500 DMA Confirmed As Resistance, Prepare for Drop

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hope you all have a wonderful and safe weekend! Sell some bitcoin and splurge a little is my advice :)

Red Boar
Comment: Just as reference, I think EW also supports the idea we will see triple digits....will it be this severe? I don't know but I do think that the tether fraud will certainly be a major driver. Why do I say this? Well, obviously, the FUD that will be in the air when tether is exposed will be massive,a "bank run" will probably ensue and will result in people simply not being able to cash out because FINEX will not have the dollars LOL (they never did). When this happens, and I believe it is almost a certainty, the amount of panic we will see will make MT. Gox look like a dream.

Think about this...do you really think bitcoin would have ever got above 1-2k if not for tether? Highly doubtful...



Comment: Here is another idea I have been working on in regards to volume! It is pathetic really....what do you guys think ? Some might say its bullish we are moving up on weak volume others would say it is bearish...what do you all think? Thanks to everyone who left comments already I really enjoy the discussions!

Comment: sorry didnt mean to post link last time...here is what i meant to post

Comment: I don't deny that in failed states like Venezualea, North Korea and even Argentina there could be an argument for the value of crypto..I understand...governments collapse and impse strict currency restrictions to try and stem the tide....so what choice do people have? They go underground becasue they still have to try and survive and Crypto can be a great way to allow that to happen...I accept that... BUT If you think for one second the Dollar is going to just "collapse" without uber-major geo-political crisis then you are delusional. Holding crypto as a "hedge" against dollar failure is like holding a water hose and thinking you can defend yourself against the Mendocino Complex fire (largest wildfire in california state history). Listen, crypto has uses not least of which is criminality but as many have pointed out it has legit use cases like i mentioned above BUT....there is ZERO chance it competes with the dollar (i hear this often as an argument for crypto). You know what is different now when compared to the weimar republic of post world war 1 Germany or other inflationary states? We have nuclear weapons AND the the most tech advanced convential military in the world....the USA is not going to just "go away" and let anything replace its hegemony crypto included. Here is my point, there will be WW3 with nuclear weapons before the USA collapses....conclude what you want from that.

Red Boar

P.S. I try and stay a-political but tonight I am feeling it lol :)
Comment: p.s.s...Summary is...The Dollar will not be replace unless

A. The USA control the institution that issues the global currency
B. Nuclear war
Comment: P.S.S....I MAY have been drinking and typing last night......not reccomended ok kids? Do as I say not as I do....
Comment: I have been getting alot of DM's asking me for my take on the monthly chart...here is the best fit line i can come up with on the log chart....

Comment: Here is that same chart zoomed in to a daily look....interesting


quick update

thoughts on wedge breakdown
Comment: picture perfect rejection to complete the ABCDE bearish triangle...

Comment: First target still not reached! but in the crosshairs !
are we ready to move up yet?
+1 Reply
@Msparky, i dont think so but who knows :)
This is playing out
+1 Reply
You'll be right as long as we're in a bear market.
texagg22 lisek15lisek
@lisek15lisek, are you calling me a perma bear!??

I'm just saying that people who call for Bitcoin to go a lot lower will look smart as long as we're in a bear market.

And the same in reverse during a bull market.
texagg22 lisek15lisek
@lisek15lisek, fair enough...i have been calling for more down every single time peopel are calling for a new bull run...new bull run isnt coming..we are going to triple digits...the 5 waves of bitcoin is over...my opinion
nice call but can we see follow through? those are some big moves down that would require a complete loss of confidence in Bitcoin
@Msparky, tether will eventually collapse and that will propel us to 3 digits easy
@Msparky, even without tether target is 1k
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