Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by xhomerx10 (1)
Bitcoin update:
There is a high chance price moves back up to the 17500-17700 area then drop hard to 10k.
This move will be quick and could manipulate many traders and in the process price will print a double top pattern that could look like the one below.
https://ibb.co/89ghvr6
Source: https://twitter.com/profit8lue/status/1604606384913252352?t=wY5_WG9wq4yxLjJJrHwSXA&s=19
There is a high chance price moves back up to the 17500-17700 area then drop hard to 10k.
This move will be quick and could manipulate many traders and in the process price will print a double top pattern that could look like the one below.
https://ibb.co/89ghvr6
Source: https://twitter.com/profit8lue/status/1604606384913252352?t=wY5_WG9wq4yxLjJJrHwSXA&s=19
Would you like to bet with Gapachin about that?
I can't get over the fact that the last couple of months have been extremely stable for Bitcoin while traditional assets have been all over the place. It seems like people would rather be holding BTC than the S&P 500 at the moment. Even Elon Musk is saying on Twitter that smart people he knows are shorting the S&P 500 while he continues to hold his BTC. If we do avert a recession and the Fed is successful with their 'soft landing' I think we will see the mother of all Bitcoin rallies. I'm starting to see the perfect storm on the other side of the valley.
This means we are at the bottom now? Sorry JJG we are not going below 16k reevaluate your DCA... You must not understand DCA.
DCA in respect to BTC does not give any shits about short term prices - except perhaps retaining a presumption that in the long term 4-10 years or more (or whatever is your holding timeline) bitcoin is likely to have prices that are higher than they are today, so in that sense that it is likely to be a good investment and profitable in the long term.
Buying on the dip is another dynamic that can be used to supplement DCA.. but it is not DCA...
Strict DCA does not concern itself with short-term price moves and also includes a kind of presumption that normies are not able to figure out short-term price moves, yet so long as the overall price trajectory of the asset (in this case bitcoin) is headed UPpity, then it is always advantageous to continue to buy at any price.. until perhaps reaching accumulation goals... whether that is 1% to 25% of your investment portfolio or whatever other accumulation goals that you create for yourself based on your own individual financial and psychological circumstances.
Regarding the recession which analysts predicted is already upon us, but still bitcoin is showing consistency.
I think during recession people will be attracted to Bitcoin more compared to traditional S&P 500.
Bitcoin will prove itself a recession proof investment/asset
I think during recession people will be attracted to Bitcoin more compared to traditional S&P 500.
Bitcoin will prove itself a recession proof investment/asset
That part all seems to be true. Bitcoin has historically outperformed all other asset classes, including but not limited to stocks - and there are no real signs that bitcoin's investment thesis is getting any weaker with the passage of time - and like you suggest, bitcoin's investment thesis is likely becoming stronger rather than weaker with the passage of time.
What else is needed in order to be convinced that it is good to figure out some kind of a personal allocation into bitcoin and to take measures to attempt to achieve such allocation goals? And, yes with the passage of time, it is likely that the trend of more and more people finding out is going to continue and bitcoin's various network effects are going to continue to grow.. even if there might be short term uncertainties and blips along the way.
Just got a [newsletter] email from Tradingview:
Holly Molly.
Quote
BITCOIN - Forming Reversal Pattern - Ending Diagonal
Bitcoin is forming a reversal pattern known as Ending Diagonal. Ending diagonals form in Wave 5 or in Wave C. This is one of the more reliable reversal pattern with easy confirmation. It is important to note that the 5th wave of the ending diagonal can sometimes fall short or even extend therefore it's important to wait for confirmation. Confirmation for this reversal pattern will be the break of the diagonal. Further confirmation will be a break above the completion of the 4th wave. - WickatorFX
[emphasis mine]Bitcoin is forming a reversal pattern known as Ending Diagonal. Ending diagonals form in Wave 5 or in Wave C. This is one of the more reliable reversal pattern with easy confirmation. It is important to note that the 5th wave of the ending diagonal can sometimes fall short or even extend therefore it's important to wait for confirmation. Confirmation for this reversal pattern will be the break of the diagonal. Further confirmation will be a break above the completion of the 4th wave. - WickatorFX
Holly Molly.
Well. If you got it in a newsletter, then it must be true. No?