Bitcoin $8500 9/24/19

juliusliu

Contributor
Bitcoin has long been known to be the most valuable of cryptocurrencies, indeed, regardless of the time and value of the issue. More importantly, its limited nature, with a total of only 21 million in bitcoin, can be said to be very precious.

The price of Bitcoin has risen and fallen, and it seems to be commonplace. After experiencing the lowest price this year, Bitcoin rose again. It broke through $8,400 yesterday. When it reached $8404, it encountered resistance, so there was a downward trend. As of now, the price is $8,186. Year-on-year decline, but with the regulation of the government's cryptocurrency, Bitcoin will become more mature, Wall Street investor Tom Lee is also full of confidence in Bitcoin, so tomorrow, bitcoin price is more than 8,500 US dollars, it is absolutely possible .

For more cryptocurrency prices, please follow: Live Market of Bitcoin
 

Old Man Crypto

Expert chainblocker
By whom? I mean I expect it to but I’ve been wrong every time I make a prediction so there it is.

Anyone can make a guess but that’s all it is. Guessing.
 

cortanababy

Contributor
During the weekend, BTC price continued to maintain the long and short sawing trend of several trading days after last week. Although it fell below the 6300 line and hit the 6100 integer, it failed to form a further break. After a period of 6100, it took a while. Start a quick rebound, quickly retracted to the vicinity of the 6400 integer mark and then fell back again, and this morning, a wave of rapid callbacks, and then fell back to the nearest 6200 integer



The market performance of this narrow range of shocks shows that the btc market has not yet completed a new round of direction selection. After a wave of sharp declines in the middle of last week, the short-term trend of the market turned short, due to the fact that in recent trading days, the market has not been able to give Effective rebound performance, so it is not possible to complete the judgment that the market has reversed the decline due to the temporary volatility.



For short-term trading follow-up, multiple orders are still in the category of “contrarians” and need to be handled with caution. At the same time, considering the strength of the mid-line support near 6000, the value of the current position directly chasing the air is also limited. Therefore, in the short-term trading, the idea of chasing after the position of waiting for the break last week can still be used.



In terms of specific points, bitcoin currency, the previous 6300 breaks the first time and chasing the short position has left the scene near 6100 and temporarily stays on the sidelines. If there are still remaining positions, the stop loss can be adjusted to the 6400-6450 area to continue holding. The target is still 6100- 6000 area. In terms of the new opening position, the 6000 integer was further broken below the previous low of 5800. After the 5800 confirmed the break, it was recommended to do a slight position to chase. On the other hand, it is still recommended to wait at least 6640 to confirm the recovery and then intervene. The so-called low-level thinking is not considered in the short-term market sentiment.
 

CryptoTC

Crypto Fat Cat
Staff member
Trading ranges have been narrow for 3 months now. I believe markets have found their bottoms, but I would love to see some good upward bitcoin price movement in the final quarter of 2018.

@Old Man Crypto Are you still around? What say ye about crypto prices to wind out the year?
 

Old Man Crypto

Expert chainblocker
Trading ranges have been narrow for 3 months now. I believe markets have found their bottoms, but I would love to see some good upward bitcoin price movement in the final quarter of 2018.

@Old Man Crypto Are you still around? What say ye about crypto prices to wind out the year?
Haven’t been around much or really keeping up with crypto much. Like you said not much price movement or even big news to keep up with. I think the next bitcoin rally is further away than 2018. Don’t know when or how much prices go up, but think eventually we’ll get back up.

Boring last 6 months in bitcoin really.
 

BitFit

Contributor
Haven’t been around much or really keeping up with crypto much. Like you said not much price movement or even big news to keep up with. I think the next bitcoin rally is further away than 2018. Don’t know when or how much prices go up, but think eventually we’ll get back up.

Boring last 6 months in bitcoin really.
I’m still holding out hope for $10k by end of year. Looking less likely. Where’s all the big investors that were planning on moving in? There’s not much happening in crypto or bitcoin anymore.
 

CryptoTC

Crypto Fat Cat
Staff member
Haven’t been around much or really keeping up with crypto much. Like you said not much price movement or even big news to keep up with. I think the next bitcoin rally is further away than 2018. Don’t know when or how much prices go up, but think eventually we’ll get back up.

Boring last 6 months in bitcoin really.
Patience, old man. Which I know you have based on prior posts about investment experience. Winners look at the long game. Maybe rebalance and take some losses for tax purposes and those losers out of your portfolio. Then sit back and see what 2020 and beyond bring.

I’m still holding out hope for $10k by end of year. Looking less likely. Where’s all the big investors that were planning on moving in? There’s not much happening in crypto or bitcoin anymore.
Hang in for the long term. If you got into the space due to an underlying beliefs in the technology and its value, it’s worth sticking around a]for a few years. Early 2018 burned a lot of people because late 2017 got way out of control. Balance will be restored. Stick with quality, and you should see more good returns over time.
 

CryptoNow

Contributor

maks-ivanov89

Contributor
Hello, everyone, how are you doing? I trade bitcoin, and I would like to know your thoughts on the future direction of the coin?
 

The CC Forums

Admin
Staff member
Hello, everyone, how are you doing? I trade bitcoin, and I would like to know your thoughts on the future direction of the coin?
Long term I’m bullish. But over the next 3-6 months I think we still hang around the $3500-$4000 range. The market needs something major to boost interest again. When the bubble popped, a lot of people lost a lot of money.

Memories are short though. If another run comes along, some of the same people will jump back in along with new investors now that it is easier to buy crypto.

So I urge patience and dollar cost averaging by buying a small amount of bitcoin every week or month. And keep your crypto holdings to only a small fraction of your savings and investments. For me 5% is max limit. Others will say stay under 10%. Due to its risk and volatility, you don’t want a large portion of your investments in this one asset class.
 

maks-ivanov89

Contributor
Long term I’m bullish. But over the next 3-6 months I think we still hang around the $3500-$4000 range. The market needs something major to boost interest again. When the bubble popped, a lot of people lost a lot of money.

Memories are short though. If another run comes along, some of the same people will jump back in along with new investors now that it is easier to buy crypto.

So I urge patience and dollar cost averaging by buying a small amount of bitcoin every week or month. And keep your crypto holdings to only a small fraction of your savings and investments. For me 5% is max limit. Others will say stay under 10%. Due to its risk and volatility, you don’t want a large portion of your investments in this one asset class.
Averaging is the right way to lose money.
Why take such a risk?
 

Old Man Crypto

Expert chainblocker
Averaging is the right way to lose money.
Why take such a risk?
Averaging is by far the best way to minimize risk and take long term positions. Plenty of studies show the risk reduction is much greater than the loss of potential gains over any time period greater than 6 months.

Traders are fools. They have to be correct not once but twice with each trade. And then repeat it. And continue to successfully repeat positive trades on a regular basis for 5 years.

How many traders got crushed from Dec 2017 through summer 2018? I’d guess 90% lost enough that they quit trading.

Only a lucky few can even get the best return on 10-20 trades in a row.

But buying bitcoin every week for a year puts you in a great position if you believe in the long term investment potential of bitcoin. It smooths out your cost basis and allows accumulation of an asset easier for people who don’t have a large chunk of money to invest all at once or who don’t believe the short term looks great.

By the way, selling to close your positions can be done the same way. Either set a time frame or price target and sell fractions of holdings each time one of those is met.
 

maks-ivanov89

Contributor
Averaging is by far the best way to minimize risk and take long term positions. Plenty of studies show the risk reduction is much greater than the loss of potential gains over any time period greater than 6 months.

Traders are fools. They have to be correct not once but twice with each trade. And then repeat it. And continue to successfully repeat positive trades on a regular basis for 5 years.

How many traders got crushed from Dec 2017 through summer 2018? I’d guess 90% lost enough that they quit trading.

Only a lucky few can even get the best return on 10-20 trades in a row.

But buying bitcoin every week for a year puts you in a great position if you believe in the long term investment potential of bitcoin. It smooths out your cost basis and allows accumulation of an asset easier for people who don’t have a large chunk of money to invest all at once or who don’t believe the short term looks great.

By the way, selling to close your positions can be done the same way. Either set a time frame or price target and sell fractions of holdings each time one of those is met.
I disagree, averaging is a direct way to losing money. If you are now averaging, then if the price falls to $ 100, you will lose everything.
 

Old Man Crypto

Expert chainblocker
I disagree, averaging is a direct way to losing money. If you are now averaging, then if the price falls to $ 100, you will lose everything.
If you are trading in and out and it drops to $100, you will lose everything. If you’re trading in and out and miss a run up, you’re gaining nothing. If you’re shorting and price rises significantly, your losses are potentially unlimited. If you think you can get the ups and downs right most of the time, you’re wrong. Virtually no one can. Those who report their big trading gains tend to ignore their big losses. They leave that part out of their “proven trading strategy for getting rich quick” systems.

I don’t play any of those games. I invest for the long term in companies or projects I believe in. And the best way to save for the long term is to dollar cost average. Take a look at independent studies on the technique, the reduction of risk is greater than the slight loss of potential gains you would have if you were lucky enough to buy right at the bottom.

Plenty of money had been lost by timers and traders who think they can outwit the market. Before anyone decides to short term trade any asset, they should ask themself one question: How and in what ways am I smarter than all the others who’ve tried this and failed? OK two questions: If it’s that easy to get rich, why isn’t everyone driving Ferrari’s?

The richest people in the world got there by investing gradually over time, whether in stocks, real estate or even commodities.
 
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