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Bitcoin predictions for next week anyone?

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Well the last 12 hours or so have seen bitcoin dance around the 15k mark, after a dramatic week peaking at 17k. However it doesnt quite look like a correction is setting in yet....or is it? What do my fellow traders feel bitcoin will do next week...based on sentiment, technical analysis or whatever other force guides you.

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Bitcoin is extremely volatile and is fluctuating pretty wildly. It all depends on if there are more buyers of Bitcoin in the 'digital physical' sense after the weekend. As long as that is the case and more people are accumulating Bitcoin than people actually selling it then the Bitcoin price will continue to go up.

 

As long as there are buyers waiting to purchase Bitcoin as it gets mined then Bitcoin can only go up. It is the 'physical digital' purchase and sale of Bitcoin that will determine the price going forwards rather than the futures market. Once that is understood and the media accept that is when the price direction will become clear.

 

I still think Bitcoin will hit $20,000+ after the correction is out of the way. If I am wrong then I am wrong but I still think there is mileage in the Bitcoin price accelerating further.

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How much of Bitcoin trading is already on margin is what I would like to know. I should think the futures market will definitely be adding to it in the coming weeks and months.

 

Enjoy!

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I agree. I think far more people and institutions, crucially, are sitting up and taking notice of btc if hadnt done so before. I do believe it will reach crazy heights within months. Its a good time, albeit a bit late, to gain exposure to a btc tracker, in my opinion, for the long term potential. Perhaps wait for a bit of a crash first. Its now conceivable that btc will reach 50k in coming years as the big investors muscle in.

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There must be healthy corrections along the way. If Bitcoin just kept on going up without any major corrections then I would be more inclined to feel that it was a bubble waiting to burst. It may still be but a bubble waiting to be burst but this has been said at numerous levels such as $1000, $5000, $10000, etc.

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Interesting that the recent correction turned bang on a Fib level which could indicate some big players are using Fibonnacci on this asset, or may just be total coincidence. Worth bearing in mind for the future though.

 

The chart currently is coiling and gives no clues as to which direction it will pop. The correction doesn't look like a simple profit taking pullback but more like a serious attempt at a major reversal that stalled.

 

Remember too that this is not bitcoin on it's own but matched to the USD which just put in a couple of strong days Wed and Thur then a pin/doji bar off resistance on Friday. If the dollar drops you could expect a retest of the highs but if the dollar breaks up through resistance it may be worth taking a closer look at some of those lower Fib levels.

 

BTCUSD 4 hour. Dollar basket daily charts.

 

BTCUSDH40912.png

 

 US Dollar Basket_20171209_14.09.png

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I've been doing some research. It's been a boring week for me as I've have had some really massive technical problems to sort out with my computer hardware and software and which is why I've been so much unusually distracted by Bitcoin - my speciality being the Nikkei 225 !!!!

 

With the futures market about to open I thought to sound out some inside opinion.

 

I googled the words "bitcoin futures precedent" and started reading some interesting results about the future of the Bitcoin market and the likely effect and performance of the futures market in the initial stages. Good insider insight as well on the many questions and comments being posted on the IG website !!!

 

Enclosing links to some of the articles I've been reading:-

 

https://www.forbes.com/sites/valleyvoices/2017/12/08/wild-west-crypto-futures-bitmex-talks-to-lloyd-george/

 

https://ftalphaville.ft.com/2017/11/29/2196222/why-bitcoin-futures-and-a-shoddy-market-structure-pose-problems/

 

http://www.businessinsider.com/bitcoins-6-biggest-risks-2017-11

 

Enjoy!!!

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There is a lot of research that can be done on Bitcoin, Cryptocurrencies and Blockchain. Using the internet to gain a better understanding on these three things is fine. However my experience over the past 10+ years has taught me how to ignore media articles no matter how credible the source behind the article is as ultimately there is always media bias towards one side or another. I call this 'market noise' and as a trend follower do not take much notice of such articles. 

 

The key which I consistently reiterate is monitoring the price action and volume. This will determine whether to go long or remain long. If the trend changes and this is confirmed by the charts then it will be time to go short. At present this has not happened which is why the long option is the only one on Bitcoin from a trading perspective. No one knows how Bitcoin will react to tomorrow's futures trading and therefore if anyone opened a short position prior then it is pure speculative gambling and nothing more.

 

I will never get in at the lowest point or sell at the highest point. My aim is to get the biggest chunk possible of the middle bit as I wait for trend confirmation before going long, short, taking profits or losses.

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It is really hard to predict e.g. it's now  roughly 33 mins past the hour and on my 4hr chart of Bitcoin USD looking at my Boll 20 & 3.00 it's just dropped below the centre line a sell signal ( hasn't done that for quite a long time) and could be heading down to the lower Boll line  but who is to know?

 

Enjoy!!!

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Looking at my Boll 20 & 3.00 for Ether since yesterdays low Ether broke through the centre line a buy signal whereas Bitocoin went down. In the last 4hr Ether hit top Boll band which appears to have triggered a Bitcoin sell-off but who is to know for sure if it's going to be a big one?

 

Enjoy !!!

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Looking at my 4hr Boll 20 3.00 for Bitcoin USD if it closes above the middle line we're looking upwards again - will depend how that line holds !!! But there has been nothing like this happening on the 4hr chart since beginning of the month - Exciting.

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Very interesting insights shared here folks....thanks. how are the Boll bands looking now? Interesting comments from re fib lines. I need to get up to scratch with analysing trends/technicals via charts. Its not an area im familiar with. Does IG offer any webinars/info on this kind of stuff?

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The excitement has gone the next 4hr  bar is a dud. I'm off !!!!!!!!!!!!!!!!!!

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wise words re getting in the action around the middle and avoiding the extremities. I guess thats where i go wrong at times. The question for me is always how do i know if the current price is likely to the middle of a big rise/fall or if it has reached its end point....i guess this where looking more closely at trends/charts over a wider timespan comes in useful.

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There is loads of information on the IG website the problem is many people do not have the time to go through it all. But I'm sure James can help direct you. Personally I'm one who has never had that time. I watched the webinar on crypto-currencies for an hour and it was fun. Interesting also to see how the new platform can be used effectively. I always think I can fit more onto the screen with the older one, or, that I have more control. I may now try having another look at the new platform.

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Yes. Caseynotes  is doing some interesting work!!!!

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Looks like Bitcoin has found support like on previous downturns - some manipulation going on!!!!!!

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So after my last post on BTCUSD in this thread where price tagged the 38.2 fib level price did drop down again to tag the 50% fib level this time before flying back up and now hesitating at the highs. To get a bounce off 2 fib levels is more than just a coincidence. May be hesitating now awaiting conformation on dollar direction.

 

4 hour btcusd and daily usd charts.

 

BTCUSDH41112.pngUS Dollar Basket_20171211_08.28.png

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Thanks for that insight. Looks like a very technical start. It will be interesting to see if we get a wave pattern like whether we are currently on a developing wave three or five?

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Well well. A disappointing week for btc. What next? Is there still scope for a xmas rally for btc? Its hovering in a narrow range which is pretty unexciting and unprofitable when you cant go long!!

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The addition of the futures market looks to have subdued some of the exuberance of bitcoin as was expected. This top looks to be rolling over with pronounced macd divergence but where will it find support? Most likely candidate is the trendline.

 

 

BTCUSDH41412.png 

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Personally I would love Ether to end the year where Bitcoin started. That would make a really interesting start to 2018.

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I shouldn't be doing these pics. ahead of time. One should have time to get in and still make some money Bitcoin (USD) (DFB) #.pngonce the price or target has crossed the trajectory that's if you do you homework/research right. But since I did the 1hr for Ether I thought I may as well do the 1hr for Bitcoin.

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Another 8 minutes to go to the hour but Bitcoin appears to have made a potential serious break up and Ether down. Interesting next one or two hours

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Arrows point to last time Bitcoin hit the ceiling with such force. Worth seing how develops.Bitcoin (USD) (DFB) ###.png

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USD/JPY not looking good, Japan stocks down, Bitcoin has taken off.

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