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Pattern of Bitcoin going up a lot over the weekend!

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I have noticed a pattern that there is a lot of buying of Bitcoin after 10:00 pm on Friday and throughout Saturday so that after Sunday 8:00 am there is a big increase in the price. Last weekend the same thing happened. This week it has happened again. Bitcoin seems to be behaving more like a safe haven albeit an extremely speculative one than say Gold. 


The pattern is there. There was an article, I think it was CNBC, that suggested $5000 for Bitcoin and others suggesting 10000 and 100000. The time to sell is when 'Joe Bloggs' on the street is talking about Bitcoin as an investment and profits. That is why the smart money sells when the real 'herd' enters that arena. 

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Hi  I've just read your last couple of posts on Bitcoin - some great insight! I was curious as to where you thought BTC was going over the 1 week / 1 month / 1 year time frames? I know myself and  are keen crypto enthusiasts, and have been pushing for IG to increase our offering to Ethereum (now available on the trading platform) as well as other offerings. 


Do you trade ETH, or any other Cryptos? Which would you like to see listed on IG.com ?


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My thoughts on Bitcoin are the short term I see if going up and I will continue to believe that unless there is a trend reversal which could happen at any time and it could be violent! In that case I will short Bitcoin and make money as the price decreases. That should answer your 1 week to 1 month question. In terms of 1 year it is very difficult to answer and I honestly do not know or have any real thoughts. Its all about making money now on current trends and I do not tend to worry about time horizon of 1 year. 


I am a big fan of Ether but IG.Com has not been allowing traders to open long positions for the past week or so. This is so frustrating. Profits have been missed as a result. Yes to ETH.


The other cryptos that IG.Com should consider is Ripple, Dash and Litecoin. 

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Afternoon again!


Interesting thoughts on Bitcoin, it's great to hear what you think, and we'd be really keen to hear everyone else's thoughts on this.


You might also find this article quite interesting, it is 3rd party so usual caveats do apply, but do let me know what you think: http://www.zerohedge.com/news/2017-06-22/bitcoin-money


With regards to going long ETH, my previous post covers why we sometimes restrict this. At present we're seeing large amount of clients buying ETH, and have simultaneously reached our internal limits, which means we can't offer any new long positions. We do review this regularly, and will allow clients to place new long positions as soon as we can.


Same applies to new currencies, we are looking into them, I'll keep you up to speed about any developments. 







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