I thought this was the bitcoin price thread? This is a total potential pivotal point and crickets? Maybe everybody has given and since I started charting and is just waiting for what I post? Well here then: In every previous meteoric rise, the price movement was well under way by this point in the macd and rsi....currently it has not shown the same strength as the macd is already rounding, and the rsi is showing weakness. This doesn't mean it can't still move, but if you guys are comparing to past "halving" outcomes, this one is starting out much weaker, which imo doesn't bode well.
This is what I don't get about you, waxy, you seem to know about charts and you speak very confidently about stuff, but then you just fucking say things that are utter BULLSHIT, wtf, dude Oct 18, 2016 bitcoin halving year, price was $600, and 50% higher by eoy and then went on a huge run to $20,000 by ff year dec 2017 Oct 18,2020 bitcoin halving year, price was $11k, and almost 300% higher by eoy and from $11k to $69k by Nov of the ff year nov 2021 Now we're at bitcoin halving year Oct 18, 2024 and bitcoin is at $68k, WTF dude and you think it's much weaker???? Watch what happens by eoy, dude, and watch what happens next year, it's going to melt faces if you think $68k is much weaker In 2021, bitcoin was above $60k for less than 2 weeks, this level is so normalized that you actually got played into thinking $68k/btc is MUCH WEAKER
Look on the rsi man...this is a weak ass move at this point. Look at the lack of volume!!! Divergence RSI Divergence occurs when there is a difference between what the price action is indicating and what RSI is indicating. These differences can be interpreted as an impending reversal. Specifically there are two types of divergences, bearish and bullish. Bullish RSI Divergence – When price makes a new low but RSI makes a higher low. Bearish RSI Divergence – When price makes a new high but RSI makes a lower high. Wilder believed that Bearish Divergence creates a selling opportunity while Bullish Divergence creates a buying opportunity. _______________________________________________________ I also ran the numbers. The only question you need to be asking yourself is how long can this correction continue, instead of assuming it is over. It could be, and we launch, or not. We should know the answer to this very shortly...
We're not getting through to each other because you're purposely being obtuse You speak of charts which I don't do TA of the short term, I speak of price movements from bitcoin halving bull market cycles 4 year cycles then you conflate the 2 on your previous post OCTOBER OF THE BITCOIN HALVING YEAR, WAXY!!!! Wake the fuck up!!!! Do you recognize this chart below?
Until it shows itself on the chart it is a non-event. So far the chart is showing weakness. There needs to a break out very soon, or this "move" will fizzle out. Or if you don't like charts lets look at raw data instead of hocus pocus projections based on past halvings. Currently, only 14% of holders are at a loss on their position. Let's extrapolate from that. Typically that is something you would only find at the end of a rally, not the beginning or after consolidation has completed. Jan2021 rally Jan2023 rally
See, putting bullshit like that, 14% of hodlers are at a loss with bitcoin @ $68k???? 99.99% of hodlers are currently in profits Do you own any bitcoin, waxy? Do you own 15? that's over $1M at today's price Think of when you bought your bitcoin, are you telling me you timed the exact top in Nov 2021 $69k, when it occurred in less than 1 HOUR???? Oh, you bought some time this year, when? Let's put your theory to the test, ask anyone you know if they purchased bitcoin higher than $68k and when
It is saying that only 14% are underwater right now, which means 86% are in profits...which means 86% bought for less than todays price. At the start of previous rallies it was closer to 50/50 as shown in the 2 screenshots. Check it out yourself on chainexposed.com. They have tonnes of metrics.
Everyone? I do not know anyone who purchased bitcoin above $68k and I did not purchase my bitcoin holdings at anywhere close to that price In fact, I only know of one person who owns bitcoin out of all my family and friends that I've tried to convince since 2013 to buy bitcoin Not even my circle of friends who were speculating in crypto in 2021 bull market owns any bitcoin. THAT'S CRAZY! None of them would buy bitcoin, would rather buy altcoins I was BEGGING THEM to buy during the bear market, at least 1, nope, too much damage rekt with cryptos You did not answer me if you own bitcoin and when did you buy? Are you one of those everyone you said bought above $68k
Once again, it is saying that only 14% are underwater right now, which means 86% are in profits...which means 86% bought for less than todays price. At the start of previous rallies it was closer to 50/50 as shown in the 2 screenshots. So forget TA, forget EW, with this metric alone I would be leaning towards more pain before a rally to ath's.
99.99% of bitcoin hodlers are in profits, stop believing everything you read on shady website, only believe people on ET