18. February 2018 02:09 GMT And Later

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Eleven Thousand – For Good?

18. February 2018 02:09 GMT – From Saturday morning until almost midnight Saturday night, the market was relatively steady at about $10’700. Then, starting about 22:15 GMT and running until just after midnight GMT, there was a $3.5 B buying spree, interspersed with some profit-takîng, that pushed the market up over $11’000. It stayed there with buyers and sellers active up to the reporting time. On a 24-hour basis, that made Bitcoin the strongest of the top ten CC’sat +7.8% with the others spread out between -.8% (NEO) and +4.4 (bitcoin cash). The futures will have some catching up to do when the market opens – they are about $1000 behind the present actual.

Eleven Thousand – Not For Good

19. February 2018 02:13 GMT – If you look at the chart above, or just the numbers and the text we have in this article, you will see that the BTC-USD rate has dropped below $11’000. The actual drop took place early Sunday morning GMT, but continued mixed buying and selling kept the marker at between $10’124 and $10’847, but with an eyeball average at about $10’600, which is where it is at this reporting time. On the 24-hour average, BTC lost -5.5%, but with the exception of ethereum (-4.7%) and litecoin (-5.32%) all the others in the top ten dropped more than BTC with the worst being IOTA at -9.1%. Bitcoin futures, at what I suspect is a coincidence, are at $10’595.

One interesting note is that BTC and to some extent etherum seem to be reacting more positively than the other members of the top ten group. By that I mean that when BTC goes up, it goes up more in percent than the others, and when it goes down, it goes down less in percent than the others. Sounds like a good reason to HODL with BTC.

At this time, the market is not showing any indications that might indicate where it will go the rest of today. We will see!


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16. February 2018 17:49 GMT And Later

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Ten Thousand – Plus Or Minus

16. February 2018 17:49 GMT – After BTC got up to the $10’000 mark yesterday, it has more or less stayed there, +/- $300. It seems that there are people who want to sell at or above $10’000 and other people who want to buy at or below $10’000, so the price is wandering up and down rather aimlessly. On the other hand, it is mostly small transaction volumes as well. My feeling is that, after the people interested in transaction in the 10’000 area are satisfied, the market will continue upwards, driven by low volume transactions. On a 24-hour basis, BTC is up 2%, ethereum is up 0.5%, and the rest of the top ten are mixed from -3.5% (ripple) to +8.3% (bitcoin cash).

In the mean time, the direction of the USD has changed and it is starting to display a little strength below $1.25/EUR. That is also helping stabilise the Swiss Franc but at a very low $0.925 to the Franc which got down below $0.92 earlier today. The European stock markets closed mostly up around 0.9% and the Dow was pushing that at 0.7% in early trading.

Ten Thousand And Then Some

17. February 2018 02:12 GMT – Since the last report at 17:49 GMT, the market took a dip (based on only small volume movements) and then started to rise. There were two large buys, one over $400 M and a second one almost $900 M that pushed the market upwards to almost $10’400 presently. At the present time, a seller jumped into the fray and the price is backing off somewhat. Will it go further up? Will it go down some more? Beats me, but we will see tomorrow morning.


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14. February 2018 18:19 GMT And Later

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Surprise – Something Is Happening!

14. February 2018 18:19 GMT – Starting about midnight GMT, the market started to work upwards at a slow pace – about $30 per hour over about 10 hours, and then it slacked off a little at the same rate until about 11:00 GMT. Then, starting at about 30 minutes before noon GMT, a major buyer stepped into the ring and bought almost $5 B over the next 45-60 minutes. This drove the market price up about $400 from $8’800 to $9’200. Typically, the sellers would jump in then and beat the price back down, but today, the market backed the price level and actually drove it up another $100 over the next 6 hours. Of course, that is the status now (about 18:00 GMT) and it can still happen, but it is unusual that it did not happen almost immediately. We will see what happens in the next 6 hours or so.

The 24-hour price movements are reasonably predictable, the top four BTC, ETH, ripple and bitcoin cash all gained about 8% or a little more. Below that in the top ten, it got a little bit wilder, ranging from +30% for litecoin to +5% for cardano with the rest up between 8% and 10%. The stock markets were generally mildly positive with the US markets up about 0.5% and the European markets about 1.0-1.2% up. Fiat currencies were mild as well, the US dollar lost about 0.5% against the EUR and the Swiss Franc lost about the same amount against the USD.

If anything unexpected happens, I will report again tonight.

No Changes

15. February 2018 02:38 GMT – Since the earlier report above, the market has continued to rise slowly and is at about $9’450 at this time. Volume slumped off and we probably will not see anything now until the morning or midday.

Btcoin Breaks Through $10’000

16. February 2018 02:36 GMT – At 17:25 GMT Bitcoin hit $10’000 for the first time since February 1. This was on the back of a $2 B buying surge that boosted the market price about $30. Since then, the market has been yoyo-ing with buyers and sellers making themselves obvious. Presently, the market is under selling pressure again and has dropped to about $10’175.

According to reports, the present positive moves were the result of softening of the South Korean government officials’ position on the future of crypto-currencies in South Korea. The position is much softer than earlier statements would indicate. The market volume was not very strong, but it was not below chart levels for the most part.

Let’s see what happens tonight and tomorrow.


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