Argo Blockchain Share Discussion Threads

[tomboyb] 17/11/2020 18:49

up 6% at 17700 -

[tomboyb] 17/11/2020 18:47

BITCOIN nutx -

[oakville] 17/11/2020 18:44

New parabolic trend
On Nov. 16, Cointelegraph reported that analysts found the Bitcoin price dipped below a parabola dating back to September.

Though the trend seemed concerning, new parabolic trends could reemerge in a bull cycle. As such, when BTC dropped below the parabola, some analysts said that BTC could form a new parabolic uptrend.

Typically, when Bitcoin falls out of a parabola and enters a short-term bear cycle, the price dips rapidly and can correct by as much as 80%. In the case of BTC in the past few days, it remained stably above $16,000.

The stability of Bitcoin decreased the probability of a sharp near-term drop, eventually leading BTC to rally.

Resilience above $16,000 was key
Bitcoin maintaining stability above $16,000 following the initial drop to $15,800 on Nov. 16 was key for the latest rally.

There was a strong narrative for Bitcoin to see a deep short-term correction. Gold, for example, dropped, as Moderna’s vaccine trial results were positive. BTC saw a large resistance level at $17,000 due to on-chain orders, making it a difficult area to break past.

Yet, the momentum of Bitcoin was simply too strong to avoid a massive rally. When BTC was showing stability following the initial breakout of the parabola, traders said the technical pattern is optimistic.

Trends that typically arise during bull cycles are beginning to show again as well. According to on-chain analytics firm Intotheblock, 99% of the addresses holding Bitcoin are profitable. The firm said:

“Roughly 99% of the addresses currently holding BTC are experiencing profits. There are only 164.11 ‘thousand addresses that bought 44.91 thousand BTC that are still out of the money.’ We could be experiencing soon a 100% profitability for every Bitcoin owner.”
Some might argue that this metric suggests many investors could take profit and thus create a pullback. But, as Bloomberg reports, this rally has been mostly silent in terms of mainstream involvement, which makes a sudden take-profit rally less probable.

Bitcoin withheld whale selling pressure
Throughout November, Cointelegraph reported that whales and miners were selling large amounts of Bitcoin. This meant that there was significant selling pressure being placed on Bitcoin in the past month.

Yet, Bitcoin’s price still reached $17,000 despite the immense selling pressure placed upon it by whales.

On Nov. 15, Cointelegraph also reported that a whale either shorted or sold $100 million worth of Bitcoin on Bybit.

At the time, the Bitcoin price was trading just under $16,000, at around $15,900. The recent price spike above $17,000 indicates that many whale sell or short orders likely got squeezed in the past several days.

The combination of Bitcoin’s resilience, the making of a potentially new parabolic trend, and BTC withholding whale pressure makes the medium-term prospect of BTC optimistic.

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Joseph Young
JOSEPH YOUNG
7 HOURS AGO
Bitcoin analyst gives 4 reasons why BTC price will hit $22,000 next
Bitcoin price is on track to achieve $22,000 says one analyst, citing four main factors that could boost its momentum.

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Bitcoin analyst gives 4 reasons why BTC price will hit $22,000 next MARKETS NEWS
Philip Swift, a Bitcoin (BTC) analyst and the creator of Lookintobitcoin.com, laid out four reasons why BTC is headed to $22,000. Both fundamental and technical factors indicate the top cryptocurrency’;s momentum is strengthening.

The one-year HODL percentage, the decline of Bitcoin exchange reserves, neutral funding rates, and institutional accumulation point toward a prolonged BTC rally. Swift wrote:

“1yr HODL % still really high? Yep. Bitcoin being rushed off exchanges? Yep. Funding still neutral? Yep. Institutions still buying? Yep. Cool, See you at $22K in a few weeks when price reaches the 350dma x 2 of the Golden Ratio Multiplier.”
Since the start of the fourth quarter on Oct. 1, the price of Bitcoin rose from $10,773 to $16,730 on Binance.


BTC/USD daily price chart since Oct. 1. Source: TradingView.com
HODL percentage shows investor confidence
The Bitcoin space refers to long-time BTC holders as “HODLers.̶1; The One-Year HODL Wave shows the growth in the number of investors holding BTC for over a year.

Since the March crash, the One-Year HODL Wave rose from 59% to over 62%. It is now at an all-time high, signifying a clear accumulation trend.


The One-Year Bitcoin HODL Wave. Source: lookintobitcoin.com
When the number of HODLers increases, it demonstrates an appetite to purchase and hold Bitcoin for a long time. The ongoing trend might show that investors expect a broader Bitcoin rally in the longer term.

Funding rates are neutral
During bull cycles, the funding rates of Bitcoin can significantly spike as long holders or buyers overwhelm short-sellers.

The Bitcoin futures market uses the funding rate mechanism to ensure balance in the market. If there are more longs than shorts, the funding rate becomes positive. If so, buyers have to compensate short-sellers and vice versa.

The average funding rate of Bitcoin perpetual futures contracts is at around 0.01%. Throughout the past several months, the funding rate has remained at around 0.01% or sometimes below it.

This shows that there is a decent balance between buyers and sellers, and the market is not overheated as of yet.

Bitcoin reserves are dropping
As Cointelegraph reported yesterday, around 145,000 BTC has moved out of exchanges throughout the past month.

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The $2.3 billion monthly Bitcoin exchange outflow suggests the intent of investors to hold onto their BTC holdings throughout the long term.

Investors have to deposit BTC into exchanges in order to sell their holdings. Hence, when outflows increase, it typically indicates that investors plan to hold BTC for prolonged periods.

Institutional accumulation is growing
In the United States, Grayscale remains the preferable point of entry for institutional investors into Bitcoin. The Grayscale Bitcoin Trust is the closest investment vehicle to an exchange-traded fund, as it publicly trades in the U.S.

According to Grayscale, the firm now holds more than 500,000 BTC, which, at a price point of $16,700, is worth over $8.35 billion.

Institutions have continued to accumulate Bitcoin as it posts a strong recovery since early 2020. The resilience of BTC, particularly as it is consistently outperforming gold, has made the store of value proposition more compelling to institutions throughout the year.

[oakville] 17/11/2020 18:38

BTC is going off the scale. !!!!

[horneblower] 17/11/2020 18:26

Top Chart: Previous halving event.
Bottom Chart: Recent halving event.

[sideshowbull] 17/11/2020 18:17

BTC is going higher, way higher.

Well not if you are spreadbetting it.

[brasso3] 17/11/2020 18:00

SSB

I think there are around 18m at present. Although 2m - 3m is estimated to be lost.

[uapatel] 17/11/2020 17:59

Awesome day today has been, more of it tomorrow please.

Does look as though 20K is going to get hit soon, then where?

[1new guy] 17/11/2020 17:57

SufferNofools,you are absolutely spot on. Sadly there are always times in life when stress can overwhelm even the strongest of minds. Investment activity must rank very high on that list of such times! Take care.

[sideshowbull] 17/11/2020 17:46

Brasso, actually more like 11.4m BTC out there (Accessible).

BWTFDIK

[horneblower] 17/11/2020 17:41

Riot now 40% up!

ARB likely to open well above 10p imo.

[suffersnofools] 17/11/2020 17:41

If you're happy in life newguy then youre alreday wealthy! Good luck to all of us.

[hootza616] 17/11/2020 17:40

Superstar, now buy some ARB and bring your herd along!

[horneblower] 17/11/2020 17:39

Riot chart looks as if it will comfortably treble from here to around $16.

As TrenEndBoy says above, with fixed assets static, the extra margin goes straight to the bottom line, faster than the increase in the price of BTC.

Exciting days.

[suffersnofools] 17/11/2020 17:39

Thanks yump - charts and luck like everybody else ;)So a 30% pullback is coming but timing it is something else! I'd ideally like to sell between 21-23k but 18k also looks like a possible sticking point. It COULD push all the way to 28k without a major correction but I think that's unlikely.

[1new guy] 17/11/2020 17:36

Charming Brasso. I shall treat your remarks with absolute indifference. At least I have clean ears.

[sideshowbull] 17/11/2020 17:33

Someone said earlier that chartists never call their projections, Well hello.

I called BTC 14427 and T1 18k pretty close!

BWTFDIK

[1new guy] 17/11/2020 17:30

Thanks, Hootza16, happily retained my original holding of 500k and came back with 200k of those I sold yesterday. 700k at 9.2 sure beats 1,000,000 at 3.9p, last April. I hardly think wet behind the ears" got me my beautiful wife,home and retirement income. Now also a half way decent share to own, for a change. good luck to those genuine people on here. Now at 30p a share, I'd be really pleased.

[horneblower] 17/11/2020 17:30

Riot Blockchain currently up 33% on Nasdaq!

[yump] 17/11/2020 17:09

Suffersnofools

Well done if your success is based on charts alone.

[trentendboy] 17/11/2020 17:03

Some of us here have been calling this for a while - if US buyers come in it will really fly.

20,000 is close and that has to be 15p a share

It is all about margins - costs are fixed pretty much - each rise is leveraged profit so should go up quicker than BTC

Long run dynamics change but they are very well positioned to make money now

Also possible takeover target I suspect

[hootza616] 17/11/2020 17:01

Correction 4 days!

[gspanner] 17/11/2020 16:54

Brasso - I am somewhat rueing the day I bought a 1oz gold Britannia rather than 6 bitcoin.... Some time ago now, but at least the Ave here is 5ish.

[hootza616] 17/11/2020 16:51

BTC now at levels not seen since 2017 and it has only closed above this price for 5 days in its entire history.The volume traded is around a tenth of what it was then.FOMO not even begun!