This chart takes an alternate route from previous posts that eventually culminates at $43 in the year 2020. Don't bet the house on this idea! Let's see how this plays out. Your comments and constructive criticism is appreciated.
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@damdamm, Thanks for your comment! I'm sorry for the delayed response. You've made some excellent points. DGB, in theory, should be 1,000th the value of BTC especially since many improvements have been made to the original protocol.
I think you are right about the ascending wedge. The price should break down out of the wedge. I will have to revisit the drawing board. Thanks for highlighting that.
You pose some very good questions regarding the economy. I'm not an economist so I want to be careful to stay in my knowledge lane. But, I think the entire crypto market will perform very well in the coming years.
I hate when I hear people say how they love blockchain but don't think any of the alt coins or BTC will survive. Dummies. That's like saying you love basketball but want no part in the NBA or you love soccer but are not long on FIFA.
I think you are right about the ascending wedge. The price should break down out of the wedge. I will have to revisit the drawing board. Thanks for highlighting that.
You pose some very good questions regarding the economy. I'm not an economist so I want to be careful to stay in my knowledge lane. But, I think the entire crypto market will perform very well in the coming years.
I hate when I hear people say how they love blockchain but don't think any of the alt coins or BTC will survive. Dummies. That's like saying you love basketball but want no part in the NBA or you love soccer but are not long on FIFA.
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@damdamm, Thanks for sharing the interview with Mike Maloney. It was very interesting to watch.
Will money flow into cryptos as a safe haven during the next financial crisis? I am curious to know your thoughts.
Will money flow into cryptos as a safe haven during the next financial crisis? I am curious to know your thoughts.
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A bullish scenario:
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Inverse head and shoulders formation on BTC & DGB charts:
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A bearish scenario for BTC & DGB if BTC hasn't finished its ABC correction:
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Head & Shoulders formation on DGB USD log chart:
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@damdamm,
1. Your points are valid and you make very good observations. I am currently in fiat. I am looking to increase my position in DGB without investing additional capital. If BTC breaks the downtrend (and finds support above it) then I will reenter DGB at that time. I would rather have confirmation. If BTC gets rejected at the downtrend line, then I will reenter the DGB market when the price touches the bottom of the descending broadening wedge.
2. I do like your parallel channel!! The wedge is an assumption and hasn't been validated yet. This is why I post different scenarios (both bullish and bearish) so that I can react to the changes in the market. We both know that the price can go up or down and there are infinitely many scenarios. Therefore, I do my best to remain objective.
3. You may be right about the broadening wedge. From my perspective, I don't think it is unrealistic for the price of BTC to reach $2,800. Think about it for a moment. BTC went from a fraction of a cent to ~ $20,000 during a 10 year cycle. Yet, its technology hasn't evolved since it hasn't addressed key issues like security, speed, volume (TPS), etc. I personally think it is way overvalued at the moment. It wouldn't surprise me if the price fell to $1,175. Now, will this happen? I can't say but I do want to be prepared just in case. I actually see BTC thriving in the future but it needs to progress from a technological standpoint.
4. I agree regarding holding cryptos vs. precious metals. Your perspective is very intelligent.
Conclusion: I absolutely believe and support DGB (regardless of value) and expect to use it in the year 2035. Since that is my position, I am looking to accumulate as much as I can while working with a very limited budget.
1. Your points are valid and you make very good observations. I am currently in fiat. I am looking to increase my position in DGB without investing additional capital. If BTC breaks the downtrend (and finds support above it) then I will reenter DGB at that time. I would rather have confirmation. If BTC gets rejected at the downtrend line, then I will reenter the DGB market when the price touches the bottom of the descending broadening wedge.
2. I do like your parallel channel!! The wedge is an assumption and hasn't been validated yet. This is why I post different scenarios (both bullish and bearish) so that I can react to the changes in the market. We both know that the price can go up or down and there are infinitely many scenarios. Therefore, I do my best to remain objective.
3. You may be right about the broadening wedge. From my perspective, I don't think it is unrealistic for the price of BTC to reach $2,800. Think about it for a moment. BTC went from a fraction of a cent to ~ $20,000 during a 10 year cycle. Yet, its technology hasn't evolved since it hasn't addressed key issues like security, speed, volume (TPS), etc. I personally think it is way overvalued at the moment. It wouldn't surprise me if the price fell to $1,175. Now, will this happen? I can't say but I do want to be prepared just in case. I actually see BTC thriving in the future but it needs to progress from a technological standpoint.
4. I agree regarding holding cryptos vs. precious metals. Your perspective is very intelligent.
Conclusion: I absolutely believe and support DGB (regardless of value) and expect to use it in the year 2035. Since that is my position, I am looking to accumulate as much as I can while working with a very limited budget.
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If this BTC idea plays out then the alts will get slaughtered:
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BTC buy zone based on Fibonacci levels: $4,384 - $1,819
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BTC bullish pennant scenario:
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Questions for your consideration regarding Bitcoin:
1) BTC obtains a value of at least $43,000 by 2020 (DGB to BTC supply ratio is 1,000:1)
2) DGB continues to innovate and evolve into a global currency for every day micro transactions
3) A multitude of decentralized apps are built upon the DGB blockchain in the realm of cyber security and artificial intelligence