TradingView suggests posting quality material yet has numerous restrictions such as requiring one to have 'reputation points' in order to create quality and post content with multiple links to charts. Reminds me of China's social score. Time jump through some hoops for my master as I begin to accumulate these precious points, and educationalize trading one of the most popular financial vehicles on this platform...
Bitcoin seems to get most of the attention these days as the next generation of gamblers leverage up and ride the emotional roller. However, something is fundamentally shifting as institutional investors are now revealing what they have been up to over the last few years. Soon as the U.S. government announces cryptocurrency as a taxable asset, the waves of institutional investors begin going public.
Most of the bigger players accumulate in the shadows years before and then reap the benefits years after injecting it into the main stream like CNBC. I personally know one of these players who casually told me years ago "Oh yea, we have a LOT of bitcoins".
The reason is not because they think bitcoin will replace fiat currency like some of the extremists believe. It is simply that it's elegant design allows it to function as a secure, liquid asset. Functionality is part of it's appeal and value. Investors LOVE liquid assets like treasuries so it makes perfect sense. Especially since treasury yields are unattractive right now.
For those that think it has no intrinsic value, you are overlooking the fundamental value of energy required to produce a bitcoin. Similarly to how part of Gold's value is in the energy required to mine, process, and transport it. The other part of Gold's value is it's functionality in industry as well as it's universal acceptance as a store of value.
Functionality + Energy = Bitcoin
Functionality + Energy = Gold
Technicals
Personally, I've been waiting for a breakout of the macro downtrend which occurred in August. I bought BTC and ETH the day after the weekly close above this level, and again on the dip that retested it. When a breakout this significant occurs, getting left behind is common as short traders focus on smaller time frames and get squeezed out. This is only the first leg up.
Now the price of Bitcoin is taking a pause below the All Time High and we can focus on one of the more useful projection tools: Fibonacci Extensions
For now, the extension target from the last major bull run takes us to around $34,000
As long as volume is strong and trending higher, and price remains above the 20 week EMA, it is a 'buy the dip' environment.
Trading is risky. Don't do it.
Long BTC and ETH
Don't forget to 'like' so I can collect my rations and post better content.
Bitcoin seems to get most of the attention these days as the next generation of gamblers leverage up and ride the emotional roller. However, something is fundamentally shifting as institutional investors are now revealing what they have been up to over the last few years. Soon as the U.S. government announces cryptocurrency as a taxable asset, the waves of institutional investors begin going public.
Most of the bigger players accumulate in the shadows years before and then reap the benefits years after injecting it into the main stream like CNBC. I personally know one of these players who casually told me years ago "Oh yea, we have a LOT of bitcoins".
The reason is not because they think bitcoin will replace fiat currency like some of the extremists believe. It is simply that it's elegant design allows it to function as a secure, liquid asset. Functionality is part of it's appeal and value. Investors LOVE liquid assets like treasuries so it makes perfect sense. Especially since treasury yields are unattractive right now.
For those that think it has no intrinsic value, you are overlooking the fundamental value of energy required to produce a bitcoin. Similarly to how part of Gold's value is in the energy required to mine, process, and transport it. The other part of Gold's value is it's functionality in industry as well as it's universal acceptance as a store of value.
Functionality + Energy = Bitcoin
Functionality + Energy = Gold
Technicals
Personally, I've been waiting for a breakout of the macro downtrend which occurred in August. I bought BTC and ETH the day after the weekly close above this level, and again on the dip that retested it. When a breakout this significant occurs, getting left behind is common as short traders focus on smaller time frames and get squeezed out. This is only the first leg up.
Now the price of Bitcoin is taking a pause below the All Time High and we can focus on one of the more useful projection tools: Fibonacci Extensions
For now, the extension target from the last major bull run takes us to around $34,000
As long as volume is strong and trending higher, and price remains above the 20 week EMA, it is a 'buy the dip' environment.
Trading is risky. Don't do it.
Long BTC and ETH
Don't forget to 'like' so I can collect my rations and post better content.
Comment:
Comment:
Fib target has been reached and now it's time to look closer at price action. The big question is, When is the pullback coming? It's simple. If price builds support above the fib, it could go looking to the next one up around 52k. However, if it turns into resistance we could see that pullback.
Comment:
2.618 fib base or top?
