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I'm no TA anyone with better knowledge will hopefully come along swiftly and correct me where I'm inaccurate or just plain wrong but if you look at the attached JPEG I've (roughly) dropped on what had been the general-ish consensus trend lines forming the symmetric triangle (cyan) along with three areas of resistance/support at about 7.9k, 6.4k, and then 5.8k USD (yellow).
You may need to zoom in, sorry the lines are so thin!When we blasted off the bottom trendline and broke out the top on 13th April we couldn't break through the 10k area resistance as set mid-March, late Feb to early March, mid-Jan to early Feb and then all the way back to late Nov 2017. This break out is important because it occured at the point where the upper trendline of the triangle intersected with the 7.9k resistance. A lot of people viewed this as trend reversal and well calling for a big old bullrun. However as you can see we enter an ascending channel (red lines April 13th - May 5th) with a bull-trap/failed breakout about halfway up (late April) peaking just under 10k before dropping back into the channel, bouncing back off the lower trendline of the channel and failing to break 10k on May 5th and then breaking down back towards the 7.9k line which would then act as a solid support.
Once we broke though the 7.9k support level, there is very little to suggest any resistance until we hit 6.4k which we've done the past few days and dropped through. It's somewhat critical that we hold here. Right now it's looking pretty grim, we've had a small bounce from the upper end of the 5.8k support range at 6.1k at 6pm this evening, but after that initial bounce there's been next to no volume to even suggest that we're near done. If we break 5.8k expect to hit 5.1k.
I'm staying well out until this bloodbath is done!
EDIT:
Forgot to say that even if we get a bounce here and a decent upward retrace to 7.1k-ish we're still due a 5th wave down after that. -
Bull signs since the 29th June, or just speculation off the back off ETF approvals being made less stringent? Either way, everything's green (for now).
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It was so cool to read the whole thread from the beginning
And here we are now. -
Another interesting take on why Bitcoin is an environmental shitshow.
https://sluggerotoole.com/2018/10/12/bitcoin-must-die/
In a way, Bitcoin has become a microcosm of the global political failure on climate change. A small contextual elite have the power to make meaningful change but choose not to for reasons that seem primarily of self-interest while still trying to claim a moral high ground on secondary concerns. If that feels a bit of a mouthful, maybe it could be abbreviated to "cash tories".
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whats this Initiative Q thing then eh?
https://www.cointelligence.com/content/initiative-q-viral-response/
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An interesting experiment.
In theory, as long as you have a large enough potential user base, tokens can be given away for free IF they have future utility to give them value.
I can see the logic in their model. Fuck knows if it will work though. In my experience, airdropped tokens have not retained value well. I think the viral aspect of this project is trying to succeed where others have failed.
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I am an idiot who knows nothing.
Someone I respect has invited me to this.
Whatchu reckon?This is a new currency and payment network built by ex-PayPal guys, called Initiative Q. The Q currency is currently being allocated for free if you are invited by an existing member.
The idea is that if millions of people join, Q could become a leading payment network, and, according to well-known economic models, that means the value of the reward would be around $130,000.
The amount you reserve decreases every day, and each member has a limited number of invites. You can use my invite link here:
https://initiativeq.com/invite/rl3RnipsX
(Don’t worry. No funny stuff. You just need to give your name and email and your spot is reserved). -
See above.
Nothing to lose. I expect that it will be free money, just not as much as they say.
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Cool.
Sign up using my invite then https://initiativeq.com/invite/rl3RnipsX -
Too good to be true? Textbook pyramid scheme?
How will they stop the founders dumping their 10% on the market once listed?
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They're not ask8ng for money, can't be a pyramid scheme in that regard.
I suppose they're just paying you for access to your social networks.
Nothing to stop them dumping.
Nothing to lose. Even of it only trades at 0.5p it's still free money.
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If it is phishing, the organisers would be facing a severe penalty. I personally doubt that is the motivation.
I think they're just trying to get an accelerated network effect going to promote adoption.
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They're not ask8ng for money, can't be a pyramid scheme in that regard.
419'ers don't ask for money straight away.
You're reserving your place. At some point you'll be asked to pony up. For the founders to dump someone has to put in, I doubt it'll all be VC money.
[EDIT] To be clear, not saying it is phishing, it just sounds fishy the way it's all been phrased.
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If anybody felt kind enough to sign up by my link, that would be great https://initiativeq.com/invite/r-nimrnoQ
Festerban
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JonoMarshall
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Bitcoin / Bitcoins / Crypto Currency
Posted by
@hippy
I'd go the revolut, coinbase, gdax route. It's easy when you get the swing of it.
The revolut crypto is ok if you just want to speculate on a few major coins but you're not actually buying any coins, just revolut's share of them. Also prices are probably no better than the above option. It is very, very easy though.
If you may eventually want to diversify into other coins, have worries about revolut going bust, then the coinbase route is better.