Spitting out the Bit !
One Bad Looking Chart !
Any Bitcoin Guys Care to comment ? Dangermouse ?
Whats happening ?
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POSTING INFORMATION
That’s a HS topping pattern it’s going to 4
Maybe bitcoin is different, lol, but when any stock retraces below the 61.8 level, it usually means it’s headed back to where it started from so I agree with Todamoon.
I thought that was a bull pennant, much like the ones now forming for many gold and silver stocks. Yikes!
Looks similar to a lot of our charts doesn’t it ?
I show Bitcoin & GBTC moving into their next ICL.
Fully !! Full disclosure: I do not own 1 satoshi of Bitcoin !! I do own a lot of XRP (80% of my cryptofolio is XRP) and 10% is SKY (SkyCoin project is building the architecture of the decentralized internet) and about 10% are spread among 15 other alt projects.
I see a usecase for Bitcoin as digital gold. It has brand recognition and first mover advantage; but it‘s tech is outdated, is very energy voracious (1% of world power consumption) and it has an important scalability problem. However as digital store of value and with its limited supply, it has the power (especially amidst collapsing currencies) to go to a million dollars ! Why is it correcting ! Simple market psychology: after going from 3k to 13k it has to scare the hell out of weak hands in order to make holders worthy of profiting from the next move (to 30 or 50k). It is as simple as that !!
However the flippening has just began: XRP will soon take the lead and leave Bitcoin behind (in percentage growth). Swell conference will take place on November 7th. Lo and behold: the IMF will participate at this years Ripple conference !! Have you heard ? The IMF !!
XRP will be the new architecture and the backbone of the new digital decentralized financial system !! Even Bitcoin will run on the XRP ledger !! If you want I can try to elaborate and give you some hints….
Greetings to all my silver- and goldbug fellows !!