40 BTC simple move pulls the whole market downwards...

in hive-167922 •  2 months ago  (edited)

Two days ago I explained about the high likelihood of obtaining a breakage upwards of an "ascending triangle" pattern on BITCOIN in this post.

The statistics indicates that on this kind of pattern, the likelihood of success is around 73%
Obviously, 27% of failure probability is not something minor and you have always to take into consideration the risk of placing your entries in whatever scenario or pattern.

But, what no one was expecting at this moment is this new which talked about the detection of 50 BTC movement from a BITCOIN wallet created on the very first month after the launching of BITCOIN.

How the market reacted to this new? Obviously, when someone tells you that there is a move on a wallet address never experimented since its creation in 2009, people tends to think that a higher quantity of BTC are going to be put in circulation in the coming future.

At the time that new was published, the resulting reaction has been a cascade down.

50 BTC move has triggered the BEARS?

Ok, that seems to be the most likely cause. Also the miners capitulation trying to get the most of their mined BTC to cover costs are the two possible variables which pull the trigger of the fall.

The question is, where is the support now?

I don't see such an increase of selling sustained volume which would justify lower lows at these moments.

In my opinion, it looks is going to land on the interval level between 8900 and 8500 USD since it looks sufficiently resistant to hold the drop now. That's the level on which I am "recharging" positions again.

But perhaps I am wrong again :-) .


@toofasteddie


*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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Crypto is amazing my friend. It is full of unexpected events.

hehehhe, yes, pure adrenaline

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This crypto market still amazes me on how much it's acting like a herd. What if 50 BTC mined in 2009 moved? What did anyone expect that only they own BTC? Isn't what BTC was created for, to circulate? I wonder what will happen when the millions of satoshi will move. I doubt that that much BTC will stay dormant forever. On one hand people are talking fundamentals all day and on the other they panic on news like this. No one even knows to whom that amount of BTC belongs. Now I know why I stay out of trading for a while... Too much weak hands and stop limits that cascade like in a concert. I accept the risks of investing in such assets and it is what it is. If I will make any profit OK, if not, lesson learned.

There are thousands if not millions of BTC in dormant wallets. There is a continuous watching of those wallets just to anticipate the move today. That's why BTC is falling... we are sleeves to the wind my friend :-)

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Indeed. We're too insignificant and that makes me think that the best way for me is to hodl till a serious bull run, sell and buy back during bear markets, and then wait for the bull run again. Basically ride waves.

it is expected to have a move downward after halving, but hope that afterwards will go up

Surely will go!

good analysis, I make my vote manually, I don't know why HiveVote is not giving me the votes automatically