BTC daily RSI looks like its going to break out of a 6 month long trend soon. Big move incoming.
Is that forecast (which way incidentally?) really based on those two blue lines (one of which is a straight line between two points - who would have thought it?)?
And I'd hope that 'technical analysis' would be a bit more sophisticated than the diagram shows.
You do realise, don't you, that when there is an apparent downward trend, there are only three possibilities next?
1) The downward trends continues
2) The downward trend levels off
3) There is an upturn in the downward trend
Nice 'technical analysis' to sort out that minefield.
'Trolling'? I'm not sure that we need that. It's far too easy using science.
No answer to what?
Yes, a downward trend, which is then getting squeezed by higher lows - what happens then? Sure, it could mean a big downward break out, but it could also mean a big upward break out. If it was to break downward to a lower low - this is unsustainable - as this is the RSI, not the price action, RSI can't go to 0, eventually the downward trend would be broken, meaning a bigger break out. If there's a downward break out and rejection from the top trendline, it's easy, just use risk management and set a tight stop.
Yes, trolling. Your entire contribution to the thread has been condescending concern trolling, with sarcastic quoting in quotation marks.
Is that forecast (which way incidentally?) really based on those two blue lines (one of which is a straight line between two points - who would have thought it?)?
Try to keep up.
And what you call 'trolling' others might call 'counter-argument'.
May I respectfully suggest that you seem to have a problem with 'interpretation'.
You should work on that. It might serve you well in the crypto-market.
I'll leave it there, as I clearly upset you.
Counter argument to what? What the fuck are you talking about? - serious question.
I clearly answered your question, yes, it is a trendline, i posted a link detailing what a trend line is.
Great, go away and don't post on this thread again, troll, you'll be missed..!
Ps, a tip: If you're gonna troll, don't dox yourself in your own username.
BTC daily RSI looks like its going to break out of a 6 month long trend soon. Big move incoming.
Are they trendlines on the relative strength of the market? It shows the RSI as 56.73, which is fairly neutral. The RSI won’t say much until it gets above 70ish or below 30ish.
I’m just not sure RSI trendlines add anything
agreed, usually, but this is a pretty clear trend that has been rejecting along the same trend that's been happening since january. It's worth keeping an eye on.
Apologies to kentaddick who regards me as some sort of dinosaur & takes my warnings as trolling. Obviously I expect kent's usual reaction. However, as I've been financially advising customers for 30 years I can't help continuing in the interests of all others. Here's an article some may find of use/interest from Professor Sid Mohasseb.
There is a critical threat to the world economy. This threat is loved by terrorists, transnational organized crime, and hackers. Many of its supporters explicitly state that its purpose is to hasten the collapse of the existing global economic order. That threat is bitcoin in particular, and cryptocurrency in general.
First, it’s important to consider how crypto works, and why people think (erroneously) that it’s a force for good. The economic theory behind a global currency dates back to the 19th century and Carl Menger’s School of Austrian Economics. The seemingly democratic and egalitarian idea of creating a currency that is controlled, created, managed and distributed by people and not governments may be attractive in theory, but in practice has unintended consequences.
The common claim made by bitcoin enthusiasts is that cryptocurrency marks a fundamental shift towards a decentralized world that isn’t manipulated by central banks or governments. I can understand why this is a seductive idea, especially when so many young people today saw their parents plunged into destitution after the 2008 crash.
But just because bitcoin isn’t controlled centrally does not mean it is decentralized. A thousand people own 40 percent of all bitcoin. With a market cap of more than $500 billion, 1,000 unelected, anonymous individuals can send tremors through the cryptocurrency market with a single shrug. That’s not decentralization — that’s a pump-and-dump scam.
Bitcoin has moved power from the hands of visible, elected regulators to anonymous individuals who may use criminal schemes to increase their profits. And ironically, bitcoin is subject to some of the most centralized economic power in the world.
“Pumps and dumps” are illegal when trading any other form of asset or currency, and the same should be true of crypto. Currently, the lack of regulation means crypto whales can continue to commit the same financial crime with total impunity.
The only real benefit of crypto is to criminals, whether facilitating financial crime or terrorism and drug-smuggling. In August 2020, the US Department of Justice revealed that the exchange Bitcoin Transfer acted as a central hub in six terror-funded operations in Syria’s Idlib. And that is not a one-off; bitcoin is linked to many other terror groups. As long as bitcoin remains an easily accessible, yet completely unregulated and anonymous ‘currency’, that will remain the case.
That’s not to say that traditional currencies aren’t used in terror financing, human trafficking and drug-smuggling. But those currencies have regulation that allows paper-trails to be established, and financing channels to ultimately be shut down. Bitcoin’s commitment to high-level encryption makes that impossible.
Banning crypto is impossible — there is no way to stop someone creating digital ‘tokens’ and encouraging others to treat them as a valuable asset. But regulating it is a must. Bitcoin’s fans, whether bedroom traders or El Salvador’s president (who recently declared it legal tender) want us to believe it is an attractive asset, a reliable currency, or both. In that case, we should treat it as such, and apply existing laws around money laundering and insider trading to it.
Emergent technologies are often adopted for nefarious use cases before going mainstream. Many internet technologies were fueled by online pornography. But as the internet has grown, so too has regulation. The two go hand-in-hand — and crypto enthusiasts’ pursuit of growth and resistance to regulation proves that they know the former is only possible because of the demand created by the lack of the latter.
There’s nothing inherently wrong with law-abiding people treating crypto like any other (speculative) asset class, and using volatility to their profit. But the more ‘regular’ people put their savings into it, the more important it is that we protect them.
This is too big to ignore. When a country like US ally El Salvador is recentering its economy around bitcoin, despite it being hostage to the whims of 1,000 anonymous individuals and regularly used by terrorists and mafias, it is time to act.
We need action now, and for the leaders of ‘advanced’ economies to learn from the crypto-hostile government in Beijing. If global terrorism and cybersecurity is a concern, then cryptocurrency must be a concern. We cannot ignore this for much longer.
Sid Mohasseb is Adjunct Professor in Dynamic Data-Driven Strategy at the University of Southern California. He is the author of ‘The Caterpillar’s Edge’ (2017) and ‘You are not Them’ (2021)
The main crux of the argument that crypto is bad is because it’s used by criminals is a load of rubbish - cash has been used by criminals for decades, does that mean cash is bad? Let’s also forget there’s one entity that prints that cash, and prints as much as it wants whenever it wants.
The article claims it’s “impossible” to track the transactions - this is rubbish, it is visible to absolutely everyone - literally the entire point of the blockchain. This article is repeating claims about bitcoin that were debunked years ago.
disagree, big pump incoming imo. Bottomed out and daily rsi trend getting squeezed. Could still be a big dump down to 24k, but pump is more likely imo.
Just a thought...if I was a criminal/money launderer/terrorist etc.... I probably wouldn't use a completely immutable transparent traceable network to move my assets around
The other thing about the centrality, and ownership in a handful of larger wallets ignores fact that exchanges are custodians of some of the largest ones and thus indirectly associated to thousands, millions of individuals/entities underneath
Isn't the point that as it is currently largely unregulated criminals can/do use it to avoid the anti money laundering / counter terrorism checks that exist in the traditional finance sector globally?
Just a thought...if I was a criminal/money launderer/terrorist etc.... I probably wouldn't use a completely immutable transparent traceable network to move my assets around
It also proves the utility of bitcoin - the ability to transfer significant sums securely, quickly and cheaply.
Isis made significant bank off the trade of oil, are we to ban all speculative trading of crude oil?
Criminals use encrypted messaging services like WhatsApp - are we to ban that too? Criminals drive cars to go commit their acts, are we going to ban those?
Just a thought...if I was a criminal/money launderer/terrorist etc.... I probably wouldn't use a completely immutable transparent traceable network to move my assets around
True of BTC, but not of things like Tornado Cash and Monero. Systems like those do pose a threat in the eyes of govs/regulators, and they're not just going to sit by and roll over. The unique issue they face is what can they actually do? Tornado cash is code, it's a smart contract on Ethereum that has no admins. The people who wrote the code don't have the power to change it or take it down. As long as one person is hosting it somewhere it will always be live.
We are already at the stage where anyone can have a completely private, cryptographically secure account to hide their money, without the risk of a panama paper paper style whistleblower. As more and more people realise that these ZK proof secured systems are 100% safe, the more money that will flow into them. For govs that's pretty terrifying.
disagree, big pump incoming imo. Bottomed out and daily rsi trend getting squeezed. Could still be a big dump down to 24k, but pump is more likely imo.
Just a thought...if I was a criminal/money launderer/terrorist etc.... I probably wouldn't use a completely immutable transparent traceable network to move my assets around
True of BTC, but not of things like Tornado Cash and Monero. Systems like those do pose a threat in the eyes of govs/regulators, and they're not just going to sit by and roll over. The unique issue they face is what can they actually do? Tornado cash is code, it's a smart contract on Ethereum that has no admins. The people who wrote the code don't have the power to change it or take it down. As long as one person is hosting it somewhere it will always be live.
We are already at the stage where anyone can have a completely private, cryptographically secure account to hide their money from governments, without the risk of a panama paper paper style whistleblower. As more and more people realise that these ZK proof secured systems are 100% safe, the more money that will flow into them. For govs that's pretty terrifying.
true, however what use is that wealth if no one else is willing to buy/sell their secure money? To buy anything, you still have to move to fiat, which then makes it easily traceable (except for private networks like the ones you mentioned). I think the future is more of a mid point, where centralised institutions that are almost like banks facilitate you being able to use defi/crypto wallets like a bank account, but with no banking system around it using your money for you.
disagree, big pump incoming imo. Bottomed out and daily rsi trend getting squeezed. Could still be a big dump down to 24k, but pump is more likely imo.
disagree, big pump incoming imo. Bottomed out and daily rsi trend getting squeezed. Could still be a big dump down to 24k, but pump is more likely imo.
Haha - just came on here to ask where the break out is :-)
And at the moment, 2/3/4 % drops in the price of BTC seem to equate to double digit drops for the alts - I guess it’s always been this way. For want of a better analogy, BTC seems to have the gravitational pull of Jupiter in our solar system and everything else gets sucked along with it
Lot of scams online with Cryptocurrencies at the moment from influencers using rug-pull and pump-and-dump techniques to scam the general population. Probably why the banks have come down so hard on cypto investments.
Comments
I clearly answered your question, yes, it is a trendline, i posted a link detailing what a trend line is.
Great, go away and don't post on this thread again, troll, you'll be missed..!
Ps, a tip: If you're gonna troll, don't dox yourself in your own username.
Obviously I expect kent's usual reaction.
However, as I've been financially advising customers for 30 years I can't help continuing in the interests of all others.
Here's an article some may find of use/interest from Professor Sid Mohasseb.
There is a critical threat to the world economy. This threat is loved by terrorists, transnational organized crime, and hackers. Many of its supporters explicitly state that its purpose is to hasten the collapse of the existing global economic order. That threat is bitcoin in particular, and cryptocurrency in general.
First, it’s important to consider how crypto works, and why people think (erroneously) that it’s a force for good. The economic theory behind a global currency dates back to the 19th century and Carl Menger’s School of Austrian Economics. The seemingly democratic and egalitarian idea of creating a currency that is controlled, created, managed and distributed by people and not governments may be attractive in theory, but in practice has unintended consequences.
The common claim made by bitcoin enthusiasts is that cryptocurrency marks a fundamental shift towards a decentralized world that isn’t manipulated by central banks or governments. I can understand why this is a seductive idea, especially when so many young people today saw their parents plunged into destitution after the 2008 crash.
But just because bitcoin isn’t controlled centrally does not mean it is decentralized. A thousand people own 40 percent of all bitcoin. With a market cap of more than $500 billion, 1,000 unelected, anonymous individuals can send tremors through the cryptocurrency market with a single shrug. That’s not decentralization — that’s a pump-and-dump scam.
Bitcoin has moved power from the hands of visible, elected regulators to anonymous individuals who may use criminal schemes to increase their profits. And ironically, bitcoin is subject to some of the most centralized economic power in the world.
“Pumps and dumps” are illegal when trading any other form of asset or currency, and the same should be true of crypto. Currently, the lack of regulation means crypto whales can continue to commit the same financial crime with total impunity.
The only real benefit of crypto is to criminals, whether facilitating financial crime or terrorism and drug-smuggling. In August 2020, the US Department of Justice revealed that the exchange Bitcoin Transfer acted as a central hub in six terror-funded operations in Syria’s Idlib. And that is not a one-off; bitcoin is linked to many other terror groups. As long as bitcoin remains an easily accessible, yet completely unregulated and anonymous ‘currency’, that will remain the case.
That’s not to say that traditional currencies aren’t used in terror financing, human trafficking and drug-smuggling. But those currencies have regulation that allows paper-trails to be established, and financing channels to ultimately be shut down. Bitcoin’s commitment to high-level encryption makes that impossible.
Banning crypto is impossible — there is no way to stop someone creating digital ‘tokens’ and encouraging others to treat them as a valuable asset. But regulating it is a must. Bitcoin’s fans, whether bedroom traders or El Salvador’s president (who recently declared it legal tender) want us to believe it is an attractive asset, a reliable currency, or both. In that case, we should treat it as such, and apply existing laws around money laundering and insider trading to it.
Emergent technologies are often adopted for nefarious use cases before going mainstream. Many internet technologies were fueled by online pornography. But as the internet has grown, so too has regulation. The two go hand-in-hand — and crypto enthusiasts’ pursuit of growth and resistance to regulation proves that they know the former is only possible because of the demand created by the lack of the latter.
There’s nothing inherently wrong with law-abiding people treating crypto like any other (speculative) asset class, and using volatility to their profit. But the more ‘regular’ people put their savings into it, the more important it is that we protect them.
This is too big to ignore. When a country like US ally El Salvador is recentering its economy around bitcoin, despite it being hostage to the whims of 1,000 anonymous individuals and regularly used by terrorists and mafias, it is time to act.
We need action now, and for the leaders of ‘advanced’ economies to learn from the crypto-hostile government in Beijing. If global terrorism and cybersecurity is a concern, then cryptocurrency must be a concern. We cannot ignore this for much longer.
Sid Mohasseb is Adjunct Professor in Dynamic Data-Driven Strategy at the University of Southern California. He is the author of ‘The Caterpillar’s Edge’ (2017) and ‘You are not Them’ (2021)
https://www.msn.com/en-gb/news/world/i-know-why-people-think-bitcoin-is-a-force-for-good-—-but-theyre-wrong/ar-AALVEX1?li=AAnZ9U
We are already at the stage where anyone can have a completely private, cryptographically secure account to hide their money, without the risk of a panama paper paper style whistleblower. As more and more people realise that these ZK proof secured systems are 100% safe, the more money that will flow into them. For govs that's pretty terrifying.
Met Police seize £180m of crypto in money laundering sting
https://www.cityam.com/met-police-seize-180m-of-crypto-in-money-laundering-sting/
I'm at the point that I'm thinking maybe I shouldn't DCA anymore as it feels like the only way is down currently.
From the co-creator of Dodgecoin.
Lot of scams online with Cryptocurrencies at the moment from influencers using rug-pull and pump-and-dump techniques to scam the general population. Probably why the banks have come down so hard on cypto investments.
One example of the scams I'm talking about:
in other news, adolf hitler complains about genocide.