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Thread: Bitcoin

  1. #649

    Default Re: Bitcoin

    Elon Musk says bitcoin seems high after surpassing $1 trillion market cap

    Tesla CEO Elon Musk said Saturday that bitcoin prices “seem high” after the cryptocurrency surged to another record high this week.

    The price of bitcoin, the world’s most popular cryptocurrency, crossed a major milestone Friday after the market value reached more than $1 trillion, leaving some major backers surprised.

    Bitcoin was trading at under $54,000 per coin Friday as it hit the new level, and rose above $55,000 later in the session, according to Coin Metrics.
    https://www.cnbc.com/2021/02/20/elon...arket-cap.html
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

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  3. #650

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    Default Re: Bitcoin

    I found another way to play the Bitcoin craze from the stock side. Canaan (CAN) makes mining machines. And it sounds like their manufacturing capacity is completely maxed out for all of 2021 already.

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  5. #651

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    Default Re: Bitcoin

    Bitcoin is looking very bearish to me with a possible neckline at 45,000.

    GBTC indicating further downside to fill that big gap at 38.90.

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  7. #652

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    Default Re: Bitcoin

    Quote Originally Posted by Bullitt View Post
    Bitcoin is looking very bearish to me with a possible neckline at 45,000.

    GBTC indicating further downside to fill that big gap at 38.90.
    I see the head that I think you are referring to, right shoulder forming right now, but there's no left shoulder?

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  9. #653

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    Default Re: Bitcoin

    It's kind of like a no-neck left shoulder.

    Just my observations with H&S patterns is where there is one, there are others to be found. For example, left shoulder could be the Jan 2021 high, head could be the late February high with a right shoulder still to be formed. I'd imagine every pattern and trendline is considered in bitcoin trading since there is no way to fairly value it.

    For now, none of it really means much unless there's a break lower, then we can get some possible downside projections.

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  11. #654

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    Default Re: Bitcoin

    Osprey Bitcoin Trust (OBTC) looked like promising way to buy crypto in an IRA with lower fees, but what the heck is going on there? Down some 58% from the first day close and down even more than than from the high. As of the 15th, it was only trading at an 8% premium to NAV but still, I'll bet people have lost a lot of money on this one.

    Until someone can figure out how to index them, I have a feeling these crypto ETF's are going to go the same way as USO and UNG. Anything is good for trading, but long term, you need the real thing. That would mean a barrel of oil in your backyard, propane tank sitting in your garage, gold bullion under your mattress, or a bitcoin in your digital wallet - though with bitcoin, the real thing isn't even a tangible asset.

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  13. #655

    Default Re: Bitcoin

    Maybe a test of the 50-day EMA is needed, but so far it has tagged and held at the rising support line.

    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

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  15. #656

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    Default Re: Bitcoin

    GBTC now trading at a negative NAV. Arbitragers got their payday - Short GBTC, Long $BTC-USD. Will that trade switch now?

    It doesn't look like this could be used as a signal to buy or sell based on previous movements, but again, not the best at tracking the underlying asset.

    ychbtc.JPG

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  17. #657

    Default Re: Bitcoin

    Nice chart. Where is that from?
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.


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  19. #658

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    Default Re: Bitcoin

    Y-Charts. Awesome site, but it's too expensive if you want all the features. $3,600 a year.

    https://ycharts.com/companies/GBTC/d...premium_to_nav

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  21. #659

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    Default Re: Bitcoin

    What affect will the Coinbase IPO this week have on crypto?

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  23. #660

    Default Re: Bitcoin

    It could be initially positive, but I see it as a potential short term peaking moment, similar to what happened right after they OK'd and started trading bitcoin futures.
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

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