Bitcoin is showing parabolic price action that more and more is looking like a huge correction on the hyped-up value it reached near 20k. With little structure available from price action history I looked for possible support levels and I noticed there was a lot of action around 880 and that current price is moving around 8880. Is it a coincidence that number 8 is seen as a lucky number by large numbers of Bitcoin owners? Therefor I expect within the next 20 days a continuation of the a drop of price to below 888.
No offense... But BTC at $888? You must be kidding!
Deep-Peat-Shark
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@JoeFares, No I am not. From a fundamentals point of view it is clearly overvalued compared to the other cryptos with better specs. So at most it should be valued at the maximum any other crypto is sold for. Buyers that still think it has potential for more are becoming the minority. Looking at price action there is little buying power left. Large speculators also stopped causing major drawbacks, a sign they lost confidence the market will buy it back from them. The number 8 philosofy is no joke, as many people in the west believe number 13 is bad luck probably many more people in the east believe anything with an 8 is good luck, hence the levels.
JoeFares
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@ArnaudKleinveld, Well in the currency market, the first currency in the pair is called the base currency while the second is called the quote or "counterpart" currency. Usually the most dominant currency, in terms of the other currencies against which it trades, is quoted first. In crypto, BTC is the dominant currency and it will stay like that for a long time whether the technology sucks or not.
Deep-Peat-Shark
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@JoeFares, May I know the source of this piece of knowledge?
JoeFares
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@ArnaudKleinveld, Google.com
JoeFares
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@ArnaudKleinveld, Google.com
mmmp12
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You mean to 888USD? Would be nice to see, that, and would corespondate to this: