Bitcoin technical analysis

If bitcoin cannot break 10000 it is headed towards obscurity and irrelevance and then oblivion.

Hold On to Dear Life because you Feared Of Missing Out

The best short so far this year has been Bitcoin.

HODL dumb still hoping for dumber to pump a trillion dollars into bitcoin so it can reach 50000?

The probability of bitcoin going over 10000 is 1-2% and the probability of it reaching 50000 is .000001%.

REmember bitcoin has spent 99% of its life under 10000

BEWARE FROM SHORT COVERING

Attached Image (click to enlarge)

BTC shouldn't be selling off on the ETF news overnight because we were told it would be pushed back to the end of September a few weeks ago.

I have a theory. The long term whales are selling to destroy the media price manipulation. I think the Bloomberg crypto team take personal positions then try and move the market in their favour through their tweets. Whales have caught on an are destroying their trades.

Thoughts?

Looks promising:


Can somebody explain to me why Bitcoin even costs something?

Where from and how came in first money?

I am a self informed self directed investor, don't pay attention to anyones' advice or any talking head including yours . Pay attention to what the big corporations are doing and not what they are saying! What I do with my money is no business of yours.

Blockchain is free

Banks can easily setup its own cryptocurrency BUT they choose not to.

Why would banks want to buy bitcoin when they can short it and extract noob investor money from the likes of NOT-bright-KPMG and Pleidian?

If banks aren't buying it why should you? Banks control everything

Exactly.

Though somebody tried to explain to me that paper money can be faked, and crypto blocks not, so thats why crypto currency is the next money .

Starbucks is working with Mastercard so that Starbucks customers can pay for their coffee with Bitcoin with their Mastercard. Starbucks recognises the value of cryptocurrencies as a new currency. Your fiat currency, in your bank account, is a digital currency stored on a centralised database, accessed with your debit card.

What is any money, but something that people attach value to, that can be used as a method of exchange. In the past it has been salt, goods, livestock, metal, paper and now digital assets.

Bitcoin probably will visit 5.000 in following weeks which is near weekly 100 MA...


Note:
Turquoise line is 50 MA (moving average)
Orange line is 100 MA
Green line is 200 MA

BTC dominance should continue to grow over the next couple of months. We (Modern Assets) will continue to fade spikes in alt prices through shorting alt/BTC crosses.

shorted @ 7600

Current price 6100

Gave FFactory noobs a +1500pt trade and they did not want it

Crypto noobs want bitcoin to go to 50000....to sell their .0001 bitcoin.... then fork out over one trillion dollars to get to 50000

If you don't know who the noob is on Noobfactory, it is you.

{image}

Simon Dixon of BnkToTheFuture.com about Bitcoin



Sixer

The market performed as exactly anticipated . The 5th leg of diagonal triangle is taking place with target around 5500 to complete wave "C" .

We might see some upside swings on short covering before market resumes its downward.

Attached Image (click to enlarge)

The road to a Bitcoin ETF:

https://medium.com/@jcliff/the-road-...f-4364b07a7e15

Sixer

Similar Bitcoin price corrections of 80 % in 2011 and 2014 ...

Sixer

Like most peeps here wtf has happened to our portfolios over the past 10 days - ETH got/getting hammered! Anyhoo, I'm in long-term so no need to bail

Two theories proposed for recent drop

1/ ICOs dumping ETH that clients used to buy in with

2/ Mati Greenspan's (eToro) emerging market currency theory

https://www.ccn.com/strong-us-dollar...cline-analyst/


Is there data out there to support the ICO theory? If so, please share!

Emerging Market Currencies

This chart shows from 01/08/2014 until 01/01/2017 the US Dollar was at its strongest against a basket of Emerging Market currencies

https://www.investing.com/indices/msci-intl-em-currency

This correlates well with the US Dollar Index which shows global demand for USD increased from 80 - 99 during the same period

https://www.investing.com/quotes/us-dollar-index


What does this have to with BTC?

If Mati Greenspan is right then it has plenty to do with BTC. If we look at BTC's chart from the start we notice several things

 

1. Price peaks at 1100 late 2013 on high volume
2. It bottomed at 260 in early 2015 until early 2016 on low vol
3. Price picks up early 2015 - early 2017 on high vol

https://www.investing.com/crypto/bitcoin/btc-usd-chart

If you look at the Emerging Markets Currency chart you'll see it was at its strongest in late 2013/early 2014 just as BTC - USD peaked at 1100 on high vol!

You'll also see that when BTC-USD is at its weakest on low vol 2015-2016 printing 260 Emerging Market Currencies were at its lowest point at 1,400!

The inverse of this is also true. When Emerging Markets Currencies strengthened from 2016 so did BTC. It is surely no coincidence that the peak of EM currencies and BTC is December 2017

So, how can we see this play on on a macro-level in EM countries? Okay, well above I think it shows there is a solid case that EM Currency strength is strongly correlated with BTC-USD.

How can this explain the rise-decline-rise-decline cycle of BTC?
Imagine you live in anyone one of South Korea, Thailand, Indonesia or China. You get paid in the local currency (volatile) and you know the USD is a store of value medium to long term as is Gold.

The country's economy is on the up and your local currency is strong so you don't convert to USD but you buy BTC as a new store of value (there could be several reasons why BTC is easier to buy such as anonymity) More exchanges open in these EM countries and BTC goes up.

2 years later due to any number of economic or /and political events the country's economy is declining and the USD becomes more attractive, also throw in the fact that EM governments cracked down on this people dump their BTC.

Factors to consider today

1/ The USA needs the USD to be a global reserve currency
2/ Will EM governments let its citizens buy BTC?
3/ Can the crypto sphere be regulated enough to get Wall Street on board?
4/ Is BTC being adopted into every-day use more than HODL-ed by the retail crowd?
5/ To what extent is industry considering using blockchain?

Bitcoin:

The chart of Bitcoin showing the Mt.Gox crash 4 years ago.

This is an attempt to discover the Matrix/Delta count for this underlying.

Sixer

Bitcoin outlook:

- The bearish net positions in the bitcoin futures markets hit a record low last week, validating the argument put forward by the technical charts that the cryptocurrency has likely bottomed out around $6,000.
- A break above $6,800 (psychological resistance) would bolster the already bullish technical setup and would open the doors to $7,000.
- A move below the ascending trendline seen in the 4-hour chart would weaken the bullish case and could yield a drop to $6,230 (Aug. 20 low).

https://www.coindesk.com/upside-call...it-record-low/

Sixer