Bitcoin Price Thread

[themickey]

The bullish indicators of much of the coins being scooped up from exchanges and the dwindling supplies, plus the explosion of new wallet addresses indicating widespread adoption is still ongoing and accelerating

PayPal casually announcing they are increasing the limits for cryptos by 5x and PayPal is only one of the most successful retail adoption with hundreds of millions of $ in daily crypto transactions is a big tell. I mean why increase the limits by so much if there is no demand to justify it?

And NYDIG have announced partnerships to hundreds and hundreds of banks and credit unions to allow their customers to purchase bitcoin, that is freakin' crazy onramps being built at this time for the near future
Morgan Stanley and Goldman Sachs HNW clients should be just about ready if not already enabled to start pouring some of their wealth into bitcoin

If one removes their emotions regarding BTC and thinks "What will be the likely reaction if the bulls have a negative surprise?"

 

[vanzandt]

View attachment 263670
One month with ~24% price swing and currently down 16% on the month and not bullish whatsoever.
That's the trap traders need watch for, the mind plays tricks, we predominantly see what we believe.

Hey Mick... I AM aware of the swings... but I made that post regarding the range tightening back on May 20th.

Now I know you're more than a stock trader Mick, you may be one full-time now... but there is zero doubt in my mind you went to school for engineering at some point. Once again, call it intuition.... but whatever on that.

Here's the chart I see, and as I see it, it's playing out exactly like an applied disturbance on a spring at rest....

We're human so we have emotions, which makes the obvious sometimes hard to see, but make no mistake Mick, there are universal truisms, and universal harmonics that apply to most things in this world.

Statics 101 Mick...

... the range has tightened my kangaroo friend.

 

[themickey]

Me thinks 20,000 before we see 50,000.

 

[vanzandt]

Me thinks 20,000 before we see 50,000.
View attachment 263686

Odds are you're correct dingo...
20K might be a reach... but it might be close.
As I said....

All I can say is be very careful, because usually when the show starts back up on high vis stocks with lots of money at stake and lots of eyes on that particular stock, they go down before they go back up. One can say that has already happened with BTC, but I don't think it has. Soooo gen-x'rs with new found baby-bucks aside, be careful.... the whales want those baby-bucks too. That's why they're whales.
-vz

Because... trading vehicles ARE NOT a spring at rest..... its only sometimes that they are.
ATM... btc is.

 

[vanzandt]

Me thinks 20,000 before we see 50,000.
View attachment 263686

Mick, if that was a daily, I'd say we'll hit $875 soon.
$2300 would be a given.
Scary
Hmmmmm.
?

 

[johnarb]

If one removes their emotions regarding BTC and thinks "What will be the likely reaction if the bulls have a negative surprise?"

I'm a fundamentals investor on btc and cryptos, emotion and belief are all I got to go by

 

[themickey]

I'm a fundamentals investor on btc and cryptos, emotion and belief are all I got to go by

Much of my trading is on speculative stocks; pennys, gold, other metals, explorers, startups, hot to trot....
In nearly every instance they have explosive moves, crash at least 50% then slowly recover as they become accepted (become productive to society).
Getting in very early is usually difficult, it's perhaps already exploded, or it is in accumulation phase- creating a foundation to begin and can spend months or even a couple of years to establish.
The other way, is to await the inevitable correction- this requiring patience and focus- not losing sight of the ball.

My opinion on crypto/BTC, it will become established, right now is correction time, not buying time.
There is never a need for haste getting in on a correction, but watching the prey and waiting is not cut out for most traders, it's an investing type mindset.

 

[vanzandt]

Mick, if that was a daily, I'd say we'll hit $875 soon.
$2300 would be a given.
Scary
Hmmmmm.
?

But...., using a scale where a move from $5 to $10 is the the same as a move from $5000 to $10,000 and then the same from $10,000 to $20,000....
As a visual depiction of things for chart reading... it might not work for most.

 

[easymon1]

cued . . .

 

[SunTrader]

True with anything.

"Buy when they are crying, sell when they are yelling."