[ADiamond]

Serious question, what fundamentals supports bitcoin (or altcoins) price?

well strong news releases affect market sentiment, i think that it applies to this market just as much as any other. You can see big price drops like when china hinted at shutting down mining servers.

P.S. - Today BTC is going to rally off of that Dec 1st, $9,500-$10,500 previous resistance zone.

[mcaguru]

Anthony i like your style.....

your putting your reputation of calling a trade ahead of time...you'll look great if it does what you say otherwise you'll look like the pollsters who had Hillary winning with a 97% certainty like the failing New York Times LOL

[ADiamond]

Anthony i like your style.....

your putting your reputation of calling a trade ahead of time...you'll look great if it does what you say otherwise you'll look like the pollsters who had Hillary winning with a 97% certainty like the failing New York Times LOL

heh, not exactly but rather simply just creating a trade plan and publicizing it to encourage conversation.

What I'm really doing is seeing if traditional currency trading technical analysis has any affect on bitcoin, or crypto for that matter.

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WestCoastFunding - I believe what caused the price of BTC to rise so quickly to near $20k as it did was simply market sentiment. Right around that point (Dec 1) is when it became more accepted on wall street and big money started to become interested. Bitcoin futures actually became available on a public exchange, news was publicizing it heavily, etc.

I believe what caused it to fall from $20k since Dec to now is all of that hype or positive sentiment quickly faded. There comes a point where people begin to question exactly what you did - like what is going on? Why are we valuing this so heavily like this? What is the actual underlying value?

BTC's volume is finite, just like gold. I believe that plays a role in it's value increasing - but to $100k per coin as some are speculating? I can't imagine how it is possible. In the mean time I think the volatility of it makes for some good swing trading on derivatives, but I would never just buy it to hold, sorry - HODL, and hope to get rich some day.

From a technological standpoint there is huge potential - it really could be the future of how we transact. It's so interesting to watch and learn about.

[AdvanceFund]

Sorry, but Cyrptos don't follow same technical trends as stocks do. That's why most people's calls are complete bull****. It's a different animal. Go back to underwriting.

[ADiamond]

Sorry, but Cyrptos don't follow same technical trends as stocks do. That's why most people's calls are complete bull****. It's a different animal. Go back to underwriting.

That's not completely true.. that's just what all crypto idiots say because they don't know any better. Maybe advanced technical analysis doesn't apply YET - but general support and resistance (structure) and other basic TA applies because it plays into market sentiment.

Look at these key support / resistance levels (orange)

And Jan 17th's trend reversal (JUST AS I PREDICTED) obeyed the Dec 1 support level, didn't break and bounced right off it for a rally from $9,300 to $13,000 - that was a key level and I would have taken entry on it for that simple reason, and it would've made 40% in 3 days.

[WestCoastFunding]

well strong news releases affect market sentiment, i think that it applies to this market just as much as any other. You can see big price drops like when china hinted at shutting down mining servers.

P.S. - Today BTC is going to rally off of that Dec 1st, $9,500-$10,500 previous resistance zone.

I can see why the price dropped. I just don't understand why the price appreciated so high, so quickly. What was the underlying value that caused the price spike? I'm skeptical of any investment in which 1,000 people own nearly half of all bitcoins. Wouldn't take much for them to manipulate the prices to cause spikes.

Also, with any investment you're investing in something of value. I just can't figure out what is causing the price to rise so quickly. I understand the potential of cryptocurrencies,.....but only as currencies. For currencies to be of any use, you've got to use the currency and create some sort of velocity. But with cryptos being treated as an investment, you're essentially encouraging the non-use as a currency. At that point its just some bits on a computer that one speculates may be worth a lot more in the future (and by worth I mean, what someone else is willing to pay for it).

[Karen37a]

I can see why the price dropped. I just don't understand why the price appreciated so high, so quickly. What was the underlying value that caused the price spike? I'm skeptical of any investment in which 1,000 people own nearly half of all bitcoins. Wouldn't take much for them to manipulate the prices to cause spikes.

Also, with any investment you're investing in something of value. I just can't figure out what is causing the price to rise so quickly. I understand the potential of cryptocurrencies,.....but only as currencies. For currencies to be of any use, you've got to use the currency and create some sort of velocity. But with cryptos being treated as an investment, you're essentially encouraging the non-use as a currency. At that point its just some bits on a computer that one speculates may be worth a lot more in the future (and by worth I mean, what someone else is willing to pay for it).

The price appreciated so high because people created new cryptocurrencies and said they were backed by money.

There was no money. No one invested into the company. Then they said they had millions of this coin.

Then they took this coin and converted it into bitcoin, then converted out to another system...coin/computer system...then converted to cash.

Problem is no money went in on the front end...it was a fake YET they were letting it convert into bit coin.

so every time it went up a bit they "printed" fake coins...pushed into bitcoin, out to the next coin out to cash

They got caught

I explained this weeks ago before they got caught.