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Bitcoin: Does it have a future ?
Rank: Elder Joined: 10/11/2006 Posts: 2,304
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 The preferred Elliott Wave count is effectively eliminated at this point. Bitcoin is rising in wave 3 of (3). Expect moves beyond the previous $19,000 high. BUY and hold if not yet in. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Member Joined: 6/6/2016 Posts: 165 Location: Nairobi
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good you came back to your chart to point out the invalidation on this last pump above 12k. stones were about to be thrown at you :) criticism will sharpen your skills
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Rank: Member Joined: 9/11/2015 Posts: 244 Location: Thika
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snifadog wrote:good you came back to your chart to point out the invalidation on this last pump above 12k. stones were about to be thrown at you :) criticism will sharpen your skills Mnadii is a dedicated guy but his big ego is his primary undoing. The market punishes a big ego hence his frequent bad calls. He cannot make two correct calls in a row but he still believes that Elliot Waves are the holy grail. I want to make him a better trader through constructive criticism so that the market can stop beating him up. Today's morning call of Bitcoin opening with a big dump, if he cared to look at other indicators such as the stochastic RSI on the 4hr, he would have seen that the day would likely open with a rally, not a dump. He will continue making incorrect calls until he incorporates one or two more ways of confirming his wave counts and improve his probability of success. That being said, trading is a probabilities game so I do know that everyone gets it wrong from time to time including myself. @Mnadii, adapt or perish  Since men have learned to shoot without missing, I have learned to fly without perching
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset >>LINK<<NASDAQ company acquires Bitcoin in what describes as a "capital allocation strategy. Quote:-MicroStrategy® Incorporated (Nasdaq: MSTR), the largest independent publicly-traded business intelligence company, today announced that it has purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses.
The purchase of Bitcoin cryptocurrency was made pursuant to the two-pronged capital allocation strategy previously announced by the company when it released its second quarter 2020 financial results on July 28, 2020.
MicroStrategy believes that buying $250 million in Bitcoin will provide it the opportunity to earn better returns and preserve the value of our capital over time compared to holding cash.
Talk of a FOMO flex
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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snifadog wrote:good you came back to your chart to point out the invalidation on this last pump above 12k. stones were about to be thrown at you :) criticism will sharpen your skills Did you guys understand that I had two possible Elliott Wave counts? One was imediately bullish and the other could allow Bitcoin to undergo a bigger correction below $10,000?  How can I help you two if you don't understand the simple English I use in my forecasts? Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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mnandii wrote:The preferred Elliott Wave count is effectively eliminated at this point. Bitcoin is rising in wave 3 of (3). Expect moves beyond the previous $19,000 high. BUY and hold if not yet in. That bigger correction below $10,000 is still possible. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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For the two dimwits here, these are the two Elliott Wave Counts am working on. Scenario I  This count suggests that Bitcoin has completed wave (1) (at $9900) and had a small wave (2) retracement (composed of a combination WX and a triangle Y). At the next higher degree, wave 1 and 2 are also complete (respectively at $11,375 and $10,860). Now, this count suggests that we should expect the next leg, a wave 3 rally imediately as depicted by the rising blue trendline. My confidence in this count would continue to rise as wave 3 in Bitcoin rises strongly above $12,000, for example. I had posted this very count earlier on in this thread. Scenario II  This is the second scenario. This count suggests that we have a bigger impulsive wave (1) which completed recently at $12,050. This is the alternate count where I have been suggesting that a bigger correction below $10,000 is a possibility. That correction would take the form of an ABC and complete a bigger wave (2) retracement possibly at $6,900. In both scenarios I expect Bitcoin to rise to levels above $19,000, the previous major high. Only that one count suggests the rally should start immediately while the other suggests a more prolonged time frame. At some point price action in Bitcoin will eliminate one count count so that we remain with the other. If, for example, Bitcoin falls below $9,200, then our scenario I will be eliminated and we'll remain with scenario II as the working preferred Elliott count. It is these conundrums that the cobwebs in your heads have not managed to let you see.  But I hope now you start to get some level of understanding. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Above is the kind of vigour that Elliott Waves demand - holding two opposing ideas in your head simultaneously. It is not easy. Speculating in the markets is not easy either. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Member Joined: 9/11/2015 Posts: 244 Location: Thika
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mnandii wrote:Above is the kind of vigour that Elliott Waves demand - holding two opposing ideas in your head simultaneously. It is not easy. Speculating in the markets is not easy either. Sounds like speaking from both sides of your mouth to me....a.k.a covering your incompetence. Holding two opposing ideas in your head means you don't have an edge and you have to cover your ass for both outcomes. Now that you have two opposing ideas, which one do you trade?? You see the folly in that statement...right?? Spare us the BS I called you out before and I will do it again. You are probably just one of those "teachers" of trading techniques but not a real trader. Otherwise your PNL would be in the negatives since you began posting. Since men have learned to shoot without missing, I have learned to fly without perching
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Rank: Member Joined: 10/6/2015 Posts: 249 Location: Nairobi
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Plot twist...If BTC was launched today (with it's decade old tech) amidst these "shinny" Alts,it would fail miserably.Never discount the "first mover advantage". As long as S&P doesn't nuke,our digital pet rock will consolidate and finally rip to the upside. Never lose your position in a bull market,BTFD.
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Rank: Member Joined: 9/11/2015 Posts: 244 Location: Thika
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mamilli wrote:Plot twist...If BTC was launched today (with it's decade old tech) amidst these "shinny" Alts,it would fail miserably.Never discount the "first mover advantage".
As long as S&P doesn't nuke,our digital pet rock will consolidate and finally rip to the upside. True. Bitcoin is a dinosaur. Its true value is wide usage i.e the network. Nothing more. Since men have learned to shoot without missing, I have learned to fly without perching
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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Opinion. Trade of the year. Will compare closing prices at Dec 31st. 13th August. What should a Kenyan buy today for highest returns by the end of the year? Today's prices: Bitcoin: $11,531 Source: BitcointickerNSE Source: myStocksClosing prices • Safaricom - Sh 27.85 (Bluest of blue chips) • KCB - Sh 30.55 (Because Wazuans love banks) • Centum - Sh 21.8 (Heavily discounted from NAV) • Flame Tree - Sh 1.39 (Pennystock with highest upside potential) Real Estate (Source: Hass Property Index Q2 2020 Report) Land (1 acre): • Upperhill - KSh 525.7 million (High-end) • Ruaka - Ksh 89.8 million (Mid-level) • Kiserian - Ksh 7.5 million (DC) Houses (Source Hass Index) Average prices: • 4-6 bedroom property: 41.2 million • 1-3 bedroom property 14.1 million
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Rank: New-farer Joined: 5/20/2010 Posts: 69
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If anybody is looking to dabble in some bitcoin, you can give me a shout using the links below. It will be quick and easy and you can begin with as little as Ksh 1000 hodlhodl.com https://hodlhodl.com/offers/RB7hyzTRqYwXV6tA
Binance https://c2c.binance.com/...c82c45b7afe61c9338aa3e2b
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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mnandii wrote:For the two dimwits here, these are the two Elliott Wave Counts am working on. Scenario I This count suggests that Bitcoin has completed wave (1) (at $9900) and had a small wave (2) retracement (composed of a combination WX and a triangle Y). At the next higher degree, wave 1 and 2 are also complete (respectively at $11,375 and $10,860). Now, this count suggests that we should expect the next leg, a wave 3 rally imediately as depicted by the rising blue trendline. My confidence in this count would continue to rise as wave 3 in Bitcoin rises strongly above $12,000, for example. I had posted this very count earlier on in this thread. Scenario II This is the second scenario. This count suggests that we have a bigger impulsive wave (1) which completed recently at $12,050. This is the alternate count where I have been suggesting that a bigger correction below $10,000 is a possibility. That correction would take the form of an ABC and complete a bigger wave (2) retracement possibly at $6,900. In both scenarios I expect Bitcoin to rise to levels above $19,000, the previous major high. Only that one count suggests the rally should start immediately while the other suggests a more prolonged time frame. At some point price action in Bitcoin will eliminate one count count so that we remain with the other. If, for example, Bitcoin falls below $9,200, then our scenario I will be eliminated and we'll remain with scenario II as the working preferred Elliott count. It is these conundrums that the cobwebs in your heads have not managed to let you see. But I hope now you start to get some level of understanding. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Very likely Bitcoin is playing Scenario II. Don't Buy. Wait for better prices. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Member Joined: 10/6/2015 Posts: 249 Location: Nairobi
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mamilli wrote:mnandii wrote: BITCOIN. Triangle wave [d] of B completed at $8898. Now the final wave [e] recovery with a target of $9461 but below $9784. THEN a violent downswing to be expected to complete wave C of (2). DJIA/S&P is the bellwether here,the manifest correlation recently is undeniable. If the S&P slide continues,BITCOINERS we brace for impact. Never lose your position in a bull market,BTFD.
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Rank: Member Joined: 10/6/2015 Posts: 249 Location: Nairobi
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A buy order set at 7200 (.618 fib retrace of the recent move from march lows on the weekly) It can take months to play out but thats the beauty of elective buy orders,never chasing the market. Meanwhile... https://www.google.com/a...uys-more-bitcoin%3famp=1Never lose your position in a bull market,BTFD.
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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Stone Ridge, a $10 billion asset management firm is holding $115 million worth of Bitcoin. Source: ForbesHaving 0% exposure to Bitcoin at this point is itself a risk.
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Rank: Member Joined: 9/11/2015 Posts: 244 Location: Thika
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Between December 2015 and December 2017, Bitcoin rallied from $300 to almost $20,000 in roughly 2 years. Who made money? - The dumb money that was lucky to buy cheap and hodled in a bull market when hodling works. During that period, if you bought bitcoin and held for 6 months you always came out ahead. This group gave back most of their gains in 2018-2020 when they tried to hodl during a bear market. - The short term professional traders made most of the money and kept it. Who lost money? - Even in a big bull market, most people lose money. So, dumb money that bought at local tops and got washed out in pullbacks. This accounts for the vast majority of losers. - Amateur short term traders also lost big-time by trading in and out of coins. How is this information important to you?? - If you are not a professional trader (which most of you aren't), buying and holding crypto for at least 6 months will serve you well. We are in another bull market. Since men have learned to shoot without missing, I have learned to fly without perching
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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CBK Holds Discussions on Digital CurrenciesQuote:“We are already having discussions with other global players, in various ways, around the introduction of Central Bank Digital Currencies. The push comes as a result of mushrooming of private cryptocurrencies and we are already feeling left out and need to create our own space,” said Central Bank of Kenya Governor Dr Patrick Njoroge.
He made these remarks in an online interview with the US media, on the sidelines of Georgetown’s DC Fintech week. "First they ignore you, then they laugh at you, then they fight you, then you win”
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