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Eric123

Epic Pennant on BTC Chart

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2 hours ago, Zerpple said:

I doubt it. You invest in gold for stability in uncertain times. Presently, BTC's stability and certainty is far less than the dollar or gold.

I give it a much better rating than the Iranian Rial, however. And there is a large Iranian diaspora, fwiw.

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Gold spot price didn't pan out so well today either, because WWIII got postponed, and it turned into a risk-on day on Wall Street.

I wouldn't read too much into it. We're all better off, even shameless crypto speculators like me. BTC will recover, I expect.

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BTC is in the cup section of the cycle, which I expect to lead to a lower high followed by a drop. Notice too that the sub-octaves are indeed acting as S/R.

Cycles1920.thumb.png.c570a93c4551d008940bd7c3404f7d35.png

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11 minutes ago, Eric123 said:

The bitcoin price is hugging the reverse H&S Line.  Around $8,100 gets us above the down trend.

Also the leveraged longs are closing out down to 34k from a high of 47k

https://www.tradingview.com/symbols/BTCUSDLONGS/

 

1 10 20.png

If longs are going down, accompanied by upward price movement, are people not confident the price will continue to go up?

In digital assets, I'm a little confused at the concept of long vs short because they seem to be inverse of what you would expect.

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27 minutes ago, AlejoMoreno said:

If longs are going down, accompanied by upward price movement, are people not confident the price will continue to go up?

It is a positive price signal  as the price has been increasing while deleveraging has been happening.

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