall below 3,006 (-17%) and to surpass the record decline from November 2011, the price would have to fall another 64% to 1,288 or lower. If you’re still a bitcoin bull, at least you know that it has actually been here before and eventually bounced back! Similar to its current percentage decline, bitcoin’s drought without closing at an all-time high is also the third longest on record. At 245 calendar days and counting, the current drawdown is still 597 days shorter than the gap between highs from 2013 through early 2017, and 192 days shorter than the gap from 2011 through early 2013. In terms of getting to the down 80% point, though, at 245 days, the current drop is now second behind the 2011 period which took just 62 days.
Is anybody getting ready to ring a bell when the lows are hit? Usually when you see everybody throwing in the towel and how bitcoin has no future... thats the signal.
Lots of swings over the past few days, but not seeing any big buyers stepping up just yet. Probably not the bottom for bitcoin.
