My previous trade broke even as I assumed a breakout from the downward channel I had created in consolidation. This led to price re-testing an 88.6% level on fibonacci. If price closes above once again, I will be looking to long.
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Price broke through the level and is hovering below $7500, price may continue to to find a new low to $6.6 perhaps lower.
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6.6k*** 😂😅 could you imagine if bitcoin plummeted to $6.6, one could only dream..
What drives the prices in Bitcoin? Is it all technical?
UnknownUnicorn2215917
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@mikebamber, Good question, no it's not. Bitcoin has limited supply, the demand is high, based on its popularity and it is trusted among cryptocurrency traders. But in instances like this where price were to decrease it's because the demand for it has also decreased and other factors, which I will explain. Traders who predominantly trade bitcoin and other crypto's will be constantly looking out for how fundamentals will ultimately drive price. It's the same if you were looking at a forex pair essentially. I look at fundamentals as well but I also look at price from a technical standpoint, hence this post.^ I prefer technical analysis over fundamentals (personally) but I know that fundamentals should not be overlooked, as they can have detrimental outcomes to peoples capital. Cryptocurrency news has a huge influence on price. Positive news drives prices up, while negative publicity fosters fear and causes investors to let go of their coins. Government rules because since btc is a decentralised currency, there are certain laws to regulate bitcoin and other alt coins. Like if a certain country were to allow bitcoin as a form of payment then that would drive price higher. <----- This is an example. Equally if governments were to ban crypto currencies that could have a damaging effect on price. But yeah, hopefully that should answer your question. Have a nice day. 😎
johncuppy35
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@Jaxpx, I know you don't follow the fundamental but what would you say is driving this bitcoin downwards?
UnknownUnicorn2215917
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@johncuppy35, selling pressure perhaps, momentum in favour of bears..
Zurilite
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@mikebamber, im sorry mate but bitcoin is just a pump and dump scheme
Looks like its a falling knife at the moment - we might be testing as low as 6.3K before another small run to maybe 10k but I doubt it will before the year end
UnknownUnicorn2215917
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@aagudelovelez01, Yes, you're right. I had the expectation price was ready to bounce, but as I said in my description, the operative word was "if" price closed above 88.6, I'd be looking for a re-entry however it does seem as though price will continue south for some time.