Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Looking at this from the reverse view, I remember a young guy posted here a long time ago that he had sold a house he had inherited from his father and bought bitcoin with all the proceeds. I think the BTC price might have been $300 at the time. I often wonder if he held on long term to his coins. Which would now buy him an entire street of 100 houses or more.
At the time many here were saying he was crazy to risk all of his fathers lifetimes work, while others - who had a good inkling of where the coin was heading - applauded and encouraged the young guy.
That’s unbelievable. I wonder if he sold some to buy the house back or still homeless with HODLing
Your response shows both your hostility and your ongoing desire to underappreciate bitcoin's historical bullish performance that is likely continuing into the future.
BTC is about upto a downtrend for the last month or so, the pattern of lower highs since the ATH.
I see a so far correction 52% that comes since our November 9 (nearly three months ago ATH).... so sure a question is whether the correction is over or if it is going to continue. I doubt that you can get very caught up on attempt to apply technical analysis to bitcoin as if it were some kind of mature asset and ignore that there likely continues to be a considerable amount of ongoing upwards price pressures... sure it could be over for our lillie fiend, and we go into a bear trend from here, but surely far from any kind of certainty.. especially since we had already had a 56% correction in May/June/July.. so we are in a bit of a weird place.. and even weirder if you want to presume the UPPity run to be over based on current facts in front of us and given a bit of the longer couple years of context in which we are in.... but hey.. seen it many times in which guys want to presume going into a beartrend before getting there... and for sure guys get tricked out of coins in such circumstances, and other guys will profit because the trend ends up being down.. so sure it is better to be ahead of the trade.. but which way is it going to go... ? For sure, I am not presuming down.. but you can do what you like.
If we can maintain 40k in the next week and confirm that as a low in some way then that trend of declining highs each week will be broken and I expect a proper rally to at least the 50 day average or 50 week near 50k ; we've only really been having waves back and forth that resolve downwards again.
50 week moving average is now pacing lower each week (slightly) but 200 day is still moving upwards, they do vary some I think because 200 day is more inclusive of weekend action.
50 week moving average is now pacing lower each week (slightly) but 200 day is still moving upwards, they do vary some I think because 200 day is more inclusive of weekend action.
You do have a decent point about abilities to get above certain price thresholds to likely be helpful to confirm that a reversal of the down momentum has taken place... even though you do seem to be leaning towards believing that down is more likely than up...
[not to be the negative guy but at least some would have voted 40k had it been included on the poll, such is the gloom of negative sentiment]
$48k was the starting point of the year, so $40k would not have been applicable. So it is possible to have said that the top of the year will be $48k in order to suggest that the top is in, and surely there are quite a few guys who would have voted for that even if $50k as the next lower option might have been kept in the poll.