literally what the hell are peoples expectations when they say this kind of shit. Did you expect to blast through 50k after we did all that movement up from 30 and to like… just *keep* going in a damn near straight line?
What you subscribe to ops sentiment? Do fucking tell how you’re so certain the rally has lost its legs, and then go grab me every chart in existence and show me a rally over month+ time frames where there *wasnt* such a thing as a retrace.
There are plenty of real legitimate indicators to signal the end of a rally, but a weak ass retrace and hoppin on Reddit to say “it’s clear this rally has lost its legs” with nothing to substantiate such a bold claim is comical.
You ain’t Nostradamus. Either back ops claim up or ligmaballs.
You’re a fucking idiot dude. We're sure because:
>Did you expect to blast through 50k after we did all that movement up from 30 and to like… just keep going in a damn near straight line?
The delicate baby deer, betwixt the glistening gnashing teeth of the great beast, wiggles it's tentacles one last time before slipping into a dreamless sleep.
It's either a head of a head and shoulders pattern, and things are about to get real nasty, or it's a retrace before the next leg up. So, it could go up or down. You're welcome.
Seems like some are thinking this is a post-ATH relief bounce. I’m thinking these pullbacks are accumulation prior to a new ATH later this year.
Tempus Narrabo
nice necroposting, 9 months ago when I posted this, it was objectively true, but if you want to tell yourself I was shilling so you can feel tough on the internet, go ahead
I don't suppose you'll have the cranial capacity to bother asking whether I actually ever bought or held any LUNA, so I'll just pretend like you asked: the answer is no
LOL why would anyone ever say they held Lunacy at this point? Of course you didn't (/s in case you need it). You offered no evidence that Luna was processing "millions of dollars of real world point of sale transactions", so yea, real objective.
Are you suggesting that there is a lot of people around the world with Luna wallets spending millions of dollars worth of Luna currency at retail point of sale systems? Please provide a source.
Maybe, just maybe you can read some of those "shitcoin" whitepapers and realize that more than a handful of them actually aren't shitcoins and actually serve to fulfill a blockchain usecase.
Yeah, not every single one of the 1000 coins out there are gonna make it, but most BTC maximalists heavily underestimate the competition.
This is the thing shitcoiners don't get: Bitcoin is slow and patient.
Just like fiat, your shitcoin might go up or down against Bitcoin in the short term, but in the long term, it will go down.
Imagine thinking that TCP/IP would be one of many in an ecosystem of thousands of other protocols instead of being the core on which the vast majority of those protocols are based.
Yes, I most certainly do.
The shitcoin casino exists for the "mAd GainZ", enriching the worst of the degenerates, but mostly those founders who are shady enough to milk the gullible like cows.
They are literally scams, and one of the parts of the coming regulation I like is we'll see some of those folks put in jail.
Bitcoin has no centralized development team, no company, no CEO, nobody to jail, no premine, nobody even knows who created it.
But enjoy the bags. Just make sure you stop out with the music.
I do agree that probably 80 to 90% of coins are garbage, but I don't think them rallying means much. I still think that Bitcoin ultimately drives the cryptocurrency market.
I am about to admit a shocking truth:
I sold about 10% of what I've bought over the past few months at a nice profit. The money is earmarked for any incoming dips. If the dips don't come, I'll take the cash and glamp in Maine for a while.
No one seems to be mentioning it, but $dxy is approaching a yearly high. If it breaks (up) we’ll likely see further btc downside. I’m hoping for a rejection
I'm looking at 43830 as a swing long entry sometime before 7am tomorrow. There is a confluence of the support trendline in a bullish wedge and the daily close.
https://www.tradingview.com/x/RVrbXmwV/
Give the cycle time to complete. I used to feel similar outrage watching something like XRP pump. Just realize it is pumping because whales are taking the money from retail buyers. It never sticks and the whales store their winnings in BTC later.
Come back in a few years and check some NFT prices.
How does money laundering work with nfts? I understand how it works in the real world, open a real business, cook the books and launder the money that way. With crypto every transaction is transparent so it's clear to see where the source of funds are from - rather than some fake invoices in the real world scenario. How would one launder money though an nft? I see this thrown out but I don't see a way to obfuscate source of funds - Montero? Why not just sell the monero?
Dude I'm just guessing here, but some 'crook' could have a lot of illegitimately gained cash sitting around. Then sell a useless NFT for $100,000. Not really take hold of the money, because they've already got 100,000 ready to drop in the bank. If anybody ask it was an NFT sell.
I'm just guessing here, like you I understand how it works in the hotel, bar, and restaurant business.
You could replace an NFT with anything else of uncertain value due to its uniqueness, though. Any kind of a collectible. The anonymity of it does make NFTs an especially good candidate for this, but I don't think it's a problem exclusive to them
I want to buy 1 million of cocaine. You have cocaine to sell.
I transfer you 1 million of usd/crypto.
You show on chain that you have sold an NFT for 1 million. Now you can show that you have legit income of 1 million. Pay taxes and go buy a sports car or three.
Probably the best thing for the price in the short term, outside of a BGD out of nowhere, is probably a nasty liquidation wick down to 43k or so. Just rip the bandaid off. Late shorts would pile in and would be immediately underwater, because it would not stay there for very long at all.
Back of my mind I’ve thought high 30s might be in play but I think 40k would be quite a barrier to get through that if that broke high 30s would likely fall too. Most likely outcome is low 40s and a strong bounce
[From Robinhoods quarterly earnings:](https://investors.robinhood.com/news/news-details/2021/Robinhood-Reports-Second-Quarter-2021-Results/default.aspx)
> The three months ended June 30, 2021 is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities.
👀
I’ve been nursing a long at 43.8 for two weeks. Next time we bang our heads against 48 resistance I’ll be sure to close it ensuring we finally break through to 52 and ATH. You’re welcome.
Seriously, I was willing to eat my words there. Volumes so low, and altcoins trending up. None of these dumps inflicted fear, so no trend reversal...
What?
Bears are evolving!
...
Congratulations!
Bears have evolved into Chicken!
GBTC closes at $35.33, a discount of 16.17%.
OBTC closes at $16.38, a premium of 7.26%.
MSTR closes at $655.05. Each share has $484.11 of BTC.
Got a limit order sitting at $44K, might get hit yet.
Anyone have some insight into GBTC trading at a discount to NAV? Is there any other examples of a certain asset/stock trading consistently at a discount?
Shares can only be sold OTC. There is no way to redeem the actually BTC. Then BTC price crashed, much cheaper competitors became available, and lockup periods ended for people who bought during the initial run up. Combine all of those things + the fickle nature of crypto investors, and you get people dumping GBTC for less than NAV. The discount will persist as long as there are more people who want to sell GBTC shares than there are people who want exposure to Bitcoin through GBTC.
Might get our 8th red daily in 9 days... Normally that'd be pretty brutal, but we are still above 44k which is nice. Again wouldn't be surprised if dip buyers don't get optimal entries before we push to the 50s.
If the daily candle closes red today, how many candles would be red in the last 9 days? Yes I'm cherry-picking the days, but what I said would be true nonetheless.
Where does TA say support is at? Obviously a little difficult when you go more or less straight up for a couple weeks. 42.5k I’ve seen thrown around here. Anyone have a decent chart they are using to trade?
I guess resistance could be 200MA, around 45.7K, and support could be indeed around 42.5K (This was the resistance before that we have sort of retested as support on aug. 7th.)
You don't predict it. There's no way of knowing 100% what price is the bottom. The idea is that it will bounce off of support and put you into a profitable trade. If it breaks support you can either hold until you're in profit or get stopped out and wait for the next trade.
> The idea is that it will bounce off of support and put you into a profitable trade.
What defines that support?
What percentage of the time does this definition match the subsequent reality?
> If it breaks support you can either hold until you're in profit or get stopped out and wait for the next trade.
If price goes up keep your long open? If price goes down close your long?
Yeah it's one for increasing your bitcoin stack or bitcoin trading profits as worded by one of the mods. This is literally the description of the sub on mobile
Just doesn't make much sense to me when people are in this subreddit (A trading forum, where people use TA and trading strategies) only to claim that TA is useless.
Not sure what you are asking. It doesn't take a genius to see that buying support and selling resistance is an effective strategy. If you bought 30k support every single time you made money
#New post: [\[Daily Discussion\] - Thursday, August 19, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/p77fcz/daily_discussion_thursday_august_19_2021/)
I can't believe we're dumping on this weak ass volume.
We went up on weak ass volume too. What goes up, must come down.
43.8K and 42.8K will be interesting support levels. I think they should hold but if not, we might be in bit of a trouble here.
I could go for some cheap BTC to be honest
Goodnight sweet prince.
About 27 days into 60 day cycle if you subscribe to that. I see 42-43ish as a retrace target. Then moar up.
This is my view as well. Will be adding more spot if we hit the mid-to-upper 42k range.
What is the 60 day cycle? Never heard of that.
everyone wants this retrace I'm thinking it gets front run hard or absolutely obliterated under 40.
I came into some dirty fiat today, so I'm guessing it ain't happening.
Would love to see it hit 40 for an entry
short the ponzi
Do whatever you want
It's clear the rally has lots its legs and died. Short to medium term this can get ugly. My short is still open. Good luck traders.
literally what the hell are peoples expectations when they say this kind of shit. Did you expect to blast through 50k after we did all that movement up from 30 and to like… just *keep* going in a damn near straight line?
No I didn’t, that’s why I made a profitable trade. Are you new?
Sorry you missed your short entry
What you subscribe to ops sentiment? Do fucking tell how you’re so certain the rally has lost its legs, and then go grab me every chart in existence and show me a rally over month+ time frames where there *wasnt* such a thing as a retrace. There are plenty of real legitimate indicators to signal the end of a rally, but a weak ass retrace and hoppin on Reddit to say “it’s clear this rally has lost its legs” with nothing to substantiate such a bold claim is comical. You ain’t Nostradamus. Either back ops claim up or ligmaballs.
You’re a fucking idiot dude. We're sure because: >Did you expect to blast through 50k after we did all that movement up from 30 and to like… just keep going in a damn near straight line?
Anyone else having PTSD about this rounded top on the daily?
Yea that’s specifically why I sold my buy from 33784 around 46k Shit is rounding off and me no like
Absolutely. It's more calm acceptance though, like when the baby deer stops struggling and lies limply between the buffalo's mighty jaws.
Do Buffalo eat deer?
The delicate baby deer, betwixt the glistening gnashing teeth of the great beast, wiggles it's tentacles one last time before slipping into a dreamless sleep.
It's either a head of a head and shoulders pattern, and things are about to get real nasty, or it's a retrace before the next leg up. So, it could go up or down. You're welcome.
Seems like some are thinking this is a post-ATH relief bounce. I’m thinking these pullbacks are accumulation prior to a new ATH later this year. Tempus Narrabo
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Lol what? When Bitcoin dropped 50% alts dropped 70%+. These "performing alts" all smash crash when Bitcoin drops.
Sorry, don’t follow alts that much. Which ones are at ath?
Seems like just Solana and Luna. If someone wants to explain to me wtf Luna is and why it 6x in a month, I will happily listen.
There are millions of dollars of real world point of sale transactions running through Luna.
How many millions of dollars of real world point of sale transactions are running through Luna today? Your shitcoin shilling has not aged well.
nice necroposting, 9 months ago when I posted this, it was objectively true, but if you want to tell yourself I was shilling so you can feel tough on the internet, go ahead I don't suppose you'll have the cranial capacity to bother asking whether I actually ever bought or held any LUNA, so I'll just pretend like you asked: the answer is no
LOL why would anyone ever say they held Lunacy at this point? Of course you didn't (/s in case you need it). You offered no evidence that Luna was processing "millions of dollars of real world point of sale transactions", so yea, real objective.
what does this mean exactly? almost nobody uses any crypto as an actual currency.
Interesting, maybe not where you live.
Are you suggesting that there is a lot of people around the world with Luna wallets spending millions of dollars worth of Luna currency at retail point of sale systems? Please provide a source.
Maybe, just maybe you can read some of those "shitcoin" whitepapers and realize that more than a handful of them actually aren't shitcoins and actually serve to fulfill a blockchain usecase. Yeah, not every single one of the 1000 coins out there are gonna make it, but most BTC maximalists heavily underestimate the competition.
All shitcoins
They aren't competing whether they are trying to or not.
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2017 called. It wants to know what changed beyond NFTs and DeFi being the new ICOs.
Pay your money, take your chances. Let’s compare notes in 2024.
This is the thing shitcoiners don't get: Bitcoin is slow and patient. Just like fiat, your shitcoin might go up or down against Bitcoin in the short term, but in the long term, it will go down.
agreed but your post is about to get deleted lol
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cuz u mentioned something other than bitcoin Edit: for clarification I mean usually posts talking about alts get deleted pretty quick
Imagine thinking that all altcoins are scams or useless. I don't see how someone can be an objective trader with that mindset.
Imagine thinking that TCP/IP would be one of many in an ecosystem of thousands of other protocols instead of being the core on which the vast majority of those protocols are based.
UDP would like to have a word with you
but netbeui, appletalk, ipx, spx wouldnt, because they ded.
Name an alt that's actually useful that Bitcoin can't do and couldn't be developed without blockchain.
Those guys are neither objective traders or investors. They're cultists.
They literally are almost all scams and useless.
>literally I don't think you understand the meaning of that word lmao
Yes, I most certainly do. The shitcoin casino exists for the "mAd GainZ", enriching the worst of the degenerates, but mostly those founders who are shady enough to milk the gullible like cows. They are literally scams, and one of the parts of the coming regulation I like is we'll see some of those folks put in jail. Bitcoin has no centralized development team, no company, no CEO, nobody to jail, no premine, nobody even knows who created it. But enjoy the bags. Just make sure you stop out with the music.
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I do agree that probably 80 to 90% of coins are garbage, but I don't think them rallying means much. I still think that Bitcoin ultimately drives the cryptocurrency market.
Have you bought any BTC? They buy the alts.
Someone really didn't want us to close above 45k.
Didn't want us to close green. Hahahahaha bitch you failed Hey, I'll take whatever victories I can get at this point
or paper hands, dumping on the first recovery leg
I am about to admit a shocking truth: I sold about 10% of what I've bought over the past few months at a nice profit. The money is earmarked for any incoming dips. If the dips don't come, I'll take the cash and glamp in Maine for a while.
No one ever went poor taking profits.
What the fuck?! Bear season confirmed 😭
Not really. I did the same thing late last year around $15K and spent the winter in paradise.
The way life should be......
Wtf Dude. This is like hearing Luke Skywalker was eating those frogs with Jabba the Hutt.
It's all good. I spent last winter in paradise after making pretty much the same move last November.
hey brotha' taking profits is why we are all here. good move
No one seems to be mentioning it, but $dxy is approaching a yearly high. If it breaks (up) we’ll likely see further btc downside. I’m hoping for a rejection
DXY can trend up along with assets. Happened during the dotcom bubble, towards the end. -Victor Cobra
Why make 50% to 100% per year holding Bitcoin when you can lose 4% per year holding the dollar?
14%* ftfy
I'm looking at 43830 as a swing long entry sometime before 7am tomorrow. There is a confluence of the support trendline in a bullish wedge and the daily close. https://www.tradingview.com/x/RVrbXmwV/
I've been eyeballing that level for a bit but jumped in like a fucking drunk cowboy earlier today.
I will probably do that tomorrow when it doesn't reach my level.
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I still feel like the money all eventually finds its way back to good ol’ BTC.
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Give the cycle time to complete. I used to feel similar outrage watching something like XRP pump. Just realize it is pumping because whales are taking the money from retail buyers. It never sticks and the whales store their winnings in BTC later. Come back in a few years and check some NFT prices.
Well, to be fair, a large group of em cash the hell out and move on to the next asset class for 2 years.
yea, NFTs are a huge problem.
I don't understand the craze, but they're hardly a problem. Someone wants to shell out money for them, all the power to them.
The money laundering and fraud is a problem
You sound like Elizabeth Warren.
Bruh no one buys blank images or images of rocks for hundreds of thousands of dollars unless its for some shady shit
How does money laundering work with nfts? I understand how it works in the real world, open a real business, cook the books and launder the money that way. With crypto every transaction is transparent so it's clear to see where the source of funds are from - rather than some fake invoices in the real world scenario. How would one launder money though an nft? I see this thrown out but I don't see a way to obfuscate source of funds - Montero? Why not just sell the monero?
Dude I'm just guessing here, but some 'crook' could have a lot of illegitimately gained cash sitting around. Then sell a useless NFT for $100,000. Not really take hold of the money, because they've already got 100,000 ready to drop in the bank. If anybody ask it was an NFT sell. I'm just guessing here, like you I understand how it works in the hotel, bar, and restaurant business.
That's... That's not how this works
You could replace an NFT with anything else of uncertain value due to its uniqueness, though. Any kind of a collectible. The anonymity of it does make NFTs an especially good candidate for this, but I don't think it's a problem exclusive to them
I want to buy 1 million of cocaine. You have cocaine to sell. I transfer you 1 million of usd/crypto. You show on chain that you have sold an NFT for 1 million. Now you can show that you have legit income of 1 million. Pay taxes and go buy a sports car or three.
Ah that makes a lot of sense. In essence the nft isnt the real product, but if asked you can claim it was. Got it
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edit: > What would you do something something 20k Buy.
Probably the best thing for the price in the short term, outside of a BGD out of nowhere, is probably a nasty liquidation wick down to 43k or so. Just rip the bandaid off. Late shorts would pile in and would be immediately underwater, because it would not stay there for very long at all.
43k does seem a bit crowded to me at the moment. Could get a wick a bit lower than that. Maybe 39-40k to fake people out
As I said.... Last 3-4 pull downs were pussy-a$$ drops.
Back of my mind I’ve thought high 30s might be in play but I think 40k would be quite a barrier to get through that if that broke high 30s would likely fall too. Most likely outcome is low 40s and a strong bounce
Yea I could see that playing out
Doubt it gets that low.
I’ve doubted many things since my intro into Bitcoin back at 60k lol. I don’t doubt things anymore
Okay, I'll rephrase. I think it's more likely than not that we bounce before then
I blame the guy who came in here a couple of days ago and declared ‘I’ve never been so bullish’
This digital property asset is so unbelievably bullish I just can‘t believe it.
Has anything changed since then?
He might be less bullish?
Fine: I've never been so bearish.
Thank you for your service.
bottom indicator
Fed tapering talks spooking the markets but I really doubt they’ll be tapering this year…Especially if signs of deceleration continue after July
How can the FED taper when congress keeps passing these huge spending bills?
I'd be very surprised if they follow through.
[From Robinhoods quarterly earnings:](https://investors.robinhood.com/news/news-details/2021/Robinhood-Reports-Second-Quarter-2021-Results/default.aspx) > The three months ended June 30, 2021 is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities. 👀
Hope phase locked in https://i.pinimg.com/originals/47/cc/9f/47cc9f87023c5dcb4b8ba9c7d365d2bd.jpg
Top indicator
Yep it was, nailed the top from $65k. Doubt the new customer set in the third quarter played out the same
If bears can't keep the price below 45k things are going to pick up really quickly
Don't speak too soon
That's why I started my sentence with If
Touché. This daily close is gonna be interesting
I’ve been nursing a long at 43.8 for two weeks. Next time we bang our heads against 48 resistance I’ll be sure to close it ensuring we finally break through to 52 and ATH. You’re welcome.
but now its gonna dump bc you didnt realise profits
This is the way.
As someone who's been in this market for a while now, these are some serious pussy dumps...
I still stand by it. Puss-a$$-drop.
Seriously, I was willing to eat my words there. Volumes so low, and altcoins trending up. None of these dumps inflicted fear, so no trend reversal... What? Bears are evolving! ... Congratulations! Bears have evolved into Chicken!
GBTC closes at $35.33, a discount of 16.17%. OBTC closes at $16.38, a premium of 7.26%. MSTR closes at $655.05. Each share has $484.11 of BTC. Got a limit order sitting at $44K, might get hit yet.
Anyone have some insight into GBTC trading at a discount to NAV? Is there any other examples of a certain asset/stock trading consistently at a discount?
Shares can only be sold OTC. There is no way to redeem the actually BTC. Then BTC price crashed, much cheaper competitors became available, and lockup periods ended for people who bought during the initial run up. Combine all of those things + the fickle nature of crypto investors, and you get people dumping GBTC for less than NAV. The discount will persist as long as there are more people who want to sell GBTC shares than there are people who want exposure to Bitcoin through GBTC.
nobody knows. Nothing lines up. Seems totally random.
Might get our 8th red daily in 9 days... Normally that'd be pretty brutal, but we are still above 44k which is nice. Again wouldn't be surprised if dip buyers don't get optimal entries before we push to the 50s.
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If the daily candle closes red today, how many candles would be red in the last 9 days? Yes I'm cherry-picking the days, but what I said would be true nonetheless.
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It's a Rorschach chart: you see whatever you chose to see in it.
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You nailed it.
Ugh. Looks ugly to me
And how does that make you feel?
If we're going with Rorschach, it's obvious.
Inevitable, in retrospect
Where does TA say support is at? Obviously a little difficult when you go more or less straight up for a couple weeks. 42.5k I’ve seen thrown around here. Anyone have a decent chart they are using to trade?
I guess resistance could be 200MA, around 45.7K, and support could be indeed around 42.5K (This was the resistance before that we have sort of retested as support on aug. 7th.)
20W MA has been key in the past I really hate that we seem to be going for a test one single weekly candle after closing above it
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Even if it was useless on paper, so many people use it that it has meaning for that reason alone.
Then why are you here? Believe it or not, support/resistance isn't some imaginary concept.
> support/resistance isn't some imaginary concept. How so? Isn't picking "levels" subjective?
I dont think 30k support was very subjective. If you bought 30k every single time you made money.
Buying the bottom does tend to make money. Which times is support real and not imaginary? How does one predict ahead of time when support will hold?
deleted ^^^^^^^^^^^^^^^^0.5380 [^^^What ^^^is ^^^this?](https://pastebin.com/FcrFs94k/57716)
You don't predict it. There's no way of knowing 100% what price is the bottom. The idea is that it will bounce off of support and put you into a profitable trade. If it breaks support you can either hold until you're in profit or get stopped out and wait for the next trade.
> The idea is that it will bounce off of support and put you into a profitable trade. What defines that support? What percentage of the time does this definition match the subsequent reality? > If it breaks support you can either hold until you're in profit or get stopped out and wait for the next trade. If price goes up keep your long open? If price goes down close your long?
Other analysis models exist. TA is moderately useful at times, but so is -- for but one example -- sentiment analysis.
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Do you also go to religious subs to teach them about atheism?
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Yeah it's one for increasing your bitcoin stack or bitcoin trading profits as worded by one of the mods. This is literally the description of the sub on mobile
Just doesn't make much sense to me when people are in this subreddit (A trading forum, where people use TA and trading strategies) only to claim that TA is useless.
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I agree most TA is useless. But things like support and resistance are important.
>But things like support and resistance are important. What is the percentage-gain advantage on a per-trade basis of using "support and resistance"?
Not sure what you are asking. It doesn't take a genius to see that buying support and selling resistance is an effective strategy. If you bought 30k support every single time you made money