I'm very bad at trading, lol, but I actually believe we're just going to continue going up, may pause for a bit when it gets close to $20K then continue going up. There's people on CT saying there's no meaningful resistance from here to 20K due to the very long bear market we've had, all the bears and sellers have given up or exhausted. Paypal said that the demand is overwhelming for Crypto that they raised the limit ($15K per day or something like that, I don't use it for purchasing bitcoin so didn't really look much into it). There's a lot of demand from wealthy investors (i.e. Paul Tudor Jones), retail investors (i.e. PYPL users), and also companies are using it for reserve cash (assets) i.e. MSTR/SQ I would advise not to get shaken out of bitcoin positions or trying to time or trade it, but that's just me, not financial advice. PS: Fed and friends are doing massive Brrrrrr $ printing to prevent a crash during this election uncertainties and even after election is settled, they will most likely do massive Brrrrr $ printing. Jerome was on CNBC earlier, dude is a crypto best friend, lol And this is what I posted a few weeks ago: Interesting idea floating on twitter. Bitmex is severely "crippled" and announced massive AML/KYC requirements and deadlines. Tens of thousands of bitcoins have been withdrawn from the exchange. It's a platform used for whales dumping and shorting. This break to the upside, $12K might just be the beginning of this bull market. ..../QUOTE]
Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government https://www.cnbc.com/2020/11/05/1-b...linked-to-the-silk-road-seized-by-the-us.html
Parabolas are fun to ride but they are not technically sustainable. It might not be much of a retrace, we’ll see. It could be the perfect storm. It’s looking at $16k rn.
That's the thing with this move upwards, it has seemed very orderly (to me). The resistance levels have been sliced through like a hot knife on butter. I can't do charts but Lee-Bax has been providing some very nice charts and very good calls on another thread. My FA opinion on why we're not on a parabolic top on bitcoin is that Bitmex was being used to suppress the bitcoin price in the past, (whales and wall street manipulators for their CME futures hedging strategies). Binance and other exchanges with futures trading are also being used as such. What changed? US Regulators and other worldwide regulators have been cracking the whips on these exchanges. Binance is under US investigation. These exchanges are on the ground tapping out and trying to run away. Now, we're entering a shortage of bitcoin supplies. If PayPal said they are getting overwhelming demand for bitcoins, do you think they will blindly take the other side of that trade (user buy and they blindly accept it without buying bitcoins from Crypto custodial entities like Bitgo or Gemini or bitcoin futures)? That's one very strong demand for bitcoin depleting the supplies and causing shortages. There's rumor PayPal wants to buy Bitgo, but that's an aside. The Institutional Investors are still buying bitcoin. They always have been through their otc connections. GBTC has a monster appetite for bitcoins and it's traded everywhere. The retail traders, who buy and sell and short are still in disbelief and will fomo when we go above $20K. Bitcoin will melt a lot of faces. My opinion is that maybe bitcoin is on a parabolic top at $50K on this bitcoin bull market cycle. I'm usually conservative so double or triple that $100K to $150K
One thing that's great about bitcoin (and cryptos in general) is the weekend, lol. US Stock markets are closed and all the degen traders are looking at bitcoin for some possible trade setups.
Cool site. https://bitcoinflow.io/ From the developer of the site. "When ITM calls start taking profit at a macro resistance level, we're going to pullback. I close out positions whenever they do this".
A 10 bagger of the crypto market from here would equal to 450B * 10 = 4.5 T. The market cap of gold is 9T. It seems alot of people think that it is a given that crypto will increase 10 fold or more. But do you rather own a bunch of 1 and 0's stored in the cloud, or half of all the gold world ? (440B * 10 (crypto) vs 9T (gold)) What am I missing here ?