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Friday, March 29, 2024

Bitcoin is entering the Dead Zone

Courtesy of Read the Ticker.

bitcoin-is-entering-the-dead-zoneBitcoin and the technology boom of 1990’s have so much in common, you would think they are twins!



Previous Post: Bitcoin is so like 1979 silver



The chart below shows how similar each story is.



Mr Market knows this, therefore the desire to enter this market is low, and lower prices will plaque Bitcoin for the next 18 months at least. The supply of coins into this market will continue, and prices will continue to fall, there may be bear market rallies along the way, and the good news is the patient (yip that word) long term investors will have the chance to accumulate coins at pre 2017 bubble launch zones (massive support zones). 



The first massive bubble can be tagged as the ’NEW IDEA CONCEPT’ rally, the next rally will be its ‘USE CONCEPT’ move. Those coins or tokens which do not attract a market use will fade away into history.  





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BTC1




There is a powerful force under the bitcoin market, this has been proved by massive money turning up during climactic sell offs. It is our view Bitcoin will not go to ZERO, however it may go to massive support zones and slump around for some time. The internet is still using a fiat payment system which travels through many banks (and fees associated with it) therefore the true internet money has yet to be solidified. Bitcoin (and Litecoin [in our view]) are heavy weight contenders!








Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to secure better timing than most, after all these methods have been used successfully for 70+ years. To help you applying Richard Wyckoff and Richard Ney logic
a wealth of knowledge is available via our RTT Plus membership.





NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net



Investing Quote…



..“The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street, even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”..



Jesse Livermore





..“Investing should be like watching paint dry or watching grass grow. If you want excitement…go to Las Vegas.”…



Paul Samuelson





..”If past history was all there was to the game, the richest people would be librarians”..



Warren Buffett





..“Successful speculation requires staying on top of changes in industries and companies that either create new industries or improve on existing industries. The majority of your profits will come from these two … The shrewdest traders throughout history all adapted the skill of reactionary change, as the market constantly presents new and different opportunities.”..



Bernard Baruch





..”A market is the combined behavior of thousands of people responding to information, misinformation and whim”..



Kenneth Chang







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