Anyone else see that spike on Coinbase to over $19k per Bitcoin?
bitcoin·@jrcornel·
0.000 HBDAnyone else see that spike on Coinbase to over $19k per Bitcoin?
<html> <h1>If you blinked you probably missed it.</h1> <p>Actually, even if you didn't blink and you were logged in to Coinbase and staring at your dashboad you probably missed it as well...</p> <p>As Coinbase conveniently (or very inconveniently if you have money on there) went down for several long minutes while Bitcoin was mulling around those lofty digits.</p> <p>However, when the chart came back up, at least you can see where it had been:</p> <p>https://s17.postimg.org/nfcl5yr3z/Screenshot_226.png</p> <p>It's not really showing up here but I saw it over $19k per coin before Coinbase decided to give me the blue screen of death.</p> <h1>What is going on?</h1> <p>Good ol fashion fear of missing out. </p> <p>Better known as <strong>FOMO</strong> in trading circles.</p> <p>Tons of demand coming in all at once and not much supply.</p> <p>Hundreds of thousand of new accounts created on Coinbase every day and new exchanges coming online in South Korea likely some of the main drivers.</p> <p>Plus I have some suspicions that there is major manipulation going on between some exchanges and large holders intent on manipulating prices sky ward, but I have no way of proving this.</p> <h1>How high will it go?</h1> <p>Who the heck knows!</p> <p>I originally thought it might stop around $10k and have a significant dip there. It didn't.</p> <p>Then I thought ok maybe around $12k. It didn't.</p> <p>Now I really have no idea. </p> <p>The next psychological level would be $20k, which it got pretty close to on Coinbase, but no where near that level on most other popular exchanges.</p> <h1>https://s17.postimg.org/t3ivx00n3/fear_greed_-_free.jpg</h1> <h1>All I can say for sure is that this is irrational exuberance folks. Almost every technical indicator is screaming overbought.</h1> <p>What's more, this type of price action is looking like a "sell the news" type of event when Futures go live on Sunday evening.</p> <p>I would not be surprised if we see a short term top in prices sometime between now and Sunday evening.</p> <p>However, if no governments do anything "stupid" I think price will ultimately still go higher than even what we are seeing here in the medium term.</p> <p>Good luck and don't be afraid to take some profits.</p> <p>Also make sure you never base any buy or sell decisions solely what you read here as these are just my personal opinions and like you, I have no crystal ball. :)</p> <p>Stay informed my friends.</p> <p>Image Sources:</p> <p>https://integrityplanner.wordpress.com/2012/04/03/more-prediction-follies/</p> <p>Follow me: @jrcornel</p> </html>
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