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Bitcoin: Does it have a future ?
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mnandii
#1051 Posted : Friday, May 10, 2019 9:47:24 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
Guys allow me to bask in the sunlight kidogo smile

Most times some people make very depressing comments when I post Elliott Wave analysis but as can be seen in this objective forecast for a rise in bitcoin, you will understand the power of my chosen method of analysis.

Of course as a staunch believer in Elliott Waves I should know the reactions to expect from the herd when a market is about to make a major turn (In this case a turn from bear to bull). And this is the very reason why if you are new and learning the Elliott method you should keep far away from social discussions of the direction of markets. The temptation to go with the herd is quite irresistible (the primitive pre-rational portion of the brain is the one responsible when people herd in financial market place - the neo-cortex will then rationalize the ratio decidendi for the stance taken. This is why at the recent major bottom in bitcoin there were many rational sounding reasons why bitcoin should continue lower and perhaps even collapse! )
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#1052 Posted : Friday, May 10, 2019 9:50:36 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
rwitre wrote:
Forbes: Bitcoin Is Somehow Still Climbing

Quote:
Bitcoin, up a staggering 20% over the last 30 days, has continued its march higher this week despite a raft of problems for the world's biggest cryptocurrency.

The bitcoin price hit $6,388 on the Luxembourg-based Bitstamp exchange last night after starting the year at under $4,000. The bitcoin price has also extended its lead over the wider cryptocurrency market, adding to its so-called market dominance—how much bitcoin contributes to the total value of all cryptocurrencies—which is now nudging 60%, its highest in six months.

Bitcoin has somehow added almost 7% over the last three-day trading period despite some $40 million of bitcoin (some 7,000 of the digital tokens) being stolen from the Malta-based Binance exchange, the world's largest bitcoin and cryptocurrency exchange by volume, and Binance's chief executive Changpeng Zhao sparking a controversial debate about "re-organizing" the bitcoin blockchain to recover the funds.
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There has been some positive news for bitcoin over the last week, however, predominately coming from social media giant Facebook.

Facebook has now decided to remove its restrictions on bitcoin, cryptocurrency and blockchain ads after allowing only some pre-approved ads to run previously.

"While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency," Facebook wrote in a blog post this week.


Bull markets climb on a wall of worry......Prechter.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#1053 Posted : Friday, May 10, 2019 9:56:29 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
mnandii wrote:
rwitre wrote:
Forbes: Bitcoin Is Somehow Still Climbing

Quote:
Bitcoin, up a staggering 20% over the last 30 days, has continued its march higher this week despite a raft of problems for the world's biggest cryptocurrency.



Bull markets climb on a wall of worry......Prechter.


The important point to remember is that THE MARKET IS RISING. d'oh!

When it will have risen enough then at some point you'll start to hear positive news about bitcoin. But that would signal to you that the market is about to turn down. As always the average speculator is always two steps behind the market (Prechter). The very reason why over 90% lose their capital.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#1054 Posted : Friday, May 10, 2019 10:05:57 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
mnandii wrote:
mnandii wrote:
rwitre wrote:
Forbes: Bitcoin Is Somehow Still Climbing

Quote:
Bitcoin, up a staggering 20% over the last 30 days, has continued its march higher this week despite a raft of problems for the world's biggest cryptocurrency.



Bull markets climb on a wall of worry......Prechter.


The important point to remember is that THE MARKET IS RISING. d'oh!

When it will have risen enough then at some point you'll start to hear positive news about bitcoin. But that would signal to you that the market is about to turn down. As always the average speculator is always two steps behind the market (Prechter). The very reason why over 90% lose their capital.

The Forbes quote above also underscores why fundamental analysis is useless smile . Because if we were to strictly follow F.A then because of the stated problems bitcoin should surely be falling. What is this that is now defying fundamental analysis?
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#1055 Posted : Friday, May 10, 2019 10:07:35 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
Where is @obiero? I demand lunch Sir!
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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rwitre
#1056 Posted : Friday, May 10, 2019 10:21:11 AM
Rank: Member

Joined: 3/8/2018
Posts: 507
Location: Nairobi
mnandii wrote:
Guys allow me to bask in the sunlight kidogo smile

Most times some people make very depressing comments when I post Elliott Wave analysis but as can be seen in this objective forecast for a rise in bitcoin, you will understand the power of my chosen method of analysis.

Of course as a staunch believer in Elliott Waves I should know the reactions to expect from the herd when a market is about to make a major turn (In this case a turn from bear to bull). And this is the very reason why if you are new and learning the Elliott method you should keep far away from social discussions of the direction of markets. The temptation to go with the herd is quite irresistible (the primitive pre-rational portion of the brain is the one responsible when people herd in financial market place - the neo-cortex will then rationalize the ratio decidendi for the stance taken. This is why at the recent major bottom in bitcoin there were many rational sounding reasons why bitcoin should continue lower and perhaps even collapse! )


Hehe....to each his own.

There are those who will use Elliot Wave analysis to predict the trends of the market cycle. @mnandii et al.

There are those who will look at the fundamentals. In BTC's case aspects like use cases, and increased adotion, the blockchain's security etc. Thank these ones for holding on and accumulating even during the brutal bear.

There are those who will wake up and follow the herd wherever it is going that day.
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rwitre
#1057 Posted : Friday, May 10, 2019 10:23:18 AM
Rank: Member

Joined: 3/8/2018
Posts: 507
Location: Nairobi
mnandii wrote:
mnandii wrote:
mnandii wrote:
rwitre wrote:
Forbes: Bitcoin Is Somehow Still Climbing

Quote:
Bitcoin, up a staggering 20% over the last 30 days, has continued its march higher this week despite a raft of problems for the world's biggest cryptocurrency.



Bull markets climb on a wall of worry......Prechter.


The important point to remember is that THE MARKET IS RISING. d'oh!

When it will have risen enough then at some point you'll start to hear positive news about bitcoin. But that would signal to you that the market is about to turn down. As always the average speculator is always two steps behind the market (Prechter). The very reason why over 90% lose their capital.

The Forbes quote above also underscores why fundamental analysis is useless smile . Because if we were to strictly follow F.A then because of the stated problems bitcoin should surely be falling. What is this that is now defying fundamental analysis?


F.A that looks at just the problems is tunnel vision. BTC has much more going for it than against it.
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Spikes
#1058 Posted : Friday, May 10, 2019 10:47:41 AM
Rank: Elder

Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
$6400 resistance about to be smashed. In Binance $6390 has printed. $6400 is critical mark about the direction this coin will make.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Yliett
#1059 Posted : Friday, May 10, 2019 1:00:44 PM
Rank: New-farer

Joined: 12/23/2018
Posts: 38
Location: germany
The new economical landscape is on its initial stage. Whether somebody is willing to accept it or not, crypto currencies are going to become reality for all people one day. The old monetary systems are failing to fulfil their major role, so either we will move to Gold again, either on crypto this time
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rwitre
#1060 Posted : Friday, May 10, 2019 8:01:15 PM
Rank: Member

Joined: 3/8/2018
Posts: 507
Location: Nairobi
Are we about to go parabolic? Laughing out loudly

Interesting sentiment in the market. Bulls pressing hard on the accelerator.

Just another day in crypto.
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