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Eric123

Epic Pennant on BTC Chart

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9 hours ago, Neurotoxin said:

You seem to miss that it’s more about percentages of growth than it is about the number on the coin. 

XRP could go up from 35c by 100% and it would then be at 70c which doesn’t look like much. 

BTC could go up by 100% from 10k to 20k and now that looks like a massive change in comparison but if you had a thousand dollars invested in either coin, your 1k would now be worth 2k regardless. 

That's not what I meant . My initial question to Eric was that BTC had enourmous problems when it was at ATH the system simply could not handle it. And that problem hasn't been solved yet from what I know. So how do all these TA experts expect a rise in BTC all the way to 40k etc when BTC cant even handle the pressure around 20k

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3 hours ago, joe91 said:

I think Staigera means that 20,000 for Bitcoin is tops not in term of price, but in terms of network stability. Bitcoin network bottlenecked at that territory with huge trading fees and backlogs. // I suppose one of the ways to solve that is to tokenize bitcoin and trade it fluidly, cheaply, and quickly over The Ripple Network. So, I guess in this sense, to strive forward, Bitcoin needs XRP more than Ripples need XBT :girl_sigh:

Ping ping ping we have. A winner!

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Just now, Staigera said:

That's not what I meant . My initial question to Eric was that BTC had enourmous problems when it was at ATH the system simply could not handle it. And that problem hasn't been solved yet from what I know. So how do all these TA experts expect a rise in BTC all the way to 40k etc when BTC cant even handle the pressure around 20k

Legitimate question. The answer is........we're probably about to find out, sooner rather than later.  Within the next several months, anyway.

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2 minutes ago, dr_ed said:

Legitimate question. The answer is........we're probably about to find out, sooner rather than later.  Within the next several months, anyway.

Why what makes you think in the next few months something is going to happen?

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4 minutes ago, Staigera said:

That's not what I meant . My initial question to Eric was that BTC had enourmous problems when it was at ATH the system simply could not handle it. And that problem hasn't been solved yet from what I know. So how do all these TA experts expect a rise in BTC all the way to 40k etc when BTC cant even handle the pressure around 20k

So looking at this from a different viewpoint, do you believe the reason bitcoin's price topped out at 20k was because 'the system could not handle it' rather than traditional market factors such as exhaustion of the bull trend after a parabolic run up in price from 1k, where sellers outnumbered buyers?

How many of the previous tops in bitcoin price were due to system overload, in your opinion?

 

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5 minutes ago, djdhrubs said:

So looking at this from a different viewpoint, do you believe the reason bitcoin's price topped out at 20k was because 'the system could not handle it' rather than traditional market factors such as exhaustion of the bull trend after a parabolic run up in price from 1k, where sellers outnumbered buyers?

How many of the previous tops in bitcoin price were due to system overload, in your opinion?

 

I believe that at 20k BTC died . Not in the way of sell pressure but simply because it could not handle it anymore. So basically BTC is kept on life support (manipulation) and I believe there will be a LAST bulltun for btc and that's when the wales will pull out the cord on the life support.

 

To answer your question the last ath was the real overload.

Edited by Staigera

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3 minutes ago, Staigera said:

I believe that at 20k BTC died . Not in the way of sell pressure but simply because it could not handle it anymore. So basically BTC is kept on life support (manipulation) and I believe there will be a LAST bulltun for btc and that's when the wales will pull out the cord on the life support.

 

To answer your question the last ath was the real overload.

In Galgitron's rather colourful language BTC hit the ceiling and broke its neck.

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13 minutes ago, Staigera said:

Why what makes you think in the next few months something is going to happen?

The BTC chart, as interpreted by my favorite chartists.

Bob Loukas being my favorite....but @Eric123 has laid out what I believe to be a likely scenario that fits Bob's predictions. The sideways motion for the last  couple of months has not broken the BTC chart in any way. It would have to drop much lower to make me think this bull is done.

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20 minutes ago, Staigera said:

I believe that at 20k BTC died . Not in the way of sell pressure but simply because it could not handle it anymore. So basically BTC is kept on life support (manipulation) and I believe there will be a LAST bulltun for btc and that's when the whales will pull out the cord on the life support.

 

Possible, but I think it's likely that when BTC bogs down, we'll just see a big rotation that relieves the pressure enough to keep the life-support machine functioning a bit longer. Markets can always stay irrational longer than you think they should. (Longer than we can stay solvent, as some wise trader once said.)

Edited by dr_ed

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40 minutes ago, Staigera said:

I believe that at 20k BTC died . Not in the way of sell pressure but simply because it could not handle it anymore. So basically BTC is kept on life support (manipulation) and I believe there will be a LAST bulltun for btc and that's when the wales will pull out the cord on the life support.

 

To answer your question the last ath was the real overload.

I'm not sold on that theory and would need to read up and find out more detail about the actual mechanics of this system overload. It makes much more sense to me that a parabolic move ended due to sellers outnumbering buyers, which is what every single other parabolic chart in the history of markets do when they top out eventually.

What you're talking about is something unique to bitcoin/ crypto, possibly something related to on chain dynamics, for which yer man Willy Woo is the expert and I've never heard him talk about 20k in the way you have.

Meh. Gonna stick to basic chart analysis because what you're talking about is actually more speculative than what I'm talking about (which is funny if you think about it because you're not a believer in TA whereas what you're describing here seems more speculative and tea leaf reading than TA does).

 

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Bitcoin, Litecoin and XRP are all continuing their sideways action.  Waiting on this baby to blow.  As you know I think Litecoin will move first and show us where we are headed and I think that's UP

By the Way

For Bitcoin

Hashrate is at an all time high

https://www.blockchain.com/en/charts/hash-rate

transaction fees are between $.55 and $.30

https://bitcoinfees.info/

Transactions per Day (notice how on May 1, 2019 neared the all time high amount.  Remember how people were talking about how the network couldn't handle the traffic this past May?  (Neither do I)

https://www.blockchain.com/en/charts/n-transactions?timespan=all

 

Charting for what it's worth is all about noticing patterns.  Do these patterns always play out the same? No.  Do they play out the same a lot of the time? Yeah.

If the same pattern has occurred 4 times before is it a good chance it will happen again?  Answer that question for yourself. 

 

 

51 minutes ago, Julian_Williams said:

In Galgitron's rather colourful language BTC hit the ceiling and broke its neck.

I'm not a fan of Galgitron, Galgitron seems to be one of those people that think XRP can take market share from BTC when they are not in the same market.  

bitcoin 9 11 19.png

Litecoin 9 11 19.png

XRP 9 11 19.png

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44 minutes ago, djdhrubs said:

I'm not sold on that theory and would need to read up and find out more detail about the actual mechanics of this system overload. It makes much more sense to me that a parabolic move ended due to sellers outnumbering buyers, which is what every single other parabolic chart in the history of markets do when they top out eventually.

What you're talking about is something unique to bitcoin/ crypto, possibly something related to on chain dynamics, for which yer man Willy Woo is the expert and I've never heard him talk about 20k in the way you have.

Meh. Gonna stick to basic chart analysis because what you're talking about is actually more speculative than what I'm talking about (which is funny if you think about it because you're not a believer in TA whereas what you're describing here seems more speculative and tea leaf reading than TA does).

 

You find all the backlogs and massive fees and slow transfers that happend in ATH where people could not buy BTC efficiently anymore which led to the sellers outnumbering the buyers being speculative??? lol oke.

And since when in TA not ever speculative it doesn’t matter if you read a chart from a pc screen mobile screen or drawn on the back of a piece of paper inside a Chinese cookie, so ill stick with my assumption. 

In the end it doesn't even matter i tried so hard to lose it all in the end it doesn't even matterrrrr

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53 minutes ago, Eric123 said:

Bitcoin, Litecoin and XRP are all continuing their sideways action.  Waiting on this baby to blow.  As you know I think Litecoin will move first and show us where we are headed and I think that's UP

By the Way

For Bitcoin

Hashrate is at an all time high

https://www.blockchain.com/en/charts/hash-rate

transaction fees are between $.55 and $.30

https://bitcoinfees.info/

Transactions per Day (notice how on May 1, 2019 neared the all time high amount.  Remember how people were talking about how the network couldn't handle the traffic this past May?  (Neither do I)

https://www.blockchain.com/en/charts/n-transactions?timespan=all

 

Charting for what it's worth is all about noticing patterns.  Do these patterns always play out the same? No.  Do they play out the same a lot of the time? Yeah.

If the same pattern has occurred 4 times before is it a good chance it will happen again?  Answer that question for yourself. 

 

 

I'm not a fan of Galgitron, Galgitron seems to be one of those people that think XRP can take market share from BTC when they are not in the same market.  

bitcoin 9 11 19.png

Litecoin 9 11 19.png

XRP 9 11 19.png

The key I believe is confirmed transactions per day, in May it neared all time high, but we do not see the backlog numbers, at the end of 2017, people were willing to pay (manually or automatically) big money to make their transactions confirmed, and not being stock in limbo for days in backlog overload; hence the definition of bottleneck or a rat race to get out of the bottle quick enough (obviously the Champagne pressure had to be less in May 2019 than in Nov./Dec. 2017) Hashrate growth I believe is a little different matter, but I maybe off my wisedoms in this matter.....

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47 minutes ago, Staigera said:

You find all the backlogs and massive fees and slow transfers that happend in ATH where people could not buy BTC efficiently anymore which led to the sellers outnumbering the buyers being speculative??? lol oke.

 

Genuinely this is the first time I've heard this theory. That because people couldn't buy bitcoin properly, the price crashed. I just don't buy it. 

It'll be interesting to see what happens if bitcoin nears 20k again. Sure, there'll be selling. But i'm more excited about another massive short squeeze occurring similar to when it blew past 6k on the way up a few months ago when everyone and their mum decided to short it there.

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