BITCOIN THROUGH $4,000. WHY THIS IS NOT A BUBBLE

forexbrokr (67) in cryptocurrency • 7 years ago

GOOD EVENING STEEMIT!

Remember when I was all excited after Bitcoin broke above $3,000?

LOLOLOLOL, fucking check it out now!!!

$4,000 plus baby!

I know I'm a bit slow to the #fourgrandparty, with bosses like @bulleth writing their Bitcoin at $4K blogs nearly a full 24 hours ago, but I've got something a little different than just CHART ART analysis for you today.

So with Bitcoin making further new highs, the internet is once again abuzz with the self-proclaimed experts telling you and any other mug who will listen, that crypto is a classic bubble.

Case in point, old mate Dian’s BTCUSD - New Paradigm Phase TradingView post chiming in to tell us that “every bubble ended the same way” and that “they all came back down sharply"

Here is the image of the TradingView post that I linked above:

Dian’s Modern Bubbles:

Oil: 2008

Nasdaq: 2000

Shanghai Index: 2007

Dian goes on to post charts of each of the bubbles below and hey, they look pretty similar. Maybe she and that pest in your office at work who always told you so, but never seems to be getting anywhere from those great calls himself, might actually be onto something here?

No.

The difference between Bitcoin/Cryptocurrency and the markets that are listed above is that they are all accepted at a mainstream and institutional investment level. Bitcoin on the other hand, hasn’t even started to be accepted.

I want you to start doing the @forexbrokr bubble test:

Ask your Mum, your neighbour, the bloke you buy your bread off and the next taxi driver you come across what their thoughts on Bitcoin are. Only when all 4 turn bullish on the same day, do you then know that the market is in a bubble.

I don’t know about you, but my Mum is not racing to open up a Bitfinex account any time soon and whenever I get in a cab and bring up Bitcoin in my normally annoying drunk small-talk, I get shut down before I can even finish my sentence with “SCAM, IT’S A SCAM”.

With the world continuing to go down the path of forced retirement saving to take the burden that an aging you is away from the state, there is no shortage of big money floating around at an institutional level. But how much of this money is going into crypto?

Yep. SFA!

I think the fact that Dian put a US stock market index that every week makes record highs above the supposed ‘bubble top’, tells you a lot about the logic here.

That there isn’t any. Buy the motherfucking dip!

BTC/USD is an absolute textbook bull market. After price has broken out and sits above higher time frame resistance, you're only looking to buy or you're fighting momentum that you just don't have to.

Buy any and all intraday pullbacks into short term resistance turned support. It's just bouncing every time. An absolute dream market.

Bitcoin is not in a bubble that will end in tears. Buy. The. Mother. Fucking. Dip.

Peace.

Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.

CHART ART: BITCOIN BREAKS OUT THROUGH $3,000 TO REACH NEW ALL TIME HIGHS!

CHART ART: Friday Altcoin in Focus: IOTA - IOT/USD

Please leave a comment with your ideas or just share a chart.

Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.

Twitter: @forexbrokr

Instagram: @forexbrokr

Website: www.forexbrokr.com

cryptocurrency trading bitcoin teamaustralia fourgrandparty

7 years ago by forexbrokr (67)

$31.76

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

themystic (47) · 7 years ago

The adoption has started globally and many countries are planning to regulate it in one way or the other to avoid the bad actors in it. Many celebs in different nations are promoting specifically Bitcoin for spreading the awareness.
This is just the beginning. If this trend continues we may see Bitcoin hitting a 10,000 mark this year itself. Hope for the best and invest wisely...

$0.07

2 votes

[-]

forexbrokr (67) · 7 years ago

Hey Mystic,

The decentralised and private nature of bitcoin makes regulation tough. Nation states can't just click their fingers and apply rules for fiat currency that they control, directly to a decentralised, global currency like Bitcoin.

They can make it illegal at a national level, but once again, in a global environment like we live in, this simply doesn't work.

Bitcoin is here to stay and countries need to get on board and ride the wave of momentum, not fight against it.

I've given you a follow. Cheers mate.

$0.05

1 vote

[-]

themystic (47) · 7 years ago

I hear you. I do agree on what you are saying but most of the European and Asian countries are planning to have some kind of reforms on how to encourage cryptos. Of course there is no more FUD about Bitcoin's acceptance anymore as it has passed that phase. But most of these countries are planning to regulate it and track it under the nation's Security and Exchange body. It would be really interesting to see what kind of measures they put in to so called regulate it and how it's gonna work?

Thanks for following @forexbrokr. I am doing the same. Cheers!!!

$0.00

[-]

vj1309 (65) · 7 years ago

Buy. The. Mother. Fucking. Dip.

I must say your analysis is a befitting reply to the skeptics who who never miss a chance to tag Bitcoin a scam or the current uptrend a bubble.

$0.05

3 votes

[-]

forexbrokr (67) · 7 years ago

BTMFD is very intellectual analysis. It attempts to encompass the emotions around fear of missing out in a runaway bull market.

It's just expressed in a way that everyone can understand :P

$0.00

1 vote

[-]

swissx (38) · 7 years ago

But, but.... It's a scam! It doesn't rely on the trusted governments that never stole from the simple citizens, nor the big banks that never lost our trust with bad loan bubbles.

$0.02

2 votes

[-]

forexbrokr (67) · 7 years ago

Try explaining that to your taxi driver who has been driving around for the last 13 hours and can't speak English well to even start with haha.

Crypto hasn't even started to scratch the surface of going mainstream!

$0.00

1 vote

[-]

swissx (38) · 7 years ago

Well, to this kind of people, just tell them, to buy quick to make a bunch of quick money they don't have the notion of investment, they know only work (blue collar) = money, everything else is a scam because thy are ignorant to the bone. they will buy high sell low anyway, maybe even giving you the keys or password.

$0.00

[-]

themystic (47) · 7 years ago

Absolutely. But the exchanges for now are regulated. Bitfinex would no more cater to US due to the regulations. May be a truly decentralized exchange could be a solution. We might need to wait for a while to make it happen. I guess project like Iconomi should succeed creating some excellent solution. It's still the beginning, many good things will show up our way. Be alert, invest wisely...

$0.00

[-]

tolkatore (55) · 7 years ago

We know the rules:

It's not a bubble, until old Granny is telling you about it. 👸

$0.02

2 votes

[-]

forexbrokr (67) · 7 years ago

Haha omg, picturing my late Grandma chatting about Crypto.

"I just wish I had have bought the motherfucking dip before I kick the bucket"

Kicking the bucket was her saying. Ah good memories growing up :)

$0.00

1 vote

[-]

funny4all (25) · 7 years ago

nice post

$0.00

1 vote

[-]

tolkatore (55) · 7 years ago

Hey thanks bud!

$0.00

[-]

forexbrokr (67) · 7 years ago

Hey @funny4all. Tell us a joke at least?

$0.00

[-]

perennial (61) · 7 years ago

The enthusiasm is high. Ain't gonna abate soon. Why it won't dip in my opinion is this, the distrust in govt is at an all time high. Venezuela is deep in shit because of bad financial management in a centralised government. Trump doesnt behave presidential enough to tell us he can manage America what more if he wants to manage the world. The underlying fundamental to any country is not the strength of its troops, its the strength of its economy. The backbone to any economy would be the currency that oils the clockwork. So there you go. Why do China shy away from controversies, because they ain't no hero. Won't shock me if they have a good stockpile of bitcoins as their reserves.

$0.02

1 vote

[-]

forexbrokr (67) · 7 years ago

Why it won't dip in my opinion is this, the distrust in govt is at an all time high.

Just wait until we see the next debt bubble burst and we get GFC at a global central banking level.

It's going to happen, it's just whether they can stay in control.

$0.00

[-]

perennial (61) · 7 years ago

We just need another Venezuela to happen. Spain and Greece are potential candidates.

$0.00

[-]

nolnocluap (66) · 7 years ago

BTMFD is very intellectual analysis. It attempts to encompass the emotions around fear of missing out in a runaway bull market.
It's just expressed in a way that everyone can understand :P

This is quite impactful. Sometimes people need to be shaken from their positions of fear or stubbornness by something "in the face". Nice post @forexbrokr. You've covered the topic on everyone's mind here!