jackfru1t
Long

Potential Retest of ~$780 on BTCUSD

BITFINEX:BTCUSD   Bitcoin / Dollar
920 16 12
In this idea, btcusd             moves back up to retest ~$780 before forming an ascending triangle as it consolidates above $680 for much of August.
Captain Jack is back!
Thanks for sharing - my thinking has been along the same lines, we just need to get through $666 and $780 - all this consolidation will be great for a future platform in anycase, we just need to be patient through this weekend. I fomo'd before, thought we had a brakout but looks to be consolidating again, hopefully it starts playing out before sunday.

Thanks again for sharing.

Not sure what old mate below was on about. I wouldnt be waiting much longer to get on this train, if it breaks out to the lowside, 610/630 would be a good support entry. otherwise this is about as cheap as itll get. go <600 before >750? no and no
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we just need to get through $666 and $680*
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jackfru1t Darumbal
You're welcome! Yeah 666, 680, 700 are all key levels that have provided resistance before. But 610 was real solid support and support has been rising, so I think we'll get through those resistance areas before testing prices over 700.
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My observation of charts down the years tells me the one above is unlikely, unless it's simply part of a much larger mega uptrend that will go to parabolica and beyond. The fact is though - the fundamentals for 'that' move don't really exist right now. BTC is overvalued at these prices, until such a time as something happens to make it seem like a great deal to the masses. I wouldn't hold my breath on that, but that is just me.
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Why is btc overvalued currently?
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PRPS jackfru1t
Your question is very short and seems, potentially, to be based on a negative impulse that wants that particular part of my larger comment to be wrong. If that is true then there is not much point in you and I discussing it really. I notice you're 100% invested into crypto, which is also a sign that we're not likely to have a truly rational convo here. All the best to you tho, ok. Remember - charts aren't personal, and they don't care how we 'feel'. They just report facts.
Take care, and place stops under your trade.
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I asked a simple question, hoping for an honest discussion.
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PRPS jackfru1t
I'm not completely sure you actually want an open/ unbiased & honest discussion tbh. Maybe I'm completely wrong though. More likely I think you maybe just want to lure me into defending one small part of a larger comment that is self explanatory. I gave my opinions. They're just that, but clear to read and understand. If you feel you have an disagreement with any part of, or all, of my comment then I have no problem with that. Feel free to expand on that if you so wish, or not if you don't. Your call, friend.
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You are completely wrong. It seems to me that your view hinges on btc being overvalued. I have no way of saying if it is overvalued or undervalued, I can only look at what the market tells me, and the market tells me btc is still in a bull trend. The current triangle could resolve to the downside, but the the fact that the btc price is trending up these last few months, leads me to believe that the current consolidation will resolve upwards. So what are your arguments for btc being overvalued?
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PRPS jackfru1t
When a person who is 100% invested in one thing only starts a sentence with "you are completely wrong" in relation to that 'one thing'.. it might seem to be quite a clear sign that no unbiased dialogue is likely to ensue . If I were you I would ask yourself why it is not overvalued. That is a more relevant question here.
You seem uncertain, yet assert as if you are 100% certain. How so? There are no working crystal balls to be had. All we have is charts and history. History tells me that the BTC chart looks uncertain and ready for a correction. Now that the halvening hype BS is over I know of no rational reason why BTC should rally up any further at this point in time. More likely is more sideways or a pullback/ correction prior to some consolidation and then a new uptrend at some point.
Cheerio
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