░▒₿▒░ 3HR ░▒₿▒░BTC Previous 10 years - average 200% gains year/year. 21 Million coin mining cap, around 18M produced which is realistically around 16M (given lost keys, unrecoverable coins, etc.). This is a scarce digital asset here, with proof of work concept. Meaning the value is there (without inflation ), just like gold (the physical kind). . . Unlike any Fiat, Doge, or Monopoly money the general public has been lead to believe and trade a life for.
Now is the time. With almost 50% of all USD printed (less than 10% physically, most digits in a computer) in 2020-21 in the history of the US, our current monetary economic system has little gleam of a come-back. This is not a prediction, nor is it any conspiracy. . . It's simply history. And this story has played out many times. Only thing is, these stories are often lost through a single generation or two.
Did you know it was made illegal to privately own gold in the US in 1933? This marked the turning point. . . We went (partially) off of the gold and silver standard. Mark 1971 as another turning point. It's clear in the charts on FRED (the ones they expired). With Negative Interest Rates already hitting the Repo Market, this is the start. The US is creating new debts. and working all kinds of moves, however no monetary system in history has proven to withstand the test of time.
3hrchart
BTCUSD also breaking above inv h&s necklineMuch in the same way ETHUSD has broken above its 3hr inverse head and shoulders pattern, BTCUSD is now following its lead. No confirmation this breakout will validate just yet but it is lookign quite promising. If it does indeed validate which probability currently favors the target is 63k *not financial advice*
3hr chart symmetrical triangle now the dominant pattern.After some peculiar price action it now seems the most valid timeframe for a symmetrical triangle here is the 3hr chart. It is always a bit of a risk looking for a pattern on a 1hr chart so having to move to the 3hr chart to find a symmetrical triangle that was still looking valid doesn't surprise me.; In general I usually stick to the 1 day and 1 week charts but went with the 1 hr chart this time around because there were so many valid touches from the candlesticks....ultimately even if this 3hr symmetrical triangle starts looking wonky, we we likely maintain the 1 day basic bullflag it isnt until the 1day chart bullflag gets invalidated that we need to worry about bearish confirmation.
possible 3hr chart diamond pattern the dominant pattern?diamond pattern seems fairly valid on the 3hr chart. Important to watch where the 1 day candle closes though...if we can stay in this range for close we can close the 1 day candle as a bullish engulfing candle which could be a very bullish signal also currently on the 1 day chart we are forming a bull flag with an incredibly long pole which if broken to the upside would bee very bullish indeed.. If this 3hr diamond pattern is the most dominant current pattern we will need to still wait for some sort of breakout confirmation tot determine whether or not it will be a diamond top(bearish) or a continuation diamond(bullish). The head and shoulders pattern that was forming on thee 1hr has already had 3 confirmed fakeouts and will likely not come to fruition but I am sill keeping tabs on where is neckline is just in case. Also if we can close 1-3 more daily candles above the neckline of the double bottom we've been watching odds are very good that we will bee triggering its breakout and remember it still has a breakout target of 13.1k which could trigger all sorts of other bullish breakouts as well.