Bitcoin

[James48843]

Winter is coming.


Sent from my iPhone using TSP Talk Forums

 

[tsptalk]

There it goes again...

 

[bmneveu]

Crypto companies are gapping up pre market this morning. Good weekend for coin prices. The alt coin DOGE has taken headlines lately, which is just ridiculous because it was originally created as a joke, but hey that's crypto for you.

 

[tsptalk]

I sold GBTC this morning. I don't believe I posted the trade here so I won't mention prices. But taking a break on btc at this new high.

 

[Bullitt]

$1.5B invested in bitcoin. Imagine how far that money could have gone towards bringing clean water to some places in the world.

 

[Bullitt]

There is a new fund available this week, Osprey Bitcoin Trust (OBTC). Looks same as GBTC but aims to have lower fees. Sounds promising, but I don't like how it was down 23% yesterday when actual bitcoin was down a small percentage.

Until an actual index tracking ETF comes along, meaning crypto gets SEC approval, the best way to buy it is through a coin broker where you not only get the real price but actually own the underlying asset.

 

[tsptalk]

the best way to buy it is through a coin broker where you not only get the real price but actually own the underlying asset.

Just don't lose the address. That's what scares me. "Where'd I put that paper wallet?"

 

[bmneveu]

The bitcoin mining companies have been going crazy too. That is one way to play it. RIOT, MARA, CLSK, etc.

 

[tsptalk]

Elon Musk says bitcoin seems high after surpassing $1 trillion market cap

Tesla CEO Elon Musk said Saturday that bitcoin prices “seem high” after the cryptocurrency surged to another record high this week.

The price of bitcoin, the world’s most popular cryptocurrency, crossed a major milestone Friday after the market value reached more than $1 trillion, leaving some major backers surprised.

Bitcoin was trading at under $54,000 per coin Friday as it hit the new level, and rose above $55,000 later in the session, according to Coin Metrics.

https://www.cnbc.com/2021/02/20/elo...h-after-surpassing-1-trillion-market-cap.html

 

[bmneveu]

I found another way to play the Bitcoin craze from the stock side. Canaan (CAN) makes mining machines. And it sounds like their manufacturing capacity is completely maxed out for all of 2021 already.

 

[Bullitt]

Bitcoin is looking very bearish to me with a possible neckline at 45,000.

GBTC indicating further downside to fill that big gap at 38.90.

 

[bmneveu]

Bitcoin is looking very bearish to me with a possible neckline at 45,000.

GBTC indicating further downside to fill that big gap at 38.90.

I see the head that I think you are referring to, right shoulder forming right now, but there's no left shoulder?

 

[Bullitt]

It's kind of like a no-neck left shoulder.

Just my observations with H&S patterns is where there is one, there are others to be found. For example, left shoulder could be the Jan 2021 high, head could be the late February high with a right shoulder still to be formed. I'd imagine every pattern and trendline is considered in bitcoin trading since there is no way to fairly value it.

For now, none of it really means much unless there's a break lower, then we can get some possible downside projections.

 

[Bullitt]

Osprey Bitcoin Trust (OBTC) looked like promising way to buy crypto in an IRA with lower fees, but what the heck is going on there? Down some 58% from the first day close and down even more than than from the high. As of the 15th, it was only trading at an 8% premium to NAV but still, I'll bet people have lost a lot of money on this one.

Until someone can figure out how to index them, I have a feeling these crypto ETF's are going to go the same way as USO and UNG. Anything is good for trading, but long term, you need the real thing. That would mean a barrel of oil in your backyard, propane tank sitting in your garage, gold bullion under your mattress, or a bitcoin in your digital wallet - though with bitcoin, the real thing isn't even a tangible asset.

 

[tsptalk]

Maybe a test of the 50-day EMA is needed, but so far it has tagged and held at the rising support line.

 

[Bullitt]

GBTC now trading at a negative NAV. Arbitragers got their payday - Short GBTC, Long $BTC-USD. Will that trade switch now?

It doesn't look like this could be used as a signal to buy or sell based on previous movements, but again, not the best at tracking the underlying asset.

 

[tsptalk]

Nice chart. Where is that from?

 

[Bullitt]

Y-Charts. Awesome site, but it's too expensive if you want all the features. $3,600 a year.

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

 

[Bullitt]

What affect will the Coinbase IPO this week have on crypto?

 

[tsptalk]

It could be initially positive, but I see it as a potential short term peaking moment, similar to what happened right after they OK'd and started trading bitcoin futures.