I wanted to write this last night, but I wrote entirely too many posts yesterday.
In spectacular fashion, Bitcoin started going totally bonkers yesterday around 2 PM PST. There weren't necessarily huge movements in terms of price movement, but they were exciting because the price moved up to the $14k line once again. Even more important, the volume was out of control. I could see the money changing hands on Coinbase Pro in real time, and it reminded me of back in the days of 2017. A lot of money traded hands yesterday in a short time.
Many technical analysts would have called this pump to $14k the dreaded "double top", but I knew better. Bitcoin simply has too much support. Every time we hit that $14k level is just gets weaker and weaker like a block of ice.
And so in the last couple hours Bitcoin has battering rammed its way through the ice block of resistance and now we sit not-so-firmly above the resistance line. Will resistance flip support? Maybe, not sure. It seems likely, but at the same time I think the real spike up is going to happen November 14th ($17k+). I'll explain that more when the time comes. Until then, it's fun to watch Bitcoin stumble around drunk.
I've made another bet on the market, this time with our very own @scaredycatguide. It's for 500 Hive; even odds. If the daily close on Hive closes at 5 cents or below, he wins, if it closes 21 cents or higher, I win. A nice binary bet. Thanks for the free money, sucker!
Hive really can't hit 5 cents IMO. Major bulls wake up at 10 cents. Now is a good time to buy. The interesting thing about this bet is that if I lose I lose $25, but if I win I win $105. Seems like good "odds" to me. Even more interesting is that @scaredycatguide could buy the 500 Hive now to hedge for a loss... so I'd win $105 but he'd only lose $50... lol so weird.
I also have the bet going with @yabapmatt for Bitcoin hitting ATH this year (or early Jan). Only got 2 more months to go on that bad boy, but I grow more bullish by the day. This market doesn't seem to care who the president is.
New Normal
Everyone is prematurely declaring Trump the winner of the election, while all the democrats are calling this a "red mirage" with all the blue mail-in votes yet to be counted. Personally I can't really see a "new normal" situation playing out without the democrats sweeping blue throughout the entire system. How else are they going to pass all those laws for our "protection"?
https://fivethirtyeight.com/features/final-2020-presidential-election-forecast/
I don't know how much we can trust this source. Apparently this person gets it right a lot. The claim here is that even with this overwhelming "red mirage" Biden has an 88% chance to win with only a 6% chance of losing and a 6% chance of tie. In the event of the tie he still wins because the House chooses the president and the Senate chooses the vice president... wow that law is so outdated (because it's never happened). Truthfully, I don't really care who wins, as horrifying as that sounds to all my friends and family.
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Return from Bitcoin Battering Ram & The Election to edicted's Web3 Blog
