60 Hour Selloff Ended?

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10 December 2017 09:00 GMT – The Bitcoin price in USD has been subjected to a (up to now) 60-hour selloff that started at levels above $16k and now are running about $13k. Some people are saying that this is being caused by the initiation of sales of BTC-USD futures on some USA exchanges. I don’t really believe that – I think it is more a reaction to an almost uncontrolled rise in the price that had the price increasing $1’000 to $2’000 daily.

Also, the selloff is not as disastrous as some people are saying: the present price level was first reached only four days ago. Perhaps “correction” is a better term to use here.

How long will the “correction” continue? Your guess is as good as mine. At some point the lust for Bitcoin will overpower the selloff desires, and we will start upwrds again. My guess (with no good reason) is in 24-48 hours.

11.December 2017 10:34 GMT – Since the above was written, it appears that the recovery is underway. The exchange rate has reached the $16’500 area and appears (for now anyway) to be stable there, although this is without almost any large movements (buys or sells) since about 16:00 GMT yesterday. The proof of the pudding will be when the big players come back into action.

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