Bitcoin - Part 2

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xjx388 said:
Much like what happens when I bet in roulette, whatever I think is going to happen does not happen. I honestly thought BTC would be below 6k by this time and here it is rebounding to over 8k. I do notice that Samson has not chimed in on BTCs movement so I assume the algorithm didn’t have much to say about the current status. If I had bought when it was hovering at $6500 and sold right now around $8500, that would have been a nice percentage gain.
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A reasonable way to look at TA is to consider out of the money/ in the money ratio. In this case 68/2902
I don't trade bitcoin because there is no appropriate instrument, but I think you can assume a drop of 33% would have seen me taking some profit even though that can be the hardest thing for some people..
 
This cat ain't dead
I think we can all enjoy the sparring, psion10 is a stalwart

Fascinating, best show in town.
 
Samson said:
This cat ain't dead
I think we can all enjoy the sparring, psion10 is a stalwart

Fascinating, best show in town.
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Agreed. This cat might have nine lives (bounces) but I reckon each one will be weaker that the previous bounce.

How high the bounce this time? I reckon it will stop short of $10,000.
 
Some reasons why some people like cryptos.

https://www.express.co.uk/finance/c...llennials-invest-latest-stock-market-sell-off

“Bitcoin’s anti-establishment roots and decentralised system brings with it the hope for a new economy that puts people over corporations.

“This is an extremely appealing message to millennials who watched their job outlooks dwindle as the financial crisis unfolded in tandem with their first-ever entry into the job market.”

Another study asked participants where they would invest $5,000 if they had to put it in one place.

Around 13 per cent of millennials chose cryptocurrency, compared with just three per cent of those between 45 to 64.
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Still a lot of hype out there. Some reckon the bounce is due to the fall in the stock market. From the frying pan into the fire I say to that.
 
Belz... said:
I think he means about Bitcoin. That is the topic of the thread, after all.
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Um, no. There are good reasons why one should predict the sun will rise in the east. It's not just guesswork. There are good reasons to think Bitcoin is hugely overvalued.

Predictions /= guesses
 
Fudbucker said:
Um, no. There are good reasons why one should predict the sun will rise in the east. It's not just guesswork. There are good reasons to think Bitcoin is hugely overvalued.

Predictions /= guesses
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Stop embarrassing yourself. There is no nexus between bitcoin prices and earth's axis of rotation.
 
psionl0 said:
Stop embarrassing yourself. There is no nexus between bitcoin prices and earth's axis of rotation.
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There most certainly is when it is used in the context of predictions.

Predicting that the sun sets in the West is as reliable a prediction as one can make. Not 100% because nothing in the future is absolutely certain.

Predicting future stock market moves and predicting the future price and direction of bitcoin is not as certain, but history has shown that fundamentals can be applied in the long term. That is why people were and are saying that the current "correction" in the stock market HAD to come, and was predictable except as to the time and the speed of the descent.

Short-term predictions are in the arena of "guesses" rather than a prediction based on some underlying reason.

Long-term predictions of speculative behavior has shown a typical rise and fall. The fall is usually to accepted valuations. The accepted valuation of bitcoin is zero. It has no function as a currency. That is why its fall to zero is a long-term reliable prediction and not a guess or opinion.
 
psionl0 said:
Stop embarrassing yourself. There is no nexus between bitcoin prices and earth's axis of rotation.
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So you totally missed fudbucker's point.
In fairness you are surviving as the thread sage.
So is the Turkey a week before Thanksgiving.
 
psionl0 said:
Stop embarrassing yourself. There is no nexus between bitcoin prices and earth's axis of rotation.
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Who says? I bet if the Earth changed its axis of rotation there would be an effect on the price of Bitcoin. And if the earth's rotation suddenly stopped, the atmosphere, oceans and topsoil would whizz off into space, along with all holders of Bitcoin who weren't tied down.
 
PartSkeptic said:
There most certainly is when it is used in the context of predictions.
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What a load of poppycock! Bitcoin prices are not subject to any known laws of physics. Even the block generation rate is subject to statistical laws rather than physics (which is why you can never tell when a new block will be added to the chain). As for the thought processes of future speculators ...

PartSkeptic said:
< ... Gorp ... Fnark ... Shmegle ... > (ftfy) The accepted valuation of bitcoin is zero. It has no function as a currency. That is why its fall to zero is a long-term reliable prediction and not a guess or opinion.
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2011 called. They want their failed argument back.
 
Craig B said:
Who says? I bet if the Earth changed its axis of rotation there would be an effect on the price of Bitcoin. And if the earth's rotation suddenly stopped, the atmosphere, oceans and topsoil would whizz off into space, along with all holders of Bitcoin who weren't tied down.
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All cats have 4 legs.
My dog has 4 legs.
.....
 
psionl0 said:
(snip)

2011 called. They want their failed argument back.
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They were right in principle. Just too soon to be long-term.

Cryptos have a massive industry behind them - and they are not just going to let it fall into the abyss like it is supposed to. But, like the laws of gravity, it eventually must and will.
 
Another sell confirmed by the 2 hour chart.
8430 currently.
Expect 7400 in the next 2 days.
 
Samson said:
Another sell confirmed by the 2 hour chart.
8430 currently.
Expect 7400 in the next 2 days.
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I will be watching.

So a two-hour analysis of bitcoin prices leads to a 2 day forecast? I know nothing about TA so I’m interested in how that works.
 
xjx388 said:
I will be watching.

So a two-hour analysis of bitcoin prices leads to a 2 day forecast? I know nothing about TA so I’m interested in how that works.
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Lower highs lower lows in the ups and downs, it is pretty simple. I will show workings when I get a chance.
If I see an earlier moment I will post.
 
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