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

[dragonvslinux]

Leverage is short again (51/49) which is promising for an eventual short squeeze even if price is to go lower. I'd be worried if this correction was leading to the market being over-leveraged long. Personally I'd prefer a bear trap towards the $21K area where price saw initial consolidation. Golden cross (circled) due to confirm tomorrow which should generate some "blind buying" in near future. Daily RSI has cooled off now and currently testing bullish level at 60. Definitely some bearish divergence on higher time-frames but the bearish correction could have already played out it seems.



Not convinced we'll be testing the 200 Day MA around $19.7K anymore. Many who have been around since 2019 know that a re-test of this moving average in order to turn it into support (post bear market bottom) isn't as necessary as many would like to believe. The irony being that in 2019 the 200 DMA was trending downwards still (bearish) so arguably was more likely for a re-test compared to this time around as it's flat (neutral).

I otherwise genuinely believe we are approximately where the green arrow is (time-wise) or at least entering this area, towards the end of consolidation similar to April 2019. ie currently breaking the 20 Day MA (orange line) for a bear trap. Back then the consolidation lasted approximately 4 weeks, and since the pump to $21K we are entering the 4th week of consolidation. Quite possibly, the final week.



I also realise many people are speculating already that this is the case, but it seems most are still bearish that price will inevitably re-test $20K levels before moving higher, or we'll make new lows. Everyone is otherwise forgetting that Bitcoin has so far performed much better in the current bear market (% decline wise) within the inflationary macro environment, than previous bear markets of 2018 or 2014.

They still say inflation is bad for Bitcoin, but nobody cares to explain why 14-15 months after ATH, Bitcoin's price has dropped considerably less (-77%) than previous bear markets (-83%). I'm otherwise ignoring the short-term noise, as price remains firmly within the accumulation/distribution level around $23K. I'ts already starting to look like another bull flag breakdown without bearish continuation.

[1714202783]

1714202783

[ivomm]

It seems to me that the 6-day mini correction is done and we are ready to lift off again.

[ChartBuddy]

Explanation

[Sorryfor]

Death toll at 2,441
Injured: 12,013
Missing: 2,000+
Rescued: 2,800
#Turkey > 1,541 deads and 9,733 injured
#Syria > 900 deads and 2,280 injured




Twitter
Twitter

[goldkingcoiner]

The Central Bank of Nigeria is pushing for wider CBDC adoption by limiting ATM cash withdrawals and changing banknotes for lower denomination ones.

As a result, demand for $BTC is skyrocketing and price reached a 40% premium.

🇳🇬 Nigerians don’t want CBDC, they want #Bitcoin 

https://twitter.com/BitcoinMagazine/status/1622340350198136833?t=a01ntz9U9Dpjh5m72G7COw&s=19

CBDCs are just another scamming cunt criminal government invention based on nothing, no limitation, nada.

CBDCs are just the desperate attempt of the government to out-do Bitcoin after seeing how Bitcoin is completely destroying fiat. They finally realized that they cannot ban BTC nor put a leash on Bitcoin and it will be the new, global money in the near future.

So what do they do? Create CBDCs and hope it becomes the new Bitcoin.

Too late. Bitcoin has already won.

[ChartBuddy]

Explanation

[Gachapin]

Leverage is short again (51/49) which is promising for an eventual short squeeze even if price is to go lower. I'd be worried if this correction was leading to the market being over-leveraged long. Personally I'd prefer a bear trap towards the $21K area where price saw initial consolidation. Golden cross (circled) due to confirm tomorrow which should generate some "blind buying" in near future. Daily RSI has cooled off now and currently testing bullish level at 60. Definitely some bearish divergence on higher time-frames but the bearish correction could have already played out it seems.



Not convinced we'll be testing the 200 Day MA around $19.7K anymore. Many who have been around since 2019 know that a re-test of this moving average in order to turn it into support (post bear market bottom) isn't as necessary as many would like to believe. The irony being that in 2019 the 200 DMA was trending downwards still (bearish) so arguably was more likely for a re-test compared to this time around as it's flat (neutral).

I otherwise genuinely believe we are approximately where the green arrow is (time-wise) or at least entering this area, towards the end of consolidation similar to April 2019. ie currently breaking the 20 Day MA (orange line) for a bear trap. Back then the consolidation lasted approximately 4 weeks, and since the pump to $21K we are entering the 4th week of consolidation. Quite possibly, the final week.



I also realise many people are speculating already that this is the case, but it seems most are still bearish that price will inevitably re-test $20K levels before moving higher, or we'll make new lows. Everyone is otherwise forgetting that Bitcoin has so far performed much better in the current bear market (% decline wise) within the inflationary macro environment, than previous bear markets of 2018 or 2014.

They still say inflation is bad for Bitcoin, but nobody cares to explain why 14-15 months after ATH, Bitcoin's price has dropped considerably less (-77%) than previous bear markets (-83%). I'm otherwise ignoring the short-term noise, as price remains firmly within the accumulation/distribution level around $23K. I'ts already starting to look like another bull flag breakdown without bearish continuation.

appreciated. Thanks!

[Gachapin]

snip

you should get the award for the best merit beggar account name

[Gachapin]

The Central Bank of Nigeria is pushing for wider CBDC adoption by limiting ATM cash withdrawals and changing banknotes for lower denomination ones.

As a result, demand for $BTC is skyrocketing and price reached a 40% premium.

🇳🇬 Nigerians don’t want CBDC, they want #Bitcoin 

https://twitter.com/BitcoinMagazine/status/1622340350198136833?t=a01ntz9U9Dpjh5m72G7COw&s=19

CBDCs are just another scamming cunt criminal government invention based on nothing, no limitation, nada.

CBDCs are just the desperate attempt of the government to out-do Bitcoin after seeing how Bitcoin is completely destroying fiat. They finally realized that they cannot ban BTC nor put a leash on Bitcoin and it will be the new, global money in the near future.

So what do they do? Create CBDCs and hope it becomes the new Bitcoin.

Too late. Bitcoin has already won.

I've talked to a "crypto currency advisor" to the EU parliament.  She was completely clueless about Bitcoin's exceptionalism and an absolute shitcoiner...  (tried to talk me into buying her bags of idIOTA)
I reasonably assume that most politicians are even more clueless about the power of Bitcoin  ... way too early


 

[El duderino_]

[BitcoinBunny]

[Sorryfor]

Bitcoin is easy math!

Twitter

[ChartBuddy]

Explanation

[puloweh555]

Bitcoin lies still
In a sea of calm, no waves
Price movement slows.

Drama queen, the sky is falling!!! The sky is falling
No!!! The sky is blue!😂

[BobLawblaw]

Bitcoin lies still
In a sea of calm, no waves
Price movement slows.

Drama queen, the sky is falling!!! The sky is falling
No!!! The sky is blue!😂

Uncertain winds blow,
Rocking our fragile boats,
We cling to the shore.

[Hueristic]

Bitcoin lies still
In a sea of calm, no waves
Price movement slows.

Drama queen, the sky is falling!!! The sky is falling
No!!! The sky is blue!😂

Fuck off.

[ibminer]

I think they were using rifles.. but with better weapons, they would have taken it down much quicker then Biden did.

[BitcoinBunny]

What is happening to the USA?   

https://www.youtube.com/watch?v=QWEmhKJizho&ab_channel=MarkDice

 Well, if it's any consolation, less than 9 million people watched in 2022 - I would imagine the numbers are even lower this year.  My sisters don't even watch anymore and they used to be loyal fans - one of them was at my place last night watching Country Living Vlog with us and she didn't even mention the Grammys.

Well that's true. These days being nominated or winning a Grammy doesn't mean much anyway, certainly not music career wise. Look at the likes of Iggy Azalea, now on OnlyFans. 

[nutildah]

[ChartBuddy]

Explanation