Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[cAPSLOCK]

The latest pump made clear that we ain't going down soon, it seems. So we're in some kind of truncated correction move sideways with the bias to the upside.

The latest dump can only mean more of them sideways correcting/truncating.

As indicated by others, it's still accumulation time.

Those waiting for sub $7,xxxx:

Sub 7k would indeed be quite a drop.  But is it possible?  Absolutely.



(Credit @davethewave for image)

Dropping to the well loved support levels of 6xxx in this giant triangle would not be impossible to see.  But the thing is, since we are seeing the miners selling both all mined coins AND inventory left behind ( https://cointelegraph.com/news/grayscale-is-now-buying-15-times-the-amount-of-bitcoin-being-mined ) it seems highly unlikely that we will see those levels again without some huge fundamental issue.  And if we do, I would not expect we would spend much time down there.  The market forces around bitcoin are colluding in a way that the longer we go, the more likely we break this triangle to the upside.

And when that happens?

I think then the topic of fees will become very hot again.

If I did not have a couple lightning nodes right now, I would be thinking about starting one.

[JayJuanGee]

link the tweet then phil, i double dare you   also strike out the 'than' ^ for English clarity's sake  

anyway, as to the content, not 'capitulating', but trading; hedging, regrouping etc


edit: nice brother. some people don't like their experiments in english being critiqued, i get it, but you have been most charming.

If anything, Italians are NOT not charming.  #nohomo



frequently, get very excited, too.

The latest pump made clear that we ain't going down soon, it seems. So we're in some kind of truncated correction move sideways with the bias to the upside.

The latest dump can only mean more of them sideways correcting/truncating.

As indicated by others, it's still accumulation time.

Those waiting for sub $7,xxxx:

If you're a no coiner that's one thing, but if you have a decent stash, wouldn't you keep some cash for a dip ?

Yep, exactly.  Personally, I believe that you should never run out of cash, and always be prepared to buy dips.

Problem comes when the dip keeps dipping, and much more difficult to NOT run out of cash in those keep dipping circumstances.

[Arriemoller]

Sweden admits they were wrong with their covidiotic approach: https://www.bloomberg.com/news/articles/2020-06-03/man-behind-sweden-s-virus-strategy-says-he-got-some-things-wrong 

That man, Tegnell, or doctor Tengele as some people call him, is slippery like an eel, he changes his mind constantly and somehow makes it sound like he was right all along.

[JayJuanGee]

I don’t know if anyone remembers this game/list.....

This first sad face on this list was 27-12-2017

Now two remaining able to win the prize

-20/02/2020 romneymoney
-18/12/2021 luckygenough56

The game was when we hit 24777$

Who are you guys betting on from this moment?

Surely, looks like the odds are slightly in favor of luckygenough56, but probably many of us would prefer romneymoney to win it.

Looks like the split date is around 1/18/21... so romney wins if BTC reaches that price before and lucky wins if after... something like that...

[infofront]

Okay.

[Karartma1]

@Mic dude
I know man, you have even changed your username and updated your hat! I feel like Ulysses coming back home: of course time goes by but I have deep roots.  

@info
She clearly doesn't belong there. Poor girl.

[Phil_S]

[Ibian]

Sweden admits they were wrong with their covidiotic approach: https://www.bloomberg.com/news/articles/2020-06-03/man-behind-sweden-s-virus-strategy-says-he-got-some-things-wrong  

Well, they weren't. I'm sure it was just cultural stubbornness and dumb luck, but they made the right call. The cultural changes that have already happened and the legal changes that are going to happen will be far more damaging than the chinese flu turned out to be.

Also, from the article:

What is beyond debate, however, is the effect the strategy has had on the country’s death toll.

That is very much up for debate. We will need to compare to the rest of the world once the whole thing is over and done with. Also considering people who were already sick with something were among those most at risk, the total death count from all sources needs to be taken into account. It's too early.

[El duderino_]

Realizations by the public from the past 6 months:

* Money is broken
* The system is rigged
* Security is hard
* Experts can be horribly wrong
* Politicians wield too much power
* The world is fragile

I don't think I could design a crisis that's better for #Bitcoin adoption.

https://twitter.com/jimmysong/status/1268207029149216768?s=20

Spoken

[El duderino_]

I'm worried inflation is coming, which means even higher unemployment, fast rising living expenses, and many ppl's savings being whiped out.

If you're confused by the inflation/deflation debate, I recommend this thread:

https://twitter.com/TuurDemeester/status/1268207892286656519?s=20

I can't take the misuse of this terminology any more.

Inflation....Deflation....

Here's my point of view.

Central banks are aggressively "inflating" the fiat monetary base.  Since 2008, the US federal reserve has expanded their balance sheet from .8T to 7.1T.    Post 1
https://twitter.com/PrestonPysh/status/1268204131816218625?s=20

And a whole thread over it.....

[Ibian]

Okay.

the hell is a tiny girl like her doing in riot gear. she should be baking cookies for some guys kids instead of pretending to be a man.

[infofront]

You know - equality and all that. She's probably got a husband at home changing diapers.

[bkbirge]

I'm pretty impressed by BTC holding $9500 today. Seems overall bullish to me.

[Torque]

I'm worried inflation is coming, which means even higher unemployment, fast rising living expenses, and many ppl's savings being whiped out.

If you're confused by the inflation/deflation debate, I recommend this thread:

https://twitter.com/TuurDemeester/status/1268207892286656519?s=20

I can't take the misuse of this terminology any more.

Inflation....Deflation....

Here's my point of view.

Central banks are aggressively "inflating" the fiat monetary base.  Since 2008, the US federal reserve has expanded their balance sheet from .8T to 7.1T.    Post 1
https://twitter.com/PrestonPysh/status/1268204131816218625?s=20

And a whole thread over it.....

Everything that Preston Pysh wrote is DEAD on, and I wish more people around the globe understood this.

Couple what he laid out with this article that describes how MMT espouses excessive money printing combined with lowering interest rates below 4% actually have the *opposite* effect of what the Fed wants to happen:
https://www.zerohedge.com/markets/here-stunning-chart-blows-all-modern-central-banking

But what about the relationship between rates and savings, and by extension inflation? After all that is the topic of this post. Well, we can now confirm that our intuition from 2015 that negative rates are not only not inflationary but outright deflationary, and encourage consumers to save even more, was correct all along.

Below we post a chart from the latest Research Investment Committee report by BofA titled "Stagnation, stagflation or elevation", which with just one image blows up everything that is flawed with monetary policy. It shows that while lower rates indeed stimulate spending and lead to lower savings, this effect peaks at around 4% and then goes negative. In fact, the lower yields - and rates - drop below 4% - not to mention to 0% or below - the lower the propensity to spend and the higher the savings rate!

[xhomerx10]

Okay.

 There ought to be more stringent guidelines for "take our kids to work day".

[serveria.com]

Okay.

OMG that's HOT!  Now that's the type of riot police I like... 

[AlcoHoDL]

I don’t know if anyone remembers this game/list.....

This first sad face on this list was 27-12-2017

Now two remaining able to win the prize

-20/02/2020 romneymoney
-18/12/2021 luckygenough56

The game was when we hit 24777$

Who are you guys betting on from this moment?

Surely, looks like the odds are slightly in favor of luckygenough56, but probably many of us would prefer romneymoney to win it.

Looks like the split date is around 1/18/21... so romney wins if BTC reaches that price before and lucky wins if after... something like that...

And The Dude will prove his deep conviction to Bitcoin by awarding the prize to luckygenough56 on 1/18/21, without having to wait when BTC reaches $24777. Because it's not a matter of if, but a matter of when, so luckygenough56 wins on 1/18/21 by default. Now, of course, I wouldn't mind if romneymoney turned out to be the winner...  

2020, 2021, 2022, in the end, we are all winners.
HoDL.

[Cryptotourist]

You know - equality and all that. She's probably got a husband at home changing diapers.

That's a far stretch, even for Mrs Mclairy.

sorry man, could not resist

[Last of the V8s]

I'd do her
mother

[lightfoot]

Sweden admits they were wrong with their covidiotic approach: https://www.bloomberg.com/news/articles/2020-06-03/man-behind-sweden-s-virus-strategy-says-he-got-some-things-wrong 

I'll give the guy credit for admitting error. Doubt they will do the same thing again.