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Will bitcoin or bitcoin miners come under attack by the environmentalists inspired by Elons new attitude?
Is Elon the tip of the iceberg?
Does anybody think Elon is going to be BUYING any more bitcoin? What is behind his radical reversal? Since he reversed on bitcoin what will other institutions now do? Oh my Goodness!
https://www.zerohedge.com/markets/bitcoin-plunges-further-musk-claims-energy-usage-trend-insane
INTV sitting just above the important 200ema support. If that breaks the next support is all the way down to the 200dma currently around 15 cents. The mining stocks are trying very hard to make people believe they are on a 'round trip' back to where they started the rally. Ok mining stocks do your thing. Whatever the case I am still looking to get back into this stock again very soon.
Riot at 22 in the aftermarket. Look for massive margin selling early tomorrow, might provide an entry point for a short covering bounce.
The light came on for Elon Musk who figured out that it's possible that a bull market might somehow someway be followed by a bear market sometimes so he won't sell cars for bitcoin anymore. A regular Sherlock Holmes.
It appears to me that somebody is accumulating this stock. While short term money flow and momentum TA are not ok, the medium term tattle-tale items I care about are starkly and in one case eyepoppingly divergent. Makes me wonder if this company can remain independent.
IMO INTV acts better than the other miners at least so far.
Bitcoin getting ready to do something.
Riot hitting 200ema at about 27 this morning. That is the first downside target. If it turns out that this isn't enough the next target is the 200dma around 21. INTV 200ema is just under 20 cents.
Although I read only a portion of all the posts on this board I have noticed that I tend to agree to some extent with some of what tat posts. I believe it's much more useful to hear both bull and bear sides on any stock instead of only constant one-sidedness.
Could certainly be more. The ceo did a good job selling INTV equity high while others were around to buy it high. Right now the miners are out of favor but that will likely change at least one more time if bitcoin can rally strongly. I would not be surprised if the miner stocks front-ran a btc rally. In fact I expect it.
If I paid 20 0r 22 cents for a stock and got a 40% profit in 3 months I would be thrilled. I might do that.
How BTC acts from 62.6 to 63.3 will tell a major story. How come I don't hear anymore silliness about people supposedly selling gold to buy bitcoin? I like cgc.
20stock. Just a few technical observations. INTV has not been acting as bad as most other miners. Been generally sideways since the middle of April. More importantly, IMO money has not been leaving this stock since early April and both On-balance volume and acc/dist have been bullishly diverging from the stock going all the way back to Feb. Not a terrible picture. I'm not the only guy who sees these things. However I'm not trying to convince you because I see no signs of a turn yet. That could change in a day or could be a month or could be even longer.
20stock, adding to AW104 great answer, it is my understanding that a number of the daily mined bitcoin may be retained by the miner and not sold into the market immediately.
Tweety, If you look closely you see btc momentum peaked back in January. From then on you see a series of lower highs in rsi, ppo and macd among others even as btc price went higher producing multiple important negative divergences for going forward. After the Feb high btc started to struggle to get to new peaks which were smaller and smaller percentage gains from the previous peak. This may be due to the constantly greater and greater amounts of money required to move a 60k vehicle and this in spite of all the additional increasing acceptance and institutional participation which of course is daily discounted into the current 60k price. IMO the high price threshold of bitcoin is a major cause of the alt ascendance. So the question is can bitcoin attract enough new money to actually move the price substantially higher or even maintain the current price. One potential path is I believe once the alt season runs its course much of that money will flow back into bitcoin and produce a tradable rally for people like us. The problem is we don't know when that will happen and more importantly where will btc and the miner stocks be when that finally does happen.
Very talented poet 20stock. I can't wait to hear about There was a young lady from Bunt.......Anyway Steve is the main and perhaps only reason you still have a chance to make some money with this stock. Be grateful. INTV will turn. Things change.
Miner stocks continue marching toward their 200dma's where they become a lot more interesting. IMO riot still has the worst looking chart. Timing is everything unless you love riding all the way up the hill and then all the way back down the hill again.....and again......and again.
And who runs Tesla? Who made the call to sell? Musk. He made a good trade. Timed the market really well.
Musk sold 10 percent of his btc.
IMO the amount of interest in alts is very encouraging for bitcoin going forward. At some point the hot money will flow back to bitcoin from the alts. When it does this should trigger more important bigger trading money back into btc and at the same time cause the shorts to reverse for a time. Trouble is, where will btc and intv be when the turn finally comes. Bitcoin and many of the miners are currently riding the rising 100dma and the longer that goes on the safer near term btc price action becomes IMO. Don't know how long the 100dma can last though and intv has broken that support and has had one bounce off the .22 Fibo support yesterday. I would like to see a repeat of that today. I do not consider intv breaking the 100dma a major issue.
IMO the market seems to treat INTV equal to the bigger miners in terms of reliability of the company. This is a pretty big thing because INTV stock being a penny stock has the potential advantage of price leverage over the bigger names in that it takes substantially less firepower to move an intv than it does a riot for instance.
I think one day when the focus finally shifts away from the alts this whole situation will change for the better. I do not think that time is far away.
INTV no different than almost any other miner stock. They got very overvalued on price. The market is simply trying to match price to performance. That's why it's called a correction. IMO they are most likely not dead yet.
If you overlay the Bitcoin daily chart on just about any daily btc miner chart you get a pretty good picture of the divergence that has been occurring for the last couple of months.
INTV appears to be breaking down from MA support. If this turns out to be true then it is close to Fibo support at .22 and after that critical MA support at about .195 which if the stock is over that defines the stock as bullish and under that defines the stock as bearish.
20stock, Thanks for a post worth reading.
Been waiting for this. BTC right up against the strong 50dma resistance. If it can rally up to about 59k then come back down and successfully test the 50dma that could possibly turn things pretty bullish. Be that as it may I am not expecting this right now because the BTC internal TA is in such bad shape and deteriorating. Having said that, things can and do change.
Further serious technical deterioration on both the daily and weekly charts for bitcoin manifesting. IMO a shot down to the mid to low 40's may be setting up for starters.
AP You are throwing spitballs at a battleship. I am gonna call them how I see them. Fact is I hope all you guys make a million dollars and you first.
EliSmith Sunday, 02/28/21 01:46:24 PM
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A couple of weeks ago I mentioned having laddered sells in place in this stock because the uptrend was very likely to end with a quick wick up and reversal. Well that is the way it turned out. When stocks go parabolic like this one did the rally is frequently three days. Now, although we are still miles away from (above) meaningful technical support I think I might try the opposite and put in laddered buys for a bounce once the stock reverses. You can look up meaningful support levels yourself. I am not expecting new highs for this stock or any other miner unless btc somehow rallies tremendously. Things change and then they change again.
Bart, You can believe anything you want. My only agenda is to bring 40 years of market experience to this board. The stock drop speaks volumes about the ultimately destructive excessive bullish propaganda. Early guys were given a once in a lifetime gift. I do not for one minute regret taking advantage of it. I made my money and not only that but I posted at that time why it should be sold when to sell and how to sell. Anybody who rode this down regardless of where they got in foolishly lost a fortune but in my experience that is what almost always happens to most guys in the market. I am not going to post my trades anymore but I will be back in if/when the time is right and I hope you can somehow start to comprehend that it's way more important to be be out again when the time is up.
That is my point Bart, you make it obvious money has been leaving all the mining stocks not just this one. Not picking on INTV but RSI has not been above 50 for more than a month and OBV peaked way back in Feb. however some money flow indicators may be attempting to bottom. BTC mining stocks started acting bad well before Bitcoin took a dive. I don't believe that this game is over yet but I have to pay attention to what the evidence says.
IMO A steady diet of bullish propaganda around here has not served the board well and contributed to some poor guys destructively riding this stock all the way down 70 some percent off the high (so far). IMO There is nothing normal or good about a 70 percent decline. Furthermore in a bear market stocks can get just as oversold as they get overbot in a bull market. Right now INTV and BTC are still bullish but this does not mean they cannot turn bearish.
Been looking for a rally up to about 58k. Btc was extremely oversold short term. Anyhow here's a coherent article.
https://fortune.com/2021/04/25/bitcoin-btc-value-drop-use-case-currency-digital-gold/
Bitcoin turns bearish if it gets under 40k convincingly whereas INTV doesn't actually turn bearish until it breaks .13. Still a pretty long way away from those levels so not up on the radar yet. IMO the worst miner chart is RIOT. Things change and anything can happen.
BTC holding the 48.8 Fibo support for now. I mentioned I was worried it might be made out of butter but it's better than butter. If it continues sideways we might get that snapback rally to about 57k. If it fails the next Fibo support is around 44.8, not too far away. After that there is strong Fibo and MA support around 40k.
Motley fool on btc and mining stocks
https://www.fool.com/investing/2021/04/23/3-bitcoin-stocks-to-avoid-like-the-plague/
nwsun the obvious target currently is 40k area. Don't know if it actually gets there but if btc breaks 40k convincingly then the odds of this phase being over go way up. As far as starting a new bull run after that it could be a week or 3 yrs or never. That would depend to some extent on when the market finds a new darling to replace btc. One encouraging fact right now for bitcoin is alts performing well. Money not leaving the sector yet.
BTC getting into short term technical oversold area. At some point soon look for a sharp snapback rally and perhaps some guys will use this for selling.