Decentralized cryptocurrency: it is nothing more than a fantasy at this moment. Cash controls everything and cash is still king. The linking of futures to Bitcoin, thus eliminating the coverage against the devaluation of the fiat, was a brilliant move. Do people still think that the price of Bitcoin / Gold / Silver is determined by the markets where Bitcoin / Gold / Silver is being delivered physically? It is not a coincidence: the paper markets regulate them all. Not only do the futures control Bitcoin, but they also control the entire market of other crypts. One could say: one day, the debt will go out of control and the dollar could come to an end, then the value of Bitcoin could increase significantly, but until then, Bitcoin will remain at the bottom of Mariana Trench, deviating to the end. Hyperinflation of the dollar or ETF. Also, if people want Bitcoin to be worth more, they will have to create use cases where people really need it, but with better, faster and cheaper alternatives, why do we need Bitcoin? Waste mining really does not solve anything, it just creates another billions of dollars problem.
This chart .shows BTC compared to the 1974-2000 gold. Based on a superposition of the pattern, I came up with a lower part of $ 3000 for BTC. Ironically, 3k is the only point where BTC tested the previous maximum in the race until 20k, so it seems that we have completed all the gaps and we have returned to test the previous support. Everyone screams lower, well, these were the same people who shouted louder at 20k. The euphoria goes both ways, in the upper part for the bulls and in the lower part for the bears.That's also pretty much where the current falling wedge leads. Around 3.1k but according to EWT, diagonale ends up often in a throwover, so I'd call the bottom in the (loose) range 2.9~3.1.
A huge bullish RSI divergence is building up on the daily and lower. Which is what you would expect for a falling wedge.
there are ton of orders stacked up from 3100 to 2900 very strong buy wall sitting at 3050 corroborating this idea.
by the way People will sell BTC prior to Christmas. I expect $2850 in upcoming days. We are too close to 200MA weekly chart .
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