BTC 6,000? GIVE ME A BREAK. TRY 16,000!!
WROTE THIS, BECAUSE I AM SO ANNOYED WITH THE BITCOIN WILL BREAKDOWN BECAUSE OF "TECHNICALS" POSITION.
Notes:
First and foremost, I've never been a Bitcoin guy (even though I did call for new ATH this year, that was to test PRS). My reasons for not supporting cryptocurrency are:
1) Unlike precious metals, it does NOT have a past (worldwide cultural tradition)
2) Unlike fiat currency, it does NOT have a present (backed by government/political institution)
3) Unlike other technology that can evolve, it does NOT have a future (cryptography will likely be obsolete in 10 years, maybe 5 or even less)
So I would not be surprised if it goes to 0 in 1000 days (less than 3 years).
BUT IF IT DID, IT WOULD NOT BC OF TECHNICALS.
Price regressions for the last 9 years require at least a TRIPPLE TOP 12500-14000, if this were to go down. But that's not what I am seeing, 15000-16000 area in late October.
Notes:
First and foremost, I've never been a Bitcoin guy (even though I did call for new ATH this year, that was to test PRS). My reasons for not supporting cryptocurrency are:
1) Unlike precious metals, it does NOT have a past (worldwide cultural tradition)
2) Unlike fiat currency, it does NOT have a present (backed by government/political institution)
3) Unlike other technology that can evolve, it does NOT have a future (cryptography will likely be obsolete in 10 years, maybe 5 or even less)
So I would not be surprised if it goes to 0 in 1000 days (less than 3 years).
BUT IF IT DID, IT WOULD NOT BC OF TECHNICALS.
Price regressions for the last 9 years require at least a TRIPPLE TOP 12500-14000, if this were to go down. But that's not what I am seeing, 15000-16000 area in late October.
Comment:
Comment:
on track for 16000 (9/20), but still looking for 1 more shock corrections after that
Comment:
Comment:
This is not looking pretty right now. 9/29.
Comment:
If I give a fair read right now, it's going to flat line to 10/16. Volume isn't looking particularly helpful (again this is just 1 ticker). But the trouble is those 3 layers of support are not forever, the next one will turn down oct-nov window exposing btc to more weakness.