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Dogecoin Approaching Support: Feelin’ Lucky?

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17 comments on Dogecoin Approaching Support: Feelin’ Lucky?

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There is technical support for Dogecoin here. 

Feelin’ lucky?

If not, you can hold out for $0.21, $0.13, or $0.06.

Or you can sit on the sidelines watching in amusement (like me) as everyone wonders what Elon Musk will do for an encore. 

 I don’t know, nor does anyone else, but it’s likely to be amusing.

Bitcoin 2014 to Present 

Bitcoin technical support from January 24 is at $31,668. Check out today’s range and current price.

Bitcoin Bounce Off Support

Technical levels work because people watch them and put in bids near those price levels. 

The previous “breakout” level was around $19,000. Some people will want to get in there because they are upset they missed a buying opportunity.

On the other hand, some people who bought at that level and held, will be ready to throw in the towel and call it quits at that level.

So if a bounce at $19,000 does not hold, expect a quick plunge back to about $11,000.

Fundamentally Speaking 

Pair of Quizzes 

Feelin’ Lucky?

In case you missed it, please see Google Aims for Commercial Quantum Computer by 2029, What Would That Do to Bitcoin?

More importantly, What would happen to the price of Bitcoin if the US did not allow merchants and banks to make Bitcoin transactions?

For discussion, please see Bitcoin Supporters Cannot Answer One Simple Question

Mish

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Mike Shedlock

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17 Comments
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Eddie_T
Eddie_T
4 years ago
Meanwhile the dollar down leg is getting pretty long in the tooth. Gold should correct this week if I’m right, and circumstances don’t change in some fundamental way. I am looking to buy the miners on the next good dip.
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Carl_R
Carl_R
4 years ago
Reply to  Eddie_T
Here’s an update today on that projection I linked you to earlier. It’s pretty much in agreement with you.
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Felix_Mish
Felix_Mish
4 years ago
Maybe some sharpster here knows an answer to this musing:
Is there reason to buy a crypto coin, then sell it immediately? Swap/swap.
Notice, you don’t care what the current coin price is.
For any time outside a brief moment, you don’t care whether the coin is viable or even if it’s someone’s joke.
You do care that the operational details of a coin make it worth the swap/swap.
You would probably swap/swap the acceptable coin with the smallest bid-ask spread. Probably the most traded.
But, first, you must have a reason for such a swap/swap. What might that be? And how does it work, exactly?
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Doug78
Doug78
4 years ago
Reply to  Felix_Mish
Do you mean doing arbitrage between coins or paired trades?
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Felix_Mish
Felix_Mish
4 years ago
Reply to  Doug78
Hadn’t thought of that. But, arbitrage does seem like something that doesn’t care about coin price or coin viability.
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Scooot
Scooot
4 years ago
Reply to  Felix_Mish

Money laundering. I don’t know how that might work or even if it does. The article posted by @WendyBG might throw some light on it.

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Eddie_T
Eddie_T
4 years ago
Reply to  Felix_Mish
If you’re talking about Tether for BTC, they print the Tether. It’s a stablecoin, not a regular crypto. Stablecoins are supposed to be a dollar proxy for traders to use. The idea is to escrow money dollar-for-dollar and hold it as collateral. In reality, the Chinese miners who print Tether don’t have to do that, and they don’t. They can pay themselves back instead after BTC runs up and they sell all theirs.
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WendyBG
WendyBG
4 years ago
Mish, please read this.
WendyBG
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njbr
njbr
4 years ago
Reply to  WendyBG
Excellent!!
A tulip bouquet is due you!
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Eddie_T
Eddie_T
4 years ago
Reply to  WendyBG
Good piece.  I‘ve been trying to make this point.
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Mish
Mish
4 years ago
Reply to  WendyBG
Thanks!
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Doug78
Doug78
4 years ago
Reply to  WendyBG
Great article!
Counterparty risk carries the most risk in any transaction and the first risk one should determine. A highly regulated exchange would eliminate that risk. In the article he talks about his friend who would use a VPN to give himself a Bolivian IP address so he could use a foreign exchange to get high leverage. To me that is the height of folly. Might as well make your stock trades with strangers in an alley behind the bus station. His friend deserves to lose his money for sheer stupidity.  
“There is a lot of genuine potential in crypto — the startup ecosystem got this part right! — but that potential won’t be realized if the industry is riddled with frauds. And while over-regulation is a real concern, the fact that this racket has gone on for so long and at such a scale is a clear sign that we need a mechanism to validate the reserves of stablecoin issuers.”
For me that was the principal takeaway. There is a good chance that there is something in cryptos but only by being on regulated exchanges will their potential be realized. I can wait until then. 
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Scooot
Scooot
4 years ago
Reply to  WendyBG
Interesting article, I see it was published on 14 January, can’t tell which January though, assume it was this year. I’m surprised it hasn’t been more widely published so I wonder why. 
Gold has no counterparty risk! 
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Doug78
Doug78
4 years ago
Reply to  Scooot
“Gold has no counterparty risk! “
It does if the counterparty sold something that looks like gold but is not or that he sold you actual gold but is not the legal owner.
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Scooot
Scooot
4 years ago
Reply to  Doug78
True, let the buyer beware. In the first case you haven’t actually bought Gold so is it the case that Gold had counterparty risk? A moot point perhaps. The second point might be harder to prove unless it had some sort of serial number on it but I take your point. 
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njbr
njbr
4 years ago
You might as well project “support levels” for roulette wheels. 
Speculative “investing” is gambling.
Get long on NFT’s–it’s the new wheel.
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Eddie_T
Eddie_T
4 years ago
I think I’d rather wait for the dollar to top on its next up leg then and then buy the miners again. 
Nothing wrong with taking a small gamble on bitcoin or some other crypto, but it just should be understood that it is gambling and not investing or even trading. My position is that I don’t have cash I can afford to gamble with. I need it for real investments. 
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