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Re: Bitcoin

By: Decomposed in 6TH POPE | Recommend this post (0)
Sat, 04 Dec 21 9:28 PM | 30 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 27228 of 60008
(This msg. is a reply to 27018 by Decomposed)
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Re: “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. ”That was written on November 26th. If you remember my post and the accompanying chart, I called for Bitcoin to fall below $50,000. It did so this morning in a massive rout. I *really* wish I'd been looking at 5:30 a.m. but, for a change, I was deeply asleep. Bummer.

Bitcoin is still $49,000, having bottomed at $43,000. (Someone explain to me why the chart below shows it bottoming around $46,000.) I'm 8 hours late in buying but am still taking an initial ($500) position in ethereum since this is clearly the test of support I've been waiting for. This first purchase is just "dipping our toes" into the crypto market and learning how to make a purchase. We bought at $4,124.64 per ethereum. I'm hoping it will go a bit lower next week.

BTW, the commission through PayPal stinks... purchases above $10,000 carry a .75% commission. Smaller purchases carry much higher rates. Today's chart follows. We paid $9 on a puny purchase, and I expect we'll get another such fee when it comes time to sell.





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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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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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