Bitcoin price suddenly surges to 3-year high

[Papahyooie]

People complain about not being able to get 30xx's when you could have just used your old cards and mined enough to buy a prebuilt PC with a 3080 or 3090 in it. Guaranteed way to get a 30 series card if you don't mind waiting for them to build it lol.

 

[lexluthermiester]

Up again it goes.....

If you look at the 7 day, it's not that much..

 

[Hemmingstamp]

If you look at the 7 day, it's not that much..

I know, The downward spiral had me on the oxygen mask throughout. Joking aside, I can't see it crashing like it did a few years back.
But I'm not privvy to insider knowledge.

 

[trog100]

If you look at the 7 day, it's not that much..

the only time period that matters is the one after that nasty crash down to 30K.. 30K was an important pivital point..

trog

 

[lexluthermiester]

I know, The downward spiral had me on the oxygen mask throughout. Joking aside, I can't see it crashing like it did a few years back.
But I'm not privvy to insider knowledge.

If you look at the trends, it seems like it's actually going to crash harder...

the only time period that matters is the one after that nasty crash down to 30K.. 30K was an important pivital point..

trog

Nope, it's not done yet. Wait for it.

 

[Hemmingstamp]

If you look at the trends, it seems like it's actually going to crash harder...

We'll see. I take litte to no notice of trends. If I did I would have sold everything including some internal organs.
Being erratic can lead to bad decisions, I'm not in that camp.
(Lend me a Dime Lex, I'm so poor right now)

 

[RandallFlagg]

I mean, historically, yes, you can. The USA didn't even have a univeral bank note for a long time in it's existence. People forget that.

The only thing a US State can coin must be actual coin of silver and gold. It's in the Constitution.

Text of Article 1, Section 10:
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

 

[lexluthermiester]

CoinRanking.com has things in a bump back up. Interesting.

 

[RandallFlagg]

They might have a few days or even a week or two to think about it. I see it bouncing up a bit on a daily scale, the divergence in price action (bottom of the image, the purple trend line at the bottom of the money flow indicator) is something that in laymans terms means 'there are more sellers than buyers at this low, but they did not outnumber sellers as much as they did at the last low'. In other words, the decline is weakening.

Also worth noting, this plowed through the 200 day moving average and then went right back to it, the 200DMA is at 39840 right now, BTC at 39,332. My guess is it will fight around that level for a few days.

It did this exact same thing back in April with the 50 day moving average. The 50 is the wavy purple line, I circled in red where it blew through it in April. That took about 2 weeks to work out. The 200 day moving average is the red line coming across. BTC rose right back up to it, just like in April.

^^^ This is exactly what BTC is doing now at the 200DMA, just like it did with the 50 Day Moving Average.

I do not know if it will make a solid break of the 200DMA. If it does, and exhibits bullish momentum upwards, it will have to break the 50DMA again as well.

It's clear it's going to have a go at it as it has upwards momentum.

If it does not break and stay above the 200DMA in the next few days to a week, it's likely that it will go down to the next support area which is around 20K.

At that point, the 50DMA might be crossing the 200DMA, which would likely signal more selling. The blue curved line from the left is the 50 Day where it stalled around 50-55K. The red line is the 200DMA where it looks like it is bottoming for a run at the 200 in lower right. RSI shows a bottom divergence (bullish) on daily scale, we'll see how far that takes it.

Edit: And Ethereum is fighting with its 50 DMA. I think whatever the resolution is, it'll be the same for ETH and BTC.

 

[R-T-B]

That is what you think. You have to be connected to a power outlet. Just where do you think you can go not to be tracked, space?

Solar panels exist. And bitcoin DOES have satellites in space running blockchain, so the irony in that one is a little funny.

You still have to use a financial institution of some kind at some point to "cash out" . So yes, it IS traceable.

There's bitcoin sales that take place person to person for cash. I believe localbitcoin(?) used (is?) to be the goto site for that. Honestly it gets A LOT more traffic this way than you would expect.

 

[lexluthermiester]

There's bitcoin sales that take place person to person for cash. I believe localbitcoin(?) used (is?) to be the goto site for that. Honestly it gets A LOT more traffic this way than you would expect.

While true, the moment regulations go into effect, the anonymous nature of it goes bye-bye and cashing-out becomes impossible without either declaring who you are and paying the taxes or breaking the law outright.

 

[R-T-B]

While true, the moment regulations go into effect, the anonymous nature of it goes bye-bye and cashing-out becomes impossible without either declaring who you are and paying the taxes or breaking the law outright.

True. Just saying completely shutting it down is akin to the war on drugs or piracy or whatever unwinnable battle you pick.

You'll never "win" but sometimes that isn't the point either.

 

[lexluthermiester]

You'll never "win" but sometimes that isn't the point either.

Good point!

 

[Outback Bronze]

Apparently China is allowing Crypto trading again. Unsure if its true.

 

[trog100]

Apparently China is allowing Crypto trading again. Unsure if its true.

View attachment 201520

in a limited way.. only certain people and maybe certain coins.. banks and the rich being those certain people..

trog

ps.. bitcoin and eth are dropping a bit.. not much so far but it could be another attempt to take it down below 30K.. but then again it could be nothing.. he he..

trog

 

[RandallFlagg]

Bitcoin bouncing off the 200DMA, raring back for another try. 15 min scale (the pink horizontal is the current 200DMA, give or take 50 bucks).

And ETH doing the exact same thing with the 50 day moving average, a little more success but still a fail.

It's amazing how similar these two charts look :

 

[ZenZimZaliben]

And yet for both ETH and BTC the overwhelming amount of transactions are BUY. Like 70/30. I'm up 1K per Eth right now since the low and almost 9k on BTC. Crypto is always on a cliff or a rocket to the moon, no long drives on flat roads. Daily.

 

[trog100]

from what i called the pivot point.. the last low.. eth is up near 50% and bitcoin around 30%.. the recovery is looking good..

for it to stick though we do need to keep going higher.. up to 50K.. if we get there its off to the moon again..

trog

 

[ZenZimZaliben]

from what i called the pivot point.. the last low.. eth is up near 50% and bitcoin around 30%.. the recovery is looking good..

for it to stick though we do need to keep going higher.. up to 50K.. if we get there its off to the moon again..

trog

But if you look at the last 5ms of transactions, 2 people sold and 1 person bought, so the entire crypto market just went bust. /s

 

[RandallFlagg]

But if you look at the last 5ms of transactions, 2 people sold and 1 person bought, so the entire crypto market just went bust. /s

Do you realize you are like the ultimate contrarian indicator? Every time you post something about BTC or ETH the crypto market tanks within a few hours. I should chart that.

 

[ZenZimZaliben]

Nice! I can work with that.

 

[Vya Domus]

Like I said, it will bounce around for a while, it's clearly encountering resistance both ways. I'm still convinced these movements were largely orchestrated, BTC price in particular is behaving a lot more like conventional stocks than it ever did.

The market is moved such that it maximizes retail investor involvement after which you get major dumps with a lot of selling pressure and shorting potential. It's fine if you notice the pattern and pay attention to the narratives in the news and when FUD is being generated but if you don't you're gonna get burned.

 

[trog100]

Like I said, it will bounce around for a while, it's clearly encountering resistance both ways. I'm still convinced these movements were largely orchestrated, BTC price in particular is behaving a lot more like conventional stocks than it ever did.

The market is moved such that it maximizes retail investor involvement after which you get major dumps with a lot of selling pressure and shorting potential. It's fine if you notice the pattern and pay attention to the narratives in the news and when FUD is being generated but if you don't you're gonna get burned.

i think you are right.. the fact the entire crypto market seems to be controlled by the bitcoin price makes this easier to do..

i am reassured by the belief that in the end the people doing the manipulating ultimately want the price of bitcoin and eth to go much higher.. its a long tern game..

trog

 

[qubit]

Iran bans crypto mining during hot summer months
https://www.rt.com/business/524923-iran-bans-crypto-mining-sunner/

 

[lexluthermiester]

Iran bans crypto mining during hot summer months
https://www.rt.com/business/524923-iran-bans-crypto-mining-sunner/View attachment 201796

Stand by to make it permanent...