Bitcoin Technical Analysis December 28th!
Bitcoin Technical Analysis December 28th! Above is the 4 hour chart showing the start of a 4 hour uptrend in rising channel getting support at $12000. Major resistance should occur at $18000. A small pullback should occur at $15000. Parabolic Sar is in a downtrend look for this to be broken before a major upswing occurs. Stochastic RSI has crossed in the lower range a very bullish indicator. Buying dips should be profitable till Sunday. CME futures will end Friday nothing is holding back Bitcoin back at that point. Limit ups might push it higher on Sunday when CME futures open.
Wall Street likes to blow up bubbles. It's the #EverythingBubble. In cryptocurrency only #Bitcoin has the custodial agreements, futures contracts, safe counter-parties, and liquidity they need to play 🙂 We just front ran them too hard 🙂 Now they can buy the dip 🙂 pic.twitter.com/y0vgIB0tju
— $50kBTCRichard Heart (@RichardHeartWin) December 29, 2017
The spreads between Bitfinex, Coinbase, and Bitstamp are astronomical.
When Bitfinex lost banking, they were leading, when with no banking they should be lagging.
Just recently they are now significantly lagging which is indicative of serious issues, if it’s not artificial. pic.twitter.com/ITBm1Bqgti
— Bitfinex’ed 🔥 Crypto Blockchain (@Bitfinexed) December 24, 2017
Everyone is rushing into bitcoin: “2018 will likely be bigger” (a bearish Morgan Stanley admits) pic.twitter.com/5CQqRzDJTD
— zerohedge (@zerohedge) December 24, 2017
It is time to wreck all the CME #Bitcoin shorters that rode us down to 45% dip. They did 8,000 coins of volume today on the January contract. It’s time to show them what #BTC does to those that short the bottom. pic.twitter.com/gITR4gE5h7
— $50kBTCRichard Heart (@RichardHeartWin) December 22, 2017
During this #cryptocurrency market correction, always remember – this has happened before; everyone survived. Please #HODL. #btc #eth #bitcoin #ether #ethereum #fintech #ltc #xrp #ripple #alts #altcoins #BitcoinCash #BCH pic.twitter.com/cwl7XPUz5X
— Alex Melen (@amelen) December 22, 2017
Someone seems to have done a lot more research on Tether than I have. Holy shit. They go down the rabbit hole.https://t.co/dKu3JYlgzA
— Bitfinex’ed 🔥 Crypto Blockchain FinTech (@Bitfinexed) December 22, 2017
I thought from my TA that we’d unwind down to 13.7k or so, but we were on the rise, as we are again. Then Korea struck.
I’m still where I was. We’re in Limbo. I have a small short on ETH for a couple of percent, as I think we’re headed back up, but like yesterday and a few days before it:
I’m still not trading until we’ve cleared the 15.4k fib (finex) with some conviction, and even then, it won’t be much. I need to see us above 17.2k before I commit bigger sums from my trading stash. https://www.reddit.com/r/BitcoinMarkets/comments/7m5lgr/daily_discussion_tuesday_december_26_2017/drrym87/
The log support below us we’ve known and loved for a while is still way down there at around $8800. If natural descent + FUD couldn’t get us there, we’ve got some pretty good support even if you discount that we in the west dipped disproportionately more than Korea did (~12% vs ~8%). Madness. We didn’t even reach anywhere near the new & unproven log support line running through Nov 13 & Dec 21 which sits a bit above 12k now (finex). We may well retest these low levels, but, barring more FUD, we’re going to make a run at 17k first and very likely ATH, too, for the reasons I outlined at the end of the post linked above.
Most of what I need to know about Korea I’ve learned from BCH pumps. When it’s not pumping, BCH volume on Bithumb is between US$100MM and 200MM. When it pumps, it’s 15 to 20 times as high. It’s not all that different on ETH or BTC pumps. It’s to be expected with zero fee bot-driven mania. As with China before them, I’d be happy to see them disappear, and happier to see the zero fee nonsense go away and see a little realism. Don’t get me wrong — I’m as happy as the next guy to be among the first to see the artificial spike and take my piece of some greed-driven rube’s pie, but I never delude myself that it’s sustainable or that it’s anything other than a dog whistle to regulators and bear markets. The reality is that sustainable empires aren’t built on skimming from the ignorant, they are built on growing the pie through progress and finding ways to harness the “ignorant”, who after all, while ignorant in this arena are almost always productive in another. The American economy has suffered greatly over the last 20 years from Wall Street stealing the best and the brightest from actually generative enterprises and pressing them into separating the fools — often the dreamers who would happily spend decades in isolation and at the edge of poverty bringing those advancements to maturity — from the little money they have. The dreamers and doers who are the real engines of wealth. Goxing (much like the financial crisis before it) zeroed many of them out; they were ahead of the curve, investing in businesses that would have kept this enterprise growing rather than crashing. Zero-fee mania doesn’t wreck quite the desolation that Alexander (BTC-e) the Great did, but it does pump the money towards a few players who aren’t investing in the ecosystem, and who pee in the pool for those who are. Our bull run caught fire both from China losing their magical volume and then again from them dropping off the map altogether. A more rational Korea can only help.
I’m in this game for freedom. My DCA is down around $800 even after taking profits along the way, and if I hadn’t taken them I’d be retiring now instead of waiting for several more doublings. It’s not the first loss. I mined a few blocks back in the day which survived Gox and Mintpal but died in in Big Vern’s aptly-named cemetery. I’m not worried. I’d give it all up were this experiment to end in money that protects the freedom of individuals, that insures that millennials and younger kids like mine can transact in privacy and securely with anyone worldwide and that they don’t need the permission or intermediation of anyone else to do it. In such a world I’d even be fine with zero fees and bot armies. There’d be surplus to keep it minimal and enough services (by dreamers) to ensure protection.