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Epic Pennant on BTC Chart


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4 hours ago, Eric123 said:

Bitcoin's hashrate is at an all time high.  253 +Eh/s.

How do you see the chances of a breakdown lower? Seems like a lot of youtubers on both the crypto and the stock market are looking for one final leg down, after which a rather strong reversal is expected. Think this is in the cards?

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Same pattern continues.  Bitcoin's price sideways right in the middle of the bollinger bands.

8 hours ago, Nat99 said:

How do you see the chances of a breakdown lower? Seems like a lot of youtubers on both the crypto and the stock market are looking for one final leg down, after which a rather strong reversal is expected. Think this is in the cards?

I think the price moves in a sideways pattern for maybe 2-3 more weeks then the upward move begins.  As far as a leg down,  No.  It looks to me like we got capitulation on May 12 and now we are in an accumulation phase. The price may drop to the bottom of the bolliner bands which is in the 28k range, but I consider that sideways movement.  I think now is a good time to be buying.  

6 10 2022.png

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15 hours ago, Eric123 said:

The price may drop to the bottom of the bolliner bands which is in the 28k range, but I consider that sideways movement.  I think now is a good time to be buying.  

Thanks.

Can I ask something else? When you sell XRP, what will you do? WIll you convert some of the gains into BTC?

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On 6/9/2022 at 8:28 AM, Eric123 said:

Bitcoin's hashrate is at an all time high.  253 +Eh/s.

I guess a high hash rate indicates that the network is thriving and high interest from miners (who are making a profit)

Wondering what the relationship is between Hashrate and Price. 

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18 hours ago, Eric123 said:

Same pattern continues.  Bitcoin's price sideways right in the middle of the bollinger bands.

I think the price moves in a sideways pattern for maybe 2-3 more weeks then the upward move begins.  As far as a leg down,  No.  It looks to me like we got capitulation on May 12 and now we are in an accumulation phase. The price may drop to the bottom of the bolliner bands which is in the 28k range, but I consider that sideways movement.  I think now is a good time to be buying.  

Wonder if BTC dominance would go up ?

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BTC.D is going up steadily, maybe until September. Clearly all markets are in the process of liquidation, more so for alts. Capital flowing out. If it's merely a readjustment of a bull market, some alts would be thriving right now. But none of them are.

The whole market peaked last November before you knew it and it'll probably continue for another year during which you should drive your RV to visit and camp at all the great national parks:). There is no new money coming in but the liquidation is far from done yet. And yes this is completely a 4-year cycle conspiracy theory.

Edited by MQB
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Posted (edited)

Nothing new on Bitcoin's price, it remains in it's sideways pattern.  

14 hours ago, Nat99 said:

Can I ask something else? When you sell XRP, what will you do? WIll you convert some of the gains into BTC?

I would probably just spend the $ I make from XRP when I cash out.  I don't have any plans to invest it.

 

11 hours ago, blueocean said:

Wondering what the relationship is between Hashrate and Price. 

Not always but at times hashrate has been a leading indicator.

 

6 10 2022.png

Edited by Eric123
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2 hours ago, Eric123 said:

I would probably just spend the $ I make from XRP when I cash out.  I don't have any plans to

 

So your alts are your spending money and BTC is the longterm savings account in some way?

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9 hours ago, Eric123 said:

Yeah pretty much.  

Same here.

What's your take on what the world will be using as money by the end of the decade? You think we'll be on a Bitcoin standard?

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On 6/9/2022 at 2:08 AM, Nat99 said:

How do you see the chances of a breakdown lower? Seems like a lot of youtubers on both the crypto and the stock market are looking for one final leg down, after which a rather strong reversal is expected. Think this is in the cards?

Final leg down occurring now perhaps. Wonder have low this will go.

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9 minutes ago, MQB said:

24k

I expect BTC to go to ~$18k, reverting to pre-2020 levels just like most meme stocks. Beyond that will depend on fed repo rates and other macro conditions.

At the end the board will be refreshed with a new set of pieces (tokens) - some old, most new, and the game will begin again…

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Bought some ETH and BTC on today's dip, it will be trivial in the long run. Staying away from alts.

Particularly unique to this bear market is the high probability of conventional markets that owe a natural correction that the COVID downturn did not organically correct.

Cash will be king, as will the Cat Food we will be eating in the days ahead.  Luckily for me, I have an acquired taste.

 

 

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