Bitcoin price discussion and analysis

[againsthegrain]

21st of may is the next hearing

Thanx, will keep a close eye

 

[Dark1975]

Thanx, will keep a close eye

Your Welcome

 

[waterbottle]

Looks like we've got 38k on BTC. Meanwhile ripple, ethereum, doge have lost 25%...

 

[qldfrog]

Can one short bitcoin?

How does one go about it if so.?

gg

there is a crypto related ETF in the US: BLOK, not sure it can be shorted but I think it can be.
just looked at crypto console, hard to be worse:

 

[cutz]

Just a personal opinion, if I wanted to be short crypto my idea would be bear/put option spreads on COIN, similar to the TSLA big short or step it up with a bear/calls coupled with long puts

 

[over9k]

Wow BTC now down 13%, almost 33% down from the peak....

Edit: looks like the PBOC doesn't want Bitcoin to be used for goods and services either....

Central Bank of China Bans Crypto Trading For Institutions and Businesses

Three associates of the People's Bank of China (PBOC), the Chinese central bank has issued a document prohibiting institutions and businesses from

coingape.com

Pfft. Riot's down 67% and down another 10% premarket. I might actually buy some on this dip.

Can one short bitcoin?

How does one go about it if so.?

gg

Bitcoin directly or just anything effected by it?

There's some pretty serious contagion going on giving you myriad opportunities to short the **** out of anything linked to it (you can obviously see my stock of choice)

 

[waterbottle]

I live vicariously through you

 

[cutz]

Pfft. Riot's down 67% and down another 10% premarket. I might actually buy some on this dip.

Bitcoin directly or just anything effected by it?

There's some pretty serious contagion going on giving you myriad opportunities to short the **** out of anything linked to it (you can obviously see my stock of choice)

CME futures look like they are about to freefall through 30K !!

 

[over9k]

Dropped another 1% just in the time it took me to take the screencap.

 

[over9k]

Cathie wood now banging on about what % of bitcoin is mined with renewable energy, how that amount is increasing etc etc.

Think she might be exposed and trying to repump it perhaps?

 

[Garpal Gumnut]

From the BBC just now.

For anyone who has followed the cryptocurrency scene for a while the events of recent weeks are a familiar story.
Some random event - say a tweet from Elon Musk announcing Tesla will accept cryptocurrency payments - sends Bitcoin to new highs, and people begin to say it's winning mainstream acceptance.
Then another random event happens, perhaps a change of course from the Tesla tycoon. It comes tumbling down again, and talk of it going mainstream fades into the background.
Last month, in a chatroom on Clubhouse (another phenomenon that seems to be swinging from boom to bust) I expressed some scepticism about crypto-currencies.
Up popped a senior figure from London's thriving fintech scene: "Rory, Rory," he chided me, "crypto is becoming an accepted asset class".
With big City institutions taking an interest, that had a ring of truth - back in April at least.
But this week the weather had changed with the Financial Times reporting "new doubts among institutional fund managers over the future of crypto-currencies as an asset class".
My mind went back to 2013 when I had first taken an interest in Bitcoin. In a report for Radio 4's PM programme I had bought a pizza for 0.5 BTC, a tortuous process which had not seemed worth the £30 it cost back then - of course at today's exchange rate that was a £14,000 pizza.
I had also written a blog post headlined "The Bitcoin Bubble", in which I tried to mine some lessons from a period when the price of the cryptocurrency shot up from $15 to $276 and then hurtled lower again.
I ended a piece in which I compared the cryptocurrency with 17th century Dutch tulips or London houses in the 1980s with this thought:
"Unless and until Bitcoin can be used to buy a sandwich, or be accepted by your friends when you pay them back for a restaurant meal, then it is likely to remain just a playground for geeks and gamblers."
Eight years on it is still virtually impossible to buy a sandwich with Bitcoin - or a pizza, despite a move by one booster to set up a Bitcoin pizza chain.
And why would you want to when there's a good chance you'll be mocked a few years later - as I've been for my transaction - for giving away an asset that goes on to soar in value?

gg

 

[ducati916]

At what level of purchase does a kool-aid drinker, HODler, feel safe to hold on?

Behavioural economics has established that the fear/pain of loss far outweighs the pleasure/courage of winning. BTC bounced a little at the $28K level, where there was the second support point this year, the first being at $43K, which held as solid as butter encountering the hot knife.

That support at $28K was not 'buying'. That was short covering. Which means that there is far more pain to come. You think the HODlers at the $28K level are up to the task? Not a chance. At the moment they are twittering amongst themselves promising to hold etc. while looking to sell as fast as possible.

There are no buyers. Whether it was Mr Musk, China, whatever, the dream for the moment, is over.

Next stop $20K, where we repeat the exercise.

The bottom is between $10K - $12K. I think that level will HODler. After that it depends on whether there is any buying interest. We'll find out soon enough.

jog on
duc

 

[ducati916]

We are already back down to below $38K. The time that took was 1 post, 1 kettle to boil and 1 cup of coffee.



A $200 spread. WTF.

jog on
duc

 

[Garpal Gumnut]

I learnt an important lesson as a child from my uncle Kunwari Gumnut who bought and sold antiques and knick-knacks at auction.

He used to say to me as we sat in his Citroën DS 19, Garpal always remember after the sale, think back to today's sale and ask yourself would you rather have been a buyer or a seller today.

Use your answer tomorrow at auction when you listen and watch the bids and auctioneer and also the storeman bringing the lots out, especially the storeman.

Well may BTC buyers and sellers today remember Uncle Kunwari Gumnut's sage advice.

It is the vibe.

gg

 

[Garpal Gumnut]

This my opinion only, but all my charting, trading and life experience ( gg being greedy and gg being fearful ) tells me that BCN will drop below $US 34,000 and go further to $US 24,000 or $US 14,000 within the next week.

This is TA 101. Lower highs lower lows = Downtrend. Expect a similar fall or 50% of a fall with each major $ point reached. 54-34-24-14.

gg

 

[waterbottle]

This my opinion only, but all my charting, trading and life experience ( gg being greedy and gg being fearful ) tells me that BCN will drop below $US 34,000 and go further to $US 24,000 or $US 14,000 within the next week.

This is TA 101. Lower highs lower lows = Downtrend. Expect a similar fall or 50% of a fall with each major $ point reached. 54-34-24-14.

gg

View attachment 124578

Agreed, we should get a direction soon... Interestingly the NASDAQ broke through 13000 support at the same time... They seem to be correlated, at least for now.

 

[grah33]

think it's gonna rise from here ,anyone?

 

[Garpal Gumnut]

think it's gonna rise from here ,anyone?

All the BTC traders are still abed.

It is only 3 am in New York and even though it is a 24 hour market they still need their sleep.

I don't think it is going to rise from here but I wouldn't trust a word that I say, or indeed anyone, including my old mates Elon and Mr. Xi, would say about BTC.

gg

 

[Joules MM1]

"price specific" thread

nice

 

[Joe Blow]

"price specific" thread

nice

For those who are focused on trading cryptocurrencies, there is also the Bitcoin and cryptocurrency trading thread.