I know I just posted a possible major Head and shoulder top but on the shorter time frame, we are about to have our 7th up day in a row. Something we have not seen since March. I do hope this move nullifies that H&S but it is still a coin toss at best from here
How long will that take you think. Is that like a couple weeks or even months before you know? Or just week by week watching the chart?
until we hit a new high , other wise we could just be seeing a higher right shoulder
In addition, we have a bearish inside bar.
That red candle from a couple of days ago managed to turn green giving us 10 up days in a row, we are red so far today but there is still time and we are above 41K , a weekly close at this level would be a strong technical move
Remember the title of this thread is Buy Weekly and if you had done that the last 10 weeks all of those purchases would be positive
Always respect your opinions and analysis - not sure I respect your almost fanatical belief in Bitcoin.
Ok maybe that is a bit harsh - but for me I would not want to be in any market that is basically at war with the regulators and central bankers.
Not too mention that Bitcoin chews up lots of energy and in an increasingly woke world that is NOT bullish.
Also what happens when the Fed come out with their own coin?
I’m not going to say the days of BTC are numbered, but such a backdrop needs to be taken into account when analysing which way you think a market is going to break.
This infrastructure plan could well be funded by crypto taxes - just another in a long line of regulatory issues.
“fanatical belief” I wish I had a fanatical belief then maybe the 50K I have had sitting in gold the last 5 years would have been invested in Bitcoin and I would be a millionaire many times over. As it stands right now and for many of the reasons you have sighted, I have taken a very conservative principle position in Bitcoin. If it goes to zero I would have lost a small portion of my net worth, but if it goes to 6 figures then I will have a very confortable retirement.
Over my investment life I have owned Netflix, Google and Amazon, when selling for under $100, I sold and thought I was smart making a quick 20%, little did I know I was living 3000% on the table. I have sense learned to have conviction in your investments
Ok @Dennis3450 I stand corrected - and am pleased to be so.
Fact is I don’t understand this crypto market - sure we have great technology - but the lack of adoption PLUS regulatory hurdles is a glowing red flashing neon sign to me.
I continue to see so many of my friends get wrapped up in crypto and lose their shirt - all for the promise of mega riches.
It seems like most are HODLers - and cannot justify why.
I’d love to hear the reasons why Bitcoin is supposedly superior to any investment ever invented.
I suppose it’s down to the likes of Michael Saylor who recently said Bitcoin was the best invention for…wait for it…since the discovery of FIRE.
If that’s not a red flag I don’t know what is
I will continue to be down on the sector until people start waking up and start thinking with their heads not their desires to be rich beyond their wildest dreams.
If you wanna get rich beyond your wildest dreams the market to be in ‘long term’ is the blue carbon credit market
I have never heard a serious person say that. But in terms of stores of actual value anything is better than fiat currency which is being debased at a staggering rate by the Federal Reserve System. Witness the stockmarket bubble and exploding house prices as investors scramble to get their savings away from federal reserve notes and into something either physical or finite. Bitcoin is finite, Federal Reserve notes on the other hand can be created until they run out of zeros.
blue carbon and carbon credits as a whole, talk about a made-up market. This is what is really behind Global Warming, rather you believe it is real or a hoax it is being used as a means to make a new class of money, not really that, unlike crypto. And like crypto, parking a grand in this new asset class is not a bad idea.
As I have said before, if we follow the rich and pickup their crumbs we can do very well for ourselves
Sure I’m not debating the merits of climate change - the science is questionable.
However like it or not, there is going to be a massive regulatory shift to make it easier for corporations to get cheap access to capital if they adopt carbon-neutral policies.
And corporations will follow. Anything to reduce the cost of doing business and their bottom line.
Try Michael Saylor for one. And I’ve heard it many times.
And what happens when the Fed brings out their own digital coin?
As for Bitcoin or crypto having limited supply - don’t make me laugh. What about satoshis?
What about the other 11,000 coins on the market?
And when you cash out of your BTC profits where are you going to put it?
Dollars or another fiat currency.
I am not anti-bitcoin - I am anti Hodl ing for a moonshot, when it reality it’s the last market you want to Hodl.
You’re trolling buddy. Anyone comparing Bitcoin to the invention of fire is not serious. I don’t know who Michael Saylor is and I don’t care.
Nice straw-man, adding “or crypto” but I’m not taking the bait. Bitcoin is finite.
In the spirit of the Rothschild’s 1/3 in land 1/3 in gold and 1/3 in stocks and bonds. With as short a time in fiat as possible.
What do you think the thousands of these bad boys roaming the streets of America are chewing up in energy and adding to the carbon problem.
There is nothing green about the American greenback
If you can truly honestly try to find all the negative points about an investment, and not find them then just maybe it’s a great investment.
I just think there are too many questions to be a Hodler of this market.
As for not knowing who Michael Saylor is, well maybe you don’t know quite as much about this sector as you think.
Like it or not, the dollar is what is in demand - China doesn’t want Bitcoin, Africa doesn’t want Bitcoin, SE Asia doesn’t want Bitcoin.
Hell, most retailers don’t even want it.
Granted a few institutions have gone all in - most notably Micro strategies. And yes Paypal have allowed US users to buy or sell it.
But this amazing store of value it is not.
Think what you want about the dollar, but at least for the next few decades most of us will run to it in times of crisis.
Notice what happened in 2008?
The dollar rose massively and Gold fell.
I do not like fiat as much as the next man - but out of all the ugly sisters, it is STILL the least ugly.
I am hoping with Brexit finally behind us the GBP will become the strongest currency - but like it or not in many parts of the globe people still trust the US dollar.
I know for one, when I do my visa run to Burma its dollars they want NOT Bitcoin.
Do you move goalposts professionally? You’re extremely good at it.
Not quite sure what you mean.
But it does sound to me you are particularly married to this investment thesis.
It may well come to pass that Bitcoin does a moon run, in which case I too will be on board.
But from a strictly fundamental standpoint, I feel the regulators are by far the biggest hurdle in this sector.
I am a fan of XRP - seems to me it is a damn sight more useful than Bitcoin.
But that does not mean I am going to rush out and buy it blindly - I’ve been around the markets long enough to know that believing something about an investment and it actually happening are a world away from each other.
Hmmmmm… If you support BTC and have not heard of Michael Saylor (and don’t care), your kudos on this forum will shrink to zero compared with other participants whose opinions I highly value.
Michael Saylor is first and foremost an engineer, and (rarely in my opinion) one who also has a very good understanding of long term wealth protection. Of course I am biased because I am also an engineer, who likes to think he also has a good understanding of long term wealth protection.
I agree with @Dennis3450 here, and in my case, I took a 3% stake in Crypto and was fortunate to see that stake more than quadruple in less than a year. As part of a very old and trusted plan, I considered 3% to be a sum I was willing to put forward in a new investment class that had proven over only a decade to have a potential for a reward/risk ratio of over 10X in 4 years. You could say we got lucky (whoever decided to do this), and I have the same approach in all our investments since about 10 years ago. The crypto market has halved in value over the past three months, and I have to tell you that it is one of the few investments we ever made where I was comfortable with a 50% drawdown. I’d be slightly uncomfortable with another halving to 75% drawdown, but not devastated. Anyway, everything in moderation, that is what I say. Michael Saylor may have gone a little overboard in his zealous way of communicating his future corporate investment intent via streaming media, but I can’t fault the guy. I think he is a mover and shaker. He’s not the only one. Raoul Pal sometimes says “I am all in with Bitcoin” then announces that he has more ETH than BTC. I take a lot of what is said in t’ interweb with a pinch of salt. You would be well advised to think deeply about the value you are getting for free from the likes of @Johnscott31 and @Dennis3450 before posting. God made us with one mouth and two ears to use them in the proportion given. Think about that a little. We are here to learn, not to create a slanging match about one’s opinion over others’.