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

[cygan]

The Montana state senate has officially passed a bill to protect Bitcoin and Crypto mining rights. The bill was led by Dennis Porter and the Satoshi Action Fund and was passed by a landslide vote of 37-13.

https://watcher.guru/news/montana-senate-passes-bill-to-protect-bitcoin-and-crypto-mining-rights

[ChartBuddy]

Explanation

[cygan]

[Inwestour]

Bitcoin has held up well through all this chaos even as traditional markets are breaking down.  That's a good sign for now and hopefully the "cycle" continues to overpower global investment conditions.  It would be pretty nuts if traditional markets and real estate all fell while Bitcoin saw another boom cycle.  It's almost hard to believe it could be possible, as we would all be in very good positions to invest in traditional assets.

It's hard to believe, if something happens that brings down all the markets, then the cryptocurrency market will follow the global trends. And if bitcoin manages to survive this, then I think that its value will only increase for many investors and I'm not sure if I would like to exchange it for any other assets under such conditions.

Wallets are weak, even hardware ones. They should only be used on a transitory basis for moving coins, never for long-term storage.

Why do you think, that hardware wallets are a bad way to hold bitcoins?

[ChartBuddy]

Explanation

[dragonvslinux]

Officially not liking the rejection from $25K anymore now $23K is breaking, this was my level for bullish continuation but instead is starting to look similar to that of August rejection.

Bulls think price won't re-visit $20K, bears still think we're going to $10K, probably both will get this wrong if Bitcoin get's it's way.



If price can turn the 50 Day MA into support around $22.2K and create a higher low then I'd happily change my mind, but otherwise it's rising very fast and looks like it could cut through with ease given the volume gap. Ideally we would have been re-testing it around $23K where there was/is volume support, but price has dropped too quickly. Daily RSI remains neutral so room for more downside, even if not quite bearish yet.


At best this is a fake out style shake out at volume support. Currently breaking the 200 MA on 4hr, which similar to earlier in the month might not be that bearish (or relevant):



Otherwise not too concerned about the pull-back as long as the 200 Day MA turns into new support around $20K. Accumulation volume at $19K still looks healthy to me, below that I'm bearish though.

[pawel7777]

just a weekend dip, r..right guys?

[ChartBuddy]

Explanation

[macson]

just a weekend dip, r..right guys?

don't panic, this is still under normal conditions, bitcoin price is always this fluctuating

[ChartBuddy]

Explanation

[ImThour]

just a weekend dip, r..right guys?

If you have bought below $17k like I did, you wouldn't give a single fuck about the price.
I believed the cycle, and the cycle played it the way It had to.



See you at $180k in November, 2025. Quote this shit.

[ChartBuddy]

Explanation

[LDL]

just a weekend dip, r..right guys?

[ChartBuddy]

Explanation

[xhomerx10]

just a weekend dip, r..right guys?

 HODLers dgaf about bears.

[BobLawblaw]

[ChartBuddy]

Explanation

[JimboToronto]

Why do you think, that hardware wallets are a bad way to hold bitcoins?

They involve trust.

[ChartBuddy]

Explanation

[Biodom]

Why do you think, that hardware wallets are a bad way to hold bitcoins?

They involve trust.

Merited, but it is a complex conversation.
OK, Ledger is proprietary, but Trezor is, apparently, open source, but we are trusting the Trezor live software, I assume (as well as ledger live respectfully).

It also seems like you can use 'words' and restore on any wallet that uses the same encoding scheme (BIP39, i assume).
people here showed somewhat ingenious method where they used actual hardware, like nuts and bolts for word engraving.
Being in the city-wide flood situation, one actual and a couple potential events, I don't think old school paperwallets are any better on the balance.

What is left: recording of the private phrase/seed and storage in some secondary places...good for redundancy, questionable for wallet security-remember that Dutch guy (mr. Taihuttu) with funky hair who sold his house for btc in mid 2017 and became a digital nomad-that is, apparently, his style: spread wallets over continents.

Tl;DR all address storage technologies have to improve if we are to expect btc to become a >$1mil/per asset in the future.