Subnostr

Whoever is shorting bitcoin at this level. There is no reason based on LTH levels that this makes sense as a resistance. This is active trading and they’re currently less successful than the $28k level they defended for so many months. You can tell because of the return of volatility around $38k … they won’t be able to hold these levels for long.

Zach⚡️ 2y ago

I guess my real question was “why do you care?”

Reply to this note

Please Login to reply.

Discussion

nobody 2y ago

Price matters. It does.

Zach⚡️ 2y ago

Not on daily timeframes. Over the course of years, that’s correct.

I used to do a lot of price watching - it’s an easy way to get burned out. It’s especially pointless because the nature of the Bitcoin market allows for price to bleed down for months before a single daily candle takes it back to highs. There’s little to gain by focusing on it.

nobody 2y ago

I don’t trade. I buy BTC, HODL.

Understanding & focusing on price, not minute by minute but in the Macro, is a great learning tool.

Hashrate/price

ETF whale buying

Adoption, news cycles

Etc etc.

Zach⚡️ 2y ago

I agree with this.

I’m giving you a hard time - I do have a soft spot for price shitposts.

Bitcoin can do anything short term though, including go down 25-50%. That’s why I personally avoid thinking about specific daily price levels.

nobody 2y ago

👊👊I understood your post. Love the engagement.

BoomTown 2y ago

Daily no, but I think it would be poetic (and just) for bitcoin to reach an ATH ahead of the halving to represent the resilience of the bitcoin protocol to the coordinated manipulation of bitcoin’s price by FTX, BlockFi, Celsius, etc.

Whoever the “bad actors” were behind the scenes, I want bitcoin to make them irrelevant. As someone who has very limited dry powder left and has stacked as hard as I possibly could throughout this bear, I’m ready for NGU to humble those who think they can control bitcoin.

Bring the pain. NGU. Soon.

nobody 2y ago

Agree 💯💯💯

My bags are packed. Ticket in hand.

chancellor 2y ago

That has literally never happened, and it's not likely to happen. A single daily candle to get back to highs would take billions AND an absence of sellers for an extended period.

nobody 2y ago

🤔

Zach⚡️ 2y ago

It was hyperbole. But this is the price action I am talking about.