Let's talk off ramps. I've used CB and Binance US in the past to convert to USD and withdraw, but now I'm having an issue with about 1,000 XLM on CB and I'm tired of dealing with it already and never want to use them again. What does the Pack use to take profits?
OT: Alright crypto degens
- Thread starter JungRebel
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Bitcoin is a one-way trade. I’ve been buying since $3,500 and have never sold. Why would I trade ****** money for good money and then look for an opportunity to trade good money back into ****** money.
Ok. Soapbox over. That being said, I’ve used Gemini and like it. If you really want to liquidate with efficiency and have time, selling calls on LedgerX is the way to go.
Ok. Soapbox over. That being said, I’ve used Gemini and like it. If you really want to liquidate with efficiency and have time, selling calls on LedgerX is the way to go.
The answer to your first question is some of us like to take some of our "good money" and exchange it back to "****** money" because the latter is what can buy us actual goods and services that we want and need.
An exchange is fine and I'll look into Gemini. If you or anyone else have experience successfully changing good money back into ****** money without issue please let me know.
An exchange is fine and I'll look into Gemini. If you or anyone else have experience successfully changing good money back into ****** money without issue please let me know.
I want someone to explain to me how cryptocurrency is a not a tool of the Devil?
That's on the macro level. On the micro level, please, explain it to me like I'm dumb.
Is it electronic banking without an actual bank? How does it generate value? Where does that value come from? Where is the demand? Who supplies it?
Who recognizes it? What can you actually purchase with it? And why would you need to? Is it just being held in the ether of the internet? How does it stay secure?
Are there any real stakes involved? Isn't it just straight up gambling that others will find value in it at some point? What if they don't? Are the banks using it yet? and why would they other than to get in on other people's action and manipulate it to their advantage?
That's on the macro level. On the micro level, please, explain it to me like I'm dumb.
Is it electronic banking without an actual bank? How does it generate value? Where does that value come from? Where is the demand? Who supplies it?
Who recognizes it? What can you actually purchase with it? And why would you need to? Is it just being held in the ether of the internet? How does it stay secure?
Are there any real stakes involved? Isn't it just straight up gambling that others will find value in it at some point? What if they don't? Are the banks using it yet? and why would they other than to get in on other people's action and manipulate it to their advantage?
I can answer one part of the question. Others will help with mining and storage.
Cryptocurrency Value:
The value comes from trust in other people believing its valuable. If I believe its valuable and you believe its valuable, then its valuable. Like a baseball card or a painting. Or gold. Most cryptos have a scarcity element to them that helps it retain value... That Honus Wagner card would be worthless if there were thousands of them. Same with the Mona Lisa.
Crypto Bulls will say value is the same in fiat currency, only crypto can't be manipulated by central banks. I say true, but it can be manipulated by eccentric billionaires on Twitter. The biggest advantage of fiat currency is that it is the official currency of a government and is the currency of the governments income (taxation.) So the dollar technically is the most powerful asset in the world, every transaction on planet earth revolves around it in some form or fashion.
I think BTC has the best future of all the cryptos because it can survive as a store of value or as we like to say digital gold. All the others seem to have their strength in the ability to transact. That's a good way to get outlawed by governments. No government is going to sit by and let a crypto currency devalue its national currency... Including ours. So long as it remains in the digital gold world, its safe. When people start demanding to be paid in it and paying others in it... It's now a financial coup d'etat.
Cryptocurrency Value:
The value comes from trust in other people believing its valuable. If I believe its valuable and you believe its valuable, then its valuable. Like a baseball card or a painting. Or gold. Most cryptos have a scarcity element to them that helps it retain value... That Honus Wagner card would be worthless if there were thousands of them. Same with the Mona Lisa.
Crypto Bulls will say value is the same in fiat currency, only crypto can't be manipulated by central banks. I say true, but it can be manipulated by eccentric billionaires on Twitter. The biggest advantage of fiat currency is that it is the official currency of a government and is the currency of the governments income (taxation.) So the dollar technically is the most powerful asset in the world, every transaction on planet earth revolves around it in some form or fashion.
I think BTC has the best future of all the cryptos because it can survive as a store of value or as we like to say digital gold. All the others seem to have their strength in the ability to transact. That's a good way to get outlawed by governments. No government is going to sit by and let a crypto currency devalue its national currency... Including ours. So long as it remains in the digital gold world, its safe. When people start demanding to be paid in it and paying others in it... It's now a financial coup d'etat.
They span the gambit from straight up scams and ponzi schemes to legit applications and everything in between
This Mark Cuban thread is a good quick intro:
https://twitter.com/mcuban/status/1389004112654655489?s=21
Big help, JoeLee. Thank you.
I guess I've got such a pre-digital mindset that I am unable to see how it remains protected in a digital gold world. Unless we all end up there, somebody or some entity somewhere is going to demand payment.
I guess I've got such a pre-digital mindset that I am unable to see how it remains protected in a digital gold world. Unless we all end up there, somebody or some entity somewhere is going to demand payment.
Interesting... I get the trust issue and I guess that's my point: you really have to trust the internet and its players, which are legion. I am still not sure I trust it more than the banks - which I too have trust issues with.
Just watch some vids and google those questions. It’s secure and banks are getting involved. Money is money
I have heard of people moving funds out of CB into certain banks and getting cut off by the bank. Accounts closed. But to answer your question I have used Gemini to move things around with no problem. Been a few months. Mainly been on Binance.us and have had no issues there as well but it’s been probably 6 months since I’ve moved anything to the bank. Just staking and hodling.
And I have some futures on Kucoin just marinating. I have only moved btc in and out and haven’t tried any bank moves with them.
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Give him a break. It’s baseball season so he doesn’t have anything else to look forward to.
I feel like crypto is to banking what robots/automation are to labor jobs. Bitcoin is a secure ledger that is shared amongst many users, users are rewarded for confirming transactions, and BTC is finite resource. Outside of BTC, there are a lot of other financial infrastructure being built that can take the place of banking functions.
Where’s the value coming from? Imagine how much banks are spending to pay staff and to have buildings/atms on every corner. Get rid of all that and now the money that was getting spent on bank overhead is getting distributed to users for storing their assets on a network and contributing to the computing power for confirming transactions.
If you really want to blow your mind, read up on flash loans and how you can borrow millions of dollars without collateral. Only catch is that you have to pay it back instantly, but there are use cases for such transactions.
Any currency only holds value if other people think it does. That’s why these posters that are all in on crypto are pimping it and trying to get you to buy in.
If I was trying to meaningfully manipulate crypto market prices by generating FOMO, not sure SPS would be where I’d start...
Honest question here, what can be purchased with it? Who now accepts crypto currency as payment for tangible goods? I don’t know of any. I may be showing my ignorance, but I only hear about buying it and not using it to buy something else.
The Bullish Case for Bitcoin
My first piece of advice is to not get your info from a Mississippi State sports message board. That includes anything I post. But there are some really good resources on the Internet by people who are in the space full-time. They may or may not be Mississippi State fans.
casebitcoin.com is a good website that collects resources from all over into one website. It includes data, widely cited articles, common critiques, and responses. It provides resources that address various perspectives: bitcoin as an investment, bitcoin as a tool for freedom, etc.
One of the most cited articles that I think addresses some of your questions is The Bullish Case for Bitcoin by Vijay Boyapati. It is from 2018, but it is still very relevant, especially for new people trying to learn. In fact, I think it's good to learn about bitcoin outside of the latest headlines.
My first piece of advice is to not get your info from a Mississippi State sports message board. That includes anything I post. But there are some really good resources on the Internet by people who are in the space full-time. They may or may not be Mississippi State fans.
casebitcoin.com is a good website that collects resources from all over into one website. It includes data, widely cited articles, common critiques, and responses. It provides resources that address various perspectives: bitcoin as an investment, bitcoin as a tool for freedom, etc.
One of the most cited articles that I think addresses some of your questions is The Bullish Case for Bitcoin by Vijay Boyapati. It is from 2018, but it is still very relevant, especially for new people trying to learn. In fact, I think it's good to learn about bitcoin outside of the latest headlines.
Wags... We are about to hit one of those buying opportunities. Watch the 200 day simple moving average on BTC Around $40k. Should get bought up heavy if it gets there. May find resistance on the ride up between around $45k. I think the lowest it would go in the near term is 30-32ish (barring unexpected regulatory news.) There was a lot of institutional buying and selling in that range back in January.
Never stop buying, if you are a bull like me. Fully invested in the spirit of crypto, in which no central bank or government owns it, you are free as a bird. Even if governments clamp down on it, it will just raise the value. The whole point is to be free but it has its caveats but it isn’t anything too menacing. Government currency is an unlimited supply anyways & is directed heavily when things are out of whack. Can crypto take over, absolutely, will the older generations let it? Absolutely not. A world currency is on the horizon & the war has started over it.
If you are in crypto to make a buck, you need to invest in every new coin that comes about you can get your hands on. Yes, you will 100% strike it big but just know when to get out. Crypto volatility is off the chain but the best coins always go back up.
BTC & ETH is the way still in my opinion, just way too well established & they adopt to change, but as they say... the best artists steal
bullish on Doge, way too many good things about to happen for it. I will sell off after the space mission it has next year, until then, get what you can. .37-.48 is a steal atm
If you are in crypto to make a buck, you need to invest in every new coin that comes about you can get your hands on. Yes, you will 100% strike it big but just know when to get out. Crypto volatility is off the chain but the best coins always go back up.
BTC & ETH is the way still in my opinion, just way too well established & they adopt to change, but as they say... the best artists steal
bullish on Doge, way too many good things about to happen for it. I will sell off after the space mission it has next year, until then, get what you can. .37-.48 is a steal atm
So I started in crypto in Feb1 and I’m super close to making my first cash out at 300% returns. Assuming the market continues it longer term trends (following BTC, which is currently down but likely to jump to over $60k in the coming week or two), I expect to do my first withdrawal for half of my entry. I plan to simply send my USDT from KUCOIN to AnchorUSD and then straight to my bank account.
For those of you interested in crypto, today/tomorrow look like decent entry points. The market is volatile and it feels like it’s at a bottom of this current dip. I’ve put some buys in for some coins I like in hopes that it falls a little further and bounces up after BTC gets handsy with $42k for the second time in a few days.
For those of you interested in crypto, today/tomorrow look like decent entry points. The market is volatile and it feels like it’s at a bottom of this current dip. I’ve put some buys in for some coins I like in hopes that it falls a little further and bounces up after BTC gets handsy with $42k for the second time in a few days.
I would not get my hopes up about BTC $60K in the next week or two. I don't think you are wrong about $42k being a good entry point, but its probably not going far before it comes back to these levels. We are in a downtrend or drawdown right now. It's actually healthy. Institutional investors dumped big money into BTC in December and January. It skyrocketed and then plateaued. Now you have some profit taking over a few months until the sellers exit the volume they don't want to hold. Once that selling is over, the uptrend will likely kick back in.
Here is my chart. I posted this on here about a week ago and laid out the likely scenario of where BTC was heading. You can see it's tracking directly on one of my 2 possible paths I projected to this point. There is a lot to look at on the chart, so I have numbered my levels to better explain.
View attachment 20297
#1. That is the April 25th low at around 47k. This low was the first "lower low" BTC had put in since the covid crash. That is a pretty strong start of a downtrend. It was confirmed when the lower high was put in last Monday. Once the market falls below an important number like that, it becomes resistance (When we get back up to it, it triggers selling from institutional money.) I highlight resistance with a red line. You can see after yesterday's bounce, the resistance held.
#2. That is the Feb 28th low at around $43k. It to is an important number and right now, it is holding as support. That's why it is still green. Once we close below that number (BTC doesn't really close, but I just go with the US market close) it becomes resistance and I will turn it red. So far, we have not gotten that hard pivot of heavy buying that sends it skyrocketing. It looks like its going to give up the number this afternoon to me.
#3. That is the previous breakout area from Jan-Feb at around $40K. You can see back in January that it put in a high then came back down, only to breakout like crazy on the 8th of Feb when TSLA announced they had BTC on the balance sheet. That big breakout is from a lot of institutional buyers. They will want to protect that number. I have a big thick green line there because I believe it will be heavy support.
#4. This turquoise line is the 200 day simple moving average. Another very important place that triggers the algos to buy in most scenarios when it's tested.
#5. The 2 big red diagonal lines make what is called a falling wedge. This is a consolidation pattern where sellers sell heavy when it hits the top line and stop when it hits the bottom. This prevents them from crashing the market. For it to work you also have to have buyers, which is bullish. So even though the stock price is trending down, this considered a bullish reversal pattern as eventually, the sellers exit all the positions they want to trade and there is nothing left but buyers. This is the same type of pattern that setup last summer around 9-10k before the big run up. I have mentioned before, I missed that one because I was a wimp about the security of exchanges/wallets... I won't miss this one.
So that's the setup. I put those 4 different possible paths together last week as well. I figured the white then blue was most likely, but did not want to rule out the red or yellow. So yesterday I bought a nice position at 43.5K, but saw it hit that resistance around $47k and I exited at $45k. Small profit, but it turned out to be the right trade.
Now I have a limit buy order for a full position in just above $40k. I figure that 200 day and #3 support area are to magnetic not to hit at this point. If it fills, then once the price action gets back up to the $43K mark and then the diagonal red line at the bottom of the wedge, I will see what happens. Probably going to sell half and let it try to break through or watch it go back down to see if it gets below $40k. If it goes down, I will sell the 2nd half at $43K on the way down if it breaks through.
I could see it breaking through the 200 day sma and $40k on the downside. But there is heavy participation in the $30K range. If we get there I will get back in...Bigly.
Ultimately, I am trading until we get through this phase of bad news and consolidation. Once it get's back into the falling wedge or breaks out of the top, I will go long with a big position. I have a feeling there are going to be some massive highs if and when it breaks out. I could see $90-100K by the end of the year if it establishes a new uptrend. I want to be a part of that, but for now, I am trading.
ETA. The bottom of the chart above is what's called a RSI or Relative Strength Indicator. It measures the speed and change of price movements. You can see the RSI started a downtrend before the actual price of BTC did. This is called a bearish divergence is usually a pretty good sign a top is coming. I used this to sell all of my trade on April 16th. It came right after some political BTC news out of Turkey. I started feeling anxious and do not want to trade on emotion. I have been on the sidelines since then waiting for some better setups.. They are here now.
Also, I just post this crap kind of to hold myself accountable and not get sloppy. I don't recommend trading with anything more than fun money for those without a gameplan. One thing I have figured out about BTC is there are not a lot of fundamental factors to consider, so the technicals kind of are the fundamentals. Since I really started charting BTC in February, its become my favorite asset to trade (outside of all the damn news... I may kick Musk in the nuts if he doesn't shut his damn twitter account down.)I know a lot of folks are just long BTC and are buying dips and holding. I think that's smart if you did not miss the last run up like I did and have a much lower overall cost than I would. The lowest I have bought BTC at so far has been $43Kish twice. During trends. I plan on doing the same at the next breakout from a consolidation. I hope that comes in the next couple of months somewhere in the areas I have identified.
I will keep sharing this information when I see something new or confirm my projections.
For you Dogecoiners... here's what the charts are saying to me.
View attachment 20299
This is a symmetrical triangle formation that is about to break.. Up or down. No telling. But as you move forward, the extension of the trend lines will become resistance or support. Good luck.
Here is my chart. I posted this on here about a week ago and laid out the likely scenario of where BTC was heading. You can see it's tracking directly on one of my 2 possible paths I projected to this point. There is a lot to look at on the chart, so I have numbered my levels to better explain.
View attachment 20297
#1. That is the April 25th low at around 47k. This low was the first "lower low" BTC had put in since the covid crash. That is a pretty strong start of a downtrend. It was confirmed when the lower high was put in last Monday. Once the market falls below an important number like that, it becomes resistance (When we get back up to it, it triggers selling from institutional money.) I highlight resistance with a red line. You can see after yesterday's bounce, the resistance held.
#2. That is the Feb 28th low at around $43k. It to is an important number and right now, it is holding as support. That's why it is still green. Once we close below that number (BTC doesn't really close, but I just go with the US market close) it becomes resistance and I will turn it red. So far, we have not gotten that hard pivot of heavy buying that sends it skyrocketing. It looks like its going to give up the number this afternoon to me.
#3. That is the previous breakout area from Jan-Feb at around $40K. You can see back in January that it put in a high then came back down, only to breakout like crazy on the 8th of Feb when TSLA announced they had BTC on the balance sheet. That big breakout is from a lot of institutional buyers. They will want to protect that number. I have a big thick green line there because I believe it will be heavy support.
#4. This turquoise line is the 200 day simple moving average. Another very important place that triggers the algos to buy in most scenarios when it's tested.
#5. The 2 big red diagonal lines make what is called a falling wedge. This is a consolidation pattern where sellers sell heavy when it hits the top line and stop when it hits the bottom. This prevents them from crashing the market. For it to work you also have to have buyers, which is bullish. So even though the stock price is trending down, this considered a bullish reversal pattern as eventually, the sellers exit all the positions they want to trade and there is nothing left but buyers. This is the same type of pattern that setup last summer around 9-10k before the big run up. I have mentioned before, I missed that one because I was a wimp about the security of exchanges/wallets... I won't miss this one.
So that's the setup. I put those 4 different possible paths together last week as well. I figured the white then blue was most likely, but did not want to rule out the red or yellow. So yesterday I bought a nice position at 43.5K, but saw it hit that resistance around $47k and I exited at $45k. Small profit, but it turned out to be the right trade.
Now I have a limit buy order for a full position in just above $40k. I figure that 200 day and #3 support area are to magnetic not to hit at this point. If it fills, then once the price action gets back up to the $43K mark and then the diagonal red line at the bottom of the wedge, I will see what happens. Probably going to sell half and let it try to break through or watch it go back down to see if it gets below $40k. If it goes down, I will sell the 2nd half at $43K on the way down if it breaks through.
I could see it breaking through the 200 day sma and $40k on the downside. But there is heavy participation in the $30K range. If we get there I will get back in...Bigly.
Ultimately, I am trading until we get through this phase of bad news and consolidation. Once it get's back into the falling wedge or breaks out of the top, I will go long with a big position. I have a feeling there are going to be some massive highs if and when it breaks out. I could see $90-100K by the end of the year if it establishes a new uptrend. I want to be a part of that, but for now, I am trading.
ETA. The bottom of the chart above is what's called a RSI or Relative Strength Indicator. It measures the speed and change of price movements. You can see the RSI started a downtrend before the actual price of BTC did. This is called a bearish divergence is usually a pretty good sign a top is coming. I used this to sell all of my trade on April 16th. It came right after some political BTC news out of Turkey. I started feeling anxious and do not want to trade on emotion. I have been on the sidelines since then waiting for some better setups.. They are here now.
Also, I just post this crap kind of to hold myself accountable and not get sloppy. I don't recommend trading with anything more than fun money for those without a gameplan. One thing I have figured out about BTC is there are not a lot of fundamental factors to consider, so the technicals kind of are the fundamentals. Since I really started charting BTC in February, its become my favorite asset to trade (outside of all the damn news... I may kick Musk in the nuts if he doesn't shut his damn twitter account down.)I know a lot of folks are just long BTC and are buying dips and holding. I think that's smart if you did not miss the last run up like I did and have a much lower overall cost than I would. The lowest I have bought BTC at so far has been $43Kish twice. During trends. I plan on doing the same at the next breakout from a consolidation. I hope that comes in the next couple of months somewhere in the areas I have identified.
I will keep sharing this information when I see something new or confirm my projections.
For you Dogecoiners... here's what the charts are saying to me.
View attachment 20299
This is a symmetrical triangle formation that is about to break.. Up or down. No telling. But as you move forward, the extension of the trend lines will become resistance or support. Good luck.
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Nice breakdown and thanks for sharing. I’m hopeful the $42k resistance is where we slap it a few times, then it takes off. Hope we don’t navigate down into the $30s
I hope it does dip down into to the $30s before it takes off. I was late too the party so it would be an opportunity for me to get a little (key word is little) more and average down what I have. If doesn't dip I'm fine with it moving sideways for a while too.
Carter Worth just came on CNBC and said almost exactly what I see with BTC.. Support between $30-$42k. He said watching the current action it feels like it will take a leg down from here.
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I don't do a lot of technical analysis myself, but I see people posting about pretty strong support in the $40-45k range, which is where we are bouncing around right now.
I prefer to zoom out: The top in 2013 was $1200. Then it crashed. Then it ran up to $20k. Then it crashed to $3k in 2018. 2.5x from 2013 top to 2018 bottom. To put that in context, a 2.5x from the 2017 top is $50k. So we could see a blow off top followed by a crash to around $50k in the next 18 months.*
2011 to 2015 shows the same pattern but even more intense: 2011 top to bottom to top to bottom in 2015 was 5x.
So basically, assume you have the worst timing in the world and buy the absolute top. Hold it for at least 4-5 years and you're making money. At least that's what a decade of data is showing us. The good news is you probably won't buy the absolute top.
I don't know where it's going in the short term. I don't know where the next top will be. But I am confident that we are below or at least in range of the next long term bottom, which tells me long term investors should be buying and holding.
*-There's always a chance that it doesn't crash 80%, so be careful planning to buy in 2022. My point is that even if it does crash, there's no guarantee that it crashes below its current price.
JoeLee, if you're into technical analysis, you should look into on-chain analytics. There is just so much data because of the open nature of bitcoin (unlike more traditional assets). So it seems to me that the better you are at TA, the more of an advantage you can obtain by employing on-chain analytics. I recommend Willy Woo. He's been doing it a long time, and is one of the most cited people on what the on-chain data is showing us. Hint: It's bullish.
So far my BTC trading plan is playing out on the money. I expect a leg up from here today into resistance and then a leg lower to the bottom support line.
View attachment 20317
Dogecoin is falling apart as retail investors lose all of their gains. Of course many bought much higher than this and have lost 50+%... They never tell you about that though. Most are like my "friend" Charlie who called me an idiot last week for not buying Doge at $.50 since everyone knew it was going to a dollar.
View attachment 20318
Some of us have been through this before... Instead of buying **** coins we bought **** internet stocks. If it was a penny stock, we bought it. If it wasn't, the company would split the stock so we would buy it... Everyone loved them all. Except for Amazon of course... Who in the hell wanted an internet book company.?****
ETA. Maybe BTC gets to the bottom support this morning. Wow
View attachment 20317
Dogecoin is falling apart as retail investors lose all of their gains. Of course many bought much higher than this and have lost 50+%... They never tell you about that though. Most are like my "friend" Charlie who called me an idiot last week for not buying Doge at $.50 since everyone knew it was going to a dollar.
View attachment 20318
Some of us have been through this before... Instead of buying **** coins we bought **** internet stocks. If it was a penny stock, we bought it. If it wasn't, the company would split the stock so we would buy it... Everyone loved them all. Except for Amazon of course... Who in the hell wanted an internet book company.?****
ETA. Maybe BTC gets to the bottom support this morning. Wow
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I bet the drops are due to folks getting scared they can’t transfer money from sold crypto can’t be transferred back after the feds announced that the pipeline hackers had been paid over $90 million in hacker ransom in various shakedowns. I sold $10k in ETH classic at $135, sitting at $49 last I saw.
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$30,066 low of day. In full disclosure I was all cash and bought 50% at $40,096 last night and the other 50% at $34,330 today. I did not get the bottom. Probably won't sell at the top either. Plan to sell half at $44.5k. I will see if it breaks through the old bottom trend line on the falling wedge. If it does I will sell the other half at the top of the wedge. If rejected by the bottom trend line, I will sell the other half at $42.5k. At this point, I fully expect the market to come take another look at $30k in the next few weeks. With a bounce that hard, you have to come retest it.
bitcoin up 90x since this post: https://bitcointalk.org/index.php?topic=375643.0
Yes, the term HODL came from a drunk post when bitcoin was crashing. These are the days you earn your gains.
Yes, the term HODL came from a drunk post when bitcoin was crashing. These are the days you earn your gains.
I agree. Also, as we currently sit this is actually still in the "normal" behavior for a security that has broken out... Now the scale of the breakout is extraordinary. Normally, a stock might go up 30-40% and the then start a distribution/consolidation phase... 400% is a little wild, especially for something this size.
I post a lot of charts, but really all they are is a simple visualization of all market date. One tool that is used because it has proven so effective over the yeas is the Fibonacci Sequence. Here is a weekly chart of the Fibonnaci levels of BTC since its breakout in July and the Peak in April.
View attachment 20324
Its really pretty common for a breakout in either direction to test the .382, .5, and .618 levels. Below means .382 means trouble and above .618 means you are likely headed back up to the previous high. Breakout above the previous high and the next target is the 1.618 level or about $100k in BTC.
I'm a fairly experienced trader and missed out on the previous breakout, so I am trading hard and heavy to "make" up for my lost opportunity. I started in late Feb with .22 BTC and now have turned it into .37 BTC. If my trading plan works as I expect, it will be around .55 BTC by mid June after (hopefully) BTC successfully retests the .382 or $30K level. If it falls below that I am guessing more long term pain is in the cards. But if that support area holds again, I would expect the climb to the top of my chart to begin at that time. Based on what I am seeing in the charts, I have never been more bullish on BTC than I am today.
Of course, all possibilities are still on the table. That's why I am in trading mode. If we retest that level we hit this morning in the next few weeks and it holds, I will pump some more money into BTC and become a HODLR myself at that time.
I post a lot of charts, but really all they are is a simple visualization of all market date. One tool that is used because it has proven so effective over the yeas is the Fibonacci Sequence. Here is a weekly chart of the Fibonnaci levels of BTC since its breakout in July and the Peak in April.
View attachment 20324
Its really pretty common for a breakout in either direction to test the .382, .5, and .618 levels. Below means .382 means trouble and above .618 means you are likely headed back up to the previous high. Breakout above the previous high and the next target is the 1.618 level or about $100k in BTC.
I'm a fairly experienced trader and missed out on the previous breakout, so I am trading hard and heavy to "make" up for my lost opportunity. I started in late Feb with .22 BTC and now have turned it into .37 BTC. If my trading plan works as I expect, it will be around .55 BTC by mid June after (hopefully) BTC successfully retests the .382 or $30K level. If it falls below that I am guessing more long term pain is in the cards. But if that support area holds again, I would expect the climb to the top of my chart to begin at that time. Based on what I am seeing in the charts, I have never been more bullish on BTC than I am today.
Of course, all possibilities are still on the table. That's why I am in trading mode. If we retest that level we hit this morning in the next few weeks and it holds, I will pump some more money into BTC and become a HODLR myself at that time.
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