Bitcoin: next move?
Decentralized cryptocurrency: it is nothing more than a fantasy at this moment. Cash controls everything and cash is still king. The linking of futures to Bitcoin, thus eliminating the coverage against the devaluation of the fiat, was a brilliant move. Do people still think that the price of Bitcoin / Gold / Silver is determined by the markets where Bitcoin / Gold / Silver is being delivered physically? It is not a coincidence: the paper markets regulate them all. Not only do the futures control Bitcoin, but they also control the entire market of other crypts. One could say: one day, the debt will go out of control and the dollar could come to an end, then the value of Bitcoin could increase significantly, but until then, Bitcoin will remain at the bottom of Mariana Trench, deviating to the end. Hyperinflation of the dollar or ETF. Also, if people want Bitcoin to be worth more, they will have to create use cases where people really need it, but with better, faster and cheaper alternatives, why do we need Bitcoin? Waste mining really does not solve anything, it just creates another billions of dollars problem.
This chart .shows BTC compared to the 1974-2000 gold. Based on a superposition of the pattern, I came up with a lower part of $ 3000 for BTC. Ironically, 3k is the only point where BTC tested the previous maximum in the race until 20k, so it seems that we have completed all the gaps and we have returned to test the previous support. Everyone screams lower, well, these were the same people who shouted louder at 20k. The euphoria goes both ways, in the upper part for the bulls and in the lower part for the bears.That's also pretty much where the current falling wedge leads. Around 3.1k but according to EWT, diagonale ends up often in a throwover, so I'd call the bottom in the (loose) range 2.9~3.1.
A huge bullish RSI divergence is building up on the daily and lower. Which is what you would expect for a falling wedge.
there are ton of orders stacked up from 3100 to 2900 very strong buy wall sitting at 3050 corroborating this idea.
by the way People will sell BTC prior to Christmas. I expect $2850 in upcoming days. We are too close to 200MA weekly chart .
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Use-case has been always the weakness of Bitcoin, despite Store of Value seems to be a valid one, we must think about the evolution of that and trying to figure out what is going to be the the real use-case coin of the future...perhaps cardano, maybe EOS but we need to see more apps built on those Blockchains.
Good post.
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Good stuff here. It was likely not a coincidence that prices peaked on the exact day the last futures product launched. At some point though I think they will use futures to manipulate prices up.
Bitcoin like silver are both manipulated.
They have the same charts.
Meaning Bitcoin is a fraud.
Bitcoin will definitely hit lower prices.
1k
The same thing occurred to me, recently - that BitCoin is simply one more thing to add to the list of Silver and Gold as another artificially suppressed asset. People say you can't hold a BitCoin, but I think they are partially wrong: ever heard of a hardware wallet or a paper wallet? It's in your own hand at that point. Still, I would rather have physical gold and silver - it looks and feels more substantial.
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