‘It’s hard to see a fundamental reason for the rise but we do know that whenever any market moves up too fast it is set for a big fall – we’ve already seen that.’ Where now for the price? ‘There’s a lot of speculating and its causing volatility, but I think there’s more downside left.’ĭo the usual supply and demand considerations apply to Bitcoin? ‘I do think supply and demand apply but it’s such an illiquid market,’ Tone says. ‘Bitcoin is an illiquid asset and it doesn’t take that much money to move the market,’ Tone says. To what exactly can the cryptocurrency’s wild fluctuations be attributed? The discussion begins on the subject of Bitcoin predictions and price swings. Spotify: Bitcoin predictions and price swings Follow our podcasts on a platform that suits you In this edition of our podcast Trading Global Markets Decoded, our host Martin Essex talks to Tone about Bitcoin predictions, the good and bad of Facebook Libra, and his favored style for technical analysis.īenefit from our discussion with Tone Vays and listen to the podcast by clicking on the link. He has worked on Wall Street for almost ten years, starting as a risk analyst at Bear Stearns and later becoming a vice president at JP Morgan Chase in the aftermath of the 2008 financial crisis. Tone Vays is a content creator, derivatives trader and consultant, specializing in Bitcoin and blockchain. Swing trading tips and favored technical indicators Why Bitcoin beats the crypto pretenders as the only viable store of value ![]() Tone advises bitcoin traders but does not trade it himself, he considers himself an investor that accumulates bitcoin over the long run.Bitcoin Predictions, Facebook Libra and Market Analysis: Key Points Covered in this Podcast: The longer the price stays near the bottom of this consolidation, the higher the likely hood of a breakdown. The 1 hour chart started the day off by hitting a nine and thirteen buy indication and remains just above those two markers. The 12 hour is on a sixth candle to the downside as a ninth is predicted in under one and a half days, and should find support at the 50 period moving average currently climbing from $7300, perhaps only to get rejected again by a $7750 resistance line. The daily chart has indicated a downward count to nine as a second red candle started trading below the prior candle. Over the longer term, if the price can manage a sustainable bottom at around $6500 there might be a very small chance of the price going up from there. The weekly chart is still hinging on the possibility of upward momentum as it's barely trading above the prior green candle's opening price of $7400 and if this week's candle closes below that target the weekly, based on the sequential system, suggests that we start counting down again. ![]() The beginning of this month has not started off well, bitcoin was trading above the prior downward-momentum candle's opening price but has continued it's short term view and fallen further, slightly below and now consolidating between $7600 and $7500. The next level of support based on a monthly chart sits at around $4800, last year's big breakout point, after that, based on how fast the price drops, the 30 month moving average is coming in the next few months as support. ~Based on the sequential trading system (TD Sequential).Ī new monthly candle has started and was rejected, as has three of the last four months, by the 7 month moving average. Follow him for regular updates in topics relating to price, law, and fundamentals of bitcoin and the block chain. This summary is based on the technical analysis Tone does at the end of his video linked below. All credit to Tone and his crew that has played a significant role in my understanding of what bitcoin and the block chain is.
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