1. If all "coins" follow the movement of Bitcoin exactly, there's much less reason to have hundred of these coins on the exchanges. The market will remain immature & weak until at least one or two coins can move independently in times of high volatility. The current situation is worrisome because Bitcoin is heading for either certainty or uncertainty this month:
a. If CME future DERIVATIVES start trading, do not expect much increase in Bitcoin price any more. It will be a CASH-settled derivative that IS NOT LINKED to Bitcoin. If Bitcoin price moves too much and there's no counter-side, the exchange would go under --- and they have been here for over a century. Let me emphasize: it's a DERIVATIVE. b. If CME cancels this launch, good luck.
That is, either Bitcoin will certainly not go up or it will probably crash under uncertainty.
2. Even at the moment, this is a possible bull trap. Don't chase highs.
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cash-settled, missed 'd'
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I see that CME finally announced the date: 18 Dec to launch this product. So, there could be more speculative upside in the coming days (maybe even today). It's also possible that BTC reaches 20k by mid-Dec. What happens afterwards...
It's strange to see how the coins are almost exactly following BTC at the moment - even BCH is behaving like a scared little brother... I have Dash and OMG in my sights as 2 coins moving slightly independently.
sjmorris86
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Nice call on the top! I definitely missed that and you saved my butt.
DrJLT
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@sjmorris86, just to say that cme finally announced the date. Check my update comment. Possible for more speculation. I don't pretend that TA works in this context. Good luck!
Benjamix
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I think it's wise to always be accumulating USD in a bullish BTC Market, Most I am sure havn't seen the bearish side.. the side we accumlate cheap bitcoin....
For the time being though it's pure herd mentality.