$Bitcoin (BTC.CC)$ a pennant was formed yesterday and there ...
$Bitcoin (BTC.CC)$ a pennant was formed yesterday and there was a positive breakout which we're seeing right now happen a rally in theory would put it at $64,100. it doesn't mean it's going to happen because the government is a major net seller of Bitcoin because you look who is in office you look who's running and Trump likes Bitcoin and the current administration is very much against it and has had nothing but regulations to prevent it from Gary gensler of the SEC down. the Bitcoin that they are dumping to break momentum to break trend lines was the siezed Bitcoin from exchanges that failed they're not selling it at auctions like they were supposed to because you can go and see the list of publicly traded auctions and you can see the amount that sold it's a half a Bitcoin it's one Bitcoin it's four Bitcoin and you can clearly see the sells of Bitcoin where it's been 600 900 extreme amounts in the open market just breaking all momentum and causing downward pressure.
it is considered a risk on asset however we have seen days where the market rallies where tech stocks rally and Bitcoin declines you've heard the correlation of Bitcoin and Nvidia and nvdia goes up Bitcoin goes up and that no longer holds true. why did it Spike overnight??? more buyers than sellers. at the end of the day that's the only true answer, everything else is just conjecture.
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35+ yrs in the trenches, raised tens of millions for start ups, syndicate ipo's, yrs on trading desk mkt maker.
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intellectual Sheep_2 : so why did it tread lower from ATH because there are more sellers than buyers overall? I guess thats the only true answer everything else is just conjecture.
10baggerbamm OP intellectual Sheep_2 : that really is the only true answer then you try to justify it by looking at the big picture.. so the story under Bitcoin if you click on it says Bitcoin rallies because of potential rate cuts. you can always create a story after the fact to explain what happens.. these are your backseat drivers your bobbleheads on TV that are the self-proclaimed Masters of the universe and yet they underperform the indexes..
the biggest running joke for me or all these fucking morons on TV that talk about the yen carry trade. I'll be the first to admit I never heard that term in my life and yet now all these people talk about it with 100% conviction that they knew exactly what was happening and the fact is they were deer in the headlights and they got slaughtered like everybody else on the way down. but now they're the expert and what's funny is they all talk about the Thursday before the Black Monday two weeks ago as when the yen the dollar broke.. and I posted chart showing that that's absolutely not true that all these people on TV are morons the end dollar broke July 11th and that absolutely coincides with when tech stocks started getting butchered. it didn't start the Thursday before the sell-off on Monday.
intellectual Sheep_2 : So you try to justify the raise from a one min chart? everything is projected to raise with rate cut. nothing spectacular about Bitcoin or its useless nature.
10baggerbamm OP intellectual Sheep_2 : actually that's a daily chart that's not a one minute chart
10baggerbamm OP intellectual Sheep_2 : I guess the question I have for you is if you think it's useless Bitcoin as a whole it is useless number one , why waste your time on the forum? clearly you're not here to let everybody know that they're wrong and you're right that you have seen the future and Bitcoin is zero and you're trying to earn your angel wings by preventing everybody else's financial demise.
intellectual Sheep_2 : erm you don't have a clue don't you? you have the right to post, why can't I respond. you are leading people to their financial demise by promoting Bitcoin and I'm here to stop it
10baggerbamm OP intellectual Sheep_2 : well what have your returns been on your account that's the question I have for you because somebody that talks shit about something clearly must be short the underlying position and if that's the case you've lost your ass over an extended period of time on bitcoin. do you own The leverage Bitcoin ETF bear position if not you're just wasting your breath because clearly you have been proven wrong it's being adopted globally it's only been around for 15 years it's not going away anytime soon and it certainly not going down because you say it is. and while you have the right to post you get nothing out of it in return you don't benefit financially so again why waste your breath when you're being proven wrong over any period of time frame?
FOMO-MOMO 10baggerbamm OP : That’s because he has a lot of free time on hand and probably has his hands burnt by shorting bitcoin - he is just angry and vents out his frustration here on this forum!
intellectual Sheep_2 : the opposite is true if you see the stock crashing more than 20%