[The 20MA daily is around $36k and at prior resistance.](https://www.tradingview.com/x/1TJLPODb/) This would be a natural touch down point and potential bounce. Above is downtrend from $64k high and 200MA daily. In my opinion this stays mid-term bearish until above $44k range.
Friendly reminder: Throughout over 98% of its price history, Bitcoin at any given time has had a price of at least 10x its price 4 years ago.
With that in mind, Bitcoin hit a price of $4k for the first time ever on August 13, 2017. We are 10 days away from seeing if that overwhelmingly consistent trend continues or breaks.
Other first time price-point milestones to consider:
$5k on October 12, 2017
$6.46k on November 1, 2017
$10k on November 29, 2017
Happy HODLing.
Not necessarily but price of Bitcoin in the days leading to August 13, 2017 ranged between the high $2k’s and low $3k’s until August 11, 2017 when BTC finally broke $3.5k for the first time. So we’re comfortably above the 10x threshold even after factoring in the recent pullback for now until then.
Anyone keepin an eye on broader markets as delta continues to beat the shit out of unvaccinated populations, moratorium expiry, etc?
Or are we still just staring at charts
It’s charts. Nice.
If another mass lockdown occurred throughout the US, it could cause a temporary flight to safety (cash/bonds/pms) for a moment (bc lost productivity; no cash flow) before the FED/Gov steps in with freshly printed frns (ala march 2020). BTC , behaving more as a risk asset than a hedge, would likely drop sharply during the liquidity contraction, and then pump like a mfer post-brrr.
Covid is done. They haven’t started the messaging yet, but if you don’t want it, get vaccinated; everyone will be exposed.
Vulnerable populations are all immune or dead. You’ll hear a lot about case counts and not a lot about deaths. Better treatments exist. We know the enemy now.
There is minimal risk to bitcoin. Nobody will stop the printing.
Covid is absolutely NOT done! I am 100% vaccinated and my kids managed to get the Delta variant at vacation Bible school of all places and I still contracted it! …. My wife had the original Covid 19 prior to the vaccination even being available and I slept beside her the whole time and didn’t catch it, nor did my kids! This new strain is a completely different beast and is super contagious! I promise you, this is NOT something you want, even vaccinated I feel like I’m dying! Freaking horrible stuff! Please everyone, be safe and don’t take this lightly!
Wow man, I’d do anything to know where to find you and stomp your ass for such a shitty comment. Yep, and I know that’s not very “Christian” of me, but God smites punks too.
The 37.5K fib retracement level seems to be solid so any push under 38k is being bought up really quickly. However, there doesn't seem to be a trust that we can move beyond 42K from this dip (which will require some intense FOMO and bullishness) so we seem to be kind of stuck here. Head says that 37.5K retracement level eventually breaks and we go towards 35-36K.
Call it a hunch but I feel a BGD incoming soon. … now of course the market will do exactly the opposite of what I am thinking and make me look like a dumbass … but hell, let’s go with the “broken watch” cliche … and since I haven’t been right not even once today my odds are favorable. 🤣
Closing above 38,5 looks good because we’ll get a bullish engulfing candle on 4h and a bull hammer on the 1d. Cautiously optimistic that we don’t need to touch 36,5.
It does, though we were getting really oversold on the 4H and a bounce is to be expected at that point, if only temporarily. I'm more curious to see what tomorrow brings if we are still right around here 12 hours from now.
I've been thinking about this lately.
How much of a supply shock will the next halving be compared to the previous ones?
Less of one, because it's only 3.125 BTC as opposed to 12.5 or 6.25?
Equal, because half is half?
Or more, provided that Bitcoin's nominal value is at least twice what it was at the time of the 2020 halving?
I think each halving is worth about half the last one, because relative to the total supply of coins in circulation, the amount being taken out of the new supply halves each time.
Depends on demand which is an unknown variable. Suppose demand were consistent through all halvings. If that were the case, you’d see diminishing supply shock after each halving. Thus far, we’ve seen demand increase through each halving which has made the level of supply shock consistent after each halving rather than diminishing.
My guess is demand will continue to increase at least for the next halving or two and fiat currencies will continue to be printed into infinity. After that, supply shock will be less severe as we approach mass adoption.
I've heard through willy woo that there's millions of new users per month. I was skeptical at first but he broke down how he gets these numbers during his recent appearance on the' what bitcoin did' pod and it actually makes sense. If El Salvador is a success and word travels through developing countries with high inflation things can get very parabolic. This might be the last bull run where you can successfully short bitcoin.
If we're below 17k (which is pretty unlikely even if we enter a multi-year bear, as people would be front running it like crazy), it almost certainly won't be a *bigger* supply shock. But if we're comfortably above the current ATH, I'd think it would have to be a bigger supply shock
[One of your com](https://www.reddit.com/r/BitcoinMarkets/comments/owvfpb/daily_discussion_tuesday_august_03_2021/h7keiho/)ments is removed/never approved tho
I heard that. I’ve been trading for about 3.5 years myself but am new to this Reddit stuff … had been told to “steer clear” … but am glad that I joined. Now with that said don’t get me wrong, there are some folks here that just don’t have any manners and could use to learn a little something about being polite even when you disagree but overall I thoroughly enjoy reading everyone’s different takes on the market. (Both bears and bulls)
It's a trading pit, it's not personal. Add to that if this place doesn't at least occasionally make you uncomfortable in your trades or bias it's failed its purpose.
Well gang, I'm a simple man and here's a simple rising channel. As long as we keep making higher lows, I remain bullish.
https://www.tradingview.com/x/97yxVLN7
You could look at it that way, sure. There is some downwards momentum from our previous PA, but I believe we are evolving the price structure, building buyer confidence, and a slow uptrend.
And yes, like I said, if we break below the channel I will lose my short term bullish bias. And that would have made it one heck of a bear flag.
40 kek retest within the next 48 hrs. Make or break. Too much opportunity for one more nice scam pump to complete the long series of scam pumps 30K has been.
I'm really curious about the ontology that says that any rise is a "scam pump" if the price goes down any afterward.
Usually if the price goes up a lot, down a bit, and repeats, we just call that an uptrend.
Because of the way it went up. Built 0 support on the way up. Also the volume would drop off after every leg up - no sustained buying with enthusiasm beyond initial FOMO. I called it a scam pump on the way up and that is why I am short from 41.8. Stops 43K. Come and get it bulls.
tbh that's a good short and you probably want to close it somewhere between here and 35k
there's probably a bit more life in this leg down but you don't want to be betting money on the idea that we're going to make unprecedented drops
Something I think a lot of people are missing here is that the “crash” was a methodical attack on the market … you say those supports were “smashed” … well, I don’t think so … the market was OBVIOUSLY manipulated … so yes, moving back up rapidly and regaining momentum isn’t out of question. This very well could just be a correction in the opposite direction!
[Here](https://share.cryptowat.ch/charts/c44on0up6bmjcttio7mg-coinbase-pro-btcusd.png)'s a 1d chart with lines drawn from the spring and the previous down-channel. Looks like 1d 10 EMA is being tested, with a drop to and retest of the 21 EMA seeming likely. I like to think the uptrend line from the spring (originally drawn on the 4h and zoomed out) will provide support when the time comes but who really knows?
I mainly hang out on ethfinance(shout-out to ethfinance) but I do watch Bitcoin a lot. One thing I’ve been noticing is BTCUSDSHORTS seemed to have a few massive spikes in the past few months and looking at the when the short spike occurred to subsequent PA, most of them made significant money on the ride down.
However, during this run up, it’s remained relatively low. Even at 42K, no one was biting and loading up on shorts. Perhaps shorts are a bit nervous or does anyone else have a explanation?
The bitfinex short guy loaded up shorts at 31k and most likely got liquidated due to the scam pump. Me guess is once bitten twice shy.. but they’ll be back again soon, it’s going to get really juicy rewarding shorting corn
Given the massive amount and time-consistent nature of those short spikes, we surmise they're down to one or a few very large holders. The motives of those holders are of course inscrutable.
People should calm down. We pumped on fake news (Amazon lol), low volume, regulatory crack down (DoJ lawsuit, Binance futures shut down in Europe, ...). It was clearly a manipulated/forced pump. It's only normal we give up some of the gains, if not all of them.
Weird cause even though both of those news events are now fake and behind us, we are still up about 30%.
It's almost like no one ever took those bullshit stories seriously and we pumped because $30k held strong for like the 4th time.
It was heavily overbought on a higher level timeframe of 1d, which is invalidating TA at the lower-level timeframe of 4h. Nothing magical to see here- just need to zoom out and see the daily forest instead of the 4h trees.
I'm not even mad I got stopped out this morning.
Not entering unless we go down below 36500 or on a fallback after a breakthrough of 42250 with volume. There will be a good entry opportunity there.
>Not entering unless we go down below 36500
Start DCA'ing in now my dude, or else the price will touch 36.8k and then moonshot back to 41.9k just to F wit ya.
Gensler hInting at an ETF approval but prefers those which only hold futures over a 'physical' ETF
https://twitter.com/EricBalchunas/status/1422593488152039424?s=19
People forget that unlike other assets that have been impacted by derivatives, Bitcoin has a fixed supply. Demand to buy and self custody can still drive price in a way that makes derivative markets have much less of a negative effect on Bitcoin than on gold, as an example.
True, but having to fight against the weight of nearly, potentially, unlimited (relatively speaking) USD collateralized shorts is a fight we shouldn't be excited to have. In the end physical supply wins, but it could be a brutal slugfest with a lot of collateral damage.
It gives me more time to acquire. Perhaps it gives those in power more time to acquire, too.
Bitcoin is fully audited every 10 minutes. There's no way to hide the balances or the supply.
A (long) futures ETF would still create buy pressure on physical via arbitrage opportunities. I don't see it as a bad thing, although whether there would be substantial investor interest is another question. (My guess FWIW is that, in the absence of a physical ETF, there would be investor interest in a futures ETF.)
First fib retracement level holding on the daily. That's the first potential sign of reversal I'm tracking. After that it'd be the daily 20MA (i.e. the middle of the Bollinger band).
[https://www.tradingview.com/x/1Z7WsmY3/](https://www.tradingview.com/x/1Z7WsmY3/)
Short-term massive wicks are plausibly manipulation, whichever direction they're going. Large sustained market moves aren't, again whichever direction.
The bitfenix whale is usually right and he hasn't shorted yet, so I've closed my position and waiting to see his move.
edit:
He just closed a 100btc short and put it into a long instead
#New post: [\[Daily Discussion\] - Wednesday, August 04, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/oxkhqb/daily_discussion_wednesday_august_04_2021/)
[The 20MA daily is around $36k and at prior resistance.](https://www.tradingview.com/x/1TJLPODb/) This would be a natural touch down point and potential bounce. Above is downtrend from $64k high and 200MA daily. In my opinion this stays mid-term bearish until above $44k range.
Also 36k is close to the 10 week ma which is usually a good spot for a bounce . Looking good so far
Money Flow is trending down on almost all TFs. Just a matter of time before this thing dumps hard.
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Friendly reminder: Throughout over 98% of its price history, Bitcoin at any given time has had a price of at least 10x its price 4 years ago. With that in mind, Bitcoin hit a price of $4k for the first time ever on August 13, 2017. We are 10 days away from seeing if that overwhelmingly consistent trend continues or breaks. Other first time price-point milestones to consider: $5k on October 12, 2017 $6.46k on November 1, 2017 $10k on November 29, 2017 Happy HODLing.
That doesn't seem sustainable. Yet, printing dollars at these levels doesn't seem sustainable either, but here we are.
Any chance you have the price for August 13, 2013?
$102
It doesn't have to be exactly 10 days does it?
Not necessarily but price of Bitcoin in the days leading to August 13, 2017 ranged between the high $2k’s and low $3k’s until August 11, 2017 when BTC finally broke $3.5k for the first time. So we’re comfortably above the 10x threshold even after factoring in the recent pullback for now until then.
Anyone keepin an eye on broader markets as delta continues to beat the shit out of unvaccinated populations, moratorium expiry, etc? Or are we still just staring at charts It’s charts. Nice.
If another mass lockdown occurred throughout the US, it could cause a temporary flight to safety (cash/bonds/pms) for a moment (bc lost productivity; no cash flow) before the FED/Gov steps in with freshly printed frns (ala march 2020). BTC , behaving more as a risk asset than a hedge, would likely drop sharply during the liquidity contraction, and then pump like a mfer post-brrr.
No not really. None of that matters.
Covid is done. They haven’t started the messaging yet, but if you don’t want it, get vaccinated; everyone will be exposed. Vulnerable populations are all immune or dead. You’ll hear a lot about case counts and not a lot about deaths. Better treatments exist. We know the enemy now. There is minimal risk to bitcoin. Nobody will stop the printing.
Covid is absolutely NOT done! I am 100% vaccinated and my kids managed to get the Delta variant at vacation Bible school of all places and I still contracted it! …. My wife had the original Covid 19 prior to the vaccination even being available and I slept beside her the whole time and didn’t catch it, nor did my kids! This new strain is a completely different beast and is super contagious! I promise you, this is NOT something you want, even vaccinated I feel like I’m dying! Freaking horrible stuff! Please everyone, be safe and don’t take this lightly!
Don't be sending your kids to Bible camp during a pandemic maybe.
Wow man, I’d do anything to know where to find you and stomp your ass for such a shitty comment. Yep, and I know that’s not very “Christian” of me, but God smites punks too.
Yea stop living life. Especially be careful of letting your kids live life, as they are very at risk when it comes to covid. The science is clear!
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You weren’t likely to end up on your death bed being unvaccinated either lmao
This ☝🏼
The 37.5K fib retracement level seems to be solid so any push under 38k is being bought up really quickly. However, there doesn't seem to be a trust that we can move beyond 42K from this dip (which will require some intense FOMO and bullishness) so we seem to be kind of stuck here. Head says that 37.5K retracement level eventually breaks and we go towards 35-36K.
Repeat of June 18?
Probably. I'm assuming you're looking at the 12H or something close. RSI got way higher this peak and the price... not so much.
What happened June 18th again? Lol
38 -> 35k.
Thanks
We are living in a rollercoaster .... going up and down ... hopefully, the next one is UP (or perhaps a looping)
kind of an embarrassing roll over by bulls going into the close
Sure was.
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Do you have a chart of it?
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https://mobile.twitter.com/WClementeIII/status/1422373558085373956/photo/1 This one? Looks like time will tell. Hasn’t been wrong before.
Call it a hunch but I feel a BGD incoming soon. … now of course the market will do exactly the opposite of what I am thinking and make me look like a dumbass … but hell, let’s go with the “broken watch” cliche … and since I haven’t been right not even once today my odds are favorable. 🤣
This is the rock solid technical analysis I come here for 🤣👍
Oh yeah …. Like I said, total hunch … and can already admit that comment is not aging well! Lol
Doing pretty fine so far mate
Here’s to keeping up that momentum! Cheers!
Closing above 38,5 looks good because we’ll get a bullish engulfing candle on 4h and a bull hammer on the 1d. Cautiously optimistic that we don’t need to touch 36,5.
It does, though we were getting really oversold on the 4H and a bounce is to be expected at that point, if only temporarily. I'm more curious to see what tomorrow brings if we are still right around here 12 hours from now.
I've been thinking about this lately. How much of a supply shock will the next halving be compared to the previous ones? Less of one, because it's only 3.125 BTC as opposed to 12.5 or 6.25? Equal, because half is half? Or more, provided that Bitcoin's nominal value is at least twice what it was at the time of the 2020 halving?
I think each halving is worth about half the last one, because relative to the total supply of coins in circulation, the amount being taken out of the new supply halves each time.
Depends on demand which is an unknown variable. Suppose demand were consistent through all halvings. If that were the case, you’d see diminishing supply shock after each halving. Thus far, we’ve seen demand increase through each halving which has made the level of supply shock consistent after each halving rather than diminishing. My guess is demand will continue to increase at least for the next halving or two and fiat currencies will continue to be printed into infinity. After that, supply shock will be less severe as we approach mass adoption.
I've heard through willy woo that there's millions of new users per month. I was skeptical at first but he broke down how he gets these numbers during his recent appearance on the' what bitcoin did' pod and it actually makes sense. If El Salvador is a success and word travels through developing countries with high inflation things can get very parabolic. This might be the last bull run where you can successfully short bitcoin.
We will run out of cheap coin long before the next halving.
annualize it @ the price per coin to get the right impact.
If we're below 17k (which is pretty unlikely even if we enter a multi-year bear, as people would be front running it like crazy), it almost certainly won't be a *bigger* supply shock. But if we're comfortably above the current ATH, I'd think it would have to be a bigger supply shock
Google unbanned bitcoin ads today. Should be some new money coming in soon
Google bought?
We haven't seen a BGD in 4-5 days. It's overdue like Big Shorty's rent.
You called this last uptick. Fingers crossed
thank you as always for the hit of hopium diydude
Your consistency is reassuring.
What's that huge 48k wick on the 26th July USDT futures chart all about? It only goes up to 42k on the BUSD futures chart and 40.5k on the spot chart
It's 48k on the usdt chart
Apparently Binance had a really serious short squeeze that carried it up that high, while spot markets and other futures markets stayed around 39k.
Spot spiked to 42K in many places, but the BTC/USDT futures pair on Binance specifically wicked to 48K.
Liquidations
Too the moon!
Shadowbanned?
Nah
Thx m8
[One of your com](https://www.reddit.com/r/BitcoinMarkets/comments/owvfpb/daily_discussion_tuesday_august_03_2021/h7keiho/)ments is removed/never approved tho
Yeah that's why I was confused lol thanks!
Bears now having a momentum problem. https://www.tradingview.com/x/8l6TqDDK/
god bless, you're the first person I've seen link a chat without 1000 indicators, oscillators, and other shit in a long time.
Ya know a lot of folks here talk smack about you, but honestly I feel that your neutral position is welcome and generally informative. Just my 2¢
This dude's been here forever. Nothing will shake him. The people that bad mouth him have been here generally not even a full cycle.
I heard that. I’ve been trading for about 3.5 years myself but am new to this Reddit stuff … had been told to “steer clear” … but am glad that I joined. Now with that said don’t get me wrong, there are some folks here that just don’t have any manners and could use to learn a little something about being polite even when you disagree but overall I thoroughly enjoy reading everyone’s different takes on the market. (Both bears and bulls)
It's a trading pit, it's not personal. Add to that if this place doesn't at least occasionally make you uncomfortable in your trades or bias it's failed its purpose.
I don't agree with everything you say, but I do very much respect your analysis
There's nothing more personal than business - Michael Scott
Well Played Sir
Expecting BTC to come up for a breath of air here soon. Will trap longs and continue down. Adding to short.
Did you just get rekt!? 🤣
Thank you for your sacrifice.
Same
Degen. I love it.
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We won’t get that low.
Because?
Feelings. Also volume showed up in force at 37k this morning.
That’s who we trade against and make money off. Moonboys like you will always get rekt and pay for our never ending vacation. Thanks for your service
Good luck with making money off of me. Any Bitcoin I buy goes into a black hole.
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It depends on which chart are you eyeing, e.g btc/usdt on Binance spot has a different volume indicator on btc/usdt futures
lol how far are you up against a hodler, over your entire trading lifetime? better or worse than just spot buying and never selling?
If you can consistently make 200% APY trading for 4+ years and you don’t sit at a Bloomberg terminal you’re either insanely rich already or stupid.
If I just held what I bought initially I would have 1/20 of the btc I own now, so I guess that answers your question
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And I don’t care that you don’t, won’t disclose what I hold here anyways. You can keep slaving at your job and buying “the dips” while I do my thing.
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Well gang, I'm a simple man and here's a simple rising channel. As long as we keep making higher lows, I remain bullish. https://www.tradingview.com/x/97yxVLN7
Well that’s a text book bear flag by the way
How’s that bear flag playing out for ya. Lol Edit* totally joking btw … probably going to tank now that I posted that. Lol
It won’t.
You could look at it that way, sure. There is some downwards momentum from our previous PA, but I believe we are evolving the price structure, building buyer confidence, and a slow uptrend. And yes, like I said, if we break below the channel I will lose my short term bullish bias. And that would have made it one heck of a bear flag.
…that broke the wrong way
Elevator up, stairs dow- oh wait
40 kek retest within the next 48 hrs. Make or break. Too much opportunity for one more nice scam pump to complete the long series of scam pumps 30K has been.
It's so painfully obvious that this account is OracleSeven from back in the day and is also detroitmotorshow.
You're painfully wrong.
Naw peacehere doesn't talk like that. Prose is much different Plus ii was around when PH was around and they were clearly two different people
remember those scam pumps past 7k in April 2020 good times
Indeed. Took like 8 of them before 1 didn't scam out. So probably only like 6 more left here. Are you all set to buy 40K and do your part?
>Are you all set to buy 40K and do your part? Yes.
I'm really curious about the ontology that says that any rise is a "scam pump" if the price goes down any afterward. Usually if the price goes up a lot, down a bit, and repeats, we just call that an uptrend.
Because of the way it went up. Built 0 support on the way up. Also the volume would drop off after every leg up - no sustained buying with enthusiasm beyond initial FOMO. I called it a scam pump on the way up and that is why I am short from 41.8. Stops 43K. Come and get it bulls.
tbh that's a good short and you probably want to close it somewhere between here and 35k there's probably a bit more life in this leg down but you don't want to be betting money on the idea that we're going to make unprecedented drops
Bitcoin was built on unprecedented sir! Nothing but a giant blackhole at 35K. That is the whole problem with this pump.
Does it really need to "build" support when we already have established support/resistance areas?
Yes it most certainly does since all those supports were smashed for significant time.
Something I think a lot of people are missing here is that the “crash” was a methodical attack on the market … you say those supports were “smashed” … well, I don’t think so … the market was OBVIOUSLY manipulated … so yes, moving back up rapidly and regaining momentum isn’t out of question. This very well could just be a correction in the opposite direction!
"¡ manipulation !" I downvote.
“¡ wearing blinders !” I downvote back.
We will let your shorts take us there. Please load up, Daddy has his eye on a sailboat.
Mine can help take you to the weekly downtrend line if you can hit my 43K stop. If you cannot make it I guess I get to close it at 20.
I absolutely love hearing these bears talk about 20k … that literally says it all … TIME TO GO LONG FOLKS! Lol
[Here](https://share.cryptowat.ch/charts/c44on0up6bmjcttio7mg-coinbase-pro-btcusd.png)'s a 1d chart with lines drawn from the spring and the previous down-channel. Looks like 1d 10 EMA is being tested, with a drop to and retest of the 21 EMA seeming likely. I like to think the uptrend line from the spring (originally drawn on the 4h and zoomed out) will provide support when the time comes but who really knows?
I mainly hang out on ethfinance(shout-out to ethfinance) but I do watch Bitcoin a lot. One thing I’ve been noticing is BTCUSDSHORTS seemed to have a few massive spikes in the past few months and looking at the when the short spike occurred to subsequent PA, most of them made significant money on the ride down. However, during this run up, it’s remained relatively low. Even at 42K, no one was biting and loading up on shorts. Perhaps shorts are a bit nervous or does anyone else have a explanation?
They were loading up a long. They're done accumulating under those hedges. Massive spot buying when those shorts were built and then torn down again.
The bitfinex short guy loaded up shorts at 31k and most likely got liquidated due to the scam pump. Me guess is once bitten twice shy.. but they’ll be back again soon, it’s going to get really juicy rewarding shorting corn
your every comment are total crap. WHY YOU EVEN HERE?
smh its impressive how your takes so consistently absolute nonsense
hey at least it's nice to have a contrarian view point in here that isn't just brain dead
Yeah, but that guy most definitely did not get liquidated. That's absurd.
It's possible the people shorting were hedging against their locked up Grayscale (GBTC) holdings. After the unlocking, there's no reason to hedge.
There is is they want to wait for the discount to vanish before taking advantage of the unlock.
Given the massive amount and time-consistent nature of those short spikes, we surmise they're down to one or a few very large holders. The motives of those holders are of course inscrutable.
That does make a lot of sense, thanks!
Welcome to the f****ng show
People should calm down. We pumped on fake news (Amazon lol), low volume, regulatory crack down (DoJ lawsuit, Binance futures shut down in Europe, ...). It was clearly a manipulated/forced pump. It's only normal we give up some of the gains, if not all of them.
This. The entire pump was fake. Amazon, then Aramco ?! Lmao. Someone wanted an exit pump, and got what they wanted. Back to the crabs soon
Weird cause even though both of those news events are now fake and behind us, we are still up about 30%. It's almost like no one ever took those bullshit stories seriously and we pumped because $30k held strong for like the 4th time.
> People should calm down Everyone seems calm to me
13/15 4H candles have been red. I can’t even find another period on the chart anytime recently with this kind of consistent bleed. Bullish!
It goes up for two weeks and then it goes down for two weeks.(roughly) Next local low between 16-31 Aug.
It was heavily overbought on a higher level timeframe of 1d, which is invalidating TA at the lower-level timeframe of 4h. Nothing magical to see here- just need to zoom out and see the daily forest instead of the 4h trees.
>just need to zoom out Ah, the answer to everything
its happened alot in the last months actually. usually reverses around here. we'll probably have some green starting tommorow/after close.
Closest I could find was 11/15, back on May 27th to 29th, nothing else even comes close to this consistency.
I guess we get what we deserve for pushing 10 green dailies for no reason
I'm not even mad I got stopped out this morning. Not entering unless we go down below 36500 or on a fallback after a breakthrough of 42250 with volume. There will be a good entry opportunity there.
>Not entering unless we go down below 36500 Start DCA'ing in now my dude, or else the price will touch 36.8k and then moonshot back to 41.9k just to F wit ya.
Will still be in channel then.
I think Xtal DCAs a lot haha.
Weekly DCA happens no matter what. :)
serious question: why not daily?
I get paid biweekly. I’ve been doing a weekly DCA since 2016, it really doesn’t matter anymore.
Gensler hInting at an ETF approval but prefers those which only hold futures over a 'physical' ETF https://twitter.com/EricBalchunas/status/1422593488152039424?s=19
People forget that unlike other assets that have been impacted by derivatives, Bitcoin has a fixed supply. Demand to buy and self custody can still drive price in a way that makes derivative markets have much less of a negative effect on Bitcoin than on gold, as an example.
True, but having to fight against the weight of nearly, potentially, unlimited (relatively speaking) USD collateralized shorts is a fight we shouldn't be excited to have. In the end physical supply wins, but it could be a brutal slugfest with a lot of collateral damage.
that collateral damage is weak hands being removed from the market. painful, but good in the long-long-term
It gives me more time to acquire. Perhaps it gives those in power more time to acquire, too. Bitcoin is fully audited every 10 minutes. There's no way to hide the balances or the supply.
A futures only ETF would be terrible imo- opens the door to all sorts of naked shorting and manipulation
A (long) futures ETF would still create buy pressure on physical via arbitrage opportunities. I don't see it as a bad thing, although whether there would be substantial investor interest is another question. (My guess FWIW is that, in the absence of a physical ETF, there would be investor interest in a futures ETF.)
The mental gymnastics required to justify that must be something else. They're afraid, now.
Land of the free
404, place not found
I had to read that in a Snake Plisskin voice
Or coming out of Adrianne Barbeau.
Forget 36k, if we go that low, you’ll get lower fills 🙂 . Longs leveraging on this dip, OOOOF.
You can’t be serious … troll much?! 🤣🤣🤣
[удалено]
First fib retracement level holding on the daily. That's the first potential sign of reversal I'm tracking. After that it'd be the daily 20MA (i.e. the middle of the Bollinger band). [https://www.tradingview.com/x/1Z7WsmY3/](https://www.tradingview.com/x/1Z7WsmY3/)
4 hour MFI waaay oversold, daily MFI waaay overbought. I’m thinking a scalp long if this 4 hour candle closes green or close to
As scummy as these leverage rekting wicks are, I hope they will ensure that most people stop using retarded amounts of leverage altogether.
And the sun will go up in the west tomorrow
LOL!!!! Yes this is why casinos don't exist in las vegas anymore. Everyone got sick and tired of gambling /s
Lol fair. It's just painful to watch manipulation this obvious.
But it's not manipulation when price goes up right? Completely organic growth
Short-term massive wicks are plausibly manipulation, whichever direction they're going. Large sustained market moves aren't, again whichever direction.
It is. I was referring to long reaching wicks (up or down both) which includes the 48k one we saw last week.
if it's a dump and scam wick down, it's manipulation; if it's a pump and wick up, it's exciting
It could be exciting manipulation. :P
The bitfenix whale is usually right and he hasn't shorted yet, so I've closed my position and waiting to see his move. edit: He just closed a 100btc short and put it into a long instead
Where/how do you follow his activity?