Bitcoin is going nuts today

[jsidhu]

DanV is a technical analysis bitcoin trader who predicted the crash from $680 to $270 and he thinks bitcoin will rise to upper $400s before crashing back to $200s, and then a big rally to $1000, then huge crash.
https://www.tradingview.com/v/ovIEXIIE/

Any elliot wave chartist who had a bitcoin count that said this was a wave 4 and we are headed to new lows afterwards should have changed their count today, imo.  The move today had too much momentum behind it.

If that count was to be correct, we shouldve seen a slow rally to 480 over weeks, like the may-june rally.  Today the rise moved too fast.  This is the action of a new bull market, not a correction, imo.


(Unless of course I am wrong.  Prior to today I thought we wer probably going to head down in a wave 5 back into the upper 200s but I felt we would make a double bottom or slightly higher low.  With the move today I think it all changed and that count is out the window).

We haven't had a wave V yet. But yea maybe... the seloff in alts seems the same as when it hit $1200.. bts taking a beating.

[Ander]

DanV is a technical analysis bitcoin trader who predicted the crash from $680 to $270 and he thinks bitcoin will rise to upper $400s before crashing back to $200s, and then a big rally to $1000, then huge crash.
https://www.tradingview.com/v/ovIEXIIE/

Any elliot wave chartist who had a bitcoin count that said this was a wave 4 and we are headed to new lows afterwards should have changed their count today, imo.  The move today had too much momentum behind it.

If that count was to be correct, we shouldve seen a slow rally to 480 over weeks, like the may-june rally.  Today the rise moved too fast.  This is the action of a new bull market, not a correction, imo.


(Unless of course I am wrong.  Prior to today I thought we wer probably going to head down in a wave 5 back into the upper 200s but I felt we would make a double bottom or slightly higher low.  With the move today I think it all changed and that count is out the window).

[Ander]

BitShares IS the next big thing.

Only if we are fast.  Otherwise something else (Counterparty?) is the next big thing.

[Riverhead]

What is supposed to happen on December 6?

Day after MUSIC pre-sale ends.

[matt608]

DanV is a technical analysis bitcoin trader who predicted the crash from $680 to $270 and he thinks bitcoin will rise to upper $400s before crashing back to $200s, and then a big rally to $1000, then huge crash.
https://www.tradingview.com/v/ovIEXIIE/

Bitshares time to shine is in a few months from now when all the light clients, mobile wallets stuff is ready so the marketing can be maximally effective.

It would be nice if bitshares can launch all this before a big bitcoin rally to $1000, time is of the essense.

I doubt bitcoin will just have a huge rally without something big happening like an ETF or full paypal integration or amazing acceptance or something of that magnitude.

This little rally could be caused by the speculation that the Winklevos ETF may launch on Nov 14th to match up with a gold ETF that happened on that date in the past.

[mint chocolate chip]

What is supposed to happen on December 6?

[Riverhead]

Now considering that this was a period where the BitShares community knew there would be a bit of a lull in BTS(X) anyway, until the user-friendly features and marketing campaign come online, don't you think it's likely a fair number of folks 'invested' spare cash in the Music fundraiser instead? If you injected 1000 BTC into the BTS market cap, that wouldn't magically send it too much higher, but just imagine 1000 BTC worth of buying activity on these exchanges in just over a month and what effect that would have on sellers, market movements, and psychology. The volumes on these exchanges are still quite low overall and amenable to leveraging.

Just watch what happens on December 6th.

Excellent observations as usual. I fully agree that MUSIC is eating some of BTS' lunch. Of course most of us have a healthy stake in MUSIC as well so there's really no downside here .

[donkeypong]

If this is a real rally, it will last for awhile. I don't care whether it's in progress or just ending when BitShares is ready for prime time. Because after these rallies end, people are still under the influence of the narcotic, and they start looking for the next big thing.

BitShares IS the next big thing.

[donkeypong]

October was not a disaster. The software has been improving the whole time and it's still the same rank on coinmarketcap.

I agree with you.  Peopel on this forum who understand what is going on agree.


But to everyone outside, bitshares is a mess now.

That is what we need to fix, quickly, with a marketing campaign to promote a clear message and re-explain to everyone what is going on with bitshares.

In my opinion, the "disaster" pronouncement was incorrect. October was a good month for BitShares; there just wasn't a lot of demand due to this merger. People on the outside have seen the price stagnate and fall a bit, but stabilize. They have no idea, nor do they care, about internal squabbles and allocations. As soon as the user-friendly features and marketing campaign are ready, it will take mere days to reach and surpass where we were before.

Also, don't underestimate the effect of the PeerTracks fundraiser on the BTS price. BitShares Music's fundraiser started on October 6, has raised almost 1000 BTC in just over one month so far, and ends December 5th. Good for them; I have donated and am thrilled at the prospects.

Now considering that this was a period where the BitShares community knew there would be a bit of a lull in BTS(X) anyway, until the user-friendly features and marketing campaign come online, don't you think it's likely a fair number of folks 'invested' spare cash in the Music fundraiser instead? If you injected 1000 BTC into the BTS market cap, that wouldn't magically send it too much higher, but just imagine 1000 BTC worth of buying activity on these exchanges in just over a month and what effect that would have on sellers, market movements, and psychology. The volumes on these exchanges are still quite low overall and amenable to leveraging.

Just watch what happens on December 6th.

[Riverhead]

Counterparty just doubled in value and took over 5th spot. What the lump?

[jsidhu]

I expected this.. now it is to be seen how bitshares reacts.. so far its been bad... bitshares losing ground to bitcoin.. now the real test is when bitcoin ranges or falls does bitshares recover? We need to see bitshares OUTPERFORM bitcoin at these low risk:reward areas of bitshares... because if it doesn't to me, my bull targets may not be met in my expected timeline. I expect bitshares to rise when bitcoin settles, but how much is to be seen.

[Ander]

October was not a disaster. The software has been improving the whole time and it's still the same rank on coinmarketcap.

I agree with you.  Peopel on this forum who understand what is going on agree.


But to everyone outside, bitshares is a mess now.

That is what we need to fix, quickly, with a marketing campaign to promote a clear message and re-explain to everyone what is going on with bitshares.

[luckybit]

Wishful thinking to believe our timing can be so good.

The softare might not be ready either.

Actually I was saying that our timing isnt good, because this is happening and we arent ready yet.  We are still recovering from the disastrous october.

October was not a disaster. The software has been improving the whole time and it's still the same rank on coinmarketcap.

I would say if Bitcoin goes back to $1000 it doesn't mean it is because new money is flowing it. It is probably just because of confiscation. However if the price passes the all time high the media attention will likely drive new money into it.

Bitshares will get plenty of free attention by being so high on coinmarket cap and because it has novel futures. Counterparty is probably the biggest threat at this point to surpass Bitshares in market cap while Litecoin is likely at it's peak and will fall.

[Ander]

Wishful thinking to believe our timing can be so good.

The softare might not be ready either.

Actually I was saying that our timing isnt good, because this is happening and we arent ready yet.  We are still recovering from the disastrous october. 

[luckybit]

This is all true but I'm not so worried about the Bitcoin price. The price is probably going up because law enforcement just confiscated a bunch of coins again which probably were going to be dumped.

In a way law enforcement confiscation seems correlated with price increases.

That was possibly one trigger, but I think the bear market ended in october and it is starting to rise once again.

The question is: can we keep up?  Bitcoin could hit new all time highs by the end of the year.
This is an opportunity, it means moeny will flow into crypto.  We either capture a good part of it with our marketing campaign, or we fall.

Wishful thinking to believe our timing can be so good. If Bitcoin were to hit $5000 and all sorts of money were to flow in then that means billions could reach the Bitshares ecosystem. I don't think you realize how much money that would be and I'm not sure the Bitshares community is ready for a flood of money.

The softare might not be ready either.