faboose

Bitcoin: The chart no one wants to see right now

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is it everyone, the moment we've all been waiting for.

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Act I - The Drop
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Bitcoin battled it's way back to the gates of Valhalla, all the perma bears, no coiners, peter schiffs of the world have watched the performance of Bitcoin since March and killing themselves for not buying.

That is why this next move is setup perfectly. We have buyers that see ATH as confirmations confident to come in to position. These are typically those who sold way too early on the ride up, and never got back in waiting for 9k gap fill :*D

We have people waiting to watch the break to see if it only continues to hurt their soul for not buying, but suddenly bitcoin drops by 30% "HA, I told you it was a scam! Sure glad I didn't buy!"


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Act II - The Rise
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This is where the magic trick happens, the large skeptical of bitcoin rising back to ATH's to only FLASH BANG gone. Yet again the people who told you it was scam, they will tell you again and not to buy. The ones burned, will sell.

But the faithful will be there waiting as they always do.
The ones that took the last few months learning about Bitcoin and what it has build over the last decade the chose to ignore it well be there.
Stacking sats will still be there
Hodlers will still be there
The printer will continue to brrr
Billionaires will continue to chase the worlds rares asset to some kind of insurance against said brrr

Will you be there?

Arise honey badger phoenix
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Or maybe we just keep blasting it straight to 100k right now. Who knows, but this is why I always hodl :)

GL, if this thing plays out as it seems to, this will be one of the last best chance you have in 2020 to long.
Comment: On pace to have a nice close on the weekly to keep candle intact. Last thing we want is a giant wick/blow-off top.

Make sure you have exit play if you fomo in this today :P
Comment: Resistance held -
Comment: 4hr still fighting
Comment: Hope everyone has made out great from this :)

Now is not the time to short/hedge tho. Either you did before the drop, or you didn't. Right now is prime to fuel up some chasers.
Comment:
Comment: Thinking we visit ~18k by monday for the nov monthly close, then we can have next/final leg down

Comment: Choo Choo >8D

Comments

check it out.:

On October, 21st, PayPay revealed its plan to implement crypto into its payment and financial services. Then, just earlier this month—after creating a waiting list—they quickly opened up their platform for buying, selling, and trading crypto including, of course, Bitcoin.

The announcement alone sent BTC from its $11k mark to $13k. But, this was just the beginning.

Then—according to Pantera Capital—when PayPal’s crypto service went live on November 12th many of its 300 million users—the majority in the U.S. where the service was launched—became responsible for 70% of BTC buy orders in a matter of weeks.

How did this happen so quickly? PayPal users already have a verified account and a linked bank or debit card. So, a KYC process that usually takes days or sometimes weeks on a cryptocurrency exchange now only took minutes to buy, sell, and trade BTC.

As demand skyrocketed on one platform the BTC supply decreased on other mainstream platforms like Cash App, making the price increase, according to Pantera Capital.
+5 Reply
faboose pedro17
@pedro17, Great observation on the KYC portion. That is something we never had in 2017. I remember people waiting weeks+ to get verified!
Reply
also just went and looked up some stats.
number of BTC mined last week about 6300.
the number of BTC grayscale bought last week 20,336! 24,000 bought last week between the top 3 funds!
buying 3 times more then the supply of new coins is bound to drive the price up👍👏

It may be a tad too early, but ‘tis the season of fun, joy, and a Bitcoin price rally. With Bitcoin holding firm above the $18,000-mark, each passing hour is only going to clarify the difference between stacking sats and trading. In fact, institutions like Grayscale, with an AUM of over $10B, are still stacking above the $18,000-level. This is interesting, especially since there are only 21M Bitcoins and institutions are buying faster than ever.

Remember Remember : The difference between BTC, HODL stack and a Portfolio
Institutions HODLing BTC || Source: Twitter

The Grayscale Trust actually added 20,336 Bitcoins this week, taking its net holdings total to 0.52M. Bitcoin, clearly, seems to be emerging as a HODLer’s favorite.
+2 Reply
faboose pedro17
Always Be Hodling :*D
Reply
Thank you. Nice chart. If you change 1w to 3D chart...everything else, candles and all other rest the same. My opinion is that exactly will be like this, but mach faster.
+2 Reply
faboose coki15
@coki15, Thank you, I'll look at incorporating the 3D some to see how it feels :)
Reply
@coki15, True, it feels like we could manage to reach this faster than by the end of October 2021. Even on smaller time frames such as the 1h you can already see pretty significant gains coming up:
+1 Reply
faboose Trading-Guru
@Trading-Guru, Nice chart! yeah using more of a curve to fit it I could see that.

Here is how I was looking at the channel.
Reply
that's what I said 18 months ago;

+2 Reply
+1 to 13-14k now, then a spectacular smash to ATH next year.
+2 Reply
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