Bitcoin Price Thread

Sprout said:
Gotcha. Never really looked into Gartley Patterns. Is there any top shelf books/reference material that go into them in depth?
wxytrader said:
This is Gartleys book for $2500 :)
Profits in the Stock Market/With Charts: H. M. Gartley, Ross L. Beck: 9780939093076: Amazon.com: Books
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LOL That book is a complete rubbish. I have it and, in fact, I'll sell it to you for 1/10 of that price. :)

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Book review.....
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Brandon
4.0 out of 5 starsVerified Purchase
Great information but requires full attention
Reviewed in the United States on October 26, 2020
Wow what’s a book. I spent the whole weekend reading it, focusing on certain sections over and over. The way that it is laid out and way the author goes back and forth between methods can be extremely confusing. First, Elliot waves. Then the gartley. Then a modified gartley. Then another one. I was about to pull my hair out but with enough time was able to digest what the author was explaining. I wrote personal diagrams of each method and studied this like I would a college textbook. I believe that is the way you need to approach this book to learn the methods successfully. You will ultimately learn the way to differentiate the two methods the author teaches. The first is the TCG: Trend continuation method which anything you read today online teaches you. The second is the TRG: Trend Reversal method which is much more rare but has a different method of application and rules. Overall I’m very glad I read this over and over to fully understand the concepts. After a weekend of study I know which method to apply to the markets based off of trying to enter to participate on a trend or how to enter when I see a long term reversal. Highly recommend if you are willing to put in the work.
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"After spending this weekend reading the book I will now be profitable". LOL
'Brandon' is a suitable name for the geezer. :)
 
When it comes to magical EW and Fib sequences, you do know that jesus is up in the clouds pulling strings so that earthling muppets can get rich when they understand.
 
At current price only 1.79% of holders are losing money...98% in profits.
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Price last entered the buy zone in late 2023.
Relative Unrealized profit.png



NUPL is showing price (black), long term holders (red), and everybody (orange)...capitulation zone below 0 line.

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Holy crap. Just when I was feeling kind of bearish about the price action and fighting with everyone here who is so down on bitcoin, someone retweeted this post by a fairly popular YouTube channel that I no longer follow because his content just seems so stale. I was fully expecting just a tech video, especially based on the title, but it ends up being the biggest advertising for Bitcoin that I have ever seen.

This is what I'm telling everybody. Every single day somebody new "gets" Bitcoin. There is literally an army of adopters coming that the supply just isn't ready for. This guy is absolutely correct that there is no point in trying to do anything in this world anymore if all they do is print. We need to switch to a hard money that is very difficult to get and inspire people to work hard in order to get some. It's the only way to fix the imbalances in the world.

We have traders here that are likely multi-millionaires and yet they probably own zero Bitcoin. Imagine what happens when they start stacking just a few percent of their wealth. RFK Jr but I think six or seven for his grandchildren couple years back. We only need a few hundred thousand people to buy one to completely tip the supply scales.

I know it sounds far-fetched, especially given the price action right now, but I think in this cycle it's very possible for Bitcoin to absolutely explode and not follow the cycles anymore because it will never drop back down. When people give up on fiat, there is no going back.

 
NoahA said:
Holy crap. Just when I was feeling kind of bearish about the price action and fighting with everyone here who is so down on bitcoin, someone retweeted this post by a fairly popular YouTube channel that I no longer follow because his content just seems so stale. I was fully expecting just a tech video, especially based on the title, but it ends up being the biggest advertising for Bitcoin that I have ever seen.

This is what I'm telling everybody. Every single day somebody new "gets" Bitcoin. There is literally an army of adopters coming that the supply just isn't ready for. This guy is absolutely correct that there is no point in trying to do anything in this world anymore if all they do is print. We need to switch to a hard money that is very difficult to get and inspire people to work hard in order to get some. It's the only way to fix the imbalances in the world.

We have traders here that are likely multi-millionaires and yet they probably own zero Bitcoin. Imagine what happens when they start stacking just a few percent of their wealth. RFK Jr but I think six or seven for his grandchildren couple years back. We only need a few hundred thousand people to buy one to completely tip the supply scales.

I know it sounds far-fetched, especially given the price action right now, but I think in this cycle it's very possible for Bitcoin to absolutely explode and not follow the cycles anymore because it will never drop back down. When people give up on fiat, there is no going back.

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One for @NoahA :D

FORBESFORBES DIGITAL ASSETS
‘Stealth Erosion’—IMF Issues ‘Striking’ U.S. Dollar Collapse Warning As The Fed Primes Bitcoin, Ethereum And XRP For A Crypto Price Boom

The bitcoin price has just had a $4 trillion "watershed moment," while ethereum, XRP and other major coins are braced for a Wall Street bombshell.


Now, after the Federal Reserve quietly admitted gold is replacing the U.S. dollar, the International Monetary Fund (IMF) has warned of a "striking" decline in the U.S. dollar's share of allocated foreign reserves of central banks and governments.

"Strikingly, the reduced role of the U.S. dollar over the last two decades has not been matched by increases in the shares of the other 'big four' currencies—the euro, yen, and pound," IMF economists Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell wrote in a report.

"Rather, it has been accompanied by a rise in the share of what we have called nontraditional reserve currencies...
 
(BLOOMBERG)

US flows
The US has taken nearly a third of all investment that has flowed across borders after the pandemic. An analysis by the International Monetary Fund showed the US share of global flows increased since a dollar shortage in 2020 and after the uncertainties sparked by the freezing of Russian assets in 2022. All this in spite of calls to diversify out of the dollar in recent years and driven in part by the interest-rate hikes by the Fed.
 
It seems most people on this forum seem to believe the USD is collapsing yet it only goes higher against all the global currencies. I'll repeat it yet again, unless there is a currency that can soak up all of the USD liquidity & are willing to float it on the global markets with NO currency controls it won't happen anytime soon. Our supposed ally South Korea won't even give up its currency controls which is why IB won't even okay trading on their exchanges.
 
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