Crypto currency (IF banned from CA)

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DuuuncanHadaPigeon said:
Based on past bull/bear markets I think BTC will dump to $10,000 maybe a touch lower and ETH to around $850
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My reading of the chart would be if Bitcoin broke down out of the 32k-38k trading range on the downside the intial target would be 20k which were end of last year highs but as I say I haven’t traded bitcoin so not as familiar with its quirks.

For now it is holding in the trading range, just.
 
LinekersLegs said:
My reading of the chart would be if Bitcoin broke down out of the 32k-38k trading range on the downside the intial target would be 20k which were end of last year highs but as I say I haven’t traded bitcoin so not as familiar with its quirks.

For now it is holding in the trading range, just.
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In the past it tends to be 80-90% dumps from all time highs
 
LinekersLegs said:
Don’t know how reliable crypto is to technical charting but in trad fi this is one ugly chart unless it can quickly regain that trend line
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Yep, looks like it's broken down to me too. -50% from ATH with no significant bounce is substantial. Then again, manipulation in BTC is so blatantly obvious, so who knows what games are planned for the market.

When Elon and various other mainstream news outlets were shilling BTC I thought the writing was on the wall. I had friends coming out of the woodwork asking if it was a good time to buy. One of them I hassled for ages when it was at around 5k last April but he thought it was too risky. When it went to 50k+ he had no problem buying. When people like that are entering the market you know its time to start looking at the exit.
 
collymcd said:
Yep, looks like it's broken down to me too. -50% from ATH with no significant bounce is substantial. Then again, manipulation in BTC is so blatantly obvious, so who knows what games are planned for the market.

When Elon and various other mainstream news outlets were shilling BTC I thought the writing was on the wall. I had friends coming out of the woodwork asking if it was a good time to buy. One of them I hassled for ages when it was at around 5k last April but he thought it was too risky. When it went to 50k+ he had no problem buying. When people like that are entering the market you know its time to start looking at the exit.
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Bounced at 31k due to MicroStrategy bid,
Update (1230ET): Bitcoin prices are rebounding after MicroStrategy upsized its bond offering (which will be used to acquire more bitcoin), offsetting anxiety over regulation demands from the IRS.



A lot of underwater people like your friend, unless they are true believers, will bail out if they get to breakeven so however it goes you feel like there is a lot of 2021 overhead supply. Especially as now more things for people to do if they have been vaccinated rather than trading.
 


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