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AW What I previously said was, in a bear market traders typically short the rallies instead of buy the dips. The reason they pile in at this level is because bitcoin is now in a bear market and is at important resistance between 40k and 42.6k. The more important the resistance is the more we expect bitcoin to bounce lower off of it however if bitcoin manages to break above important resistance it is all the more meaningful than if it broke above weak resistance. Having said that, the bitcoin short trade right here is too crowded IMO. On a different note, if bitcoin can ever get back up to the breakdown area of the head and shoulders top some guys think it could become a life changing short. On the other hand IMO if bitcoin can convincingly break above 58k area the game changes again. I still suspect bitcoin has not bottomed in this bear market yet. JMO.
INTV short activity
https://www.otcshortreport.com/company/INTV
Current Bitcoin shorts. This is an example of shorting the rallies in a bear market however in this case it could turn out to be bullish.
https://www.tradingview.com/symbols/BTCUSDSHORTS/
BTC resistance on my chart runs up to about 42.5. Volume today is ok but certainly not anything like a breakout. IMO Bitcoin needs a tremendous amount of new money every day to survive and they are pulling out all the media stops trying to get the cannon fodder interested again. I hope it works.
BTC running up to resistance I talked about earlier. I will be out of riot and mara today but not INTV.
BTC closed above the 250dma on decent but not spectacular volume. Only one close above it so far but still an important positive. Because btc broke the resistance so quickly maybe be a cause for a little short covering
BTC came off that wick down to 31k as I suspected it might and back up to now resistance of 250dma around 36k on decent volume. Although it might have to fight I am hoping for 41 to 42k where it will hit much harder resistance. Keep an eye on the miners like mara and riot and their volume in particular to possibly get a hint since they sometimes front run btc.
Bear markets typically have rallies along way which then fail . Many times they can be among the best short term rallies you will see. BTC has not had one yet but I have the radar plugged into 220 right now as this would be a good place to start one.
Typically in a bear market IMO traders don't buy the dips, they short the rallies.
IMO Reasons and excuses do not matter or help very much. Bitcoin as predicted has fallen into a bear market anyway.
jd, .106 and .05 are Fibo support areas not a prediction.
Possible double top on SPX. Internals are suspicious IMO. If the market takes a temporary dive BTC might be vulnerable like it was the last time. Something to watch in case you don't have enough to worry about.
INTV down to possible support at the 250dma. If it doesn't hold then IMO next area of possible support is .106 then .05.
Looks like bitcoin is going to test 30k. (playing tense music like in a Jason Vorhees movie just before he attacks the girl) Dunt Dunt!
Bitcoin closed below the 250dma support. This is the lowest close since late Jan and also the lowest close since the 29.9 wick. Trouble in River City.
Tweety Perhaps too simplistic. For example how much has fiat appreciated against bitcoin since the middle of April? IMO most everything in the markets IS A TRADE until it's not.
IMO govt can at anytime tax it at 90%, make you felon, Punish any ISP that allows traffic, etc etc. They don't even have to destroy btc, all they really have to do is threaten to make it become something nobody will buy and then IMO Wall St and the whales will do the rest.
The US govt will do anything and everything to maintain control of the currency and preserve the dollar as world reserve currency. Bet on it. There are dozens of ways to crush bitcoin as a viable investment if it doesn't either kill itself off or finally get to the point where the miners kill it off first.
In spite of all the bullish news, falling dollar and rising inflation bitcoin remains bearish. How inconvenient for the apologists.
Long term bitcoin bulls, this is a message about bitcoin.
https://www.zerohedge.com/crypto/cryptos-tumble-after-musk-tweets-cumrocket-moon
Bitcoin saved by the 250dma once again. Where do all these sellers come from? How come they aren't tired out yet? Maybe if one of you guys shook the box a small btc rally would pop out.
INTV closed below the 200dma. The 250dma is currently at 13.3.
IMO the miners acted poorly before the recent btc crash.
Interesting chart comparison. Daily charts of bitcoin and gold. Rounding top vs rounding bottom. Remember the ignorant comments about gold is finished not very long ago? Things change don't they?
Bruce, I hear you.
BTC still respecting that 250dma. Good sign so far. Although I have not seen any signs that the bottom is in yet I hope the next move will be up toward the head and shoulders breakdown area of 50k or so.
KUL all very impressive but you used to tell us about all the big btc buys by institutions and the like and I haven't seen any of those lately. How about posting a few. You know, Sometimes what you don't say can be more important than what you do say.
Still waiting for the btc bulls to come up with a badly needed new reason for bitcoin to exist other than greater fool trading vehicle.
Bot a couple cryptos today, first crypto longs since btc closed under the 50dma for the first time a month ago. Didn't buy bitcoin.
Bitcoin putting up a pretty good fight at 250dma support zone. I still think odds are it will hold and we are overdue for a btc bounce. IMO the cleanest resolution is for a test of the 50k to 52k area.
Miners including INTV acted poorly before the bitcoin decline. I think they can sometimes front-run bitcoin moves. Bitcoin is currently holding the critical support of the 250dma although it has had one close below this MA. Bitcoin is bearish and in a bear market but, I am looking forward to playable rallies and reversals that can occur. While I have always said IMO bitcoin most likely won't not have a long useful lifespan I don't think bitcoin is dead YET. Things change and anything can happen.
For those who think the dollar is dead....
https://www.zerohedge.com/crypto/could-facebooks-diem-become-fedcoin-default
Yes, the ceo does a very good job IMO. I would not hesitate to
take a real good look at his next company.
Tweety just about everything I do in the stock market is short term. The hourly chart builds the daily chart which then builds the weekly chart. IMO If there is to be a rally it will come from this level. If it instead breaks down from here there is nothing left on my chart to stop it from a major move. JMO.
Bitcoin broke down from the bear flag and right back down to major support. I think it will hold but if it breaks down it could be really bad. Decision time for longs going into an extended weekend.
The problem with guys like Saylor who by the way was telling people to mortgage their homes and buy bitcoin just before the crash is that they never tell the entire truth. Bitcoin is not perfect. It has problems including IMO major problems.
Should have seen a rally in btc. Might still but IMO the momentum is long gone. Right now instead of a rally it looks like a possible bear flag being drawn. For me the light is yellow but could turn red quickly.
The market owes us a bitcoin rally up to about 50k to 52k. That would be about a 30% move back up to the shoulder breakdown area of the SHS top. If it indeed hits the 50k area we will have to see how it acts there before making a call but history favors some pretty big downside.
I have not seen a serious discussion about why the bitcoin crash occurred. I have a feeling it has to do with liquidity.
Maybe bitcoin will ban Biden instead.