Bitcoin has been struggling to break that $12300 resistance twice now. Looking for more downward pressure today and the rest of the week.
It struggles at 12 only because the whales moved up their sell program to 12 from 10. The more retail buys the higher the sell target will be at. It was stuck between 9 and 10 for awhile. I do keep a side-eye on it, but haven't dabbled in it for many months. I do see a head and shoulders pattern forming on the three month chart. Waiting to see where the shoulder goes, if it does.
Yes it seems stuck. Millions of dollars stolen from a broker in bc, and the market didn't even blink. Markets tank, still no blink. It is stuck in a trading range it looks like. But the swings aren't profitable except for the larger players. I dunno. I can't be bothered without a correction first somewhere below 10k or more.
Bitcoin Going for the Gold Wed, Nov 11, 2020 Topping the big gains in US equities since the election may sound like a tough task, but bitcoin has been up to the challenge. Since Election Day, bitcoin has now rallied more than 14% taking its price further outside of the upwardly trending range it has traded in for most of the last year. Outside of the last week, the only other time that bitcoin has deviated from its one-year range was at the depths of the COVID crisis back in the spring. The break of the trend back then proved to be short-lived, so we'll see if this most recent breakout has staying power or ultimately loses steam. For reference, a retracement back into its prior range would take prices back down to $13,000 from the current level of $15,700. One chart we like to keep tabs on is the ratio of bitcoin to physical gold. Both assets are essentially considered stores of value, so it's interesting to see how accepting investors become of 'digital gold' over time. Obviously, there are a lot of other factors at play that impacts both assets, but the chart below provides a rough approximation. At current levels, one bitcoin will buy about 8.5 ounces of gold. That's not far from the most recent peak of just under 9.0 back in July 2019. If and when the ratio breaks above that level, the next level to watch would be the record high of 14.8 in December 2017. Based on gold's price now, that would translate to a price of about $27,500. While there are plenty of arguments to be made in favor of the long-term prospects for bitcoin, we would note that even for a volatile asset like bitcoin, the rally of the last week or so has been on the extreme side. Just last week the ratio between bitcoin and gold was around 7.5, but in the span of a week, one bitcoin will buy once ounce more gold than it did just last week.
I have a gut feeling these rallies will not hold in December. The fomo is incredible right now. People buying right now then immediately turning around like “btc to 100k”. fomo in the streets
if you need some quick cash for Christmas, here is your answer. in today, out next week, in the bank the following day.
Bitcoin Hits High of $19,850 as Doubters Become Believers -- Barrons.com 4:12 pm ET November 30, 2020 (Dow Jones) Print By Avi Salzman Bitcoin soared to an all-time high on Monday, hitting $19,850 in the morning before again slipping below $19,500 by the afternoon. It has nearly doubled in just the past two months. The cryptocurrency has been boosted by a flurry of endorsements from traditional investors, favorable government policies, and expanded access on investment apps, as Barron's noted this weekend. Even traditional investors who had long spurned or ignored Bitcoin have begun reconsidering. New buyers tend to view the digital asset as a hedge against currency devaluation at a time when governments have loosened monetary policy to deal with the coronavirus. It doesn't bother many bulls that Bitcoin remains mostly useless as a currency. Its role as an asset appears to be enough. Scott Minerd, the global chief investment officer at Guggenheim, appears to be warming to Bitcoin. The Guggenheim Macro Opportunities Fund (ticker: GIOAX), with more than $5 billion in assets under management, said in a regulatory filing that it may invest up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC), a stock-like security that tracks the price of Bitcoin. Bernstein analyst Inigo Fraser-Jenkins, co-head of the portfolio strategy team, wrote on Monday: "I have changed my mind about Bitcoin's role in asset allocation. In January 2018 we declared that it had no such role. But actually, maybe we have to admit it does. What has changed is the policy environment, debt levels and diversification options for investors post the pandemic." One reason that analysts are changing their minds about Bitcoin is that it may serve to balance portfolio exposure for some investors. Stocks are trading at high valuations, so it makes sense to hedge exposure to them. But bonds and Treasuries have also rallied, and are trading with such low yields that there's not much reward for the risk that investors are taking on. Gold has also risen in recent months and is trading near a 50-year high relative valuation to other commodities, according to Jim Paulsen, the chief investment strategist at the Leuthold Group. Paulsen recommended on Monday that clients consider Bitcoin as a way to balance their portfolios. He is impressed with how uncorrelated it has been to other assets -- both stocks and things like bonds and gold. "The thing is, Bitcoin has risks, but today, so do most of the other balanced portfolio alternatives," he wrote. He explained more in a follow-up email to Barron's. "I still don't really understand what drives Bitcoin but I am finally willing to recognize that its short history yields some beneficial attributes which I can't find elsewhere," Paulsen wrote. "And, unlike other balance possibilities, I am not looking to 'buy and hold' Bitcoin (would need to understand it better to do that), but rather looking to exploit its excessive volume in order to improve the workings of a traditional balanced portfolio in a way which is not possible if utilizing only traditional assets. My point essentially is that I am not really attracted per se to Bitcoin fundamentally, but rather only its 'interactive' character (including its unique excessive volatility) with stocks and other traditional assets." Write to Avi Salzman at [email protected] (END) Dow Jones Newswires November 30, 2020 16:12 ET (21:12 GMT) Copyright (c) 2020 Dow Jones & Company, Inc.
You will see new highs this year and next year. Just getting started once it passes $20,000. Key point to pass will be $22,000 then just like when people thought the DOW was way too high at 20,000 only to watch it shoot up to 30,000 after is what we will see here with Bitcoin as well. There are only so many coins available and that is something to keep in mind. Last drop was due to China bust of $4 Billion and once that got digested it continued its way up this week
WeBull is now offering crypto trading, limited to Litecoin,Ethereum,Bitcoin, and Bitcoin Cash for the time being. I think I'll dip my toe in this market after a bit of research.
Bitcoin Goes Bonkers Thu, Dec 17, 2020 Whether you want to call it a textbook breakout or a blow-off top, the move in bitcoin over the last two days has been something to behold. Think about it this way. In the last two days, bitcoin's price has risen by $3,926 or roughly 20%. That's a pretty incredible move even for bitcoin, but it's even crazier when you consider the fact that at its intraday low in March, bitcoin's price ($3,914.7) was lower than the gain in the last two trading days! With bitcoin's surge in the last two days, the ratio between bitcoin and gold is also making a run for its record high back in late 2017. At current prices, one bitcoin will buy you 12.3 ounces of gold. That's still 2.5 ounces below the record high, but as recently as last Friday (12/11), the ratio was less than 10.
Great call here @internationalstocks you absolutely crushed that call from back at the beginning of this month! Also is really good seeing you on the forums again!
40k ... Bitcoin still trades like a penny stock Plenty of 50% drops in the past, this next one will be a $20,000 drop.
