Bitcoin

[bmneveu]

She's a climbin'! At $12.2K, we are at the highest level since coming off the December '17 all time high.

https://www.tradingview.com/symbols/BTCUSD/

 

[Bullitt]

Some questions for those involved in crypto trading:

What percentage of your assets go into crypto?

How do you keep track of your transactions come tax time?

 

[tsptalk]

I switched from trading bitcoin to just GBTC so I report it just like reporting any other stock transaction.

When I was trading crypto, coinbase gave a nice detailed report of your transactions.

 

[Bullitt]

Sheesh. So much for bitcoin being an alternative investment. Down 15% in the last three sessions. Seems everything moves in the same direction these days.

 

[tsptalk]

Missed the breakout? It's back below 10,000.

Cup and handle breakout coming?

 

[Bullitt]

I've read that the Chinese are very heavily into bitcoin - for various reasons. The rich have always purchased real estate abroad because the rules allow it. Stocks, not so much. Despite all their rah-rah for their great leader rhetoric, the well-off all have exit strategies if/when they depart for less authoritarian places to live.

Wonder how much of that $50B went into propping up TSLA and AAPL?

Over $50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year, pointing to possibilities that Chinese investors are transferring more money than allowed out of the country, a new report claims.


Chinese citizens are only allowed to buy up to $50,000 of foreign currency a year at a financial institution. In the past, wealthy citizens have circumvented the limit through foreign investments in real estate and other assets.

https://www.cnbc.com/amp/2020/08/21...out-of-country-hinting-at-capital-flight.html

 

[bmneveu]

Some nice setups on the Bitcoin weekly candlestick chart suggesting a bull run over the next few months:

 

[bmneveu]

Some nice setups on the Bitcoin weekly candlestick chart suggesting a bull run over the next few months:

BTC is starting to break down under the neckline again (~$10.4K range), which would invalidate the bullish inverted H&S setup. It might be looking up at the neckline as resistance now. Not looking good for crypto right now.

 

[tsptalk]

Square buys $50 million in bitcoin, says cryptocurrency ‘aligns with company’s purpose’

KEY POINTS

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million.

This represents about 1% of Square’s total assets as of the end of the second quarter of 2020.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release.

https://www.cnbc.com/2020/10/08/squ...ptocurrency-aligns-with-companys-purpose.html

 

[Bullitt]

I don't know, I'd probably say that's the "smart money" due to the amount of information they likely have access to.

You always get people saying this is a buy and that's a buy but they never disclose their holdings so it's mostly all talk. Square must be bullish at this price to go in right now.

 

[bmneveu]

New high of 11,840 since the beginning of September.

 

[bmneveu]

New high today (so far) of 12,490 puts us over the recent high of 12,473 on 17 August. That is the highest we've been since 10 July 2019!

 

[bmneveu]

The chart is lookin good from multiple angles:

 

[Bullitt]

Users will be able to hold bitcoin in Paypal wallets in 2021.

 

[Tsunami]

Bitcoin and GBTC might be about to break out in a bigger way...

NL 10/25/20

 

[tsptalk]

Another 8% today, and now up about 50% in the last month.

 

[bmneveu]

Another 8% today, and now up about 50% in the last month.

Some pretty big catalysts in Paypal adoption and $1B government seizure.

 

[tsptalk]

Peak, or pause?

 

[Bullitt]

Pretty much clear technical sailing to the 2017 high of $19870.

 

[HeadNLice]

The bull run has just begun! Its going to be the same repeat as it is in 2017. I say that it will hit its all time high in late September of next year. It may hit 20k+ before the end of this year. Watch it unfold!