Operative word being "might". All FOMO is putting in their money against the trends we saw.
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Bitcoin Thread
- Thread starter Dan C
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Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out
A British man who accidentally threw out a hard drive with a trove of bitcoin wants local city officials to let him search for it in a landfill site.
Eish that would keep me up at night too. Can understand their reluctance to help him though...odds of actually finding it seem very slim.Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out
A British man who accidentally threw out a hard drive with a trove of bitcoin wants local city officials to let him search for it in a landfill site.www.cnbc.com
Speedster
Honorary Master
I guess there are times when the cloud has its value
Rumple4skin
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It seems more or less even. But the 3 dumps in a week, the red candles that we didn't have the last month and the sell off on the 16th which is usually the mark of a trend change is telling. If it keeps hugging the bottom line it's most probably down.
Sensorei
Executive Member
Symmetrical triangle. A rising wedge has both the top and bottom line angling upwards and is generally more bearish. Symmetrical triangle is more neutral and you wait for a breakout of the pattern, with high volume before longing or shorting.
But that chart pattern is a joke and you need to look at shorter time frames with BTC.
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Sensorei
Executive Member
This is the current tradable pattern. A descending triangle which shows a strong push for continuation of the downwards trend. Even though the last bounce was crazy strong you can see BTC was rejected by the top resistance line and more likely to head down for another bounce to test resistance again and try and break through.
A successful breakout of the pattern is usually confirmed with a fallback to the broken line of the triangle followed by a bounce off it with high volume. Then the trade target is the same as the distance between the highest and lowest part of the triangle.
So a break of the top of the triangle with high volume gives around $40K as a target, with $28k if we break downwards, but also confirms the bigger head and shoulders which has a target of just over $26K
A successful breakout of the pattern is usually confirmed with a fallback to the broken line of the triangle followed by a bounce off it with high volume. Then the trade target is the same as the distance between the highest and lowest part of the triangle.
So a break of the top of the triangle with high volume gives around $40K as a target, with $28k if we break downwards, but also confirms the bigger head and shoulders which has a target of just over $26K
SirFooK'nG
Executive Member
So general consensus is it is going to rise over the next few months ... buying now and waiting the long game worth it then? I'm just dabbling in it for the first time, I have R2k (yes its peanuts but its what I got) waiting to purchase... was hoping for a slight drop ... What do you think?
I bought R1k on the 13th on the last little dip (R534k) .. so its still in the positive.
wingnut771
Honorary Master
Latest prediction/strategy Master Sensei?
Sensorei
Executive Member
Number get bigger.
What is general consensus? There's never such a thing with Bitcoin. Buying the dips would be the best strategy if you don't want to wait for it to crash. There's bound to be a lot of dips going forward.
Sensorei
Executive Member
The number of whales with a BTC balance of over 1000 BTC reached new ATH this month with over 2400 entities now holding 1000+ BTC. That's 162 new mega whales since last month.
Institutions are buying BTC, not dumping.
Also, if you think you missed the Ethereum train, the CME which is the world's largest financial derivatives group will be launching Ethereum futures contract trading next month. In 2017 When they announced they were listing Bitcoin futures BTC skyrocketed to that crazy $19.8k ATH in 2 months.
Institutions are buying BTC, not dumping.
Also, if you think you missed the Ethereum train, the CME which is the world's largest financial derivatives group will be launching Ethereum futures contract trading next month. In 2017 When they announced they were listing Bitcoin futures BTC skyrocketed to that crazy $19.8k ATH in 2 months.
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Yup...last few weeks have been fun. Nice when things are moving again.
acidrain
Executive Member
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.
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.
Blackrocks joining the party now too
Sensorei
Executive Member
Yep, yep! And for those who don't know what that means, Blackrock is the #1 world's largest asset management institution. If they moved 1% of their funds into Bitcoin that would be 10% of Bitcoin's current $650 Billion market cap!Blackrocks joining the party now too
BlackRock Files To Add Bitcoin Futures To Funds
The price of bitcoin is up more than 20% this year.
www.forbes.com
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