My current weekly view on #Bitcoin: potential bullish engulfing candle forming after testing the 1.618 Golden Ratio of the 2018 decline. Watch this as the weekend closes on Sunday. If proves to be a bullish engulfing, this is an indication of trend reversal
Long-term logarithmic growth line intact since March '20, potential support as we move on.
Weekly resistance level at about $39k; $30-39k being the same price range we have been in since late May.
Weekly RSI remains mildly overbought and approaching a descending resistance
(3/?) Some context: 1.618 Golden Ratio forms a support level during a mid-summer 4th wave correction in each #Bitcoin cycle.
Why I stacked #Bitcoin all of 2020 but started stacking #Litecoin in January 2021: 👇A thread: 👇
What is #Litecoin #LTC was created in Oct 2011 by computer scientist Charlie Lee, an ex-Googler.
$LTC is based on Bitcoin protocol but it has a different hashing algorithm, and the total supply is capped like Bitcoin, but a higher number of total tokens (84M vs 21M).
Gold vs Silver #Litecoin is scarce in the same way #Bitcoin is, but it is cheaper and faster to transact in on the base chain (Layer 1). This leads to the narrative that #LTC is the "silver" currency to #BTC's "gold" store of value.
Its network is 10 years old with 100$ uptime.
@elonmusk@CathieDWood@jack@CathieDWood " ... convergence of blockchain technology and artificial intelligence from a technology point of view.
Think about Internet in the earliest days. Impetus to grow was pretty incredible.
[It will] change the world in ways we cannot even imagine right now."
It's so funny to watch people openly demonstrate their ignorance.
Just because you don't understand something, doesn't mean it's "stupid".
Humble yourself and maybe you'll learn.
If not, that's fine, there's always next cycle.
The "magic" of the Golden Ratio: Phi.
Every cycle, #Bitcoin recovers from its previous bear market (0 to 1.0 as marked), then exceeds the recovery by 61.8% of the downside (marked at 1.618).
EVERY CYCLE, after exceeding above 1.618 #BTC has tested this level for support before🚀
Zooms per each #BTC cycle so it's easy to see.
This #Bitcoin#YearofTheBULL is not over.
Much more to come - and the $BTC price will go much higher.
On the Daily, #Litecoin looks like it's already broken above the downtrend line and is testing it for support.
I see a sell wall on Kraken at ~$182.50 $LTC, need to see that removed or eaten away by new bids. #LTC momentum in next days likely relies on #Bitcoin, and Fed on Weds
Someone asked why the daily angle hits a different area than the lower time frames - it's because I am using a logarithmic view of the price; I find that trends tend to line up more often on log than linear for most of the digital assets I look at.
Here's how it looks on linear
Red descending resistance line is single most important line in #Litecoin chart right now.
Lines up from the top two points after recent peak directly down to the current touch of the smaller descending channel.
Breaking red resistance lines $LTC #LTC 🚀
Without Heikin Ashi candles since I forgot to turn that off for the screenshot #LTC
#Litecoin - Faint ascending trend failed to break out above descending red line. Pretty clear HnS formed.
Likely buying opportunities at $162 #LTC area before another attempt.
I wouldn't long $LTC below that level
"Isn’t this just the kind of article our biomechanical overlords would simulate in order to keep us compliant in our pods?"
Some intriguing responses here...
What do you think? How do we know we're not living in a simulation? @elonmusk thinks it's likely.
"Michio Kaku has an answer to this – basically because the smallest size of 'computer' needed to run a simulation of the universe is … the universe, it’s more logical that we are not living in a simulation."
... But the PC that plays GTA is not bigger than the game world. ...
Yeah this is a proper response
"All that’s needed is to run something that looks like the universe from where you (or I) sit. You might think there’s an awfully big universe out there, but [it's just] images on a screen, then all you need is enough power to [display images]