Jump to content

Epic Pennant on BTC Chart


 Share

Recommended Posts

2 hours ago, jockeyng said:

Are you saying

@Eric123by all means I do not intend to speak on your behalf, I just feel like adding my two cents on the matter.

@jockeynga couple of points:

BTC dominance does not have an impact on BTC price. I appreciate that we have observed a rising BTC.D over the last couple of months together with a rising BTC price, however it is worth noting, that BTC.D simply tells a story of a zero sum game between Alts vs. BTC within the total crypto market.

BTC.D was at 70.70 on Dec 6th 2017 and fell to 48ish on around Dec 20th. BTC went from 13k to  20k in that period.

BTC may very well go to 100k with the relation of BTC to alts (i.e. BTC.D) unchanged. 

What we actually see right now, is a flattish BTC price, with a sinking BTC.D. It just means that more money goes into alts than into BTC. And most likely it is "new" money, i.e. not getting withdrawn from BTC and put into alts. While BTC.D vs alts is a zero sum game, the trade flows don't have to be. $100b positive flows into alts and $50b into BTC might be enough to at the same time sustain a sideways price action for BTC, and lower the BTC.D.

Edited by Nat99
Link to comment
Share on other sites

@jockeyng & @Nat99 I don't follow the BTC dominance chart.  Since any trades I would make (though I'm not making any) I would have to pay U.S. taxes on, I look at the market in dollar terms and not priced in BTC. 

I don't see money that is in bitcoin leaving it and going into alts.  MicroStrategy, Greyscale, Tesla etc are not going to be dumping BTC for alts.  I see the price for bitcoin going up I also see the price for most ALTS especially XRP going up.  Maybe the dominance chart stays where it is and the price for everything just goes up, along with bitcoin.  

Link to comment
Share on other sites

5 hours ago, Eric123 said:

I wrote a few weeks ago that Bitcoin's price would probably look like a Head and Shoulders pattern which would not complete and would break to the upside (you can trust me or find the post, probably posted it 2-3 weeks ago).  That appears to be just what is happening.

The price is still in the bollinger bands but MACD turned positive.  Let the run to $100k ish commence.

Yeah, BTC looks to be all out of "61k bounces".  It's all just compression at this point, and when it punches through it should do so with conviction.  

Also, 100k is a good extension target and not just a figure of speech in case anyone was wondering.

Link to comment
Share on other sites

1 hour ago, Nat99 said:

do they even have that much cash?

Walmart is worth 545 Billion I think?  

 

https://investorplace.com/2021/04/walmart-buys-bitcoin-9-things-we-know-about-the-rumors/

 

The thing is, you been hearing big Tech buying BTC, but now if this rumor is true about Walmart, it would be the first multinational retailer to get into Bitcoin if I am correct and this would get the price jumping even more...

Link to comment
Share on other sites

11 hours ago, dtpace said:

Walmart is worth 545 Billion I think?  

 

https://investorplace.com/2021/04/walmart-buys-bitcoin-9-things-we-know-about-the-rumors/

 

The thing is, you been hearing big Tech buying BTC, but now if this rumor is true about Walmart, it would be the first multinational retailer to get into Bitcoin if I am correct and this would get the price jumping even more...

it's the cash that matters not the market cap

Link to comment
Share on other sites

7 hours ago, Eric123 said:

Bitcoin's price is moving as expected and is breaking above the top Bollinger Band.  I see that some are attributing the move in Bitcoin's price to Coinbase's going public,  I don't think that is the reason for the move as I see it as a negative for Bitcoin's price as it draws money away to Coinbase.  If that Walmart rumor is real that would be much more impactful than Coinbase, IMO.

  

4 13 2021.png

@Eric123 Is breaking the top bollinger band seen as a bullish move?

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.