Bitcoin - Crypto investing and trading discussion

Well, well, well... breakout to the downside. Who would have thought. This could mean a throwback to 59.4k before going higher.

 

Here ya go. To me its a non event, most will see a buy the dip opportunity.

 

Does Turkey have any pronounced relevance in the crypto world? Or is the fear that other nations might follow suit? Or did the news media just look for a headline that somewhat fits a drop in price?

 

Didn't dig much, I dont see it as anything to worry about. Just a treeshaker. If you think the U.S. is going to ban it, my research clearly shows they only want to regulate it, but that in itself is yet to be seen. More companies are adopting it and adding it to balance sheets, its now a part of most of the indexes, etc.,etc. Any type of restrictions would collapse the markets overnight and other countries would feel the pain as well.

They probably don't like it, but at this point its a serious force that they know is not going away.
It generates TONS of tax revenue.

At somepoint the USD will convert to its own digital coin, bet on that statement.

Much like Tesla, everybody laughed in disbelief until it became a reality that slapped them in the face.

Don't try to hide it, pay your taxes, everything will be fine.

 

Already in legislation, just a matter of time. Look it up.

 

On Turkey, the Financial Times today: "Turkey has the largest volume of cryptocurrency transactions in the Middle East and ranks 29th out of 154 countries worldwide, according to a report last year by Chainalysis, a US-based blockchain analysis company. Turks have poured money into digital money in recent years to hedge against double-digit inflation and a 34 per cent drop in the value of the lira against the dollar since the start of 2019."

And the Wall Street Journal: "“From the user’s perspective they can continue to buy, sell or hold cryptocurrencies through cryptocurrency platforms,” he said. “I don’t see it as a long-term problem.” The new regulation bans the flow of money from payment companies to cryptocurrency exchanges, meaning that users will still be able to exchange cryptocurrency through banks, a move that grants the government more visibility into the use of crypto assets."

Basically, a rather unimportant country in the crypto world banned the payment with crypto but you can still hold it as an asset. This doesn't seem to justify any panic.

 

No I missed your post, a great read though. The future can be spooky but we must accept it.

BOSTON DYNAMICS is a example of what's coming. Interesting who owns them.

 

There ya go. It hit your analysis.

Dip buyers are kicking in though.

 

I guess, the dip buyers weren't enough to stem that tide of supply. This could get ugly, since we not only crashed through the 59.4k support of the flat-top breakout but also through the medium support ascending trendline AND the 50 EMA might not hold either. As long as we don't slide a lot more, it's still bullish though. I will look at this more closely later on. Right now, my son demands more attention.

 

I will spare you the chart because it looks like very messy right now, with all those lines. The way I see it, we have support at 55k and 54k. I sure hope these levels hold because then we would still be in the same uptrend/chart pattern. If not, and I mentioned this before, the next support is horizontal at around 50k, coinciding with the 100d EMA. After that, horizontal support around 40k, coinciding with the 200d EMA.

Both bullish and bearish short-term scenarios are on the table now. If the support around 54-55k holds, we're still in the ascending triangle with a price target of 90k. If we break through the support and the triangle busts, the price target is 27k. (Depending on where you put the bottom of the triangle. The price targets might also be 75k and 40k respectively.)

Just to mention, I'm bullish medium to long-term. Even though I still don't see a reason why we shouldn't go sideways for a while.

 

The flash crash was a good treeshaker. Great buy the dip if anything. My main 4 are doing fine, BTC is the slowest out of the herd.

 

Medium-term support (blue line at the bottom) is holding so far. We have to get through the resistance from the short-term downtrend (red lines) in the next couple of days. The first attempt failed, as you can see in the chart, but support is solid and rising.

 

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