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Epic Pennant on BTC Chart


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There are only 10-15 big green daily candles even in a bull market.

People easily get impatient.

Edited by MQB
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1 hour ago, Nat99 said:

@Eric123 speaking of taxes, did you see this? Staking rewards being taxable getting challenged in the US.

https://decrypt.co/71943/tezos-users-sue-irs-over-crypto-tax-staking-rules

 

The farming metaphors are gonna get fantastic traction in those courts in Nashville...:mail1:

https://www.youtube.com/watch?v=QRuCPS_-_IA

"Well, life on the farm is kinda laid back.  Ain't much an old country boy like me can't hack!"

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On 6/16/2021 at 5:27 PM, Eric123 said:

Bitcoin's price has now created a new down trend line.  Still waiting on the BGC (big green candle)

6 16 2021.png

just out of curiosity, why do you consider the "close" price (for something that is trading 24/7) to be more important than actual support resistances?

As you know candles' high/low are important price levels,

they are are immutable and unchanging at any time frame, while the close prices (thus trend lines) change completely at different time frames 

 

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27 minutes ago, Dario_o said:

while the close prices (thus trend lines) change completely at different time frames 

 

I was under the impression that all crypto closes are based on UTC time.  So a day ends at 24:00:00 and starts at that moment as 00:00:00 UTC.

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11 minutes ago, BillyOckham said:

I was under the impression that all crypto closes are based on UTC time.  So a day ends at 24:00:00 and starts at that moment as 00:00:00 UTC.

But 4H candles' close price is different from 1H / 1D / 1W candles close price

If you use close prices for drawing, you get totally different trend-lines.

Price lows and price highs, instead, are the same. For example the ATH price is the same, no matter what is the time frame.

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4 minutes ago, Dario_o said:

If you use close prices for drawing, you get totally different trend-lines.

Anyway there's nothing wrong in drawing trend-lines using close prices

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22 minutes ago, Dario_o said:

But 4H candles' close price is different from 1H / 1D / 1W candles close price

If you use close prices for drawing, you get totally different trend-lines.

Price lows and price highs, instead, are the same. For example the ATH price is the same, no matter what is the time frame.

I just had a look and it seems the 4hr are not synched to 2400.  Rather it goes to 2200 and then 0200.  Dunno why.  I expect that explains your differences.

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You better watch this video.  My expectations of BTC's bump are falling short - its all talk and no volume.  This rally from 32K has been as lame as they get.  I'm still holding, but only until we break through the upper half of the triangle that was support and should now be resistance - which we are currently sitting on.  I'm not going to go into the reality of what most of you dont want to recognize, but maybe you'll watch this video and start understand.  Finally, someone gets it and is starting to tie the short cycle BTC bull run to topping of the stock market.   Thanks to @Julian_Williams for introducing this YouTuber - I've been following him and his analysis is solid.  Personally, I see a Wycoff distribution where the DJIA bounces from here, but I'll let the charts give the final answer.  If you havent looked at the DJIA daily chart I recommend you do so.

Oh, and by the way, BTC has only existed within the larger stock/investing bull market.  Do you think all the BTC models that have been adopted during one of the greatest bull markets in history will stay true during a bear market?  Hmmmm.....if you say yes, I remind you there is no data.

 

 

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Bitcoin has moved back below the May 20th down trend line.  The price has been playing around the line and there has been general sideways movement since May 22nd or so.  Still waiting on the big move.  

7 hours ago, Dario_o said:

just out of curiosity, why do you consider the "close" price (for something that is trading 24/7) to be more important than actual support resistances?

The  daily swings are so volatiles, it just seems to me like the "close" prices smooth out some of the volatility and gives a better representation of the price and that's why I generally use them. 

Flare token tax concerns have been given attention and is looks like they will end up being structured in a way to eliminate income tax for US filers.

I thought this video laid it out pretty well.

https://www.youtube.com/watch?v=vGRFS5UQi9o

  

6 18 2021.png

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