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Discussion in 'Crypto Forum' started by heyimsnuffles, Dec 22, 2016.
Always enjoy your knowledge. This old dog is willing to learn new tricks.
I for one don't know nearly enough but then I'm pretty sure I'm older than Rustic1 and it seems age is no advantage when it comes to this important topic. As far as I can tell, block chain is the glue that is going to tie all the other disruptive technologies together. I fell asleep and woke up to this and thought I was transported into the future, but this 2-hour course is already 3 years old.
IM 55. But never have the know it all attitude. Always like to hear both sides from every angle.
Been reading up on Mike Green, a Peter Theil protégé. So to speak. Impressive.
Thanks for the info.
This is what Im watching on the 60m chart
BTC -5%, some oversold indicators gonna start flashing here
If the medium-term support around 54k (trendline starting in late January) doesn't hold, we're in for trouble.
Hit 53,000. I'm not running for the hills.
The markets are bouncing like crazy, some of the traders are liquidating to cash in on the choppy waters.
I dont plan to harvest my tulip bulb garden for awhile.
Chart update, BTC lost that first triangle support, but stayed above the other one
The downward channel (red lines) from 61k works as support and resistance pretty well right now. The blue line is the medium-term support from late January. Doesn't seem to hold... a lower channel break wouldn't surprise me at this point. BTC has had a great run.
This will look like madness right now but how would you guys short BTC? Sell Grayscale Bitcoin Trust (GBTC)?
See if you can work it down to 25,000 for me.
There are plenty of defi ways to short 2x, 3x or more btc
Dangerous stuff when you are on the wrong side!
Don't bet against Elon.
Also MSTR which owns a few billion in btc
I guess, this is what institutional backing looks like? The price shot right back through the medium-support (blue trendline in the chart above) and to the upper channel line. Let's see if it holds as resistance for now or we're back to going up.
I would not look that deeply into lines on a chart.
The big institutions are not looking at technicals to plan their trades, they start hedgefunds, ETFs and invest in exchanges to make money from the spreads.
Bitcoin has seen plenty of big drops in the past, the reason why so many are willing to hold -20% to -40% drops is because in the past it has always bounced back and gone to new highs.
Its probably important to note that there will be a peak at one point, we just can tell if thats now, or in 10yrs after it hits $300k.
This is all going according to the chart at the moment. Went back to the upper channel line, dropped from there and broke the lower channel line in the process, which seems to act as resistance now. I added another red parallel line at the bottom. This might be tested first, around 50.5k. The only major support left, I could identify, is the big blue line I drew back to mid-December. If the price breaks under that 49.5-50k support, there is probably not much support until the horizontal support at 45k (then 40k and 32k).
This was a super interesting note, thanks. I was looking at it too much from the perspective of a trader. Still, I would think if they add crypto to their balance sheets like Tesla did, they will have some trader or at least technical guy sitting there opening the positions. Especially because the positions will be so large that they can't just use one order. And then they will use technicals, won't they? I've never worked on Wall Street, so I'm guessing.
Another thing about shorting BTC. If I do it through selling short a stock, I'm restricted to trading hours. Which might suck if something happens on the weekend, for example.
The current price is too high for the majority of investors.
This post is well worth paying attention to. Not only for BTC but the entire market abroad. Take note and make a post it for your wall. It tells a very true story that some refuse to believe.
Although I am a BTC bull, it makes a great point.