It appears that after some considerable cooling off, exchanges have managed to work out the kinks and we have some consistent trading patterns re-emerging. It appears that 17k is the accepted ceiling for now by bulls/bears. Bears seem to be coordinating their run for this ceiling, then pushing hard to drive down the price. Unfortunately (for them), there's simply too many people still looking to get into the market, with anything under 16k looking like a great bargain.
I predict that 17k will be the ceiling for new, and that resistance will not be broken until either a segment of the sleeping market wakes up (which might be around this time actually!), or manipulators switch sides to temporarily inflate the price (unlikely, too many people want to jump in!). That being said, it seems like 16k is accepted as the new normal, and anything below that will trigger a buying frenzy. Thoughts?
I predict that 17k will be the ceiling for new, and that resistance will not be broken until either a segment of the sleeping market wakes up (which might be around this time actually!), or manipulators switch sides to temporarily inflate the price (unlikely, too many people want to jump in!). That being said, it seems like 16k is accepted as the new normal, and anything below that will trigger a buying frenzy. Thoughts?
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Edit: I forgot to add that since it's getting into the US after-hours on a Friday, any institutional investors messing with the price before Monday will probably be closing their positions and heading home, so there might be a lot less activity going on and things might stabilize even more. If prices remain very stable within a narrow band, then it should signal confidence for crypto traders to take their eyes off Bitcoin for a while and start focusing on trading back into altcoins again.
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Edit 2: I should also mention that this is just a general analysis for speculation. if you are looking to margin-trade in BTC right now, then I would look to short around 16.8 to 17k. Otherwise my advice is still to HODL, because you never know when the sleeping giant might awake and start wildly swinging the market like yesterday!