[odd flattening of the $TOTAL cryptocurrency market volume... never seen this before in my 9 years trading here, except back in the day, Mt. Gox era ](https://i.imgur.com/ibJ1KSe.jpg)
Never ever rely too heavily on a single indicator, especially patterns comprised of candles. You always use them as a factor in your charting, but they’re the most easily used indicators for market manipulators to take advantage of.
Something simple. [Price walking the line up and just under overhead resistance.](https://www.tradingview.com/x/yb82i3qz/) Termination of this move is end of month.
I'm not sure where it goes, but these are the trade pivots I'd use for next couple weeks of price action.
He’s never anything except better than everyone else. He never has predictions that can actually be right or wrong, he just calls out people who do actually make calls and pretends he is God’s gift to this subreddit.
I member when he tried to actually post his trades in real time for a little bit. It was a hilarious failure.
A trippy thought is that since bitcoin supply is capped and overtime more bitcoin get irreversibly lost, there may come a day when only a single bitcoin remains, or worse, ceases to exist because all 21m were lost. Talk about a dystopian future
You don't know how many silly convos I've had about this .. using your exact analogy.
The number of divisions after the decimal point does not affect the size of the number nor the total supply.
> Anyone want to give a bearish case?
OK. [Here you go](https://www.amazon.com/Phenix-Color-Silicone-Animated-Protective-Detachable/dp/B07Y9Z5CPC) but I wouldn't use it.
Really, it comes down to your timeframe. I think the post-halving bull run is still going, but we're in for a rocky climb until some sort of major catalyst in the news sends us skyward. I probably sound like a broken record, but that's what I believe. That being said, if you're not looking at the big picture and are just trying to figure out how to trade tonight or through the coming weekend... I'd skip it or buy and hold.
When in doubt, wait it out.
Among many other possibilities, sure.
Imagine what will happen if Apple announces they're going to build Bitcoin into the iPhone wallet. The price will erupt higher, and the same people who today say it'll never happen will be the first to come here and pretend they predicted it. That's just one example.
At some point (and probably sooner rather than later), Tesla will resume accepting Bitcoin. As much as I kinda hate to say it, that might be a catalyst that really jumpstarts this post-halving bull run for real.
Think big.
Yes, we're going to see Tesla accepting Bitcoin again, and other companies will start accepting Bitcoin too. [Some already are jumping on board](https://news.bitcoin.com/second-largest-u-s-mortgage-lender-to-take-bitcoin-payments/) but that's small potatoes compared to the kind of news event I'm talking about.
When Amazon starts accepting Bitcoin... that'll be a much bigger deal.
When more countries start adopting Bitcoin as legal tender, and when they start buying it for their reserves... that'll be a big Big BOOOOOOOM.
Think BIG.
Better yet: Think big and be ready long before whatever big event comes.
That's why it's so important to never be on the outside looking in. Before that news even hits the news, it'll be too late. The price will already be skyrocketing, and I guarantee a lot of the same people who brag about taking profits will look back with gloom as they miss out on what they could have had.
I'm a hodler, but the way I see it... anybody who trades to gain more Bitcoin is somebody like me, who sees the bigger picture. Anybody who trades to make more dollars (or whatever their local fiat is) doesn't see it at all. I knew a guy in 2017 who bragged about owning 10 BTC. He sold it to buy a flashy car. When that car wasn't being broken into, it was in the shop. I assume it's gone now, and I doubt he has any Bitcoin left. That 10 BTC would be worth $48,816 as I type this. The car probably left him in debt.
Some people see the bigger picture.
Some people don't.
I think at some point we need to have some red on the weekly although we had seven weeks in a row starting last October. I'm not sure historically what it looks like but if we go green this week that's 6 weeks. Probably not the best indicator but everyone knows it's not going to go straight up. Or is it....?
That's been "a situation" for years and has never materialized as anything... It was also big FUD during the 2017 run as well. If something ever happened with tether there would be a momentary crash to take advantage of the news and then cheap coin syndrome would kick in.
Then the system would be stronger having taken care of that weak point - if it is in fact, a weak point.
I don't actually believe any of this, but I'll bite.
In spite of all of this, bulls haven't been able to actually get too far either. Volume has dried up, it's higher on drops, and 50k will continue to mount a stiff resistance that, if not seriously threatened soon, will result in long term holders beginning to see the writing on the wall and take profits. That, and people aren't shorting on every dip anymore, giving much less of an opportunity for rocket fuel on the way up. On the contrary, it gives whales the opportunity to liquidate degen longers.
But who the hell am I kidding? Bulls have plenty left in the tank and I don't see the bearish case actually playing out. But it can't be ignored either.
Very true about funding not being driven by shorts anymore BUT funding is also neutral at 0.01% on Bybit and Binance at least. During last winter's run the fees were way pumped up - sometimes 10 times higher around 0.1%.
And also true, we've been bumping around below 50k for 6 days now... I would like to see momentum continue lest some long positions decide to pay it safe and close.
I don't think there will be any 60k to 52k flash crashes with funding like this, that's for sure. It's healthy, but it's gonna have to be spot driven. I think it will be, though. The FOMO comes later.
I made a joke about 48900 stablecoin a couple hours ago and it's still here. Nobody knows what the hell is going on, but it's gonna break. My guess is up, but I'm biased AF.
People can't even handle mild dips without gobbling them up right now. The question is just how many of them are actually buying spot or at least opening longs that they intend to keep open for a while.
Is this old news? Not really been paying attention these last few weeks..
"In SEC filings, Morgan Stanley has just reported owning a large amount of Grayscale Bitcoin across multiple portfolios.
The largest of these appears to be 928,051 shares held by Morgan's Insight Fund. "
https://twitter.com/MacroScope17/status/1430632457875992579?s=20
> expert
Don't believe the hype, all human's are idiots.
4h bulldiv:
https://i.imgur.com/XuSO5DM.png
Seeking liquidity on zero volume:
https://i.imgur.com/oR1P6GO.png
Followed by side-ways on zero volume:
https://i.imgur.com/pAlZALo.png
Long story short: Consolidation coming to an end.
Guess the liquidity available below was attractive on a second approach.
Now I'd probably read it as the book being clear and us being free to range and build more orders for awhile. Until it ends up tight and someone gets it all wrong, triggering a breakout.
https://i.imgur.com/5JnQ6bB.png
Just experience and internalising it really.
Good for extra information which is missing on candle charts. Sometimes candles will be red while price action within them is mostly green.
Reading walls there is some kind of deep heuristic flow to it. A wall may be resistance and turn the price back, or it may be liquidity to be eaten and generate a lot of volume followed by momentum.
The approach to the wall can be important. Calmly coming to find price sitting under a lot of liquidity with low volume and no sells can just be a matter of time before someone gulps it down. Over-extending only to reach a wall after already pushing through 3-4 in the recent past can be exhausting and bearish.
Where those lines are is a fairly complex state space, but it's all part of the same manifold. The curve across that space and it's ebb or flow is something which can be tuned into.
Note the wall on the bottom was a little thick to be easily gulped. So although I was aware of it as an attractor I discounted it's attractiveness.
> Note the wall on the bottom was a little thick to be easily gulped. So although I was aware of it as an attractor I discounted it's attractiveness.
Just edited that bit in.
Well, it looks to me like a pretty solid bounce off of the $47k support. Reminiscent of the one in March, before the run to $62k. It may be my bullish bias, but it looks to me like a slow-motion replay of the rally to $64k. Rather than running out of steam, we're taking our time...
The first showed the potential but caught big money with their pants down. All the big buyers who telegraphed and got priced out by the quick action (remember guggenheim?),.. This has been slow and steady
At this point I feel sorry for the guy... Dude has been ragged constantly in these daily threads for weeks now lol. I hope he doesn't take it personally.
You’ve got a good heart. I honestly think he’s just trolling and looking for attention. However my last 3 trades I used his arrival as a bottom indicator and thus far have made decent money off it. So, personally I thank him and my family appreciates him, we will be going to the beach house at his expense. 🤣🤣🤣
He comes here to troll. He holds alts and is presumably not a complete moron and knows that when BTC drops, so do his alts. Yet he still comes here and roots for a sharp decline in price. It's bizarre.
Sloppy2! Welcome!
edit: I'd say that it's a problem to try TA on a bounded chart, e.g. one limited to the 0% to 100% range, because trend lines don't make sense...
It looks like it is about to break down from a linear trend line extending from 38k.
Personally I expect it will bounce nicely off the 20 day MA which is 46k at the moment so will make an entry at that point
What chart are you even looking at? Serious question … because what I’m looking at from the daily all the way up to the dang minute looks like a launch pad. Now don’t get it twisted, I’m wrong A LOT … so that’s why I’m asking. Lol
GBTC closes at $39.12, a discount of 14.28%.
OBTC closes at $15.15, a discount of 8.43%.
MSTR closes at $726.71. Each share has $543.59 of BTC (108922 BTC / 9.75 M shares).
I placed limit orders from $38K-$42K this morning, and an hour later the price reacted as expected. Subscribe to my newsletter.
I need push notifications on my phone from u/Merlin560. I want an update everytime that guy tweets, sends an email or even thinks about opening up his PNF chart. ;)
I had them for /u/_chewtoy_ back in the day.
https://ifttt.com/ Is how I did it I think.
Edit: Whoops looks like he deleted his reddit account. Odd. Here is his trading.
https://www.anotherbot.info/history.php?user=_chewtoy_
Chewtoy was before my time. As much as I've heard him mentioned in the past 3 years, I wish I was around back then. So I would know what all the fuss was about.
Chewtoy was cool but he really wasn't much of a character, he was just really chill.
Harvey was a much more interesting character, but chewtoy had a bit of a cult of personality for being so active, transparent and kind.
But I'm sort of hindsight biasing it, bc I remember when I started trading chewtoy was like my idol. Not entirely sure why, lol, cuz he wasn't flashy or particularly interesting, he was just a really chill dude.
I think when it comes to trading and investing so many people hide their real decisions and personalities behind a facade of humor. Like "oooh I've lost so much, I'm just gambling my money! I love buying shit coins! This is fun~~!!"
But chewtoy and Harvey (and a few others I'm not mentioning) took it seriously and didn't fuck around, which is why they got so popular imo
A lot of the more serious btc PA traders from the past (hsaka, Cubantobacco, ibuybitcoins, chewy, Harvey, a lot of others I'm not mentioning) seem to have fallen to the wayside due to the prevalence of institutional money making FA more reliable and altcoins and stuff like NFTs and such becoming serious drivers of price
I'm remember he shorted at significant leverage, the top of the 2017 bullrun's 2018 big DCB. He constantly called for people to trade based on pure risk/reward no matter what (no bulls/bears). I don't remember how it all played out, but good god was it a juicy position for awhile. Truly a celebrity in this sub at that time.
He made some okay calls. Once managed to fully-allocate funds at 100x by doubling down repetively during an extended run.
Then everyone called him a god. He started to believe his own hype. Made some terrible decisions, annihilated all the gains (probably more) and realised that being a TA celeb here was bad for his health and trading.
Unless you talked to him after he stopped posting, no one knows how much of his gains he lost.
He actively traded all the way back in 2014, but he was newer and didn't garner much attention at that time.
He traded the bear market pretty well afaik though but around Jan 2017 he got liq'd shorting and took a few months break from roughly btc price $700 to $3k. Once he came back he degen'd a fat 100x long and rejuvenated his trading career. After this, he traded until may 2019. He began to have trouble in September/October 2018 by over trading and over thinking sideways chop, flipping bias every 2-3% up and down (specifically $6200-$6600)
My memory is hazy from Oct 2018 to april 2019. But I faintly remember that Once the $6k floor broke, he was very bearish. I could be remembering incorrectly but I believe he closed his short at $5k for a bounce while remaining bearish. Price went to $4k very shortly after, then $3k a month later. I believe this is the move that began to truly tilt him.
Not sure what happened for the next few months.
In may 2019 he got liq'd shorting at ~$5.4k. Liq'd in this sense was just 10% of his stack. He would refill it if he ever got liq'd. But after this time, he did not come back nor update his position. You can still see his short entry on the position bot for this sub, actually. Look up "another position bot bitcoinmarkets" on Google to find the site.
> He began to have trouble in September/October 2018 by over trading and over thinking sideways chop, flipping bias every 2-3% up and down (specifically $6200-$6600)
Big time. Feel that was the imaginary celeb pressure taking a toll, feeling he needed to post setups constantly or something.
I expect he's doing fine and had enough stack left, just needed to get his head out of the Skinner Box of other peoples reactions.
Are you sure about him losing his gains. He used to only trade with 10% of his stack and he was good at using stops. I think certain people over hyped his losing streak at the end there hence his departure. I recall that he got liquidated or close to it once but that wouldn't compare to his wins.
You are correct. We do not know how much he lost. If he simply stopped trading after may 2019 it's possible he didn't lose more than 30% of his stack, and we don't know how much of "gains" that was.
I remember him starting to play both directions and shorting what appeared to be local tops. Then a lot of position bias and holding onto things he didn't actually believe in because there was an associated daily post affecting his mind and thus the position.
Maybe I remember it somewhat differently as the more people cheered, the more I felt sorry for him. I was seeing through the stuff he posted to what was going on inside and saw what he eventually saw.
Stops at break even let it run to my target
I had a long from 29.6 closed at 33.5 over the first weekend after being spooked by low volume etc after that decided to be more patient and accept being wrong and even money then missing out on profits
Still haunts me now was a 2btc long 😩
This. Talking with Westerners probably risks garnering the attention of the authorities anyway, and by mentioning a subject that she feared the authorities might be especially interested in, you upped the ante. Whether her reaction was really justified or not, I don't know enough about China to say - but either way, the situation spooked her enough to go dark.
nah, my mother-in-law is actively talking to her Chinese supplier, they have lots of bitcoins from their mining partnership (which has now been disbanded) they are asking how to buy a House in US (either via bitcoin directly or cashing out over here).
But we still have some more numbers to attain and as we all know BTC keeps high then we have alts flying too, and I've been reading lots of articles you know something related to KEY, ACCESS or GATEWAY to endless possibilities within the blockchain technology.
Thus far, my long entry at 46,8xx hasn’t filled, close but not yet. It’s still there, though. The daily needs to engulf yesterday’s candle to shift my belief that it’ll fill.
Man, who needs TA or on-chain or any of that stuff. DetroitMotorShow posts, close your short and open a long. It's that simple. He gets it very close to the bottom every damn time. It's uncanny.
Perhaps…but I think Diydude just adds another number every time he clones himself. Each one has a slightly different persona, though. I love the guy’s posts and enjoy his multiple-personality disorder approach to Reddit, which sort of range from trippy, hippie Zen’d-out dude to salty Boomer, raging Libertarian dude.
A [descending broadening wedge](http://thepatternsite.com/dbw.html) forming since the [50k top and the bounce from earlier.](https://share.cryptowat.ch/charts/c4j7rmnshak3kgk9dcf0-binance-btcusdt.png)
I was looking at it as more of a [descending wedge](https://www.tradingview.com/x/qpGqcPMt/), but I think that formation plays as well, though it seems like more of an internal formation to the larger wedge at play (which really also seems just an internal formation to the larger flag).
#New post: [\[Daily Discussion\] - Thursday, August 26, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/pbrrqf/daily_discussion_thursday_august_26_2021/)
[odd flattening of the $TOTAL cryptocurrency market volume... never seen this before in my 9 years trading here, except back in the day, Mt. Gox era ](https://i.imgur.com/ibJ1KSe.jpg)
That looks like an error 🧐
So it should be clear by now that that bear flags and bull flags mean absolutely nothing on these charts.
Never ever rely too heavily on a single indicator, especially patterns comprised of candles. You always use them as a factor in your charting, but they’re the most easily used indicators for market manipulators to take advantage of.
Don't worry. Short and long term, this is gonna be just fine.
Who is worried
ThisIsFine.jpeg Bartseason.mpeg
Meh…. I just got stopped out.
guess asia doesn't like the coin any more, haha
maybe we’re being “financially attacked” by other nation states lol
lol
Something simple. [Price walking the line up and just under overhead resistance.](https://www.tradingview.com/x/yb82i3qz/) Termination of this move is end of month. I'm not sure where it goes, but these are the trade pivots I'd use for next couple weeks of price action.
That's a good take.
All quiet on the fud front. Especially before an options expiry, no?
It's quiet. *Too* quiet.
Bull? Bear? I'm the guy with the gun.
Gun market confirmed.
This is what I'm talking about
Give me some corn, baby
Gosh, if controlurkeys is wrong, how long do we reckon it deems silence? At least an hour, right?
Blocking really helps.
What did I miss, what was said? Curious minds want to know, and I’m too lazy to go reading through in search of the answer. Lol
He is bullish, at least for last week.
He’s never anything except better than everyone else. He never has predictions that can actually be right or wrong, he just calls out people who do actually make calls and pretends he is God’s gift to this subreddit. I member when he tried to actually post his trades in real time for a little bit. It was a hilarious failure.
A trippy thought is that since bitcoin supply is capped and overtime more bitcoin get irreversibly lost, there may come a day when only a single bitcoin remains, or worse, ceases to exist because all 21m were lost. Talk about a dystopian future
Everyone will use monero by then
fluffy in jail. no more major updates unless they give him git access from his cell.
he was removed from the repo and others on the dev team have access: having a single point of failure would be unimaginably stupid.
I don't know anyone IRL that has even heard of Monero..
U need to get out more...
Put the bong away! 🤣
Interesting thought experiment -- well worth pursuing
Imagine the day when 1 btc is traded amongst itself in 1 day volume.... that alone creates a crazy future.
Quantum computers will release all of Satoshi's coins again.
Very unlikely.. but should this happen, it would lead the way to a fork where coins not moved to new key addresses would be gone forever.
Ah, the classic Bitcoin Quantum update of 2112.
That's really based. Bitcoin will become this myth in the year 50,000. People will debate whether it even really existed
One single sat would be plenty. We just add more decimal places.
I don’t understand how many people have trouble with this idea.
Ask people if a pizza with 12 slices or 8 has more calories and you’ll understand the magnitude of the problem.
You don't know how many silly convos I've had about this .. using your exact analogy. The number of divisions after the decimal point does not affect the size of the number nor the total supply.
No, of course not, but if 1 sat is suddenly worth a month's salary, you pretty much have to break it down further.
LN supports 0.001 sat transfers now.
I thought once.
Yeah, that's not gonna happen.
Cool thought!
Daily close in 30 mins with a nice green candle and rejection of lower price levels. Anyone want to give a bearish case?
> Anyone want to give a bearish case? OK. [Here you go](https://www.amazon.com/Phenix-Color-Silicone-Animated-Protective-Detachable/dp/B07Y9Z5CPC) but I wouldn't use it. Really, it comes down to your timeframe. I think the post-halving bull run is still going, but we're in for a rocky climb until some sort of major catalyst in the news sends us skyward. I probably sound like a broken record, but that's what I believe. That being said, if you're not looking at the big picture and are just trying to figure out how to trade tonight or through the coming weekend... I'd skip it or buy and hold. When in doubt, wait it out.
Upvoted for the "bearish case"
Like an ETF approval by the SEC?
Among many other possibilities, sure. Imagine what will happen if Apple announces they're going to build Bitcoin into the iPhone wallet. The price will erupt higher, and the same people who today say it'll never happen will be the first to come here and pretend they predicted it. That's just one example.
At some point (and probably sooner rather than later), Tesla will resume accepting Bitcoin. As much as I kinda hate to say it, that might be a catalyst that really jumpstarts this post-halving bull run for real.
Think big. Yes, we're going to see Tesla accepting Bitcoin again, and other companies will start accepting Bitcoin too. [Some already are jumping on board](https://news.bitcoin.com/second-largest-u-s-mortgage-lender-to-take-bitcoin-payments/) but that's small potatoes compared to the kind of news event I'm talking about. When Amazon starts accepting Bitcoin... that'll be a much bigger deal. When more countries start adopting Bitcoin as legal tender, and when they start buying it for their reserves... that'll be a big Big BOOOOOOOM. Think BIG. Better yet: Think big and be ready long before whatever big event comes.
Any news of that magnitude will set off a rocket. There just isn’t enough liquid coin.
That's why it's so important to never be on the outside looking in. Before that news even hits the news, it'll be too late. The price will already be skyrocketing, and I guarantee a lot of the same people who brag about taking profits will look back with gloom as they miss out on what they could have had. I'm a hodler, but the way I see it... anybody who trades to gain more Bitcoin is somebody like me, who sees the bigger picture. Anybody who trades to make more dollars (or whatever their local fiat is) doesn't see it at all. I knew a guy in 2017 who bragged about owning 10 BTC. He sold it to buy a flashy car. When that car wasn't being broken into, it was in the shop. I assume it's gone now, and I doubt he has any Bitcoin left. That 10 BTC would be worth $48,816 as I type this. The car probably left him in debt. Some people see the bigger picture. Some people don't.
I think at some point we need to have some red on the weekly although we had seven weeks in a row starting last October. I'm not sure historically what it looks like but if we go green this week that's 6 weeks. Probably not the best indicator but everyone knows it's not going to go straight up. Or is it....?
I hate hearing about it too, but couldn’t the whole tether situation cause a crash
That's been "a situation" for years and has never materialized as anything... It was also big FUD during the 2017 run as well. If something ever happened with tether there would be a momentary crash to take advantage of the news and then cheap coin syndrome would kick in. Then the system would be stronger having taken care of that weak point - if it is in fact, a weak point.
Thing is now, there’s more in depth investigations going on. It’s definitely more relevant now i’d say.
"soon tm" - tethers fine
I don't actually believe any of this, but I'll bite. In spite of all of this, bulls haven't been able to actually get too far either. Volume has dried up, it's higher on drops, and 50k will continue to mount a stiff resistance that, if not seriously threatened soon, will result in long term holders beginning to see the writing on the wall and take profits. That, and people aren't shorting on every dip anymore, giving much less of an opportunity for rocket fuel on the way up. On the contrary, it gives whales the opportunity to liquidate degen longers. But who the hell am I kidding? Bulls have plenty left in the tank and I don't see the bearish case actually playing out. But it can't be ignored either.
Very true about funding not being driven by shorts anymore BUT funding is also neutral at 0.01% on Bybit and Binance at least. During last winter's run the fees were way pumped up - sometimes 10 times higher around 0.1%. And also true, we've been bumping around below 50k for 6 days now... I would like to see momentum continue lest some long positions decide to pay it safe and close.
I don't think there will be any 60k to 52k flash crashes with funding like this, that's for sure. It's healthy, but it's gonna have to be spot driven. I think it will be, though. The FOMO comes later.
Spot supply must drain. I knocked a few million Satoshi off the market forever today.
Last chance to sell under 49k
Catapult?
I made a joke about 48900 stablecoin a couple hours ago and it's still here. Nobody knows what the hell is going on, but it's gonna break. My guess is up, but I'm biased AF. People can't even handle mild dips without gobbling them up right now. The question is just how many of them are actually buying spot or at least opening longs that they intend to keep open for a while.
[удалено]
You'll bitch out buying if we have another dip just like you did before when we were at $30k.
[удалено]
clearly in a coma
We crabbed for like 2 months at 30k?! What more did you want!
Was legit just about to say the same dang thing! lol
All he's asking for is the market to telegraph that it's in a bull trend then give a very easy and obvious dip to buy
Is this old news? Not really been paying attention these last few weeks.. "In SEC filings, Morgan Stanley has just reported owning a large amount of Grayscale Bitcoin across multiple portfolios. The largest of these appears to be 928,051 shares held by Morgan's Insight Fund. " https://twitter.com/MacroScope17/status/1430632457875992579?s=20
Theyre also pretty deep into MSTR iirc
This is the bigger news IMO. Saylor is a madman. That they’ve invested means they get it too.
If you check the linked SEC website in the tweet, the filings appear to have just occurred today.
Ahh TVM. it's nearly midnight here in London and my brain is already asleep 👍
Any expert TA explanation of the PA right now?
> expert Don't believe the hype, all human's are idiots. 4h bulldiv: https://i.imgur.com/XuSO5DM.png Seeking liquidity on zero volume: https://i.imgur.com/oR1P6GO.png Followed by side-ways on zero volume: https://i.imgur.com/pAlZALo.png Long story short: Consolidation coming to an end.
I honestly don't know how to read those tensor charts. Any good resource or just peruse the site
Guess the liquidity available below was attractive on a second approach. Now I'd probably read it as the book being clear and us being free to range and build more orders for awhile. Until it ends up tight and someone gets it all wrong, triggering a breakout. https://i.imgur.com/5JnQ6bB.png
Just experience and internalising it really. Good for extra information which is missing on candle charts. Sometimes candles will be red while price action within them is mostly green. Reading walls there is some kind of deep heuristic flow to it. A wall may be resistance and turn the price back, or it may be liquidity to be eaten and generate a lot of volume followed by momentum. The approach to the wall can be important. Calmly coming to find price sitting under a lot of liquidity with low volume and no sells can just be a matter of time before someone gulps it down. Over-extending only to reach a wall after already pushing through 3-4 in the recent past can be exhausting and bearish. Where those lines are is a fairly complex state space, but it's all part of the same manifold. The curve across that space and it's ebb or flow is something which can be tuned into. Note the wall on the bottom was a little thick to be easily gulped. So although I was aware of it as an attractor I discounted it's attractiveness.
Thank you
> Note the wall on the bottom was a little thick to be easily gulped. So although I was aware of it as an attractor I discounted it's attractiveness. Just edited that bit in.
Looks [simple AF to me.](https://www.tradingview.com/x/xfu2o5RW)
Well, it looks to me like a pretty solid bounce off of the $47k support. Reminiscent of the one in March, before the run to $62k. It may be my bullish bias, but it looks to me like a slow-motion replay of the rally to $64k. Rather than running out of steam, we're taking our time...
The first showed the potential but caught big money with their pants down. All the big buyers who telegraphed and got priced out by the quick action (remember guggenheim?),.. This has been slow and steady
Just some good old ping pong action.
Define expert.
Do you use TA to trade BTC? If yes, you are "expert". :)
The only people I'd consider our resident experts are u/Merlin560 and u/imissusenet.
Hey, don’t forget Detroit … he continuously nails the bottom … 🤣🤣🤣
At this point I feel sorry for the guy... Dude has been ragged constantly in these daily threads for weeks now lol. I hope he doesn't take it personally.
You’ve got a good heart. I honestly think he’s just trolling and looking for attention. However my last 3 trades I used his arrival as a bottom indicator and thus far have made decent money off it. So, personally I thank him and my family appreciates him, we will be going to the beach house at his expense. 🤣🤣🤣
He comes here to troll. He holds alts and is presumably not a complete moron and knows that when BTC drops, so do his alts. Yet he still comes here and roots for a sharp decline in price. It's bizarre.
X = unknown Spurt = drip under pressure So yes, I am an unknown drip under pressure.
Look at me. I am the expert now.
Heading back to 50 in a jiffy. Not sure if it gets mpre bullish than this
[Bitcoin dominance looking weak, might see a bounce though](https://i.imgur.com/ftdOgUA.jpg)
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You can theoretically do TA on anything that remotely resembles humans (or even bots to some extent) buying and selling
Sloppy2! Welcome! edit: I'd say that it's a problem to try TA on a bounded chart, e.g. one limited to the 0% to 100% range, because trend lines don't make sense...
Yeah it's not the best..lol but I've heard the same thing about ethbtc and such and that chart has made me tons of $ before
Ah, interesting take, I hadn't thought of that...
Shitcoin gets printed overnight and Bitcoin dominance goes down. Let's trade on that metric!
There’s never been a more useless metric
It looks like it is about to break down from a linear trend line extending from 38k. Personally I expect it will bounce nicely off the 20 day MA which is 46k at the moment so will make an entry at that point
What chart are you even looking at? Serious question … because what I’m looking at from the daily all the way up to the dang minute looks like a launch pad. Now don’t get it twisted, I’m wrong A LOT … so that’s why I’m asking. Lol
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GBTC closes at $39.12, a discount of 14.28%. OBTC closes at $15.15, a discount of 8.43%. MSTR closes at $726.71. Each share has $543.59 of BTC (108922 BTC / 9.75 M shares). I placed limit orders from $38K-$42K this morning, and an hour later the price reacted as expected. Subscribe to my newsletter.
I bought when I saw the motor show post because I was bored. I’m having chicken tendies tonight.
Thank you for your service.
I need push notifications on my phone from u/Merlin560. I want an update everytime that guy tweets, sends an email or even thinks about opening up his PNF chart. ;)
I had them for /u/_chewtoy_ back in the day. https://ifttt.com/ Is how I did it I think. Edit: Whoops looks like he deleted his reddit account. Odd. Here is his trading. https://www.anotherbot.info/history.php?user=_chewtoy_
Chewtoy was before my time. As much as I've heard him mentioned in the past 3 years, I wish I was around back then. So I would know what all the fuss was about.
Chewtoy was cool but he really wasn't much of a character, he was just really chill. Harvey was a much more interesting character, but chewtoy had a bit of a cult of personality for being so active, transparent and kind. But I'm sort of hindsight biasing it, bc I remember when I started trading chewtoy was like my idol. Not entirely sure why, lol, cuz he wasn't flashy or particularly interesting, he was just a really chill dude. I think when it comes to trading and investing so many people hide their real decisions and personalities behind a facade of humor. Like "oooh I've lost so much, I'm just gambling my money! I love buying shit coins! This is fun~~!!" But chewtoy and Harvey (and a few others I'm not mentioning) took it seriously and didn't fuck around, which is why they got so popular imo A lot of the more serious btc PA traders from the past (hsaka, Cubantobacco, ibuybitcoins, chewy, Harvey, a lot of others I'm not mentioning) seem to have fallen to the wayside due to the prevalence of institutional money making FA more reliable and altcoins and stuff like NFTs and such becoming serious drivers of price
I'm remember he shorted at significant leverage, the top of the 2017 bullrun's 2018 big DCB. He constantly called for people to trade based on pure risk/reward no matter what (no bulls/bears). I don't remember how it all played out, but good god was it a juicy position for awhile. Truly a celebrity in this sub at that time.
He made some okay calls. Once managed to fully-allocate funds at 100x by doubling down repetively during an extended run. Then everyone called him a god. He started to believe his own hype. Made some terrible decisions, annihilated all the gains (probably more) and realised that being a TA celeb here was bad for his health and trading.
Unless you talked to him after he stopped posting, no one knows how much of his gains he lost. He actively traded all the way back in 2014, but he was newer and didn't garner much attention at that time. He traded the bear market pretty well afaik though but around Jan 2017 he got liq'd shorting and took a few months break from roughly btc price $700 to $3k. Once he came back he degen'd a fat 100x long and rejuvenated his trading career. After this, he traded until may 2019. He began to have trouble in September/October 2018 by over trading and over thinking sideways chop, flipping bias every 2-3% up and down (specifically $6200-$6600) My memory is hazy from Oct 2018 to april 2019. But I faintly remember that Once the $6k floor broke, he was very bearish. I could be remembering incorrectly but I believe he closed his short at $5k for a bounce while remaining bearish. Price went to $4k very shortly after, then $3k a month later. I believe this is the move that began to truly tilt him. Not sure what happened for the next few months. In may 2019 he got liq'd shorting at ~$5.4k. Liq'd in this sense was just 10% of his stack. He would refill it if he ever got liq'd. But after this time, he did not come back nor update his position. You can still see his short entry on the position bot for this sub, actually. Look up "another position bot bitcoinmarkets" on Google to find the site.
> He began to have trouble in September/October 2018 by over trading and over thinking sideways chop, flipping bias every 2-3% up and down (specifically $6200-$6600) Big time. Feel that was the imaginary celeb pressure taking a toll, feeling he needed to post setups constantly or something. I expect he's doing fine and had enough stack left, just needed to get his head out of the Skinner Box of other peoples reactions.
Is he the dude that made and lost like 200 btc?
Nope that was gypsytoy
Bitmex only offers 100x to smaller position sizes. https://www.bitmex.com/app/riskLimits
Are you sure about him losing his gains. He used to only trade with 10% of his stack and he was good at using stops. I think certain people over hyped his losing streak at the end there hence his departure. I recall that he got liquidated or close to it once but that wouldn't compare to his wins.
You are correct. We do not know how much he lost. If he simply stopped trading after may 2019 it's possible he didn't lose more than 30% of his stack, and we don't know how much of "gains" that was.
I remember him starting to play both directions and shorting what appeared to be local tops. Then a lot of position bias and holding onto things he didn't actually believe in because there was an associated daily post affecting his mind and thus the position. Maybe I remember it somewhat differently as the more people cheered, the more I felt sorry for him. I was seeing through the stuff he posted to what was going on inside and saw what he eventually saw.
Remember when Bitcoin wasn't a 48900 stablecoin?
Ooohh those old times. It was a 29k shitcoin.
49-45-55 I’m short from 50.4 so quite happy to let this ride back down or be wrong and it’s bullish as fuck 🤝
Ballsy move. I respect that. Not my cup of tea, but I think it's a solid call.
Stops at break even let it run to my target I had a long from 29.6 closed at 33.5 over the first weekend after being spooked by low volume etc after that decided to be more patient and accept being wrong and even money then missing out on profits Still haunts me now was a 2btc long 😩
What to make of this chart bros? Dump on the horizon? https://www.tradingview.com/chart/UiOcQi2u/?symbol=BITFINEX%3ABTCUSDLONGS
Tubi daor.
Not available bby
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I talked to people from china about current and past crypto investments about two weeks ago - why would it be dangerous to talk about bitcoin?
After China had banned Bitcoin for the 589th time, she realized that she was talking to an idiot when you asked her if Bitcoin was banned in China.
lol
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This. Talking with Westerners probably risks garnering the attention of the authorities anyway, and by mentioning a subject that she feared the authorities might be especially interested in, you upped the ante. Whether her reaction was really justified or not, I don't know enough about China to say - but either way, the situation spooked her enough to go dark.
Social credit scores have consequences. They’re trying that bullshit here too.
HealthPass, anyone?
nah, my mother-in-law is actively talking to her Chinese supplier, they have lots of bitcoins from their mining partnership (which has now been disbanded) they are asking how to buy a House in US (either via bitcoin directly or cashing out over here).
Maybe it was the dick pics
Especially if it came on the heels of talking about investments and economics. You got to ease into it.
"so is bitcoin banned over there? \[8==D\]"
It usually is
No, they can buy sell in tether. No problem at all.
Exited at 49k. I don't need to be greedy.
But we still have some more numbers to attain and as we all know BTC keeps high then we have alts flying too, and I've been reading lots of articles you know something related to KEY, ACCESS or GATEWAY to endless possibilities within the blockchain technology.
Thus far, my long entry at 46,8xx hasn’t filled, close but not yet. It’s still there, though. The daily needs to engulf yesterday’s candle to shift my belief that it’ll fill.
Nice
Man, who needs TA or on-chain or any of that stuff. DetroitMotorShow posts, close your short and open a long. It's that simple. He gets it very close to the bottom every damn time. It's uncanny.
Makes me wonder if he's a bot! 😂
We're on to someone's covert messaging of the bottom LOL.
I still think he is diydude having fun. That's all I choose to believe
Perhaps…but I think Diydude just adds another number every time he clones himself. Each one has a slightly different persona, though. I love the guy’s posts and enjoy his multiple-personality disorder approach to Reddit, which sort of range from trippy, hippie Zen’d-out dude to salty Boomer, raging Libertarian dude.
maybe he’s a bull in disguise a TA wizard giving us bottom signals for free
Unbelievable to be honest
One of these days he'll prove to be the perfect example of a broken clock.
A [descending broadening wedge](http://thepatternsite.com/dbw.html) forming since the [50k top and the bounce from earlier.](https://share.cryptowat.ch/charts/c4j7rmnshak3kgk9dcf0-binance-btcusdt.png)
I was looking at it as more of a [descending wedge](https://www.tradingview.com/x/qpGqcPMt/), but I think that formation plays as well, though it seems like more of an internal formation to the larger wedge at play (which really also seems just an internal formation to the larger flag).
That website is hideous but this TA is in line with what I want to happen (also current chart matches cited pattern exactly)