Bitcoin on the move 15 min chart after a pause will it break high before end of weekend?

[121 0]

Bitcoin on the move 15 min chart after a pause will it break high before end of weekend?

[Savvyscot 0]

Id say thats weekend over...taken a bit of a dip in last couple of hours.

[TrendFollower 584]

I fully expect Bitcoin to hit $20,000 this week and certainly before Friday. The way Bitcoin behaves it could easily hit it in the next 24 - 48 hours. 

 

I am not too sure the agenda for the media when reporting about Bitcoin futures. Futures can be used as an effective hedging tool when looking from a risk management perspective. There will only be 21 million Bitcoin's mined. Therefore limited supply. This will be a factor in driving the price if it becomes accepted as a store of value. I think the physical purchases of Bitcoin will determine the price. The futures market may help to reduce the insane volatility and improve liquidity.

 

Lets see what this week brings. 

[Savvyscot 0]

Excellent. Was reading up last night about bitcoin patterns of corrections. Based on last 3 years, we can expect a significant correction sometime between 4th -16th january. Past no indication of future etc. A correction would be welcome...its becoming quite costly to trade btc with multiple bets due to deposits needed.

[Caseynotes 1,370]

Bitcoin looks to be respecting both the 100 sma (blue) and 200 sma (violet) as well as Fibonacci levels on corrections. A bar close above the 100 sma could see a move higher to test the highs while a bounce down off the 100 sma could see a test of the 50 fib level.

 

 

[fmradio05 0]

i think BTC will remain bullish until CME comes online. However, it is not possible to go long and I am sick and tired of this.

[Savvyscot 0]

Bit of an anti climax today!!

[TrendFollower 584]

Bitcoin performs at its best when no one expects it. If it performed as per the books then every trader would be making millions on Bitcoin. This is where an ETF or tracker fund is a useful vehicle if one thinks that bitcoin's trend has a long way to go. I have made 150%+ on XBT Tracker One product in less than four weeks.

 

Bitcoin follows the rules of a long term trend but is writing its own new rule book for short term trends and how they behave if Bitcoin really is not a bubble. I have never seen anything like it and I cannot even think of what to compare it against in my lifetime. I have heard people mention Amazon but Amazon was a real company that was growing revenues. It is still growing now as it has some many opportunities in new countries.

 

Imagine if Bitcoin became a combination of a store of value that could be used to purchase goods! Gold is a store of value but you cannot use it to purchase a bluray movie or item from Amazon. There is more chance of Bitcoin being used to purchase items than gold. For example, recently two UK homes were sold for Bitcoin. Michelle Mone and her partner are selling flats in Dubai for Bitcoin only. You never hear about people selling real assets for gold only.

 

Bitcoin would be a monster of an asset if it truly became a store of value and currency that could be used to purchase other assets / items. 

 

[121 0]

Interesting about ETF, and, tracker fund. As for use of Bitcoin I think Japan is leading the way? 

[Caseynotes 1,370]

Bitcoin ETFs could be very interesting, though remember it's a derivative of a derivative in an unregulated market. 

[TrendFollower 584]

Caseynotes, it is. However, before I decided to invest I looked into XBT, the company behind the tracker fund, and realised how big they were. I invest in both the EUR fund and the SEK (Swedish Krona) funds. Both are up sometime like 151% and 163%. There is a difference because of the difference currencies. Also your pounds sterling buy you different amount of units in each fund. They also now offer both versions of EUR and SEK for Ether too. 

 

For the mainstream to get involved in Bitcoin I think it will take ETF's to really push the price up. Especially in Europe and the US.