The Bitcoin Core chain stands at the end of time. Why does it stand at the end of time? There is a lot of politics around this issue, and I don't care to argue about them. You do your own research. Where you put your money is your business. In the end, whether Core remains the champion, or Core dies as Bitcoin Cash or Segwit2x become the incumbent, where you put your money is your business. I recommend both hedging and investing in Bitcoin Cash. You can say what you want about that recommendation. Posterity will evidence the truth, and if you miss the train, well, it's up to each person to discern the truth in this muddy world where pearls and fish eyes are mixed together.
A lot of the smarter money than I am has been telling me lately that the longer term charts are what matters the most. In the range of 6H-12H-1D. I do tend to cycle between time frames, as a chart is a giant living fractal, but there's some interesting things to see on the macro term.
The white lines on the graph are all major trend lines drawn from the 1D chart. Where we are right now is in an ever-weakening ascending wedge in the long term, and our short term channel is also an ascending wedge. These patterns do not bounce indefinitely and will either break down or break up.
The previous two channels followed a similar path before breaking down, dropping below the cloud, bouncing, and regaining momentum for a new ATH. Right now for where we stand, for the pattern to complete, in terms of time we would be looking at a big dump coming in the range of immediately to early November before bouncing. And then when it bounces it would be projected to bounce somewhere in the range of $7500.
In the middle of November. Amidst all the hard fork drama.
That time line neither makes sense with the fork nor does it fit the trajectory from the other ATHs. Also, when you look at the longer-term graph, the size of this final ATH wave was really quite aenemic compared to the size of the waves in the previous two, although the volume was much higher.
Patterns fail and break down.
So what to do if Bitcoin Core, after a year of parabolic 1000% growth, actually collapses through its trendlines and enters a long term bear market? Think about all of the alts you've been bag holding for the last 2.5 months, how the volume is low, nothing is ever happening, there are never any gains, you're only catching falling knives, it's only getting sold off, and every rally gets nuked immediately. If you have traded alts in the last 3 months, you have been enduring the future Bitcoin bear market.
There are no bullish indicators on the 12 hour chart to be seen, and in fact squeeze momentum has finally logged a negative blip. The purple moving average line of Willy is descending, not ascending, and stoch is on the floor, which is a pattern consistent with the previous two breakdowns as well.
There is a very high chance that the Bitcoin Gold scamcoin was planted as the proof of work parachute for Core to switch to if Core does indeed lose hashpower to Bitcoin Cash or S2x. You can see something is up because Bitfinex, a place that is religiously on the same side of the river on every issue as Core, still has Bitcoin Cash labelled as "BCash", but somehow gave BGold its full name.
I had felt the entire time we had repumped up here that Bitcoin price movement was a bump and run and an exit strategy and something were amiss.
And because of that, there is actually a major chance we get repumped in November as Core's faction attempts to make the Core chain establish dominance and prepares their final move. But that being said, this time there are major risks it crashes through the pattern and enters a very perilous freefall.
The future of cryptocurrency is bright. However, Bitcoin Core is very unlikely to retain its first mover advantage.
Bitcoin itself will. Right now it's somewhat mis-labelled as "Bitcoin Cash", but time heals all wounds.
A lot of the smarter money than I am has been telling me lately that the longer term charts are what matters the most. In the range of 6H-12H-1D. I do tend to cycle between time frames, as a chart is a giant living fractal, but there's some interesting things to see on the macro term.
The white lines on the graph are all major trend lines drawn from the 1D chart. Where we are right now is in an ever-weakening ascending wedge in the long term, and our short term channel is also an ascending wedge. These patterns do not bounce indefinitely and will either break down or break up.
The previous two channels followed a similar path before breaking down, dropping below the cloud, bouncing, and regaining momentum for a new ATH. Right now for where we stand, for the pattern to complete, in terms of time we would be looking at a big dump coming in the range of immediately to early November before bouncing. And then when it bounces it would be projected to bounce somewhere in the range of $7500.
In the middle of November. Amidst all the hard fork drama.
That time line neither makes sense with the fork nor does it fit the trajectory from the other ATHs. Also, when you look at the longer-term graph, the size of this final ATH wave was really quite aenemic compared to the size of the waves in the previous two, although the volume was much higher.
Patterns fail and break down.
So what to do if Bitcoin Core, after a year of parabolic 1000% growth, actually collapses through its trendlines and enters a long term bear market? Think about all of the alts you've been bag holding for the last 2.5 months, how the volume is low, nothing is ever happening, there are never any gains, you're only catching falling knives, it's only getting sold off, and every rally gets nuked immediately. If you have traded alts in the last 3 months, you have been enduring the future Bitcoin bear market.
There are no bullish indicators on the 12 hour chart to be seen, and in fact squeeze momentum has finally logged a negative blip. The purple moving average line of Willy is descending, not ascending, and stoch is on the floor, which is a pattern consistent with the previous two breakdowns as well.
There is a very high chance that the Bitcoin Gold scamcoin was planted as the proof of work parachute for Core to switch to if Core does indeed lose hashpower to Bitcoin Cash or S2x. You can see something is up because Bitfinex, a place that is religiously on the same side of the river on every issue as Core, still has Bitcoin Cash labelled as "BCash", but somehow gave BGold its full name.
I had felt the entire time we had repumped up here that Bitcoin price movement was a bump and run and an exit strategy and something were amiss.
And because of that, there is actually a major chance we get repumped in November as Core's faction attempts to make the Core chain establish dominance and prepares their final move. But that being said, this time there are major risks it crashes through the pattern and enters a very perilous freefall.
The future of cryptocurrency is bright. However, Bitcoin Core is very unlikely to retain its first mover advantage.
Bitcoin itself will. Right now it's somewhat mis-labelled as "Bitcoin Cash", but time heals all wounds.
