Wild day for Bitcoin, $4,000 trading range, but in the end, we are moving in the right direction.
A weekly close above 43K will confirm this new uptrend
Lots of room to pull back to fill some of that imbalance but definitely positive you’re right
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For those of us holding BTC, you have got to love this action
Now I don’t buy into some of the crazy price predictions that are out there but I do think it is a pretty safe bet we have not seen the high of the year
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We are testing the 200 day moving average, from a technical point we want price back above the 200 dma then a cross of the 50 dma over the 200 , at that point we willl likely be at new highs
Don’t forget about Ethereum, it outperformed Bitcoin in the last run-up, and is currently doing it again in this current run-up
Until recently, Ethereum was basically moving in lock-step with Bitcoin. But now, significant developments in Ethereum are giving that coin additional momentum upward.
HERE is the transcript of a Market Insights video posted yesterday (Friday, 8/6), in which Ian King interviewed Steve Fernandez on the subjects of EIP-1559 and ETH 2.0.
King and Fernandez are both bullish on Ethereum, as I am. A couple of months back, I sold all my Bitcoin and put the money into Ethereum. Needless to say, I’m gratified by Ethereum’s dramatic price recovery, beginning on July 21.
Here are some excerpts from the King-Fernandez interview:
Ian: There’s this huge upgrade, this hard fork to the network called EIP-1559 that happened today to Ethereum.
Steve: Yeah, so, the Ethereum Improvement Protocol is what you just described in a fancy way. And it’s an upgrade to the way that “gas fees” are determined.
Steve: So, that’s the first aspect of the update. The second aspect of the update, which the market seems to be pretty excited about, is now, when you pay these fees for your transactions, they’re burning that Ethereum. So, what that does is it creates a deflationary effect. Or, in other words, it’s reducing the supply of Ethereum, which generally results in higher prices.
Steve: So, there’s going to be a demand-supply equilibrium, which is why I think we’ve seen about a 50% rally in Ethereum over the last couple of weeks as excitement for this Ethereum Improvement Protocol 1559 takes effect.
Ian: But I think the bigger picture here for where we’re heading with Ethereum is the “ETH 2.0” roadmap. So, it started last November when they opened up ETH 2.0, where you actually stake your Ethereum on the network. This is another improvement protocol that’s going to limit the volatility of gas fees. But the future of Ethereum really is moving from what’s called proof of work to proof of stake. And that’s going to make Ethereum lightning fast. It’s going to handle over 100,000 transactions per second, which is, like, 500 times what the network can handle right now.
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I bought 4 ETH at 0.033BTC each. If and when it reaches 0.1BTC I will convert it back to BTC - maybe half of it, not all. That was my written strategy on that “trade” back some months ago now.
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Now above 45K , this looks like it might be a real rally, but at the same time gold has taken a beating, so maybe this is just money moving from one asset to another
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That’s a very bold statement and I’ll take the other side!!
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We hold both in “target quantity for BTC and over target for gold” so I will do nothing (except maybe contemplate the gold silver ratio for the hundredth time). Waiting for gold to exceed $2K and may do some selling.
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Hi @Dennis3450,
It may not be working for short term trading, but with respect to investment, it’s bodes very well for the future. Gold silver ratio is about 73, and moving upwards. To date, I have not tracked the gold / btc ratio, but I think I will start doing that. I was going to sell some gold/silver and buy more BTC, but price action of gold made that unattractive. Now I may look to go the other way. Decisions, decisions. Hmmm. Wish my whole-of-asset trading plan was finished. 
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Is it too early to pose the question, when will we see a new All-Time High
things are getting exciting again
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Bitcoin is on the RedBULL again
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I don’t think it is. The price of BTC at the end of 2021 was the subject of choice over dinner in Liverpool tonight. A 80 mile round trip but worth it for the company. My work colleague had his two teenage sons with him, and it was they who had all the Crypto knowledge. Mum and Dad didn’t have a clue. Anyway, James (18 years old) said £50,000 by year end ($70,000).l I said that I followed the teachings of Max Keiser for the last decade and went with his prediction of $165,000 at year end. Truth is - does it matter much whether it is $70K or $165K? I’d just probably be buying another petabyte of hard disks to mine Chia from the BTC profits 
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I think I remember saying 80K, but It might be Ethereum we need to watch, it is up like 600% this year vs Bitcoin’s 300%
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I agree. Right now ETH is our third choice. BTC 45%, XRP 30%, ETH 15%, the rest 10%. Statistical band for ideal portfolio right now is BTC 40-60%, XRP 10-25%, ETH 15-30%. We are happy with the short term prospects of all 3.
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Interesting, we have had 7 down days in the last 8 but the one up day was stronger than the 7 down. I see this as short term profit taking, once that is worked out of the market we should head higher
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Nice stair-step pattern, next I want to see the 50 dma cross the 200 dma, this is a bullish signal that should bring in some bullish technical trading ,
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