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Next time someone tells you that crypto is used primarily for illegal activity...
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Current state of bitcoin...
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Keeping this analysis basic.

Note we have formed a bullish pennant on the 4H timeframe.

On balance of probabilities this will end well for longs as the more time a price hits a trendline the more chance it has of breaking through that line.

GL everyonez...
 
So this time 2 weeks ago we were saying how bitcoin may not see 10k again this cycle.

Oh my

Now we may revisit 6k again. Nobody wants to hear this but over valuation to the upside means under valuation to the downside...

Will post chart explaining this later...
 
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Bitcoin monthly chart.

Notice the multiple rejections from the top of the pennant..

Bad news 1st. Short to medium term isn't looking pretty. Remember, we went from 3400 to 13k in the space of 3 months. If a guess were to be made i'd say we go down to around 8300ish before rebounding to 11k, followed by the larger rejection down into the low 6's...

Now the good news. Long term macro outlook is looking bullish for bitcoin. Thinking by around may/july of 2020 most people will be tired of thinking about bitcoin and have their sights set elsewhere. This is when the smart money enters.

HODLers should just forget about their bitcoin for now and look elsewhere until mid next year...

GL everyone and remember, don't let your dreams be memes...
 
Not really a fundamental analysis kind of person but Bakkt has finally been green lit by the fdc, to be operational september 23rd...

This is HUGH news in terms of bitcoin access to mainstream adoption.

Whether or not it actually gets adopted is another thing.

Wait and see
 
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