Faltering Bull Run

in #crypto6 years ago (edited)


Bitcoin prices are trading lower for a second day running, putting a lid on the recent euphoria that had some investors looking to $8,000 and higher. In early Thursday trading, one bitcoin, -2.40% was last worth $6,872.14, down 2.4% since Wednesday at 5 p.m. on the Kraken crypto exchange. After two winning sessions to begin the week, the No. 1 digital currency has erased nearly 3% from Wednesday’s highs, confirming that those shorting the cryptocurrency are still in control. “Bitcoin is still holding the upper end of the range,” said Lennon Sweeting, director of institutional trading at Coinsuqare Capital. “A lot of what we saw [over the last two days] was short covering, but at the end of the day, shorts are still at elevated levels and we haven’t seen the bear market turn yet.” Sweeting added that $6,500 should provide some solid support. Personally I'm one to side with Sweeting, we've seen 3 major attempts at a bull runs all fail and I don't think the 4th time is the charm. If I were to accumulate more crypto I'd at least wait until Bitcoin dropped below $6,000 again. Getting caught in a suckers rally can be devastating so it's always good to wait these price movements out until you can identify a trend. Currently I'm slightly bearish, not that I believe Bitcoin will suddenly crash but I could see it loosing steem and slowly drifting lower to $6500 in the short term.

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You are spamming daily fellow Steemit members posts. If you keep doing so you will be downvoted. Just stop and we will be good. I’ll even upvote your future posts but you gotta stop spamming dude.

Like I already said, I don't care if I'm downvoted. I do this for entertainment not money. So what if I miss out on a whopping 6 cents upvote on a comment? I already have thousands invested on Litecoin and Etherium so I don't need any steem to capitalize on upside crypto market movement. (Come to think of it, every-time you flag one of my posts that takes away your time, so that makes me happy. Keep on flagging brother, waste your life away for all I care).

hi @austin101

Did you end up giving up on Steemit?

Cheers
Piotr

hi @austin101

didn't hear from you in a while so I just checked your blog and I've noticed that you're not very active lately. having a break? or did you give up on Steemit? (hope not)

enjoy your weekend buddy
Yours, Piotr

nope just got caught up in life. Trying to self publish a book. You?

wow. your response rate is really slow :)

I guess your book is taking your entire attention. All the best bud :)

Yours
Piotr