Bitcoin Analysis

[Pharaoh]

Frankly, the USA government will probably zero in on Bitcoin and other cryptocurrency due to preferred payment for shady deals that wants anonymity and, as such, new laws to curb usage of cryptocurrency should be in the pipeline. China has their own cryptocurrency and is contemplating banning Bitcoin, and likewise, other countries will probably follow suite.

Check what the US government did to e-gold. Long before cryptos, there were digital currencies. Blockchain wasn't a thing then. Instead, each one was centrally controlled. The US government decided that e-gold (allegedly backed by actual gold) was being used for too many bad things (despite the company behind it helping in many criminal investigations), so one day decided to bring charges against the company and managed to not only crush it out of business, but to confiscate much of the gold it owned.

So, unless bitcoin can shed a ton of its privacy and allow itself to be under US financial jurisdiction, I suspect that it's just a matter of time until the US finds some excuse to make it illegal.

 

[RahmanSL]

Check what the US government did to e-gold. Long before cryptos, there were digital currencies. Blockchain wasn't a thing then. Instead, each one was centrally controlled. The US government decided that e-gold (allegedly backed by actual gold) was being used for too many bad things (despite the company behind it helping in many criminal investigations), so one day decided to bring charges against the company and managed to not only crush it out of business, but to confiscate much of the gold it owned.

So, unless bitcoin can shed a ton of its privacy and allow itself to be under US financial jurisdiction, I suspect that it's just a matter of time until the US finds some excuse to make it illegal.

All the USA government need to do is to mentioned the magic words "control & taxes" on Bitcoin to curb being used as difficult to trace payment for blackmail and other illegal activities and Bitcoin will take a deep dive. I was waiting for those "magic" words during press conference on the recent ransomware attack & payment on Colonial Pipeline, but it seems they took pains to avoid mentioning those "magic" words.

I suspect the reason Bitcoin is still occasionally moving to the >USD40-41k level is because of those Traders caught and holding large quantities of Bitcoins when it was at the >USD50 price and are now desperately trying to force the price upwards to either break even or with a little profits.
The SEC or some agencies should check whether that Tesla guy (and other powerful individuals) is manipulating the price of Bitcoin (and other cryptocurrencies) with his public statements and tweets.
All in all, I think Bitcoin will eventually drop to the USD25-20k levels and perhaps to settle at the USD5-8k.
To test this, I am going to open a new trading account and put in three short orders on Bitcoin when it's at the USD40-41k level and leave them to run with TP at USD25k, 20k, and then 8k.
Furthermore, my Broker pays around USD8.33 daily positive swap per 1 lot size short positions on Bitcoin which is not too shabby.

 

[Amina El Mehdi]

i dont wanna believe it but someone it seems right

I also don`t believe they really has seized this coins but never mind.

 

[RahmanSL]

Are you serious?

Given a choice, would you hold 1 oz of Gold presently valued at US$1,764 an oz or 1 Bitcoin at US$34,360 each (at time of writing)?
There is no question an ounce of physical gold is much more valuable then a virtual currency created out of thin air.

 

[JimmyRozza]

Given a choice, would you hold 1 oz of Gold presently valued at US$1,764 an oz or 1 Bitcoin at US$34,360 each (at time of writing)?
There is no question an ounce of physical gold is much more valuable then a virtual currency created out of thin air.

I'll take the Bitcoin thanks!

While it may have 'no apparent intrinsic value', it's far more useful to me than gold!
I can use my BTC for trading, staking, farming, you name it.
What will I use gold for? Making a necklace? The 80's are over and fancy bling aint in fashion anymore. There's also no way I'll go and trade my gold bar for a cow either like I'm living in 1600....

 

[RahmanSL]

I'll take the Bitcoin thanks!

While it may have 'no apparent intrinsic value', it's far more useful to me than gold!
I can use my BTC for trading, staking, farming, you name it.
What will I use gold for? Making a necklace? The 80's are over and fancy bling aint in fashion anymore. There's also no way I'll go and trade my gold bar for a cow either like I'm living in 1600....

For starters, you should educate yourself in the history of money to get a better understanding on how that works for thousands of years since mankind started trading with each other.

Good luck in holding your virtual money which nobody controls and is responsible for.

 

[bigbax699]

Looking back in on Bitcoin today. My last buy position was stopped out in profits. This is the best way to tackle the current Bitcoin chart. I see a lot of people calling it the end for crypto etc etc just because we have a small bearish run lol. Crazy talk, for me until we break this low I have marked out I am looking for buys. The first initial bear drop created the low and we still haven't visited that price again since. I am always willing to risk 1% of my account on a stop loss here at these positions for the potential huge possible returns. Trading is only scary and risk if you over leverage your position. Be sensible and take the positioned risk. GLIYF

 

[bigbax699]

Good afternoon all. Keeping a close eye on Bitcoin lately and this very strong demand zone we have bounced from multiple times over the past few weeks. I have entered a buy on the bullish candle close from the rejection of the demand area. Technically we broke the zone with price ever so slightly breaking below. But we saw what we have previously with the bulls fighting back and making price reject the 30k support area . So for me its enough to enter a buy position on the prospect of a good return if the big bull comes alive again. 2% risked on this position, I will move my stop loss into break even if we beak above 36.2K. Fairly easy trade to take this one guys GLIYF

 

[Amina El Mehdi]

Given a choice, would you hold 1 oz of Gold presently valued at US$1,764 an oz or 1 Bitcoin at US$34,360 each (at time of writing)?
There is no question an ounce of physical gold is much more valuable then a virtual currency created out of thin air.

Don`t take it personal but can you say what`s your age?

 

[ForexWarrior2020]

Good afternoon all. Keeping a close eye on Bitcoin lately and this very strong demand zone we have bounced from multiple times over the past few weeks. I have entered a buy on the bullish candle close from the rejection of the demand area. Technically we broke the zone with price ever so slightly breaking below. But we saw what we have previously with the bulls fighting back and making price reject the 30k support area . So for me its enough to enter a buy position on the prospect of a good return if the big bull comes alive again. 2% risked on this position, I will move my stop loss into break even if we beak above 36.2K. Fairly easy trade to take this one guys GLIYF
View attachment 66337

Its in some accumulation for sure interesting where it breaks out from here