Merry Christmas all! Due to price dropping, I wanted to post a quick update. Yesterday I said we needed to see the daily candle close above the $4,120 resistance and the golden pocket (area between the 0.618 and 0.65 fib levels). Unfortunately, this didn’t happen. The bears we’re able to push it as low as the $3,800-$3,600 support.
Looking at the daily chart, we can see price is back below the 21 Day EMA. If the daily candle closes below this level, it might signal lower prices to follow.
In today’s video analysis I discuss where prices may be heading next, key
It will be used to post updates, but also for tests of the new social site.
Basic concept – Social site that includes user blogs and subsites that integrate with Steem.
For the Steemit gatekeepers, please follow the link at the bottom to this post on Scrips.io for verification. We currently have no other channels, but we are who we say we are, as you can see.
Scripsio is based on the Latin “scripsi”, meaning “I have written” or “I wrote”. The term is most familiar in Pilate’s retort (translated to Latin),
Quod scripsi, scripsi
(I have written what I have written). We found it most fitting for a social site that strives to allow for freedom of expression, honors your content as your own and uses blockchain to bolster the experience. The “o” on the end is a mix of branding and the fact that there is no “.si” domain available.
That’s not really our logo… well, not yet. We’re still in the process of branding, so maybe it will be. We’ll see.
For those who are adventurous, feel free to set up an account. As of today, you can’t even set up your profile. But we’ll get there. Feel free to engage and kick the tires. We’ll put them back on if something breaks.
Thanks for reading. Watch this space for more from Scripsio.
No, that’s not our logo either – well, we don’t know yet.
Bitcoin just broke above a key resistance at $4,120. It now seems to be acting as support. There’s strong resistance (supply zone) between $4,315 and $4,400.
Looking at the daily chart, we can see price approaching the 50 Day MA. It’s also hitting the top daily Bollinger band. Between the top daily Bollinger band and the $4,400 resistance, bitcoin has some work to do. A break above the 50 Day MA (on the daily chart) would be an extremely bullish sign of strength if confirmed with volume.
In today’s video analysis I discuss where price may be heading next, traps to avoid
This is a direct continuation of “To CAPITULATE or NOT to CAPITULATE? That is the question. – Part 2: The Answer” and the conclusion of this series.
At least for now.
Read the first two instalments here:
To CAPITULATE or NOT to CAPITULATE? That is the question. – Part 1: The QuestionTo CAPITULATE or NOT to CAPITULATE? That is the question. – Part 2: The Answer
Now, back to the action:
To CAPITULATE or NOT to CAPITULATE? That is the question. – Part 2(b): (The rest of) The Answer
Consideration 2: – Volume
The link between volume and price is a strong one. Volume is also one
This post is directly linked to my post of yesterday: To CAPITULATE or NOT to CAPITULATE? That is the question. – Part 1: The Question – you’ll need to read it for background information if you are to follow this post.
Okay, I have a few important things to say here, each of which is worthy of consideration. Their are four major factors which could be the answer to the question of BTC capitulation; either in isolation or combined with one another.
The first of these is by far the longest to explain. This post will look at the first factor. I will do a follow-up post
And it is a question which has occupied a lot of my time lately.
I have spent many hours reading and analysing the charts, trying to find the answer. I have to keep reminding myself of important factors like:
TA is only a guideline, look beyond TADon’t get caught up in bullish hypeDon’t confuse short-term performance with long-term performance
I’ve written a fair amount about capitulation recently. I have repeatedly said that I’m still waiting for a new low in this cycle, but I have also expressed my doubts and suggested other options. I strongly suggest reading this post which details those options: The NEED for CRYPTO to CAPITULATE
I am going to participate in the Proof-of-Keys initiative on January 3rd, and so should you!
Proof-of-Keys
Proof-of-Keys is an initiative started by long-time Bitcoiner Trace Mayer and the concept is simple: On January 3rd, which is exactly 10 years after the first Bitcoin block was mined, all of us will withdraw all of our Bitcoin (and other crypto) from exchanges and similar custodian services into private wallets. The name ‘Proof-of-Keys’ is because the initiative was born out of the idea that exchanges need to prove they actually possess all the crypto that is traded on their exchanges, and no fractional reserve
I am going to participate in the Proof-of-Keys initiative on January 3rd, and so should you!
Proof-of-Keys
Proof-of-Keys is an initiative started by long-time Bitcoiner Trace Mayer and the concept is simple: On January 3rd, which is exactly 10 years after the first Bitcoin block was mined, all of us will withdraw all of our Bitcoin (and other crypto) from exchanges and similar custodian services into private wallets. The name ‘Proof-of-Keys’ is because the initiative was born out of the idea that exchanges need to prove they actually possess all the crypto that is traded on their exchanges, and no fractional reserve funny business is going on.
I didn’t think that was such a great reason myself. Sure, it’s important but not something I would rally behind per se. Upon further investigation though, I am now convinced and will participate with the event myself and call upon you all to join! Here is why I think you all should participate as well:
A celebration of Bitcoin’s 10 years existence
To enhance crypto’s vibrant meme and internet-culture (let’s make crypto fun again)
By making it part of crypto-culture we help educate newer enthusiasts on the importance, and the how-to, of owning and controlling your own private keys
HODLer Show of Force, to make a social/political statement which could show the strength and size of the true crypto community – the HODLers of last resort; those who want crypto not FIAT; the ones who actually give value to the system
The last part is why I am personally riled up about this. In this sour and depressing crypto-winter, it’s time for a ray of hope. Let’s all rally behind one cause and give inspiration to the community in these times of darkness. Let’s show how many HODLers and enthusiasts there really are!
And there is no reason not to participate really. If you have some crypto on an exchange, like I do (small amount), you probably know you shouldn’t be doing that anyway. You know you need to get it off of the exchange at some point anyway. So why not do it on January 3rd and throw in your small bit of support, if only for the lolz? I can see the potential of this idea going viral, and since it was just discussed on Crypt0’s live-stream it probably is going viral already. Viral internet expressions can have real-world impact, as we have seen many times. On the blockchain everything is visible, and thousands upon thousands of withdrawals to private wallets on January 3rd might give out a powerful signal to the market, and indeed the world as a whole. Should this movement prove to be successful, I believe it will cause the cold sweats of FOMO in many market-bears.
So save the date! January 3rd, 10 years after the start of Bitcoin, is when we celebrate Proof-of-Keys. All you have to do is withdraw your crypto from the exchanges at that date. It doesn’t matter if it’s a lot or just a little – anyone can participate. If you want, you can re-deposit your crypto right back the day after.
I already keep most of my crypto on my own wallets, but I will still be withdrawing what little I have left on exchanges. To me this isn’t so much about educating, but more so about the crypto community showing it’s strength. In this nuclear crypto-winter wasteland, it’s time we rally around and raise the flag!
Let’s show how many HODLers and enthusiasts there really are! 
