Bitcoin

[Boghie]

I'm not really too concerned about a business that has elected to accept crypto. I am concerned that our S-Fund may be purchasing crypto stock (if they are stocks) directly and participating in the run up.

This is a bubble if I have ever seen or heard about a bubble. Not saying crypto is stupid - nope, kinda like it. However, even good stuff can go bonkers. This is bonkers. As Bullitt mentioned, if one dude can Tweet crash something it ain't nuthin' but a bubble.

 

[bmneveu]

I don't think the tweets mean its in a bubble. If Elon tweeted that Tesla was going to start doing business with Company XYZ, that company's stock would shoot up. Doesn't mean that company is in a bubble. The only difference is that example is illegal, so he can't, whereas he can with crypto because there are very few regulations on it.

 

[Bullitt]

I do think it's comical how the bitcoin bulls think that when a 3rd world country declares bitcoin as legal tender that it means the end of fiat currency. I'm sure El Salvador's congress threw a caveat in there somewhere so they can continue to receive US aid in the from of dollars.

Calling bubbles in anything is futile unless you can get the timing right. Bitcoin is currently the 2nd most crowded trade according to Bank of America and it was 1st by a long shot in May. Interesting that those tech stocks are in a very close 3rd.



https://twitter.com/PMack1224/status/1404812884497113089/photo/1

 

[Bullitt]

I would buy a crypto index. GBTC and OBTC are not indexes.

Global securities index publisher MSCI MSCI.N is looking at launching indexes for cryptocurrency assets, according to Chief Executive Henry Fernandez, in what would be another step towards mainstream acceptance for digital currencies and the companies trading in them.

https://www.nasdaq.com/articles/index-publisher-msci-looking-at-launch-of-crypto-indexes-2021-06-17

 

[Bullitt]

$BTCUSD < $30,000

 

[tsptalk]

Bear flag and last gasp support?

 

[tsptalk]

A little fake out on the downside as the bear flag hangs on for another day.

https://www.cnbc.com/2021/06/23/bitcoin-btc-price-bounces-back-after-brief-drop-below-30k.html

 

[Bullitt]

Just a reminder of the importance of 30k. Downside target is essentially zero. Smaller H&S from March to May has already played out.

 

[Bullitt]

$30,000 can't take many more retests. If this mini bear-flag continues to play out, expect measured move to $28-$29,000.

 

[Marjuno]

I think bitcoin will reach the $40,000 bar again and go down. Bear market

 

[tsptalk]

Yeah, I can see $40,000 again, but from there is the question. Yes, that still looks like a big bear flag, but triple bottoms that hold can be pretty solid lows.

 

[Marjuno]

Yeah, I can see $40,000 again, but from there is the question. Yes, that still looks like a big bear flag, but triple bottoms that hold can be pretty solid lows.

Good point. Totally agree with the triple bottoms. We'll see what happens in the next two weeks. My altcoins have fallen completely, especially matic

 

[tsptalk]

I think bmneveu alluded to this back a few posts...

Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown

More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its market peak in May.

The bitcoin code has re-calibrated to make it 28% less difficult to mine.

Miners who are still plugged into the network stand to make greater profits while most of the network’s miners remains offline.

https://www.cnbc.com/2021/07/03/bit...-drops-after-hashrate-collapse-in-china-.html

 

[tsptalk]

The bear flag started to look more promising when it looked like a double bottom, but now it has morphed into a nasty head and shoulders pattern. 25K to 20K may be in the cards this summer.

A little fake out on the downside as the bear flag hangs on for another day.

 

[Bullitt]

Elons words save the sub $30,000 level once again. Imagine if all it took was a tweet of yours to gas some asset that you owned higher.

ELON MUSK SAYS SAYS HE OWNS ETHEREUM AND DOGECOINS ALONG WITH BITCOIN AND TESLA, SPACEX OWN BITCOIN -THE B WORD CONFERENCE

 

[tsptalk]

$29K - $30 continues to hold. Lots of potential resistance at the 100 and 200-day EMAs.


Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market

https://www.cnbc.com/2021/07/26/bit...000-for-the-first-time-in-nearly-6-weeks.html

 

[Marjuno]

Amazon recently announced the great news that it would be accepting bitcoins. But I suppose that the exchange rate will not reach more than $40 thousand. Probably, will stay at $38 thousand dollars a week

 

[tsptalk]

Boom! Amazon just denied that rumor and bitcoin just fell about $3K off its high today.

 

[tsptalk]

 

[Marjuno]

Amazon recently announced the great news that it would be accepting bitcoins. But I suppose that the exchange rate will not reach more than $40 thousand. Probably, will stay at $38 thousand dollars a week

How wrong I was...Keep watching