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Libratus
Sep 22, 2020 12:18 AM

BTC- No match for the long-term resistance zone Short

Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

There is no sign of waning selling pressure yet and lower high/lower low structure has been established.

Bounce back is weak after the selloff.

Mostly likely scenario is for the price to come back down to the demand zone first.

Then, we go through a period of consolidation before the price takes off again.
Comments
Handywoman9
I agree with your work. However, I think long term. The United States government is working on Fed Coin. They will annihilate everything in their path when the time comes. So, only do the BTC thing for the short term. No, it is not fair, but neither is life. It is reality. They have done it before and will do it again. Not with BTC, but gold. This time it will be both. The government will try to create a gold backed Fed Coin, hence the coin shortage.
Libratus
@Handywoman9, There are many ways that BTC will never achieve unit of account and medium of exchange status, but Fed coin is not one of them because Fed coin lacks the decentralization, permissionless and censorship-resistance features. Two major ways for hostile governmental entity to destroy BTC network are to conduct 51% attack and artificially increase operational cost until it becomes prohibitively expensive for node operators to run full nodes. The chance of U.S going back to gold standard is slim to none as U.S has gotten used to over-spending beyond its means. Just look at the # of time it has run budget surplus over the past few decades. Other nations are more likely to to create Fed coin as they have more incentives to evade economic sanction imposed by U.S because such maneuver is possible only if USD remains the global reserve currency. This development of de-dollarization is evident by the gold repatriation trend and China's test-run of national digital currency in few selected cities.
Handywoman9
@Libratus, I have heard that China will be the next global reserve currency. Thank you for your insight. It is most enlightening.
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