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Bitcoin halving event


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On 16/05/2019 at 07:14, Caseynotes said:

BTC double topped early this morning at around 8368 and has fallen hard down to support at 7850, currently trying to get back above 8000.

 image.thumb.png.8279491fc840ed1e1602ede2d0273137.png

Above is the double top pattern I pointed out on Thursday morning, as there seems a lot of confusion as to how these should play out lets take a closer look. 

The pattern is triggered as price moves below the neckline on the last leg down and the target is the measured move down equal to the top to the neckline. Note that once the target is reach the pattern has played out and does not automatically mean price will continue falling, here we see price continue in the original direction after the pattern has completed. This DOES NOT signify a triple top pattern as others would have you believe as the neckline has been corrupted but rather signifies a more determined attempt to break resistance.

image.thumb.png.4f9d2a091921ba66ad21965138c47282.png 

You're welcome.

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2 hours ago, Caseynotes said:

BTC in a big ramp up then a ramp back down again, supported at 8547 for the time being but a sound rejection of the attempt to move higher.

image.thumb.png.5fd2675b30b79f97ab23fadf6fab707c.png

Saw that happening in real time. What a move. Would have caught a few people out and popped those trailing stops!

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Coining it?

                  Dull it aint. Bitcoin that is. 10% swings, often in a day. Pumping up the price and deflating it like a giant balloon. Price doubled in 3 months. But then again it did lose 70% of it's value in 2017. Definitely not a one way bet.  Stability is not the watchword with blockchain currencies. Plus there is little or no rhyme or reason for the swings. Even if there are fewer and less frequent coins being created. Volatility is blockchain's friend.  $10 000 BTC, (again?) why not? A $4000 BTC again why not?  Glad it's not vegetables or ice cream though. Though it is in China (certain veg) atm. New currencies... so do you trust the ledger?

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Currently stuck between 7886 and 8035 with key resistance a little higher at 8112. The smoothed RSI is still over 50 (green) but sloping down while the fast and slow RSI MAs have crossed down.

Always a joy to watch this when it's in a hyper state, it doesn't have much in the way of fundamental drivers rather sentimental and technical. Watching all through '17 and '18 the drivers were clear, the big push started on news big companies were starting trials of the potential for using bitcoin for payments, as the weeks went on more and more firms announced the same sending the chart parabolic. It wasn't til the end of '17 that the first trials started reporting back that bitcoin was slower and more expensive than the systems they were currently using, the chart turned, and as more and more firms announced the same and the abandonment of the trials price plummeted just as fast as it had risen.

Absolutely fascinating stuff, probably never see the like again 🙂 

image.thumb.png.f9297c87526038c9310bb06b93992416.png

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15 minutes ago, cryptotrader said:

really flirting heavily with that 8k mark but last 5 sessions isn't holding.

turning point, or a little consolidation before the next leg up?

difficult to say with this one, it's stuck between 7500 and 8000 but the daily candles are growing so something's likely to pop soon.

Daily chart;

image.thumb.png.587c540efc9e50b07e6b0f47efc2b459.png

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On 10/06/2019 at 14:24, 786Trader said:

Coining it?

                  Dull it aint. Bitcoin that is. 10% swings, often in a day. Pumping up the price and deflating it like a giant balloon. Price doubled in 3 months. But then again it did lose 70% of it's value in 2017. Definitely not a one way bet.  Stability is not the watchword with blockchain currencies. Plus there is little or no rhyme or reason for the swings. Even if there are fewer and less frequent coins being created. Volatility is blockchain's friend.  $10 000 BTC, (again?) why not? A $4000 BTC again why not?  Glad it's not vegetables or ice cream though. Though it is in China (certain veg) atm. New currencies... so do you trust the ledger?

Rumor on the straz is that there is another dump coming along. 70-80% fall in price in the next 3 months. What with volume stuffing going on across most if not all major exchanges. People are pumping ... to dump. Bitcoin is a massive contrarian indicator to the real economy and look what's happening with stocks, There has been a melt up over the last week in stocks and for good reason too!. 

Edited by TheGuru12
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14 minutes ago, TheGuru12 said:

Rumor on the straz is that there is another dump coming along. 70-80% fall in price in the next 3 months. What with volume stuffing going on across most if not all major exchanges. People are pumping ... to dump. Bitcoin is a massive contrarian indicator to the real economy and look what's happening with stocks, There has been a melt up over the last week in stocks and for good reason too!. 

I saw this from Crypto_Lord yesterday that made me laugh at first, then scratch my head ... (3 months).

 

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