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Re: Bitcoin

By: ribit in 6TH POPE | Recommend this post (0)
Fri, 26 Nov 21 9:33 PM | 18 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 27026 of 60008
(This msg. is a reply to 27018 by Decomposed)
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...never forget ribit definition of technical analysis.

It is a tool that when used properly can determine what is going to happen to a stock yesterday.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!

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The above is a reply to the following message:
Bitcoin
By: Decomposed in 6TH POPE
Fri, 26 Nov 21 5:33 PM 		Msg. 27018 of 60008

Technical Analysis (TA) should always be treated as a flawed tool helping investors decide when to buy or sell a stock that they have already decided to buy or sell for fundamental reasons. So take this with a grain of salt.

A principle of TA is that investments will periodically test support levels, the most important being support at the prior resistance level. With bitcoin, prior resistance (180 day) occurred at about $50,000. Bitcoin is presently falling. As someone who has decided to buy crypto, I'm using bitcoin as a proxy for the industry and looking to make one or more purchases of ethereum as bitcoin tests support. I'll probably buy some ethereum when bitcoin hits $50k, some more if it falls below $50k, and then wait until I see if support held (that bitcoin didn't continue falling in an all-out crash) before making a 3rd and final purchase.



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