Support is not enough, and often too much support serves as counter signal and vice versa.
Technical analysis works indeed, let's say 80 percent of the time.
For the exactly same reason as markets do.
Human nature and predictability based upon observing those patterns of human nature.
In a same time, everything is kind of going down except gold, and that is biggest sign that we are in times of deep economic, but also political and sociological crises.
Gold is in that sense the only true safe heaven.
Bitcoin could be safe heaven in a world where at least there is basic stability, not in this kind of the world where all of the foundations are threatened.
Adding to it in the USA it is still not clear how will crypto regulations turn out to be. Just recently you had again attack from TradFi towards Microstrategy, Teather and other big players.
https://forklog.com/en/jpmorgan-closes-accounts-of-strike-ceo-jack-mallers/
EU is sliding towards fascism, instability and third world environment (no I do not mean emigration altho that is also an issue, but because of systematic lack of energy and resources)
If I had lots of money I would also probably buy first some gold or silver.
Congrats on successful pool. Pretty soon I will start adding more to it.
As you said, this is probably the most concerning to see... When gold reaps up, there are some serious issues with the economy... And not just in the US, but world-wide!
I don't agree 100% with that statement... It is exactly for those moments, but the real problem is what you mentioned later, the politics and manipulation of the masses... Playing with crypto and jumping from positive to negative... when it reaches the gold "status", that will not be possible...
Where are we moving? Caribbean?? 😃
Caribbean, Far Pacific, Other Planet. 😂
Yes, when everything is falling except gold, silver.. we are in for some tough economical ride.
Bitcoin just like all other crypto needs stable energy grid in order to reach full potential.(General acceptance and understanding)
Connotation is on the Western World, Japan, South Korea... have all big and systematic energy issues and leading "green" ideology is totally detrimental to the cause and ambitions of anything digital.Just like AI bubble that is also becoming more and more obvious.
Remember saying, first jump then say hopa? :)..in many ways they went first to say hopa opa, but there is not enough infrastructure, projects are way too overpriced while actual revenue model is still doubtful.
In a same time, there is too much talk, too little action. Things are not improving but are steadily imploding.
On the other hand, any kind of stability, any kind of good news would be extremely bullish for the whole ecosystem. Time will tell.