Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 3. (Read 85774 times)

Maybe focus on the working Euro market ?

Yep, just look at those crazy insane investors...

https://gemini.com/auction-data/

Back in Sept 2016, I called $1500 Bitcoin. This wasn't based on any technical or fundamental analysis, but on something that came to me when I was tripping balls on Mescaline.

My recent call for a correction however, was based on technical analysis. If we both agree that Bitfinex's charts can be ignored and focus on Stamp's chart, that is still one very sick (in the traditional sense of the word) looking chart....but hey...this is a bull run and the Bitcoin market is very small and controlled by very few dominant players, could be the big blow off top is still to come. Certainly wouldn't be looking to short Bitcoin right now, but if I were long Bitcoin, I would def be looking to take profits up here.

Not only are the technical momentum and volume indicators looking weak, the fundamentals are fucking horrible right now also. We have this potential hard fork issue. We have Bitfinex trading at a $100 premium over anywhere else because no cunt can get their money out because of 'banking issues'  ( has anyone heard that one before?), and we have the Chinese exchanges which normally lead Bitcoin, trading at a $200 discount to the only USD based exchange with any semblance of credibility (Stamp).

No sane investor would touch Bitcoin with a fucking bargepole right now. That doesn't mean that Bitcoin can't ramp a whole lot more from here b4 it does, but anyone willing to take on all that risk may as well just go down the casino and put their capital all on Black.

Roach, Matt, are you both still sure about your predictions of some major correction in BTC?

I posted beforehand actually:



The Comex manipulated charts aren't really worth paying much attention to since it's nothing more than painting the tape.  Their charts have no relation to reality whatsoever, as the price of silver MORE THAN HALVED while demand for silver was skyrocketing to all time highs at the same time.  Here's some metals charts that actually matter:

r0ach does it again eh?

Announces his stunning gains in Litecoin, AFTER the fact.

Can't say that I disagree with you regarding Finex, but your new found continued saltiness towards Bitcoin and that exchange in particular, where you definitely didn't lose a single penny, cos you are too smart, or something, has been noted!

Bitcoin has run it's course for now imo, more or less.......




Your chart just shows a short term trend on LTF. Trend channels are there to be breached.

You do understand things like divergence between momentum indicators and price, and M and W market structure in both, and what they entail? My chart couldn't be more clear and it isn't a 4 hour chart, or even a Daily chart. It is a fucking weekly! The larger the time frame of a chart, the more accurate TA is likely to be. Weekly charts are not for day traders though.

On the subject of long term charts, here are a couple of whoppers:






Gold is such a long term no brainer right now. Looks set to break out into long term bull trend probs in around 8 months time. Wonder how that will align with global geo political events?

I'm dabbling in Litecorn right now in search of profits because bitcoin doesn't look like a good place to be.  Already made some from the last LTC move, but I think it has another move up left in it.  Gold just hit $1300 and silver $19.21 in Chiner!  Silver going up while having the largest amounts of shorts on record is gonna be interesting.  If it continues running, will be the biggest short squeeze ever.

But of course it doesn't matter to either of you guys what the bitcoin price action does, right?

Right? Because you think bitcoin is complete shit and you're both all 100% in PMs right now?

Because you wouldn't waste your time posting about BITCOIN on a BITCOIN spec sub if you absolutely hated it?

Right?  Right guyz?

GUYZZZ??

Your didn't use a good chart to show what's going on.  You made things entirely too complicated when all you need to know is that bitcoin formed a down channel and is currently at the top of that channel and can probably only go down form here:



I would probably just buy some litecoin rather than shorting bitcoin though, as it seems Litecoin will probably make another move.

As for what's going on at Bitfinex:

It is beginning to look like the Bitcoin train may be running out of steam for now.

That confirmed divergence between momentum (RSI) and price is a raging screaming sell signal, and bear in mind this a WEEKLY chart. Still lots of room to manoeuvre in both directions. Bitcoin could pop a little higher yet, but on the broader longer term scale, this is a very bearish looking chart. For long term holders, time to start taking profits. For those who have come late to the game and aren't super sharp trader sharks. Now is probably time to just get out of Bitcoin.



It would be great to combine a volume based indicator with this chart, but all the exchanges volume figures are tainted, inaccurate, or compromised in one way or another, thus volume based technical studies for Bitcoin can't really be done on large time frames such as Weekly candle intervals.

But we are still living in a paradigm were 'monetary belief' is held together at the most fundamental level by force. With that paradigm being the Global Petrodollar Hegemony enforced by the might of the US military. There are handful of not insignificant 'rouge' states whose are actions are undermining the US Petrodollar Hegemony. If these countries actions continue to go unchecked, much of the monetary belief holding up the USD as global reserve, could evaporate. WW3 will likely be fought to prevent this from happening. We can already see the beginnings of it in Middle East, Nato incursions into Russia's own back yard, adding to the already established US missile belt surrounding China and Russia, stretching from Japan, Korea, Middle East, Eastern Europe.

Bitcoin's value entirely depends on it's convertability into USD and any currency war resulting in a failing currency, will likely be very good for Bitcoin, UNLESS that failing currency is the USD. If/when the USD fails, then nobody will want to be holding artificially created proxies on real wealth. No paper wealth. No digital wealth. Only real tangible assets will matter.

Bitcoiners should all be cheering on the Neo-Con war hawks as they seek to back non-petrodollar hegemony compliant nations into a corner and ensure that there, and everyone else's currencies fail before the USD does.

In a way he's right. The believement into monetary value. The detail he messes up is the necessiarity to make someone believe by force. There are believers who got not forced, but still do believe.

There is no dispute over how bitcoin works. For years now. Your insistence on ancient concepts of what makes something a proper form of payment just makes you look stupid.

For something to be money, in addition to being easily divisable into different amounts, if it hasn't been inherently valuable in and off itself, then it requires some authority enforcing it's use as money, generally by demanding taxes or tribute be paid in that specific money. Take the authority away, and all fiat currencies are worthless, obviously.

Bitcoin has neither an authority behind it with the powers to demand taxes or deploy military force, nor has it any inherent value in and off itself.

Bitcoin is a wealth transfer commodity, which may be exchanged as USD proxy, but only as long as easy convertibility exists.

Which is still wrong. The only thing that matters is that you can trade it for stuff. Fiat currencies is an optional middle step for those who want it, but in no way required.

I feel like these conversations around bitcoin's viability long term are completely played out.  They've been talked about for what... like 8 years now? That's nearly a decade of time. I'm sure in another 8-10 years, people will still be droning on and on about it ad nauseum.

In the first decade of the "modern" Internet, people kept saying things like "Just one world catastrophe, and the entire Internet and its usage goes up in a poof of smoke".  Ok, whatever, just more Prepper talk completely divorced from reality.    People are ignorant to the fact that the Internet was originally created as a means of communication for just such an emergency situation.

Here we are 30 years later, and the Internet is still up and running, stronger and more distributed than ever. Now we have a worldwide Internet that literally is too big to fail. The entire fkn financial WORLD runs on the Internet, and that will always be true, even when we have the occasional worldwide crisis. Just like the world's central banks, they are not going anywhere, even if things get really bad.  They will still be chugging along.

So eventually Bitcoin will reach this level, where the worldwide Bitcoin network runs on the backbone of a financial internet that is literally here to stay forever. As long as the Internet is around, Bitcoin will be around. And people will use it, regardless of what the world's governments want or say.

People that think otherwise are just delusional Preppers. If we have Apocalyptic disasters one day that wipe out everything including all worldwide Internet communications, then Mankind has WAY bigger problems and even those silly gold and silver coins ain't gonna do jack shit for ya. Stock up on food, medicine, bullets, and toilet paper, because those become your new 'currency' barter system in that situation.  

No.

I am saying Bitcoin's value depends on it's convertibility into the USD.

Should the US government decide to take issue with Bitcoin, and make moves to suspend any USD denominated financial account linked to trading Bitcoin, then you will see the true value of your worthless vapour coin, and you will also see where the financial power lies. Any money that is exchanged for way way more than it's inherent commodity value, such as copper coins with gold and/or silver dye on them, bank notes, digital fiat or crypto, instantly become worthless the very minute the authority behind the denomination loses it's power. Thus, no USD, then no Bitcoin.

Bitcoin is a commodity whose utility is fast transfer of wealth and evasion of capital controls and covertibility into USD underpins all value that Bitcoin has.

You are saying that bitcoin is tied to the dollar. No wonder you couldn't hack it.

Sounds all a bit Mike Maloney to me. Bitcoin is neither currency nor money. It is not issued by any government decree. No authority seeks to collect taxes from it's citizens in Bitcoin, and it has no inherent value. i.e. if a government were to ban Bitcoin being used to transfer wealth, nobody would want it just for it's own sake, such as gold or silver.

Bitcoin is a commodity. It's utility is fast transfer of wealth with the volume of wealth exchangeable per unit, being measured in a wide array of global currencies (but totally tracking the USD price) being totally dependent on the antics taking place on a few unregulated and totally corrupt exchanges. And of course, Bitcoin's value is not derived from millions of people using it in everyday transactions. Indeed, in the UK the few early 'adopters' of Bitcoin payment systems seem to have abandoned it already, as Western consumers just don't have one single advantage in using Bitcoin for legitimate purchases, quite the opposite infact, even if someone actually holds Bitcoin, he is better paying for his new 50" TV with debit/credit card. Bitcoin's value is derived 95% from pure speculation. Not least of all being pushed up by venture capitalists who have invested up to their eyeballs in Bitcoin in one way or the other, and who are desperate to see it work. (in the long-run, it won't)