I guess that was a classic case of "once it hits the front-page" or is covered by every media outlet, that marks the top. Now, where do we go from here? Since it had almost hit my price target of 60k, I'm somewhat out of ideas. Scenario 1: Distribution. If this is going the way of GME, it might take the price back to the start of the rally around $15,000. (Clearly a worst case scenario and that sentiment might even spill over to other markets, especially tech stocks, taking the NASDAQ down with it.) Scenario 2: Correction. There is technical support in the 43k-45k area. We consolidate around there. Scenario 3: Diamond hands take this rocket ship to the moon. This will just turn around and go to 100k any second now. Thoughts?
This one. The move from $40k to $60k was pretty fast, this pull back here is pretty much some much needed profit taking. The excessive dumping is also a result of highly leveraged accounts getting liquidated. Unregulated markets with 50x to 100x leverage for anybody who wants it = fun times!
Otherwise the chart makes for one ugly descending triangle with the breakout point around 45.5k and a price target of around 32k.
That would not be impossible, but the only thing I think which saves btc here is that the new mutual funds and buying by TSLA has encouraged a wave of buyers that will be setting a support level here which is higher than expected.
Well, there is no support holding the slide so far. Let's see if this major support level brings in some buyers. For some reason, I don't really have a good feeling about this one either though...
The irony is that when we see more people with that exact attitude, its a good bottoming sign. On the other hand, lots of traders are probably counting on longs setting their stops at that level and they could try run the stops.
I'm still holding and watching. It ran to hard to fast and I decided to ride the storm. I like to see traders make bank, thats how we survive. I firmly believe in it and am willing to hold long term. It has a history of strong recovery and until it goes to zero I along with many other longs will keep it out of circulation. Others are traders and are wise to take profits when they see fit.
I guess you were right because, as it appears, we have just broken out of the downtrend. (False breakout in the descending triangle lead to the reversal?!) 2 hour chart:
We may have seen the correction so to speak, who knows for sure. It has more attention than ever before. Time will tell.
Is this thread where we talk about NFTs (non-fungible tokens)? https://twocents.lifehacker.com/why-is-everyone-investing-in-nfts-1846367577 Can see how the blockchain idea (all computers on a decentralized network record the transaction on a shared ledger) is evolving. A token is associated with the digital asset (e.g. a .gif or short video), and whoever owns the token can sell the digital asset. Anyone else could make a copy of the .gif/video, but only the token owner could sell it. Think of it like you can Google an image of the Mona Lisa, but you aren't going to buy any screenshot of it; the actal Mona Lisa painting however has definite collector's value. Mona Lisa painting:NFT :: Mona Lisa screenshot:Youtube upload
This NFTs thing is peak tulips IMO. Sure, there are some legit ones that represent some nice artwork, then when you sell your NFT the artist gets a commission on each sale which is great. The thing is that complete garbage is getting NFTs and people are collecting like beany babies.
So people are buying the rights to sell a non tangible "thing" like an image instead of downloading the image for free and enjoying it for whatever visual value it has? For example: Apparently this is the first NFT artwork to be auctioned for big bucks https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924 Here is the image at 3,000x3,000 pixels (FOR FREE): https://www.christies.com/img/LotIm...eple_everydays_the_first_5000_days034733).jpg What. The. Fuck?
Well that was a nice visit to $44k. If you were on vacation over the past two weeks, you would not even know it happened!
People are taking it more serious, more than ever before. Even the long time haters are waking up. The ones that buy n hold are essentially taking it out of circulation and helping to somewhat stabilize the fluctuations. Starting to notice more outflows to the wallets that reduce the "float" so to speak. This article speaks for itself.
