Epic Pennant on BTC Chart

[dr_ed 7,370]

Shorts are low for XRP and BTC...but mo' especially BTC. The timing has to be close now. It just does.

[Molten 3,475]

6 minutes ago, dr_ed said:

Shorts are low for XRP and BTC...but mo' especially BTC. The timing has to be close now. It just does.

It makes me worry that everyone is expecting a SWELL pump that isn't going to happen... and then the disappointment will lead to an especially vicious SWELL dump.  It's honestly the biggest short term threat that I can see on the horizon.

[dr_ed 7,370]

I'm not thinking SWELL. Just more China buying....and I expect it to start as early as tonight...and that probably won't be XRP. It'll be BTC and the some of the 30 odd "approved" China coins.

SWELL will or won't move XRP....the jury is still out on that one. But BTC doesn't need SWELL. Just a match to light the fire, imho. It looks primed for a big move to me. I'm trying to decide whether to wait for a break out, or just buy some now.

Edited November 1 by dr_ed

[Eric123 5,125]

I like bitcoin's chances to break out of this short term downtrend as well as the channel we've been in since the end of June.  @dr_ed low shorts is adding support to this idea, thanks for posting.    @Molten I not sure people are counting on much from Swell, maybe if we see a pump running up to it a vicious dump could be possible, right now I think XRP is too far down at the low end of the price range for that to happen.

In the time it took me to make this post bitcoin dropped $150 and XRP dropped below .29

[Eric123 5,125]

Bitcoin broke through the recent downturn. 

[Eric123 5,125]

Just watched a video with John McAfee on a Youtube channel called Crypto Tone (which I had never heard of and never watched before) https://www.youtube.com/watch?v=9QH6swuhhhI

In the video McAfee is asked why Bitcoin will go to $2 million by 2020 (McAfee claims he never stated $2mill but stands by his prediction for $1mill by end of 2020).  The reason given is the dwindling supply of bitcoin due to the loss of coins.  How many coins have been lost?  McAfee states 7 million lost with 3x to 4x of the amount mined are lost daily.  1800 bitcoin are mined daily so the loss would be  5,400 to 7,400 lost bitcoins per day. or 1.97 million to 2.6 million lost bitcoins per year.  McAfee does not state where these numbers come from, but states that once other people realize this which will occur around Christmas this year the price will begin to go up.  

 

 

Also as stated by McAfee in the article below if Satoshi is "gone" his bitcoins estimated at 1 million are also gone.

If he's right there are only about 10 million bitcoins in the world with about 2 million lost a year.  Makes one think what the price should be if this is true.  Thoughts?

Now how many bitcoins have actually been lost? 

4 Million Lost article from 2017 https://fortune.com/2017/11/25/lost-bitcoins/

5 Million Lost article from 2019  https://www.trustnodes.com/2019/05/14/5-million-bitcoin-may-have-been-lost-forever

6 Million Lost article from 2018 https://www.ccn.com/6-million-bitcoin-is-lost-or-stolen-should-the-real-value-of-btc-higher/

Article from September 30, 2019 where McAfee states 7 Million lost (I was not aware of this article until today. https://www.forbes.com/sites/benjaminpirus/2019/09/30/mcafee-explains-rationale-for-why-he-still-sees-1-million-bitcoin-by-2020/#111bab1a6f92

[Eric123 5,125]

Bitcoin is down about 1.5% but the volume is so low any buying can really turn this around.  We are still above the recent down trend hat started October  27.

XRP has been bouncing around .29. Swell happens this Thursday and Friday.  a move around this conference or right before would fit in nicely with the reverse head and shoulders chart pattern.

[Palerider 401]

@Eric123 thanks for the above postS. I just posted in the Charting The Course XRP thread, but this recent trading range feels like / looks like an odd accumulation band....it’s so hard to say. We keep testing the 9k support and the 10k resistance over and over (same goes for XRP). Strange times.  

[djdhrubs 4,295]

 

 

[tony71 1,002]

1 hour ago, djdhrubs said:

 

 

Most are anticipating that BTC will reach its ATH before the halving since that has been the case in the past.  
 

2020 should be a good year.  2019 was the year of regulations which will extend into 2020.  

[Eric123 5,125]

We are getting some positive price movement today which is good but unless bitcoin more than doubles in the next 25 days I will have missed the mark with my prediction.  I'd be satisfied with being close though.

[dr_ed 7,370]

I'm looking for a way to increase my BTC here. I don't generally hodl it, but it sure looks like a good time to own some for what might be an extended swing trade.

[automatic 3,765]

1 hour ago, tony71 said:

Most are anticipating that BTC will reach its ATH before the halving since that has been the case in the past.  
2020 should be a good year.  2019 was the year of regulations which will extend into 2020.  

Sounds about right.  If bitcoin reacts in the same way to halving as it had in the past, then I would expect the price to hold or appreciate leading up to halving in May, then pull back during the summer months, then go on a strong run for the next 12-18 months.

[MQB 362]

44 minutes ago, dr_ed said:

I'm looking for a way to increase my BTC here. I don't generally hodl it, but it sure looks like a good time to own some for what might be an extended swing trade.

Are you exchanging alts into BTC or just buy BTC with USD?

[dr_ed 7,370]

4 minutes ago, MQB said:

Are you exchanging alts into BTC or just buy BTC with USD?

I'm not reducing alts at this point. I'm not even buying BTC...yet. But I am looking for an entry. Either a pullback below 9K or a break out above the current resistance around 10K.

I will most likely try to establish a new position with fiat, but I am very long XRP and might shift a small piece of it into BTC if we get no SWELL pump.