Bitcoin is still bullish

CoinSheet #261

If you love it, you'll teach yourself. If you don't love it, others teach you.

— Yukitaka Yamaguchi (heard it from this dude, don’t know if it’s original)


Bitcoin is still bullish

My general thoughts on bitcoin haven’t changed.

There’s been some chatter during the last two weeks about Trump, ReGuLaTiOns, parabolic cycles reaching exhaustion (and the usual chatter about energy waste, criminality, and fake money) but it mostly doesn’t matter.

So ignore it until it might matter (as I’m reading this now it sounds like really bad advice, but I’ll allow it).


I bring you headlines

  • Decision in NYAG Case against Bitfinex and Tether gets an extension.

  • Tether x Liquid Network.

    And if you were wondering, yes more stablecoins are coming to Liquid.

But remember, for each $1 in BTC spent on the darknet, atleast $800 usd is laundered.


Market Sentiment

Bitcoin

Last time I wrote that even if we dip back down to 9k, bitcoin would still be super bullish.

And this happened.

Bitcoin did end up hitting the macro 38.2% fib line and is currently sitting at the macro 61.8% fib line.


The TD

Note here that the monthly TD count is still very bullish.

Daily TD

3-day TD

Weekly TD

Monthly TD


Bitcoin (Macro Overview)

We’re about ~294 days away from the next halving event.


The end

That’s all for now.

See you later space Cowboy

-Dmitriy

Dips are illegal

CoinSheet #260

To try to be safe everywhere is to be strong nowhere.

— Winston S. Churchill (1874-1965)


Note from me

Lately I’ve been playing a game called Teamfight Tactics (basically a strategy card game), and I know some of you have been playing it too.

I’m going to be messing around with streaming so you’re welcome to join and tune in.

I’ll probably be playing with other folks who are in the crypto space so you’ll be able to ask us questions and get answers as you send em’.

If you’re into this kinda stuff, follow me on Twitch.

https://www.twitch.tv/generalsol

…on to the dips


Dips are illegal

And what I mean by that is that they should be illegal in your mind whenever you think of bitcoin. Think of it as adopting a type of mental model/framework that will save you a lot of money.

ESPECIALLY DURING THE EARLY STAGES OF A BULL MARKET.

I think trying to catch dips now is like trying to catch those dips in 2017 when bitcoin was ranging from 1.2k-3k.

Think of the bigger picture, and you’ll probably be happier in 18-24 months.


I bring you headlines


IRS discusses investigating taxpayers who hold crypto

CryptoTaxGirl shared a presentation given to special agents in the IRS Criminal Investigation division that discussed investigating taxpayers who hold crypto.

Below are the summary tweets. (Full slides here)

happy excuse me GIF

Market Sentiment

Bitcoin

It looks like we broke out of a triangle and there is going to be some resistance around that macro 38.2% fib line.

But don’t stare at it too long, because you’ll blink, and bitcoin will be at 16k and targeting all-time-highs.

Bitcoin is as bullish as it can look. Even if we dip back down to 9k, bitcoin would still be super bullish.

(Weekly view below)


Most other technicals that I use (moving averages, TD, random oscillators, etc..) aren’t interesting right now and there so I don’t see value in adding them.

Also, because they might distract you from bitcoin.


Bitcoin (Macro Overview)

We’re about ~314 days away from the next halving event. Less then a year away.


The end

That’s all for now.

See you later space Cowboy

-Dmitriy

Back from hiatus

CoinSheet #259

Repetitive complaining will attract things for you to complain about. Repeated gratitude will attract things for you to be thankful about.

— Unknown


I’m not dead

I had to take a short hiatus because of mostly personal stuff.

In contrast to William James and his radical empiricism (no set of experience has authority superior to any other set of experiences), I like to disparage my inconveniences as difficulties that come along with privilege.

So I’d rather express my gratitude and thanks for what I have, than bitch and moan about a pebble in my shoe.

With that said, CoinSheet will be returning to its regular (regularly late) weekly scheduled programming.


Market Sentiment

Mr Bean Waiting GIF

Bitcoin

I last left you with this.

And below is an updated view.

We saw:

  1. Bitcoin price hit the 61.8% fib resistance (red level in the photo above)

  2. Dropped on the weekly TD9 to the ~7,500 support level

  3. Rally pump, and exhaust itself at the 32.8% resistance level (~13,500)

  4. Dump 30% and find hard support at the previous 61.8% fib resistance

  5. And is now currently sitting on the 50% fib resistance

I haven’t been following Twitter much lately, so I’m not entirely sure what the sentiment is, but I did share this tweet about a week ago.

I really don’t think we’re going to see another massive 80%+ bitcoin downside correction.

The reactions to this tweet lead me to think that people think 80%+ corrections are normal or that people don’t aren’t accurately estimating the market maturity of bitcoin.

Here’s an exchange with Vortex (hardcore bitcoiner, cool dude) where we disagree.

What do you folks think?

I’ll just leave you with this food for thought.

To the folks who keep saying that bitcoin is still a young baby, the euro is about 20 years old.


Bitcoin (Macro Overview)

We’re about ~317 days away from the next halving event.


The end

We’ll be taking a closer look at the markets on Monday.

That’s all for now.

See you later space Cowboy

-Dmitriy

Weekly Bulletin (May 27, 2019)

CoinSheet #257

The best evidence of the fairness of any settlement is the fact that it fully satisfies neither party.

— Winston S. Churchill (1874-1965)


Weekly Bulletin

Hello folks,

Today is Memorial day (a federal holiday in the United States).

It’s a good day for all of us to acknowledge that there are people who gave their lives in the past to make this present possible.

Anyways, let’s jump into the usual.

(also I’ll also be sending a trade update to our subscribers after this email)


Facebook plans to launch 'GlobalCoin' in 2020

On one hand, it would bring cryptocurrency awareness and accessibility to billions of Facebook users.

On the other, it would cause a lot of confusion and create many misconceptions around what a cryptocurrency is and how they are used.

It probably won’t be as relevant as many people think it will be. (I hope this tweet ages well).

Source


60 Minutes - Bitcoin Edition

If you haven’t seen this yet, I recommend it. Very well made and overall quite positive.

I love watching these narratives shift over the years.

Source


Microsoft Excel recognizes Bitcoin as a currency

As someone whose life used to revolve around Excel (before going full-time crypto), this makes me feel all warm and fuzzy inside.


Market Sentiment

Bitcoin

The general consensus that we were due for a pullback was wrong, we broke out.

The next major resistance is around that 61.8% fib retracement line from the all time high to our 2018 bottom.

We’re also stacking some historically strong support levels.


Bitcoin (Moving Averages)


Shorts vs. Longs


The TD

Daily TD

3 Day TD

Weekly TD

Monthly TD

What’s notable here is that this has been the biggest monthly candle in bitcoin’s history (so far).


Bitcoin (Pivot Support/Resistance Levels)

Weekly Pivot Points

Monthly Pivot Points


Volume

April 1 - present

Daily Volume

4h Volume

2h Volume


Bitcoin (Macro Overview)

We’re about ~360 days away from the next halving event. Less then a year away.


The end

What do you folks think?

Continue the discussion in our Telegram group.

That’s all for now.

See you later space Cowboy

-Dmitriy

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