22. December 2017 15:38 GMT – In an apparent effort to drive the smaller margin traders out of the market, the “big boys” in another move in their power play have forced yet another decline on the BTC price. It started at about midnight Thursday night GMT and was still continuing at this writing. The objective here for them is to drive the BTC price down as far as possible and buy at that price. Then they will wait for the price to rise again – whether that will be before the end of this year or early next year is open to speculation (ain’t it all??). At that point will they sell for the protfit or hold? Don’t know, maybe some of each. The latest moves started at about 13:15 GMT and took BTC well below $11k for a short time. The volume traded has been strong during this whole period. Maybe that signals an end to this coming soon?
We will see.
23. December 2017 10:40 GMT – Since the previous report above, activity in BTC-USD has almost completely disappeared. As one result, the BTC price has more-or-less stabilised between $13k and $14k. Consequently there is almost nothing to report.
20. December 2017 03:43 GMT – It appears that the sell-offs that I predicted for end-of-year have started a little early. The BTC price started falling about 09:30 GMT Tuesday morning, and is continuing to at least 01:00 GMT this morning. There is a small rally going on since then, but there is no indication that it will hold. Most of this sell-off was with relatively large quantities of exchanges, as well.
Where do we go from here? My only advice is to position yourself where you want to be. Then sit back and watch it all happen.
20. December 2017 12:33 GMT – Since the above report, the trading volume has almost disapppeared. What little trading was active has pushed the price back up into the $17’300/17’400 range. For me as an untrained trader, it is somewhere between “difficult” and “impossible” to predict where it will go from here in the short term. There may be an exception for the technical traders, and a larger trader could probably play the market to set his own prices, at least in the short term.
21. December 2017 20:44 GMT – Since my last write up, there has been another sell-off spurt and BTC is now down around the $15’000 to $15’400 range. Maybe somebody needed to buy a Christmas present? Will it stay down there? Or go back up? Or go even farther down? Beats me, my crystal ball is all fogged up! Stay tuned and we will see.
22. December 2017 03:04 GMT – Since the earlier report, there has been some hard selling again, and the price at this point is down to just above $14’000. Come on guys, take it easy – then maybe you can still sell but get a better price. What do ya think?
03:13 GMT – While I was setting this post, the price dropped again to around $13’500. Great!
17. December 2017 09:53 GMT – Starting about 15:00 GMT yesterday, the buy-sell activity in the BTC-USD exchange rate increased markedly. This contributed some stabiity to the price, and this reinforced the earlier increase above $18k. The price increased to above $19k at about 19:15 GMT and stabilised at about $19’300 since about 03:00 GMT. There were some excursions below $19k but also some above $19’500 during this period.
18. December 2017 07:38 GMT – There was a flurry of activity between midnight and 02:30 GMT this morning, and the sellers were stronger. The band of activity is now centered at about $18’800 and is wider than before +/- $500 or so.
19.December 2017 13:28 GMT – For the rest of the day yesterday and overnight, the exchange rate stayed reasonably level – running between $18’800 and $19’000 with very little trading. But at about 09:30 GMT this morning, it appears that a large holding was sold on a scheduled program. There was purchasing as well, also with a planned look (programmed reaction?), and these two programs knocked the price down to as low as about $17’400. It has since recovered to about $18k where it appears to be levelling out, but this is only over a 1 hour span so far.
What’s In The Future for 2018?
Where do we go from here? I expect that the price will approach $20k during the next few days, but I also expect some resistance above $20k. I think there will be a lot of sellers who have set $20k – or a little below or above that – as their sell point and will take their profits before the holidays and the end of the year. For 2018, I expect some additional resistance at the beginning of the year with sellers locking in USD profits for the new year. Within a few weeks I predict a resumption of the strong upward trends that we saw in the last quarter of 2017.
15. December 2017 22:18 GMT – As the title intimates, BTC scratched the $18k level this noon (USD 18’026 at 12:00 GMT) but could not sustain the achievement. Ten hours later, it is moving around $17.6k and my guess is that it will probably stay in that area for another 12 to 48 hours. There is – for the most part – not much activity at this level.
And after that? I have to say that I expect BTC will regain some of the upward momentum it was showing earlier and start pushing upwards at about $1k per day for a few weeks. By then, something else will happen and the rate will drop again, but not as much as it previously gained.
12. December 2017 22:58 GMT – I guess the title says most of what there is to say for now. The BTC-USD rate has crept back up to over $17k pretty much consistently since yesterday afternoon. That’s the good news. The bad news is that there is almost no trafffic to prop it up there – one big sell order (or even one big buy order) and the whole thing will break loose again.
My read on this though is that the public in general is tired of all this mess and wants to see the BTC start to increase again. Not huge jumps at a time, just steady improvements day after day. Something that is predictable. What do you think?
How do we avoid these problems in the future? Maybe the futures trading will be a part of that, I’m not sure. But I am sure that more participation in stable, responsible operations like CryptoGold will be stabilising influences on the nmarket. They are also safe for you and me, the people who participate in them. So do yourself a favour and do the market a favour as well – join CryptoGold today!
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.
07. December 2017 10:00 GMT – The BTC-USD exchange rate passed through the $14k level at about 05:00 GMT this morning, and is pushing the $15k mark (it has already exceeded it in some exchanges) at this writing. The more or less steady advance of the BTC appears to be holding up.
Looking at the longer term charts (4 months and more), it appears that it is time to start using a logarithymic scale for the price in order to see some meaningful results. I don’t know if the services are prepared to do that or not (except for a few that already offer the option).
08. December 2017 01:18 GMT – Bitcoin crossed the $16k mark at about 22:10 GMT tonight and continues to charge ahead. At this time the price is pushing $17k and came very close to that at about 00:20 GMT but backed off slightly until now.
If BTC continues to jump about $2’000 per day, we should be at close to $65k at year’s end. Do you think this is possible? My guess is that it will be closer to $50k-$55k due to some serious profit-taking along the way.
08. December 2017 06:32 GMT – Starting at about 02:45-03:15 GMT this morning, there were some strong buy and sell actions on the BTC-USD rate. The short term result (so far) is that the overall rate dropped from as high as slightly over $17k to the present rate of about $15’000. Things are very unstable at this point and there will likely be some more strong movements in both directions before things calm down.
06.December 2017 09:50 GMT – After a few days of indecision, Bitcoin cracked the $12’000 mark at about 02:15 GMT this morning. Unlike other barrier-breaking moves, this time the breakthrough shows no signs of instability. There is a good mixture of buys and sells and the index continues to increase. At this writing, it is about $12’500 demonstrating an essentially smooth rate of ascent.
The overall increase rate is about $500 every 8 hours. If this holds true (as always a big IF) the price should be at $13’000 in about another 8 hours, or 18:00 GMT today. At this rate, we would achieve $15’000 on Saturday, 48 hours from now.
What do you think?
06.December 2017 11:30 GMT – About 10 minutes after I wrote the first information above, there was a large sell order at $12’800 that dropped the BTC price by about $500. Recovery of about 1/2 the drop was very fast. Things seemed to be stabilizing at about $12’500 but now the upward drive is asserting itself again – $12’660 at 11:35 GMT.
Same question: What do you think?
06. December 2017 21:20 GMT
The BTC-USD rate cracked the $13k level at 20:00 for the first time, then dipped below and came back above a couple of times. Will it continue upwards? I think “yes”. But who knows? Anyway, it is a little off my predicted rate above (“$13’000 in about another 8 hours, or 18:00 GMT today”), but I think the rate will hold fairly well the rest of the week.
02.December 2017 01:49 GMT – As I suggested yesterday, things are getting more exciting again in the BTC-USD rates. About twelve hours ago, BTC went into the $10’000 plus territory, stumbled once and then kept increasing on light trading to crack the $11’000 mark again at 01:30 on 02.December.2017. Now it is still above $11k but there has been a little selling pressure brought to bear.
We will see what it looks like tomorrow morning GMT and go from there. Ciao!
02. December 2017 18:45 GMT – It has become a little bit boring – since about 12 hours ago, the BTC-USD rate has been relatively stable, wobbling around $11k in a roughly $200 wide band. Will that last overnight? I’ll make a check later tonight to see how we are doing.
03.Deceber 2017 08:00 GMT – Since my last report (above), BTC continued in light trading more or less stable. It appears that once every few hours, someone makes a relatively large sale, but the inertia of the trading tends to make a recovery from this pressure possible. Let’s see what happens by this evening.
03.December 2017 14:00 GMT – About two hours ago – noon GMT – there were two relatively large purchases and the rate bounced up about $500 to about $11’600 and it has stayed there so far. A real step function! There was also one sale downwards after the purchases, but that didn’t seem to modify the behavior of the market. More later on…
03.December,2017 23:30m GMT – About 20:30 GMT this evening, three relatively large sell blocks hit the exchange and the BTC-USD rate dropped to about $ 11’300 at 20:40 after the first hit, then to about $10’500 at 21:30 and then about $10’400 at 22:05. The sell hits stopped then and the rate went back up to about $11’000 where it stayed, +/- $100for the next hour 22:40 – 23:40 GMT (now). I guess we might see some more interesting moves in the next 24 hours.
04. December 2017 17:20 GMT – since the last report, the price has stabilised at about $11’400 plus-minus $200 except for a single sell hit at about 13:15. This was countered with several small buys and the price came quickly back up to something over $11’300. It has stabilised since then in a plus-minus $100 range.
As you most likely already know, since the day after going over $10’000 and even $11’000, the profit-takers have contnually pushed down the exchange rate until it has been running at around $9’500 more or less. It has dipped under $9’000 and it has moved above $10’000, but both moves were relativelly short term.
Long Term Situation?
How long will this situation last? Beats me! It is really a question of how many BTC holders are willing to give up their BTC for USD (or something else) and how many people are interested in buying more BTC, even at a higher price. I – personally – am convinced that BTC will continue the upward trend, but not at the rate it overcame the $10k and $11k marks. I expect – medium term – something along the lines of advances amounting to 300% to 700% per year on a consistent basis. There will undoubtedly be bumps up and down during this, but as an annual average, I think it works.
It is almost weekend – that’s when the action picked up last week, will that happen again? We will see.