Sorry for the click-bait title, but Bitcoin is doing just fine. There are some posts/videos out there that would have you think otherwise.
As the chart shows, Bitcoin is currently finishing a short-term pattern.
Zooming out we can see the longer pattern that Bitcoin broke out of, as well as the resistance that should now become the support at roughly $10400 USD. There are likely buyers waiting at $10400 to buy in, and I'm anticipating the price to bounce off that.
As usual when Bitcoin corrects the altcoins fall harder, so a Bitcoin bounce off 10400 might leave some good buying opportunities in the altcoins. As for Hive it seems to be completely ignorant of Bitcoin these days, which is good. The more we can decouple from Bitcoin the better, in my opinion. I could be wrong.
Have a great weekend. Thanks for dropping by.
I always wondered why the alts follow btc like they do. I just assumed it was traders trading basically everything against the dollar, but I'm probably wrong.
I'm bullish on crypto (generally). Traditional investments, aside from hard assets (real-estate, metals, etc.) scare me for some reason. Stocks, bonds, fiat currencies, all look more and more like timebombs.
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I'm the same way. I trust banks less that I trust politicians. At least politicians have to answer for their actions.
When I was a kid I talked with older relatives that lived through the great depression, and the one thing they said that really stuck with me was that banks during that time would only let people withdraw 10 cents on the dollar from their savings, and the bank would take the other 90 cents. They can't do that today because everyone transacts digitally, so they're now talking about jacking up inflation and keeping enough liquidity in the system, but the end result will be a dollar being worth a few cents compared to what its worth now. I'd rather have banks do what they did during the last depression where they stole people's money, because at least the dollar wouldn't lose purchasing power as quickly. What they're doing now ensures that no one will want to use fiat currency ever again.
I also think the decoupling is a very good aspect :)
@tipu curate