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Eric123

Epic Pennant on BTC Chart

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@Eric123 this type of a setup with closely spaced resistance bands is frequently conducive to explosive breakouts;  break of the initial resistance triggers stop losses which manifest as market buys, which then provide buying pressure, which then force break of the second resistance, which then triggers another round of stop losses, which then forces pressure on the third resistance, and so on. 

If this scenario were to manifest, then BTC could easily land in the near-4k range or possibly beyond;  all that is needed is a break of the first resistance with some conviction.

image.png.011282578ae67d924d001a5fb0e0440f.png

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6 minutes ago, Milly238 said:

I’m ready for it!  Luckily I am not eager or have the need to sell, but it would be nice for a pump!

I agree!  I never realize how draining it really is to watch the balance of my cryptofolio slowly evaporate until we have a pump day and suddenly the world just becomes brighter. Freaking bear market... you get used to it, but it does take a toll.  It'll be nice when the sunny days return.

Anyway, to get back on track - not a LTC fan myself, but based on that chart a break of $43 would place the initial target at roughly $55 IMO.

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@automatic Honestly once Bitcoin breaks $4,500 really nothing is stopping it from going back to $6,500. That whole mid-late November breakdown was about what??? The Bitcoin Cash Fork?  Craig Wright selling bitcoin to finance his hash war? 

Actually I have never really been a fan of Litecoin either, but since I didn't own any, I took this bear market as an opportunity to get some.  I Have been buying a little every day since the November crash.  I now own 5x litecoin than I had anticipated buying.

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3 hours ago, Eric123 said:

@automatic Honestly once Bitcoin breaks $4,500 really nothing is stopping it from going back to $6,500.

That argument is also valid in the other direction...

To me, it is clear that Proof of Work is fundamentally flawed, and can not produce a sustainable decentralized digital asset that can be used as Internet Money at global scale.

Consensus can.

Edited by lucky

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15 minutes ago, lucky said:

That argument is also valid in the other direction...

What do you mean? the chart fell from $6,500 almost straight to $4,500 with basically no support so one would assume no resistance on the way up. This doesn't work at all in the other direction. 

As far as POW not being sustainable (I think that's irrelevant) but that's an argument for another thread . 

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15 minutes ago, Eric123 said:

What do you mean? the chart fell from $6,500 almost straight to $4,500 with basically no support so one would assume no resistance on the way up. This doesn't work at all in the other direction.

Sure it does: here you go: once Bitcoin breaks $3000 there's nothing stopping dropping further to $1500. Just like it dropped from $20k to $3500.

Support is not coming from current buy orders (these orders are mostly fake buy walls that will disappear like snow in the sun when the price keeps dropping) but from new buyers. To you sustainability may be irrelevant, I doubt that is the case for new buyers.

Meanwhile, the electricity bills need to be paid.

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1 hour ago, lucky said:

Sure it does: here you go: once Bitcoin breaks $3000 there's nothing stopping dropping further to $1500. Just like it dropped from $20k to $3500.

Support is not coming from current buy orders (these orders are mostly fake buy walls that will disappear like snow in the sun when the price keeps dropping) but from new buyers. To you sustainability may be irrelevant, I doubt that is the case for new buyers.

Meanwhile, the electricity bills need to be paid.

Honestly there is just so much wrong with what you wrote that I"m not even going to bother, but there is plenty standing in the way between $3,000 and $1,500.

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15 minutes ago, Eric123 said:

Honestly there is just so much wrong with what you wrote that I"m not even going to bother, but there is plenty standing in the way between $3,000 and $1,500.

What?

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Volume spike.  This is the 1 minute chart on Bitcoin from yesterday.  Someone wanted to get out of a position in a hurry. Dropped us about $80 to where we are right now.  This was 1 am local time.  Done to trigger stop losses?  Maybe, maybe not.  The selling was actually absorbed fairly well considering it was practically half a day's trading in 3 minutes.  

volume spike.png

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Bitcoin's weekly chart, looks like it is looking for direction.drifting sideways and down, low volume today, but the weekly has moved out of the down pennant and MACD on weekly is starting to look positive.   Also here is the Litecoin daily chart is with positive today.

weekly 2 7 19.png

Litecoin Daily 2 7 17.png

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17 minutes ago, Eric123 said:

Bitcoin's weekly chart, looks like it is looking for direction.drifting sideways and down, low volume today, but the weekly has moved out of the down pennant and MACD on weekly is starting to look positive.   Also here is the Litecoin daily chart is with positive today.

weekly 2 7 19.png

Litecoin Daily 2 7 17.png

Thanks for posting these! I appreciate it

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