Why is BTC Up

shitcoins bubbling up the price is a big factor too

>when your BTC value is down but your fiat value is up
>trading superposition

zombie cat

Better question is why cant it stay above $4000?

it sometimes boggles my mind that people accept crypto pump and dump as okay and normal

its like they dont care for the repercussions of it

>
>great answer, very simple yet precise. got my noggin joggin.
>however, the expectation of higher future price is based on past pricing behavior.
>mainstream FOMO is what drove btc up to its peak, and the legacy holders are the ones who sold at the peak starting Sept 2017. so now we are seeing FOMO part two of people who thought they were buying the dip around 3000-3200, and when those people sell at 4000 we we go lower. these are prices i am referencing in jewnited states zogbux but you get the picture.
>so 4000 is now the new shoulder and it goes down from here, because the reversal and downtrend happened after the 5000$ peak.

This. I can't believe how short people's memories are. Last week they were suicidal, but this week "bitcoin is recovering". This is a temporary up in a new downtrend. The big picture dip isn't even halfway to the bottom yet. The bottom is at least two months out.

Everyone invested in fapcoin

yeah.

i think of myself as a newcomer, late to the party, since i started in mid-july 2017.

so what happened, and this is reflected in most charts, especially btc is:

smart money and early adopters picked up btc and alts all throughout 2014-2016 while it was low.

then the dumb money FOMO kicked in starting the summer of this year, july-august 2017.

then the smart money had already gained either by simply holding good alts and btc or trading, and they sold right at the seasonal peak starting Sept.

this coincided with the drop and china news and all the fud.

then we hit 3000 usd for btc, and some alts gained because of hype like ark's "aces" release or whatever the fuck, you get the picture.

and now we go from 3000-4000 in the span of, what, a week, and this is the true bull trap, the fake "recovery"

i used to think btc was justified at having a high price but now i sincerely doubt it.

Fuck I literally JUST bought BTC.

Don't listen tom them, they are just mad that they didn't buy at the obvious bottom.

We're headed for 7500 next.

Why don't you believe it's normal market recovery after the China ban and the Dimon FUD? Chinks turned to Japanese exchanges and people bought the dip.

Because idiots. Lots of idiots in this very fucking thread even.

>>herp de derp mah intarnert monopoly moneyz iz totully gunna replace teh fiat currenciez you guiz, wathc and cee u stoopid sheepules!!!

Except no, it won't because actual currencies are backed by actual governments with actual economies and armies. Fuck buttcoin and fuck the stupid idiots who think that these worthless pounds spergling are somehow the future of money because reasons.

>t. jojne zimmerman

how salty are you going to be when BTC reaches 10k

bait. better technology will always get used in the future.
the current fiad system takes days to transfer money.
crypto takes maybe an hour

This happens every time someone misses the train on a big dip. It's ok guys. It didn't fill my big buy at 2800 but it isn't going back to 3k. You should try day charts some time.

It's not up.

There was just a semi-major sell-off in early September fueled by retarded FUD from China and the Kikes in NY.

It had no credibility, and there was no major change in any parameter of the crypto economy, so it was a great buy in opportunity for the value investors.

This could have been said and was said when BTC was 10$, when it reached 100$ and then at 1000$.

But reality proved who were the idiots. Perhaps people are holding BTC for the wrong reasons. But misidentifying these trends makes you their equal at best.

Except I don't think smart money is completely done with BTC. Looking at the chart, enough people bought in at 3k area (smart money) to refuse to sell for less. If you think the wales can sell thousands of BTC at once at a profit then you're delusional. They can't just easily exist the market with all said gains.

Bitcoin is still far from mainstream. in the got com bubble you had many common joes putting their money in the stocks. In the housing bubble you had a lot of average people investing into it. And even then it took a couple of years for the bubble to burst.

Bitcoin is not there yet, there is quite a bit more to milk imo. I agree that it's "overpriced" through speculation. But it's not at peak bubble yet imo, it has room to grow.

>Except I don't think smart money is completely done with BTC.

Of course not.

the whole point of exchange is you get what you want for what you don't want.

People want Bitcoins; they don't want the fiat.

People who think bitcoins are just a pathway to more fiat have it exactly backward.

Deluded BTC fanboy detected.

Go ahead, party like it's 1999. I won't stop you with anymore FUD.

To each their own.

We'll see who is right in just a few days, if not hours, and definitely before the end of this month.

You might as well hold because selling at a loss is the worst feeling ever, and plus you never know, it could keep running today as the uptrend since 9/15 is still maintained through a miracle of buying pressure today.

i expect it may take a couple weeks to come back to $5k. but from there we should rinse and repeat this pattern again around 7 or 8k.

You didn't need to say you are new, it's obvious you have no idea what's going on now so what went on before 2017.

Can anyone give me a reason why China wouldn't ban:
1) Cryptocurrencies
2) Exchanges
3) Access to foreign exchanges
4) Access to VPNs that are used to avoid these bans?

Why would China ever allow a crypto that:
1) Stimulates capital outflow
2) Is a threat to RMB
3) Stimulates dark markets
4) Is uncontrollable?

Why do butters fantasize about China issuing licenses or anything like that for exchanges? That works in democracies, it does not work in China where they rule with an iron fist.

Do you really think they care about "freedom of the people" and all that liberal bullshit?

Why would they care about allowing your precious coins?

They already banned internet currencies in MMOs in 2009 and also have censored internet access heavily to support their gov agenda.

inb4 someone says "China will be missing out" or "left behind"

Missing out on what? Left behind on what?

Capital flight? Dark markets? Internet ponzis? Speculation? What will China lose?

Explain to me, I'm really dumb and can't understand.

->Tons of Influx from Japan

->Tons of Influx from USA

->Those who bought at 4500 and held sold at 3.1-3.7 giving fuel to BTC at 1,000 per

Your last factoid applies to Veeky Forums in general.

Someone has to hold the bags.

Very good analysis!

very good points. This is textbook dead cat bounce aka bull trap. Avoid it. China will be banning everything and this baby will go down town

Chinks will soon be banned even from using Jap exchanges. It will be over for crypto.

>People who think bitcoins are just a pathway to more fiat have it exactly backward.

Correct

We all prayed hard enough

Cos I bought 1000 btc for a laugh after drinking too much wine the other night. What's a BitCoin btw.

I don't understand this image

because BTC is god BTC is unstoppable
if you disagree (pic related)

...