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I have always said bitcoin is a trade and not a religion. Looking ahead, I think it would greatly benefit folks to figure out why all the cryptos are tanking at the same time. I think guys might look in the direction of how much actual money (dollars) have been put into the crypto system vs the total dollar value of all cryptos.
Twenty thats the way it always is. Thats the way its supposed to be.
I suspect bitcoin has one more run left in it. But from where? Time will tell.
Alts acting every bit as bad as bitcoin so what does that tell you? Things do indeed change.
Goldman Sachs on Btc/Eth. At least it's easy to understand.
https://www.zerohedge.com/markets/amazon-information-goldman-initiaties-crypto-sees-ethereum-overtaking-bitcoin
You never hear about Wall St banks owning much bitcoin. However the banks have customers trapped in bitcoin and because of this I think there could be at least one more big rally left. Right now IMO they have to come up with a new raison d'etre for btc that the public will buy.
Yes, they are talking about replacement but not through with it yet IMO.
Bitcoin reversed back upward very close to the potential bottom I mentioned in a previous post and now it looks suspiciously like it is forming a possible bear flag. If that turns out to be true then IMO the next low should carry it at least somewhat and maybe substantially lower than 30k. The bear market will continue until it doesn't and that IMO would have to be marked by a convincing break above 58k. I'd like to find out when GBTC becomes a seller instead of a buyer of btc. According to what I've read it's been priced at a record discount to nav for some time now. Tick Tock.
I read something about a problem with tether that involves purchasing ethereum. Sounded serious.
Chinese stuff just noise. IMO The issue going forward is what role if any can bitcoin fill?
Saw that INTV had a gap up opening today. Would like volume confirm. Like I said, short term TA is miserable but meaningful medium term TA I care about tells a different story. I own a few shares of INTV. Entertaining segment on CNBC with 4 guys stumbling around trying to come up with the NEXT can't miss bullish narrative on bitcoin now that currency and store of value are dead. I'm sure we will learn of the next big bitcoin fairy tale about why it's going to a zillion dollars or even more real soon. You go boys, market needs fresh cannon fodder.
The next bottom on btc does not have to go all the way down to 30k. It could terminate at 34.4k area for example. IMO the 30k print put 18.9k up on the radar but that is too for out for me to pay any attention to yet. The crash was not a complete surprise as I've been talking for quite a while about how bad the deteriorating btc internal TA has been. Obviously the crash did a tremendous but not fatal amount of technical damage and it is estimated about half the people wiped out or badly hurt will never come back. This is very common. The speed of the crash will likely scare away some institutional business. If btc could maintain a range of about 30k to about 57k that would be a positive IMO. Going forward I think Wall St and the btc whales will have even more control and will try to suck the public in one more time so I hope it all brings about a good and maybe excellent trading environment. All JMO and anything can happen.
Hoping for another shot at 43k on bitcoin. IMO right now this is close to the top of the range so I expect it to stop soon but if instead it can break through that could carry it up to about 46k. A few weeks ago I mentioned gold was just starting a new bull market so in case anybody actually listened and went along I feel obligated to say I am now out of gold stocks for a while.
BTC up against resistance at the 200ema. Been there all morning. I am looking for more of a bounce. No help from the miners which should give a frontrunning hint. I think btc might want to enter into a new lower than before trading range. If it does, IMO that would actually make it easier for folks to make money going either way. Lottsa guys talking about BTC being old outdated tech. I love it, setting up two hard sides.
Hey, Btc is a great trading vehicle, both ways.
Except for the 'store of value' part, bitcoin has been an excellent store of value. Almost as good as betting on horse racing.
Btc certainly hit a bottom today but IMO it's unlikely that was the final bottom.
Corp types are thinking ..... wow you can make 30 grand and lose 30 grand inside of 4 months in just ONE bitcoin. Just what I need to invest in for my job security
What do you suppose institutional cfo's are thinking about making a bitcoin investment right now?
This is starting out to be one of those days.....
DXY has been going down bigtime. BTC too weak to take advantage. Bad sign.
It would have been better if Elon already sold all his btc. It would have been out of the way and not overhanging the market. Elon knows this IIMO.
Bitcoin sitting close to 200ema rising support at 42158 should produce at least a short covering rally. Alts are no lifeboat. Still looking for signs of a bottom.
INTV 200dma is currently .151.
Bitcoin bounced up one time so far off of 200ema support. This is the important downside target for many folks. Critical support is the rising 200dma at around 39,550.
Can't blame Elon. The idea is to actually make money and he did excellent. Might hurt now but IMO his influence today on btc will fade quickly. Things change and there's always a bull market somewhere.
If you google elon musk twitter it says elon musk implied on twitter that tesla has sold or might sell its bitcoin holdings.
The second biggest internet bull Raoul Pal is selling now. I posted a video. I am watching to see if he is the goat who sets the bottom. If not then the absolute biggest bull crazy Michael Saylor is the goat. IMO when he finally sells that will set the bottom for btc. In any event although social media is packed with btc haters, bitcoin is not in a bear market until bitcoin is in a bear market. As of right now no bear market IMO.
One of the biggest bitcoin bulls explains why he is selling. Things change.
Old Wall Street saying: 'Everybody talks their own book.'
Square doesn't have to tell anybody whether they are buying or selling bitcoin and neither does Elon. So what is the motivation to talk about normally inside company business? Maybe they want to make clear that they are not promoting bitcoin at this time, at this price.
Who knows what the deal is? I don't. They might be worrying about a bear market. They could be short 400 or 500 btc futures contracts to hedge their long and not want to be accused of luring unsophisticated buyers into their short. Institutions are not always right and they definitely are not your friend.
Nwsun, The ceo has done a very good job of bringing this company along and definitely elevating out of being just another penny stock. No reason that can't continue and so that removes one big fundamental concern someone would normally have about any penny stock. That leaves a pretty clear track for INTV to be a potential 3x bitcoin trading vehicle with the advantage over other miners of price leverage as it takes less money to move a 20 cent stock than it does a 10 dollar stock. As a kicker I believe that there are signs of accumulation of the stock that bullishly diverge with the actual performance of the stock. This doesn't mean the stock can't still go down. IMO so much depends on bitcoin which is not acting terrible right now but is slowly heading toward entering a bear phase if nothing changes. Bottom line is I haven't lost any faith in INTV and it will be most likely my first choice just before bitcoin decides to give a green light.
Squares bitcoin plan hasn't changed and that plan currently is not to buy any more bitcoin according to their cfo who could not have said it more plainly. They may evaluate it but are NOT buying. Spin it however you like. This causes other cfo's to hold up and let's see what is actually going on here.
Stock made it through the news ok. Obviously what happens next largely depends on bitcoin.
INTV made very good progress and the market rewarded it with a move from .03 a short six months ago to .22 now. That is a huge move by any standard if it holds.
Good news as expected
Short answer: They ran up several thousand percent since last Oct. then Mr. Market decided that was enough of that. IMO some miners could be due for a sharp but limited short covering rally very soon.
Nwsun, that question is always in the discussion. Gonna happen sometime. Don't judge by the miners which are still overvalued. Bitcoin is not acting bad right now, nothing abnormal yet.
You guys got in at a good price. At some point the bear market in miners will be over. I was hoping to see a blowoff bottom in riot and mara this morning but no such luck yet. I am looking to get back into INTV but waiting till after earnings.