The only thing driving any of these stocks is what ever BTC is doing. I have not seen much divergence with many of them.
Full Disclosure: I wouldn't trade this stuff with your money, I know really nothing about it, and I have no idea why anybody thinks they should put their hard earned money into it. Just looking at it from a technical perspective, I would expect it to be below $10k very soon. To me it seems to be in distribution , big dumps with volume followed by small candle recoveries with lower volumes. Each dump tests previous lows and when they stop selling get rich quick buyers come chasing back in. FWIW
^^ steve is back! sorry i just had to post that. was a real nice pleasant surprise seeing your name pop up in here @Steven_Burt
What you describe is basically what a dead cat bounce is. Volatility traders initially step in to trade the support. Bagholders then try to use the rally to sell and lessen the psychological pain. Eventually the lack of true demand factors in and the next leg down begins. The chart below shows two volume profile distribution curves. From 5600 to 19800 old profile From 10600 to 19800 developing profile As you can see, the bounce rejected the 16,400 POC (most active price) of the developing profile. Price cannot move higher until that level is broken. It's currently sitting on support of an HVN (high volume node) where there was a decent amount of activity based on volume. The big line in the sand is around 13,100 where the VAL (value are low) i.e. the lower end of the volume bell curve is for the developing profile. At that point the price action would re-visit prior areas of value within the old profile. Rangebound from 13,100 to 16,400.
Bitcoin is holding onto that HVN (high volume node) I mentioned in my previous post for dear life. Problem is the buy volume is minimal and the sell volume keeps increasing. Notice it also rejected the most active price (POC) of the last two days. That means the "auction" does not accept these prices and is looking for something lower.
If Wall Street was not involved, I would be calling for a plummet right here, but the fact that futures trading is here and guys at Goldman can trade it...
It's not as widespread yet as everything thinks. Per below, the crypto trading desk won't be ready until the end of June 2018. Which also lends to the idea of "resetting the game" so-to-speak. https://www.bloomberg.com/news/arti...-organic&utm_source=twitter&utm_medium=social
Im in the Firefox vs netscape school of thought. Bitcoin is the Netscape of crypto, first mover, popular. There are better crypto's out there, but the big crypto in the next 5yrs might not be around yet. I strongly suspect the next big one comes to us courtesy of Goldman and the bankers.
Wall street makes a living inflating turds and passing them to the public for profit. Wouldn't shock me if they do it one last time with Bitcoin after a bigger dip. They're not stupid and buying on the way up - they're doing what they can in the background to move it lower to get better pricing. But honestly, what really separates all these cryptos besides processing times? Eventually something has to come along with the power to enforce it on people - whether that be governments or billion dollar corporations.
My contrarion hat tells me 20 before 10. If we do see 10 by chance,it won't stay long. I'll dive in like flies on fresh dookey, the dung beetles won't stand a chance. Let's go a step farther, it will EASILY hit 50k by years end of 2018.
Wait and see... It will climb. Buy dips and pullbacks. The bigger the correction the better entry prices you will have. They are not going away. There will be massive corrections but each correction will be followed by spikes back up again. Just watch and mark my post
History has taught us that nothing goes up forever. Also, there is a greater fool out there, a lot of them, with no barriers of entry, anybody can buy at any time!
Statements like these are laughable to say the least, however the nothing goes up forever part is very true. People have tendency to lock in profits. This fool bought in the 3k range and sold in the 17k range. Point being, cryptocurrency is here to stay, my metals supplier gladly accepts bitcoin actually at lower prices than debit or credit cards. I agree it's over hyped currently with all the media attention and ultimately some will get burnt due to inexperienced and greedy decisions. That holds true in any form.
Congratulations. You gambled and profited. If I were you I'd be thankful and not talk trash to other people for not being as big of a risk taker as you are. But I'm probably addressing someone who only vested some couch money, which is typical of the loudest voices in this arena right now. Crypto currency has zero intrinsic value and isn't proprietary. That means anyone can create their own crypto - hell I have a colleague who's husband made his own. All that's happening is the crypto-mafia is trying to hype it to the public like what happens in penny stock chat rooms - in order to create liquidity to profit into. They do this from one crypto to the next. From Bitcoin to Verge to Ripple. It's just a game of musical chairs. The media covers it because that's what the media is supposed to do (they want viewership) which feeds the frenzy. Eventually the public will get tired of being burned and the current glut of cryptos will flame out like the dot coms did. The volume will disappear and they will realize they're holding worthless digital hype. All these small time cryptos don't mean anything in the grand scheme of things. What will are the governments and corporations who unveil their own crypto and tokens. The smart money is taking their quick, crazy gains and moving the profits into FinTech companies who will PROPERLY utilize the blockchain - not the ones turning it into a high stakes casino for early adopters/miners.
Gosh, I reckon me and thousands of others have it all wrong, thankfully you chimed in with your expertise and superior knowledge and saved the world from the worthless fad of cryptocurrency that has no value..
Where are all the Bitcoin bugs today? Expected to see this posted already: https://www.wsj.com/articles/peter-thiels-founders-fund-makes-big-bet-on-bitcoin-1514917433 Great headline for the Bitcoin day traders. The real devil's in the details though. They opened the $20 million position early in 2017 and it's now worth a couple hundred million USD (always makes me laugh quoting gains in fiat currency given the purpose of crypto). It's not being reported if they're still holding. Keep in mind Thiel's Founder Fund has $3 billion in AUM (assets under management). A $20 million position wasn't even 1% of their entire portfolio. It's the equivalent of Peter Thiel couch money and reinforces the speculative high stakes casino atmosphere in crypto right now.
Its good news in a way, but its also a signal that the late-to-the-party are in . What other whales are there coming in at this level?
Good news for people who only read headlines yes. I'm not aware of any "recent" whales with significant positions of their portfolio in crypto.
