Baghodlers are regularly pouring money into this pyramid scheme. Good for them.
The negative thing on this is the last move by crypto were not very spectacular, but still even if just a few baghodlers get excited and fomo as it goes up, there is a bit of exploiting to be done here.
These breaks are often followed by consolidation:
A 15% move up with a 5% SL is 3R already.
There has been some semi strong buying of magic beans recently as baghodlers were forgetting about it, and it is time for them to get hyped again as they notice the price going up. As it has been going up faster and faster in the past 6 weeks, after consolidating dropping and consolidating obviously some of the random technical indicators these guys use will fire buy signals, MAS that were crossed the opposite way will cross, and so on, I do not even need to put those ridiculous indicators on to know. Yes alot of gamblers do buy following indicators.
Another thing is the UK regulator recently banned crypto CFDS "this will save 'investors' hundreds of millions". Obviously the gamblers will move away from their CFD provider that trade against them (don't hedge) and put clients against each other. Gamblers that are all buyers like 95% long will move their money out of european brokers and buy magic beans on coinbase & kraken. So... price go up.
Trade active
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Expecting small drawdowns only or cya
I could easilly see something like this happen:
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Got SL set at breakeven.
No one dares buying the previous top. Too many bagholders eager to breakeven or "not miss out selling the top this time". In a pyramid scheme where everyone tries to scam each other this is what holds it back from going much higher.
It hesitated last bull market but price wasn't getting as overcut.
What about zooming in did it PB before breaking a bit higher?
Gold at ath
etc
Even inflation adjusted with the fake inflation numbers
BTC now is looking like Gold and like BTC in June 2016, and like it is going to continue looking the same. Maybe that was the top.
Closes not that important but it sort of closes when the US goes to bed. And on the line chart well it made a HH.
Maybe goes back to 5k now before the next bubble.
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I think it is about to go boom. I really like this price action with higher low and also accelerating, call it (higher lows)², joining the lows looks like a parabola.
Where could it extend?
So... target is infinity. Just trailing the stop depending on what happens. For now it's something like 7% away from the top.
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To the moon now, let's go! Next stop 17000.
Trade closed: target reached
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Bagholders gave up just before the finish line just like in 2017. So I end up only ("only") getting 8R out.
That's it for me with BTC unless I find a new broker, all fx brokers are deleting their BTC offer in december if they did not already do so.
They say Bitcoin is the new gold, but the price behavior is certainly not the same.
@nagihatoum, right? When the feds have to lower rates because there is no recovery, the bond market will suck the life right out of these sails.
MoneybagsMcGee
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@nagihatoum, tbf he just did this with aapl and it worked. i think hes playing the fomo game that everyone has ridden this year and btc might be the next big fomo funtime for a few weeks or months like tsla. im not a mrrenev apologetic tho. he can speak for himself.
yep, same... got a nice pump on paypal, cbdc and cnbc talking heads, etc and then shit the bed with everything else
mc_speculator
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also getting all the press for the CBDC and stablecoins with Powell and co talking central bank digital currencies.. ETH looks like ready to take off too