Bitcoin Thread

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acidrain said:
Whilst I don't dabble much into bitcoin trading, I did happen to see a striking resemblance in chart patterns between 2018 and, now, 2020/21 movement. This is all on the weekly chart so it is longish term movement but I believe the peak has been hit and it is a slow bleed to somewhat stability.

The telling point will come at the macd cross and whether support is found at the 20MA or not. If support is not found then 2018 pattern may play out and we might see BTC back to around 19/20k, possibly later dropping to 11k before correcting.

I could be wrong of course but I'd be lying if I said I wasn't hoping for it.

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Will it correct or will $11k be the correction? Funny how people go for the high as the number it should correct to but a correction can just as easily be down as well.
 
Swa said:
Will it correct or will $11k be the correction? Funny how people go for the high as the number it should correct to but a correction can just as easily be down as well.
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It won't be the correction but it is possible to reach that figure again if 2018 repeats.

To validate how I got to that number, I was looking at what happened in 2018. I'm going to get the numbers wrong here as I don't have the chart but prior to the 2018 jump, btc was at 4k I think. It then spiked to an ATH of 19k. It then came down to about 8k for a while and later dropping back down to 4k and a little lower before returning back and staying around 9k.

So if it is repeated, before this bull run it was around 11k, so the assumption is that is the new bottom, may be lower but it should, later, stabilize to 2x which will be around 23k and become the new norm.

This is of course crypto, so it could do just about anything.
 
acidrain said:
It won't be the correction but it is possible to reach that figure again if 2018 repeats.

To validate how I got to that number, I was looking at what happened in 2018. I'm going to get the numbers wrong here as I don't have the chart but prior to the 2018 jump, btc was at 4k I think. It then spiked to an ATH of 19k. It then came down to about 8k for a while and later dropping back down to 4k and a little lower before returning back and staying around 9k.

So if it is repeated, before this bull run it was around 11k, so the assumption is that is the new bottom, may be lower but it should, later, stabilize to 2x which will be around 23k and become the new norm.

This is of course crypto, so it could do just about anything.
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Yeah I wasn't questioning your methodology.
 
For the lolz...if it doesn't settle at around $30k, then another move down to $28k. Maybe bounce a bit, maybe even down to $24k. I keep expecting a bit more pullback considering the rise in the last few months, but there's also a lot of market positivity toward btc right now so this feels like a bit of middle ground between correction and optimism.

lowlow.png
 
Market cycle comparison to 2017. Everything still looks fine. A drop under $30k is no big deal. $BTC will still go up *yawn*.


Screen Shot 2021-01-21 at 23.36.18.png
 
^ Pulled from those charts.

That increase in trading volume for total crypto markets (vertical grey bars at bottom). (Assuming the historical data is accurate enough to compare now vs. then.)

al.png
 
Me today... all day today... puts in longs, goes short, puts in shorts, goes long

iu
 
This will make some people sad. If you have strong emotions DO NOT CLICK ON THE SPOILER. Yes, it was a thing. Too bad I was too young to know what the internet was at that time.


You could get like 5 Bitcoin per captcha back in the day.
1611338047690.png
 
Matata said:
This will make some people sad. If you have strong emotions DO NOT CLICK ON THE SPOILER. Yes, it was a thing. Too bad I was too young to know what the internet was at that time.


You could get like 5 Bitcoin per captcha back in the day.
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well those still exist, except now it's like 5 satoshis :ROFL:
 
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