Explanation
Chartbuddy thanks talkimg.com
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 1757. (Read 26724280 times)
September 11, 2023, 04:01:23 AM
September 11, 2023, 03:01:18 AM
September 11, 2023, 02:01:18 AM
September 11, 2023, 01:56:39 AM
This week candle was a spinning top doji, which is a candle that indicates indecision.
What’s quite remarkable though is that the past three weekly closes have closed within $400 of each other! Talk about boring and flat price action!
The good news is we closed well above our weekly 200EMA ($25.6K).
Regarding the weekly chart below:
1) The bullish Bump and Run pattern is still clearly in tact. This is the sloping red line of resistance that was breached at the beginning of the year with the back test in March. (Far right black arrow)
2) We are also above the horizontal Support/Resistance line, which coincides with the 50/100/200 Weekly MA Ribbon. This line is divided into TWO colors. Anything over the green color is good, a fall under the line turns it back to Red (which would be bad).
3) RSI (top ⭕️), is still under 50. Bulls want to see this get back over 50. Anything under is relatively weak and results in the price action we’ve seen this past month.
4) MACD/Histogram (middle ⭕️), still has a bearish slope and cross. BUT! The Histogram failed to make a lower low. In fact, it was equal to the past histogram bar. This sometimes will be a subtle hint that recent selling pressure is abating.
5) Stochastic (Bottom ⭕️), is now quite oversold with a reading under 20. In a Bullish market, this is also a good indicator of exhaustion of recent selling pressure. While they can stay “embedded”, the good news is that this oversold reading is happening at a time of high bearish sentiment as price rests within its weekly MA ribbon. In other words, people tend to be most bearish near the bottom.
Bottom line:
Like stocks, with their late summer swoon, $BTC is meandering above support as retail is becoming increasingly bearish and looking for another drop. And while that is still possible, the probabilities are starting to align with the Bulls from a technical and sentiment standpoint. In fact we haven’t breached our prior pivot low, and that is quite positive. The thing that will probably kick start our price action out of this range will likely be the equity markets. And as many here already know, I am VERY BULLISH EQUITIES into year end.
The last thing I’ll leave you with is this:
Exercise some patience! Those who have bought and held since the lows have already been rewarded, and those who continue to exercise patience will only be rewarded further once we move into the 4th quarter of this year.
That is all for now. ♠️
$BTC WEEKLY
https://twitter.com/JTheretohelp1/status/1701032867935953285
What’s quite remarkable though is that the past three weekly closes have closed within $400 of each other! Talk about boring and flat price action!
The good news is we closed well above our weekly 200EMA ($25.6K).
Regarding the weekly chart below:
1) The bullish Bump and Run pattern is still clearly in tact. This is the sloping red line of resistance that was breached at the beginning of the year with the back test in March. (Far right black arrow)
2) We are also above the horizontal Support/Resistance line, which coincides with the 50/100/200 Weekly MA Ribbon. This line is divided into TWO colors. Anything over the green color is good, a fall under the line turns it back to Red (which would be bad).
3) RSI (top ⭕️), is still under 50. Bulls want to see this get back over 50. Anything under is relatively weak and results in the price action we’ve seen this past month.
4) MACD/Histogram (middle ⭕️), still has a bearish slope and cross. BUT! The Histogram failed to make a lower low. In fact, it was equal to the past histogram bar. This sometimes will be a subtle hint that recent selling pressure is abating.
5) Stochastic (Bottom ⭕️), is now quite oversold with a reading under 20. In a Bullish market, this is also a good indicator of exhaustion of recent selling pressure. While they can stay “embedded”, the good news is that this oversold reading is happening at a time of high bearish sentiment as price rests within its weekly MA ribbon. In other words, people tend to be most bearish near the bottom.
Bottom line:
Like stocks, with their late summer swoon, $BTC is meandering above support as retail is becoming increasingly bearish and looking for another drop. And while that is still possible, the probabilities are starting to align with the Bulls from a technical and sentiment standpoint. In fact we haven’t breached our prior pivot low, and that is quite positive. The thing that will probably kick start our price action out of this range will likely be the equity markets. And as many here already know, I am VERY BULLISH EQUITIES into year end.
The last thing I’ll leave you with is this:
Exercise some patience! Those who have bought and held since the lows have already been rewarded, and those who continue to exercise patience will only be rewarded further once we move into the 4th quarter of this year.
That is all for now. ♠️
$BTC WEEKLY
https://twitter.com/JTheretohelp1/status/1701032867935953285
September 11, 2023, 01:11:44 AM
Curses! My new PIN must have overflowed into the transaction fee buffer???
This is satire.
This is satire.
September 11, 2023, 01:01:21 AM
September 11, 2023, 12:38:13 AM
It looks like FTX will be selling $200,000,000 worth of crypto every week for the next 17 weeks… This will start next week. This downward pressure on the market will likely hold prices somewhat in check until the end of the year. I’d imagine once this is behind us (and the mtgox coins are distributed) it should be the final hurdle before launch.
how much BTC do they hold?
I hope this is still accurate
FTX's Bitcoin Balance Plunges to Just 1
https://www.coindesk.com/business/2022/11/08/ftxs-bitcoin-balance-plunges-to-just-one
3.4 billion dollars worth of my math is correct.
My statement also assumes that Binance won’t become insolvent when a drop happens. I think that is the biggest concern for the crypto market right now. A run on BNB has the potential to take Bitcoin below $20K.
If my eyes were correct I asume 3.4 billion as well…. When it’s passing every 5 minutes on Twitter
September 11, 2023, 12:01:18 AM
September 10, 2023, 11:56:31 PM
Bitcoin User Just Paid Half a Million Dollars for a Single Transaction.
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
Good thing they used SegWit...lol
Maybe they are too stingy
September 10, 2023, 11:47:57 PM
It looks like FTX will be selling $200,000,000 worth of crypto every week for the next 17 weeks… This will start next week. This downward pressure on the market will likely hold prices somewhat in check until the end of the year. I’d imagine once this is behind us (and the mtgox coins are distributed) it should be the final hurdle before launch.
This is the situation:
Source
Nothing too worrying for BTC.
Not so sure speaking of shitcoins
Well that $1.27B on "other exchanges" doesn't look too promising if real.
$529 million in worthless FTT tokens? Seriously? That’s funny. I’ll be interested to see how much shitcoinery they can actually liquidate.
September 10, 2023, 11:31:57 PM
It looks like FTX will be selling $200,000,000 worth of crypto every week for the next 17 weeks… This will start next week. This downward pressure on the market will likely hold prices somewhat in check until the end of the year. I’d imagine once this is behind us (and the mtgox coins are distributed) it should be the final hurdle before launch.
This is the situation:
Source
Nothing too worrying for BTC.
Not so sure speaking of shitcoins
Well that $1.27B on "other exchanges" doesn't look too promising if real.
September 10, 2023, 11:31:10 PM
Just saying hello
I'm still alive and kicking
All the best to you
And Ukraine is still winning, locking forward to the day Russia is kicked out and I can say TOLD YOU SO.
I'm still alive and kicking
All the best to you
And Ukraine is still winning, locking forward to the day Russia is kicked out and I can say TOLD YOU SO.
September 10, 2023, 11:23:01 PM
Bitcoin User Just Paid Half a Million Dollars for a Single Transaction.
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
Good thing they used SegWit...lol
September 10, 2023, 11:01:18 PM
September 10, 2023, 10:30:42 PM
Bitcoin User Just Paid Half a Million Dollars for a Single Transaction.
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
September 10, 2023, 10:28:17 PM
Off topic (as usual for me), BUT the pic isn't...so there is that.
So I set up a little polishing station in the new garage.
Here's the medallion I made for myself 3 years ago. (I made El Duderino the twin. Most of the OGS in here have likely seen them already from past posts)
I got obsessed with You Tube restoration videos and polishing to a mirror finish.
So had to try it myself, and what better piece to try it out on than a work made, CNC milled, stainless steel medallion?
I almost got desired result, but taking a pic doesn't do it justice, as the mirror finish plays havoc with the lighting.
Plus I don't want to publish a mirrored selfie of myself in the piece, taking a pic. Not good for opsec, lol.
So I set up a little polishing station in the new garage.
Here's the medallion I made for myself 3 years ago. (I made El Duderino the twin. Most of the OGS in here have likely seen them already from past posts)
I got obsessed with You Tube restoration videos and polishing to a mirror finish.
So had to try it myself, and what better piece to try it out on than a work made, CNC milled, stainless steel medallion?
I almost got desired result, but taking a pic doesn't do it justice, as the mirror finish plays havoc with the lighting.
Plus I don't want to publish a mirrored selfie of myself in the piece, taking a pic. Not good for opsec, lol.
September 10, 2023, 10:01:22 PM
September 10, 2023, 09:01:19 PM
September 10, 2023, 08:11:37 PM
Haiku Sunday, so just for a shiggle, I pulled/edited a lyric from a recent track for this here famous thread.
The light is waning,
But faintly glows and we still
Just might sing as one
GO BITCOIN
The light is waning,
But faintly glows and we still
Just might sing as one
GO BITCOIN
September 10, 2023, 08:01:18 PM
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