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Epic Pennant on BTC Chart


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Just taking the time to say a huge thank you to you @Eric123. I have been reading this thread daily for a long time now. I don't often sign in to post something so this thank you and acknowledgment of

Well guys for those of you that got in late 2017, this is what the beginning of a Bull Market feels like.  There will be ups and downs of course, but it will get much crazier with much higher valuatio

I was a bit bored, so I decided to analyse the reactions in the first 404(!) pages of this thread. In those 404 pages, 3938 comments received a reaction, and in total there were 11515 reactions g

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Well guys sorry I wasn't around for you during this weekend drop.  I was at an event from which I can't imagine I won''t be part of a quarantine, giving the amount of places I went to and the number of people I was around. 

My Saturday post mentioned that Bitcoin was holding it's gains - which it was before the floor fell out.  Looks like we just completed a head and shoulders pattern.  Once the neckline was broke the drop decelerated on high volume.  Any good news?  Looks like the worst is behind us.  I'm gonna pick up some more Bitcoin today.  

@XRPboi  really?  No one has mentioned that to me.

3 9 2020.png

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I see an article stating that the sell off in bitcoin is related to the PlusToken scammers unloading 13k of their 20k bitcoin over the weekend.

https://www.coindesk.com/bitcoins-sharp-price-drop-may-have-been-prompted-by-100m-scam-selloff

If that's indeed the case these low prices could be would be caused by an artificial condition in the market that won't last and so a rebound should happen once the coins are absorbed by the market.    This crash also I'm sure caused a bunch of leveraged longs to be liquidated.  The open long positions have fallen dramatically on Bitfinex.  The chart is below.  

Litecoin has been especially beaten up.  (I know it thought it was a good buy at $70)  Averaging in seems like a good idea here.  I would get more but I bought more Bitcoin today and I I don't have enough money to dance with every girl at the dance.  

To me it's obvious that people are hungry for crypto if they are putting billions into crypto scams.  

   

open longs.png

ltclongs.png

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I bought more this morning too, but am also keeping some powder dry as there is a high risk that the price could go down further.

I read an interesting article this morning suggesting that all supposed safe-haven asset classes collapsed because they were used as collateral against leveraged trading in the stock markets which obviously unwound and everything was liquidated.

 

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Well Bitcoin recovered off yesterday's lows and is up a little today.  I'm not sure Bitcoin is widely owned enough to move down because the equity markets are moving down.  This movement is more likely in my opinion to be caused by the PlusToken exit.  From what I can gather most trades on exchanges are fake - just the same people walking the price up or down, otherwise when someone actually unloads 13k  bitcoins it wouldn't move the market this drastically - There seems to me very little liquidity in this market.

3 10 2020.png

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Sometimes you just have to zoom out to figure out what is really going on.   Here is BTC long-term price chart: image.png.ea937ce56f91762c8859c198fa2eea49.png

If that setup alone doesn't make you all hot and bothered, then I don't know why you are even reading this lol.

Here is what I expect to happen after halving takes place;  you can use your imagination to fill in the rest:

image.png.19ac00504f8ee43d0cee11481e05281d.png

HODL tight, have a plan, and familiarize yourselves with tax implications if you haven't already.

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This is so frustrating.  Every time we get some momentum behind the price criminals are able to exit their stolen Bitcoin and driving the price down.  Looks like Ethereum will be next.  I guess it's not so bad cause I don't own any Eth and maybe I'll use the coming dumps as a chance to get some on the cheap.

https://beincrypto.com/plus-token-scam-dumps-another-13000-btc-118m-may-be-responsible-for-bitcoin-drop/

At this point I am as frustrated with the people that get scammed as I am with the scammers. 

The crypto markets seems to be filled with the very smartest and the very dumbest of people - on top of that you have the elderly that are apparently super susceptible to being scammed.  It's bizarre to me that we elect people to run our countries that are in an age group where most people have to be protected from phone calls, otherwise they would end up giving their life savings to a Nigerian Prince.

My advice  -

1.  If you need someone to help you use your phone you should stay out of crypto. 

2.  If you are thinking about investing in a "new" project and someone promised you it will make you rich, you are being scammed.

3. If there is any multi-level-marketing involved, you are being scammed and being asked to scam your family and friends.

4. Any interest above what you receive on a Treasury note involves risk.  If the interest is guaranteed it is a scam.

Just venting. 

 

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14 minutes ago, Eric123 said:

This is so frustrating.  Every time we get some momentum behind the price criminals are able to exit their stolen Bitcoin and driving the price down.  Looks like Ethereum will be next.  I guess it's not so bad cause I don't own any Eth and maybe I'll use the coming dumps as a chance to get some on the cheap.

https://beincrypto.com/plus-token-scam-dumps-another-13000-btc-118m-may-be-responsible-for-bitcoin-drop/

At this point I am as frustrated with the people that get scammed as I am with the scammers. 

The crypto markets seems to be filled with the very smartest and the very dumbest of people - on top of that you have the elderly that are apparently super susceptible to being scammed.  It's bizarre to me that we elect people to run our countries that are in an age group where most people have to be protected from phone calls, otherwise they would end up giving their life savings to a Nigerian Prince.

My advice  -

1.  If you need someone to help you use your phone you should stay out of crypto. 

2.  If you are thinking about investing in a "new" project and someone promised you it will make you rich, you are being scammed.

3. If there is any multi-level-marketing involved, you are being scammed and being asked to scam your family and friends.

4. Any interest above what you receive on a Treasury note involves risk.  If the interest is guaranteed it is a scam.

Just venting. 

 

Take a crypto holiday man... sounds like you could use it.  Give yourself a couple of weeks off with no charts.

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3 hours ago, Eric123 said:

 From what I can gather most trades on exchanges are fake - just the same people walking the price up or down, otherwise when someone actually unloads 13k  bitcoins it wouldn't move the market this drastically - There seems to me very little liquidity in this market.

 

That was my whole point in trying to teach why that $100 Million dollar Bitcoin order was able to move Bitcoin by 20% last year. That's why I believe this market is so volatile because there isn't actually much true buy and sell demand if you wipe out all of the trash in the order books and wash volume.

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15 minutes ago, AlejoMoreno said:

That was my whole point in trying to teach why that $100 Million dollar Bitcoin order was able to move Bitcoin by 20% last year. That's why I believe this market is so volatile because there isn't actually much true buy and sell demand if you wipe out all of the trash in the order books and wash volume.

Agreed. This is also the reason why 1000x% moves are still possible, but with ever decreasing odds after the current economic turndown. 

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