BTC - Bears convincingly break down 0.382 Fib support. Weekly chart shows price consolidating between 0.5 and 0.382 Fib level since May after the bull run up to $1400. Four weekly candles with large upper wicks show price was rejected from moving higher. Candles all closed bellow 0.5 Fib.
Drop in volume, repeated tests of support with bulls achieving consecutively smaller bounces from support. Rise in volume / successful break below support.
Where are buyers likely to step in? The blue dashed trend-line was a key support level in the past so it might attract brave buyers to step in front of the drop. 0.236 Fib lies just above the trend-line and so far have been well respected on the weekly time-frame.
I know a lot of people are going to hate on what I have to say, but at least I've taken the time to explain my side of the argument and believe that it holds some validity.....
I'll admit... I turned from BTC believer to skeptic after witnessing the selloff from 20k$ down to 3k$. Retail investors were herded to the gate, with a lot of help from the MSM, big names like CNBC, pumping it as a fail proof investment of a lifetime, based on hype, emotion, FOMO, FUD. I posted an interesting link at the end of this post to a podcast that looks at possible implications of a news release from Google on the topic of quantum computing and how it could effect crypto in general. From an idealistic standpoint BTC would be a grand improvement from the failing fiat experiment. From a practical standpoint I can't see it happening, ever.... The Banksters created the fiat currency system as a way to maintain control over societies, countries, the world. They deliberately collapse economies for the pure sake of profit / control. They have financed and profited from financing both sides of every war dating back to the American Civil War. They own the banks, the politicians, the corporations, the ruling Elites, entire countries and their military's, and they don't give a fuck about the common serfs they perceive us as (Deplorables, some might say). They also understand the truth behind "Together We Stand, Divided We Fall".... So they have worked to divide people on every issue imaginable. If you think they lie awake at night worrying about the existence of Satoshi's, I'd disagree.
Every narrative should be questioned, including one that was formulated by someone, not proven to have actually existed and came out of nowhere.
Yes, Libra was mentioned at the most recent Jackson Hole convention, but a standardized global currency has long been the objective of globalists, and when it's actually (if and when) implemented, it will be of their design and under their control.
Then there's also a lot of questionable actions of a lot of people associated with the "crypto" scene.... Exchanges having BTC vanish... Exchanges listing and profiting from Alt coins (open up a few Alt coin charts and question why price drops 95 - 99 % of it's value on the first day of trading??? Exchanges creating and issuing stable coins while refusing to be audited (turns out for good reason). If exchanges can issue Tether (out of thin air or some other crafty token swap, I really don't care to understand) and use those Tether's to buy BTC boosting the price, it's absolutely no different than the Fed performing QE to boost asset prices. It's value would inherently be flawed.
Then the argument that BTC is the new gold, superior to gold, for a long list of reasons. Unfortunately not everyone agrees, most significantly the Central Banks (reflecting recent gold acquisitions) Remember, the people inherently run the world, who for some reason have found it necessary to manipulate the price of gold for the last 100 years (modern society, London Fix) to ... You can blame Central Banks for all types of evil, and mostly be accurate... These people are not stupid, they don't contract monetary supply and create recessions / depressions because they were ignorant of the results of their actions, it's all deliberate. Hyperinflation in countries like Venezuela (one of the wealthiest countries in the world at one time) don't just happen. There's always something to be gained, at the expense of human suffering.
Next, you have the speculators (Insider's / Whales). The people who always forecasting $100k in the next 12 months. The one's convince retail crowd to HODL to the end of time, no matter what price does, and every selloff is a perfect buying opportunity.... Questionable advice at best (I'm assuming retail investors suffered the largest losses, convinced to take out mortgages on their house because BTC at $20k was a bargain). My only question is, "Who is doing the selling?" Was the current price drop caused by scared retailers, weak hands, rushing to the exit? Unlikely.... Institutional Funds? Maybe some who understand if they sell now, they can always buy in later at a discount, and would have little emotional attachment to BTC, purely looking to turn a profit. The answer that makes the most sense though, to me, would be the Whales, the Exchanges, Insider's. I don't care how much money some people made on the initial run to $20K, it's hard to watch that fortune decline by 75%, no matter what the underlying investment.
One of the most common argument for BTC having inherent value, is it takes physical time, energy, investment to mine it (Originates from the transition of crypto-currencies to "crypto assets") Even if I can't use my crypto as a currency, it's still good to buy and hold because it's a store of value in limited supply. I listen to a certain podcast regularly and the latest episode examined some key information that has the ability to question that concept. If you are a HODLR, believer, and have money invested, take the time to listen to it. It's your money. Remember, there has to be a polar opposite to whatever sentiment you hold, because there's always two sides of a transaction for every trade.
youtu.be/iYCC-eacmVM
Drop in volume, repeated tests of support with bulls achieving consecutively smaller bounces from support. Rise in volume / successful break below support.
Where are buyers likely to step in? The blue dashed trend-line was a key support level in the past so it might attract brave buyers to step in front of the drop. 0.236 Fib lies just above the trend-line and so far have been well respected on the weekly time-frame.
I know a lot of people are going to hate on what I have to say, but at least I've taken the time to explain my side of the argument and believe that it holds some validity.....
I'll admit... I turned from BTC believer to skeptic after witnessing the selloff from 20k$ down to 3k$. Retail investors were herded to the gate, with a lot of help from the MSM, big names like CNBC, pumping it as a fail proof investment of a lifetime, based on hype, emotion, FOMO, FUD. I posted an interesting link at the end of this post to a podcast that looks at possible implications of a news release from Google on the topic of quantum computing and how it could effect crypto in general. From an idealistic standpoint BTC would be a grand improvement from the failing fiat experiment. From a practical standpoint I can't see it happening, ever.... The Banksters created the fiat currency system as a way to maintain control over societies, countries, the world. They deliberately collapse economies for the pure sake of profit / control. They have financed and profited from financing both sides of every war dating back to the American Civil War. They own the banks, the politicians, the corporations, the ruling Elites, entire countries and their military's, and they don't give a fuck about the common serfs they perceive us as (Deplorables, some might say). They also understand the truth behind "Together We Stand, Divided We Fall".... So they have worked to divide people on every issue imaginable. If you think they lie awake at night worrying about the existence of Satoshi's, I'd disagree.
Every narrative should be questioned, including one that was formulated by someone, not proven to have actually existed and came out of nowhere.
Yes, Libra was mentioned at the most recent Jackson Hole convention, but a standardized global currency has long been the objective of globalists, and when it's actually (if and when) implemented, it will be of their design and under their control.
Then there's also a lot of questionable actions of a lot of people associated with the "crypto" scene.... Exchanges having BTC vanish... Exchanges listing and profiting from Alt coins (open up a few Alt coin charts and question why price drops 95 - 99 % of it's value on the first day of trading??? Exchanges creating and issuing stable coins while refusing to be audited (turns out for good reason). If exchanges can issue Tether (out of thin air or some other crafty token swap, I really don't care to understand) and use those Tether's to buy BTC boosting the price, it's absolutely no different than the Fed performing QE to boost asset prices. It's value would inherently be flawed.
Then the argument that BTC is the new gold, superior to gold, for a long list of reasons. Unfortunately not everyone agrees, most significantly the Central Banks (reflecting recent gold acquisitions) Remember, the people inherently run the world, who for some reason have found it necessary to manipulate the price of gold for the last 100 years (modern society, London Fix) to ... You can blame Central Banks for all types of evil, and mostly be accurate... These people are not stupid, they don't contract monetary supply and create recessions / depressions because they were ignorant of the results of their actions, it's all deliberate. Hyperinflation in countries like Venezuela (one of the wealthiest countries in the world at one time) don't just happen. There's always something to be gained, at the expense of human suffering.
Next, you have the speculators (Insider's / Whales). The people who always forecasting $100k in the next 12 months. The one's convince retail crowd to HODL to the end of time, no matter what price does, and every selloff is a perfect buying opportunity.... Questionable advice at best (I'm assuming retail investors suffered the largest losses, convinced to take out mortgages on their house because BTC at $20k was a bargain). My only question is, "Who is doing the selling?" Was the current price drop caused by scared retailers, weak hands, rushing to the exit? Unlikely.... Institutional Funds? Maybe some who understand if they sell now, they can always buy in later at a discount, and would have little emotional attachment to BTC, purely looking to turn a profit. The answer that makes the most sense though, to me, would be the Whales, the Exchanges, Insider's. I don't care how much money some people made on the initial run to $20K, it's hard to watch that fortune decline by 75%, no matter what the underlying investment.
One of the most common argument for BTC having inherent value, is it takes physical time, energy, investment to mine it (Originates from the transition of crypto-currencies to "crypto assets") Even if I can't use my crypto as a currency, it's still good to buy and hold because it's a store of value in limited supply. I listen to a certain podcast regularly and the latest episode examined some key information that has the ability to question that concept. If you are a HODLR, believer, and have money invested, take the time to listen to it. It's your money. Remember, there has to be a polar opposite to whatever sentiment you hold, because there's always two sides of a transaction for every trade.
youtu.be/iYCC-eacmVM