Thread: RIP Bitcoin

chartists are looking to see if btc closes below 7611 today. if it does, it'll be the official end to the long term btc bull run (according to charts).

btc hasn't traded below the 50-week MA since Oct 2015:

https://www.coindesk.com/bitcoin-fac...-in-2-5-years/

Omkar Godbole
May 25, 2018

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With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611.

More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended.

As seen on the chart above, the long-term moving average had acted as a strong support in the first quarter. BTC found strong bids in mid April following the repeated failure (marked by a circle) on the part of the bears to penetrate the 50-week MA.

Subsequently, the rally from the 50-week MA to $9,990 (May 5 high) reinforced the moving average as a strong long-term support. Hence, a downside break would raise the odds of a slide to fresh 2017 lows below $6,000.

BTC 30 day chart with BTC currently at 7,287:

it will make sense when it reaches back below 100

Could you add the moving average on your graphs? It might help some here.

next stop for btc is 6,800 and then a retest of strong support at 6400?

https://www.coindesk.com/bitcoin-bea...ors-for-rally/

On the daily chart, the 5-day and 10-day MAs are trending south, indicating a short-term bearish setup. A series of lower highs and lower lows also indicates the bears are in control.

The 50-candle, 100-candle, and 200-candle moving averages (MAs) are aligned in favor of a further drop in prices.

• BTC looks set to test the psychological support of $7,000. Acceptance below that level would expose the April 1 low of $6,425.
• An unexpected close today (as per UTC) above $7,425 (doji candle high) would confirm a short-term bullish doji reversal and allow a minor corrective rally, possibly to $7,800–$8,000.

btc 6 month chart (current price: 7,100):

Originally Posted by OhOh

Could you add the moving average on your graphs? It might help some here.

i don't do my own technical analysis.

just read others and look at support/resistance lines when doing a day trade.

Originally Posted by Farangrakthai

(current price: 7,100):

Originally Posted by Farangrakthai

next stop for btc is 6,800 and then a retest of strong support at 6400?

But first up to over $7,500.

It's not Christmas yet bud.

a minor corrective rally, luigi.

;-)

looks like some whales jumped in a bought up a lot of the btc on the market, sending the price spiking up.

apparently, the bulls need to defend the $6,900 level with all their might or say hello to prices not seen since 2017:

https://www.coindesk.com/bitcoin-now...vel-before-5k/

• BTC will likely drop to $6,900 (triangle support). This is the last line of defense for the bulls. A daily close (as per UTC) below $6,900 would open the doors to $5,400 (November 2017 low).

btc 30 day chart:

^ There's definitely scope to either make 40k by selling one now and buying it back when it hits 200k.

Or 60k by buying one now and selling it when it hits 300k.



Maybe do both.

Sell one now to buy back at 200k and buy one now to sell at 300k.




Done, just bought one then sold one, easy 100k.








Who will that catch?

Were you following the rules of the smothered LED luminescent ?

Originally Posted by Luigi

^ There's definitely scope to either make 40k by selling one now and buying it back when it hits 200k.

Or 60k by buying one now and selling it when it hits 300k.



Maybe do both.

Sell one now to buy back at 200k and buy one now to sell at 300k.




Done, just bought one then sold one, easy 100k.








Who will that catch?

I'm confused, is it that easy to pick up the odd 100k, can we do it more than once, how much do you charge for private consultations, how much does your therapist charge?

Originally Posted by OhOh

Thai Baht Chart

Above 250k looks a buying opportunity. If it gets there.

i'm looking to buy (day trade) if the support holds around 6,400 (will likely test it the next few days, i'm guessing).

otherwise, will wait until btc consolidates around 4-5,000.

btc 24 hour chart (btc = 7,340):

the damn thing is doomed, it is not consolidating, it's crashing

Originally Posted by Dragonfly

the damn thing is doomed, it is not consolidating, it's crashing

not really.

or at least not since february when it hit 6,800.

if it breaks below 6,000 and 5,000, then yep some of those guys "hodling for the lambo" might throw in the towel and it will drop to maybe $2,000?

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some research studies on a fair value of btc have put it at about $2,000, anyways.

posted this link to a study a few months ago and it's findings have proved accurate (so far): sideways to downward movement for the rest of the year: https://arxiv.org/pdf/1803.05663.pdf

btc 6 month chart:

Originally Posted by Dragonfly

it's crashing

just like your bitcoin thread and computer

Originally Posted by Farangrakthai

some research studies on a fair value of btc have put it at about $2,000, anyway

How can something with no intrinsic value have a fair value of more than zero?

BTC has been compared to the Dutch tulip bubble. You can eat tulip bulbs, which means they have more value than bitcoin.

Originally Posted by Begbie

How can something with no intrinsic value have a fair value of more than zero?

BTC has been compared to the Dutch tulip bubble. You can eat tulip bulbs, which means they have more value than bitcoin.

take a look at the link. that's what it investigates.

it uses various calculations such as metcalfe's law:

"Metcalfe's Law is related to the fact that the number of unique connections in a network of a number of nodes (n) can be expressed mathematically as the triangular number n(n − 1)/2, which is proportional to n2 asymptotically (that is, an element of Θ(n2))."

a calculation is not intrinsic value FFS, even a retard like a plumber could get that

Originally Posted by Begbie

How can something with no intrinsic value have a fair value of more than zero?

BTC has been compared to the Dutch tulip bubble. You can eat tulip bulbs, which means they have more value than bitcoin.

They've more value than gold then.


Unless you've got very hard teeth.


I suppose that coins can be used for playing heads or tails.

And paper notes could be used as tissues.


So yeah, guess your point holds strong.

a piece of paper with a quadratic formula should have intrinsic value if I were to follow your silly logic

Etherum has some potential because it can "embedded" financial contract terms and netting formulas, but only as a supporting tool