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Epic Pennant on BTC Chart


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Posted (edited)

@Baka I don't think that's gonna happen though.  I've seen Head and Shoulder's patterns routinely fail for Bitcoin and I think the numbers are just too pessimistic.  I really don't think we will break $6k (Maybe briefly it will drop into the $5's.  I more likely that we get some big up days.  But really with the Virus messing up the markets anything can kinda happen.  I think at this point crypto should not really be correlated with the equities market but we have not gotten the total disconnect that I have been waiting for. 

If things get really ugly over the next few weeks Dow 15k for instance I guess Bitcoin could fall as well but I think most people that needed to liquidate their crypto to cover their stock losses have already done so.  I could be wrong but don't think there are enough weak hands left to get Bitcoin back in the $5k's for any amount of time.  

Edited by Eric123
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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

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

@Eric123 My perspective is a bit different;  in my opinion the alt season begins once BTC momentum tapers off and the price becomes stuck.  While this may take place after BTC hits some ridiculous ATH

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29 minutes ago, Eric123 said:

@Baka I don't think that's gonna happen though.  I've seen Head and Shoulder's patterns routinely fail for Bitcoin and I think the numbers are just too pessimistic.  I really don't think we will break $6k (Maybe briefly it will drop into the $5's.  I more likely that we get some big up days.  But really with the Virus messing up the markets anything can kinda happen.  I think at this point crypto should not really be correlated with the equities market but we have not gotten the total disconnect that I have been waiting for. 

If things get really ugly over the next few weeks Dow 15k for instance I guess Bitcoin could fall as well but I think most people that needed to liquidate their crypto to cover their stock losses have already done so.  I could be wrong but don't think there enough weak hands left to get Bitcoin back in the $5k's for any amount of time.  

To me we re still in a bear trend and even a pump would just be for some days/weeks , before going down again for months.

I still do think we ll get to 5200-5400$ pretty soon 

 

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Day 19 of the Apocalypse 

Record Jobless claims.  10 million people out of work.  Hopefully by summer this will all be over, the virus will be in the rear view and people will be working again.

Been focused on the short term lately and thought I'd zoom out on the chart and look at the bigger picture.

We are 41 Days from the 3rd halving.  Check out this chart. 

1st halving 11/29/2012    Price   $ 12.51

2nd Halving 07/10/2016   Price  $ 579.29

3rd Halving 05/13/2020    Price    $ ?????

Anyone wanna guess the price by the halving.  Anyone else think Bitcoin will be over $10,000?

 

4 2 2020 Bitcoin.png

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15 minutes ago, Eric123 said:

Day 19 of the Apocalypse 

Record Jobless claims.  10 million people out of work.  Hopefully by summer this will all be over, the virus will be in the rear view and people will be working again.

Been focused on the short term lately and thought I'd zoom out on the chart and look at the bigger picture.

We are 41 Days from the 3rd halving.  Check out this chart. 

1st halving 11/29/2012    Price   $ 12.51

2nd Halving 07/10/2016   Price  $ 579.29

3rd Halving 05/13/2020    Price    $ ?????

Anyone wanna guess the price by the halving.  Anyone else think Bitcoin will be over $10,000?

 

4 2 2020 Bitcoin.png

Did the runup not come months after the halving? Looking at 2016 there was a runup pre halving, just like there was in june 2019. Perhaps in bigger scale that was it and the rest is months away?

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@Direboarder  Bitcoin is only "risk on",  "risk off" trade for the weak hands.  The main holders of Bitcoin view it as investment in the new monetary structure and HODL regardless.   https://www.ibtimes.com/bitcoin-holders-havent-moved-over-11-million-btc-2018-2877915  The shutdown of the global economy is precisely the environment for which Bitcoin was created.   I agree that XRP is a speculative asset, but it nearly at it's low.  For reasons I've stated before I'd be much more comfortable buying XRP right now than equities.    

@Baka  Another H&S pattern failed.

 

@AlejoMoreno Yeah but with halvings only happening every 4 years we'll be old or dead before we get comprehensive data.

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48 minutes ago, Direboarder said:

With a complete economic global shutdown showing no sign of letting up, I am speechless.  

BTC or XRP is not a safe haven (yet) - it is a high risk speculative asset. 

I never said it was , we are into this for making money. if you bought yesterday at 6200$ and resold today at 7200$ , then you made money :) who cares about safe haven or or high risks. you need plans to make money

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3 hours ago, Baka said:

I never said it was , we are into this for making money. if you bought yesterday at 6200$ and resold today at 7200$ , then you made money :) who cares about safe haven or or high risks. you need plans to make money

I hear you for sure.

What I'm having a hard time understanding is how 11 million people in the US files for unemployment yet BTC is on the verge on getting back on track to a potential bull run?  Don't get me wrong, I understand the demographic that's investing in BTC/XRP is not necessarily living paycheck to paycheck.    And I understand that with USD inflation after this economic mess, BTC starts to make sense but even so it's still much riskier than cash.

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7 hours ago, Direboarder said:

I hear you for sure.

What I'm having a hard time understanding is how 11 million people in the US files for unemployment yet BTC is on the verge on getting back on track to a potential bull run?  Don't get me wrong, I understand the demographic that's investing in BTC/XRP is not necessarily living paycheck to paycheck.    And I understand that with USD inflation after this economic mess, BTC starts to make sense but even so it's still much riskier than cash.

- With the QE that is on going currently, the rapidly expanding money supply is quite bullish for Bitcoin/crypto. 

- Its possible that economies of a country or two may collapse and the people will turn to Bitcoin to store or move their money 

 

 

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Day 20 of the Apocalypse 

Just about to cross 40 days till the halving.  

Bitcoin has been having long upper wicks that keep getting pushed down most notably on March 20th, yesterday and today.  $7,200 keeps getting tested and keeps getting rejected.

Aside from $7,200 - $7,400, $8,000 and $9,800 are big resistance areas. 

4 3 2020.png

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