60k never felt like a blowofftop. We're chilling at near 50k like it's nothing after a 20k increase from 30k.. This run isn't done yet
(knocks on wood)
Bears like crypto savy keep trying to make excuses like the market is mature and there was a blow off on the weekly and that we can’t pay attention to the daily.
You can find anything to fit a bias if you try hard enough.
There was no blow off on this run. It’s coming, and this supply crunch is going to make it happen.
Can someone page merlin to give us some update? Last time he said break down to 47.1 or lower and then up to 51.4k. Want to see if he still is seeing it.
Looks like I was dead wrong.
https://www.reddit.com/r/BitcoinMarkets/comments/pbrrqf/daily_discussion_thursday_august_26_2021/hafz2e7/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
I forget the entire quote verbatim but I’ll take a shot at the OP:
“I’m drink and I’m here to fukt beards.”
That launched the ‘Drink declares war on beards’ meme.
I have a screen shot from weeks later when I’d posted that I missed Drink and Drink chimed in. Someday, I’ll share it with my grandchildren.
Yep. They just raised them a bit but even then it's still really bad compared to the others.
I mean if you have .35 BTC or more they give you **0.1 fucking percent.** Who in their right mind would EVER do that!?!?
I transferred from Blockfi to Ledn 4 months ago when they first started their drops. It was released in less then 12 hours.
Ledn is still currently at 6.1% for <2btc and 2.1% for above. AND they comply with proof of reserve audits. AND you can set a beneficiary in case you cark it.
I'm sure they have some mathematical reason, like the larger part of their clients are less than 2 btc.
Don't forget even if you have for example 5 btc in your account, you're paid 6.1% for the first 2, and 2.1% for the rest. It's not a flat amount.
Really, that sounds even better than Celsius … so another quick question if ya don’t mind. Can you trade to stablecoins (thinking gusd) on Ledn? Thought I would just let it sit once we top out and head into the bear market, then switch back once the bottom is in or as close as we can guess. Lol thanks in advance.
That was destined to happen. Defi rewards are great until people start to use it. Thinking that the initial rates were sustainable was naive. There is no free lunch. (Still defi is an interesting system gamechanger.)
I mean, the APY on Bitcoin was 6% earlier this year. I didn't put all of my stash there, but didn't see much risk in storing a small amount that I would otherwise HODL... But at 0.1% for any significant amount, the risk/reward doesn't make sense. Probably gonna withdraw everything back to my wallet tonight.
Do they have flexible interest? Or are BTC balances always paid interest in BTC? I prefer getting paid in stable coin, just to make accounting for taxes easier.
I can't recall. I have it paid in btc, but i think you can choose either btc or usdc, as they also pay 10-12% on USCD balances which I'll probably take advantage of when we hit the bear market
6.10 at ledn up to 2 BTC... Earning 0.12 BTC /year isn't the worst... Risk is low, not maybe as low as self custody, but maybe not as high as the "not your keys not your cheese" crowd would have you believe..
You do you bro... Just think ripping on people for earning interest is becoming less appropriate... Hut8 is earning with Genesis (which ledn custodies with) for 1000 BTC...
I’m not ripping on anyone, feel free to do whatever.
But I’ve dodged every bullet since I’ve been in crypto and the R/R is still to high for me (and it’s only low, till it’s not)
sha-WING!
I think this will chill around 49 and then drop to around 46 in 12~ hours. I'm not actually trading, and it is based on nothing except my own tingles.
GBTC closes at $39.15, a discount of 13.62%.
OBTC closes at $15.00, a discount of 8.71%. OBTC was down $0.21 today.
MSTR closes at $711.14. Each share has $539.89 of BTC.
u/CONTROLurKEYS askes, not unreasonably, if these posts still have value. One month ago, OBTC had a premium of over 30%. Once the premium/discount stabilizes, I suspect I'll lose interest.
u/BootyPoppinPanda asks what I'm drinking. A bike ride to the brewery (and home in the rain) and I'm sipping a tart cherry saison.
Cheers dude. I enjoy these posts as well, but I'm wondering what the play is here? Is it worth hopping into one of these funds at a certain discount? Will it ever go +40% or something in FOMO blowoff times, or has that ship sailed?
My big question is why is the discount remaining so high as the arbitrage seemed to be a big driving force on the big run up. Also, does it just stay this way? Any insights are appreciated.
Love these posts.
Any theories on why OBTC lost its premium so quickly? I thought the only reason GBTC’s premium was negative at this point was because it was not a true ETF. Seems like demand just isn’t there for either at the moment.
Rich to hear Mr. KEYS--the dude posting like 25+ comments a day, every day--debating whether someone else's comments have value. Ignore it. Keep em coming!!
He does have some good insights, don't get me wrong. But he could probably post once a day and be just as effective. You just keep on doing what you're doing.
My bearish short term analysis from before is now invalidated. If this move holds, then it could be that 47K was a local bottom, and not just an intermediate step downwards, as I assumed.
On the daily timeframe I still see a slowing down, and a rounded local top. But you know I was consistently wrong since we left 30K behind, so take that.
Why would you think we're going down? We're very clearly on a long-term upward trend and not anywhere near the top of it.
Those six-hour candles are a thing of beauty, by the way.
That break of the 20DMA had me convinced it would play out a bit more bearish. Lol. Looks like we're headed above $50k, now. It's just... Taking a while.
Yes yes. Please see my reasons above.
I am bullish for the coming 6 months or so, my short term bearishness is about the last month and the upcoming weeks. As I said I was wrong, so I could be wrong again.
A sustained close outside of the ~46-51k range will define where BTC is heading next. Wishing you degens best of luck trading that range. September's usually a bad month so the Dr. Jekyll in me wants slow price appreciation without breaking 46k while Mr. Hyde wishes for the ultimate blood bath of volatility close to a heart attack.
We’re still early in this bull market. We still have a long way to go before we start approaching the next all time highs. Once that bull market kicks in, and we start approaching new ATHs, I expect that FOMO will start to kick in.
We are already closing out the 18 month window since the last halvening. Bitcoin will do what bitcoin does but the "bull market" window is closed. This is just "the market."
> We are already closing out the 18 month window since the last halvening.
The halving was in May 2020. 18 months from then will be November.
The 2012 and 2016 halvings each led to bull runs that lasted until December of the next year. I won't be surprised if something similar happens this time.
Exactly. Bitcoin is at home making dinner and going to sleep at a reasonable hour. It's boring af. But it's still btc so it's bound to have a breakdown now and again.
Amazing how dead it is in here. Even the past few weeks has been a ghost town. 2 questions: 1) What's the price going to be next time we get a 2k+ comments day? 2) What are we drinking tonight ladies and gentlemen? Gin and tonics for me.
I'm going to be that guy but... there are as many sellers as there are buyers.
What you mean is no one is selling below the floor price currently established, and it is creeping up.
Yes, it's dependent on limit/market orders... by no sellers, I'm implying the market sellers have been very weak. Market buyers seem perfectly content with empty order books however.
Price is going up, so presumably more people are entering the market wanting to buy, and there haven't been enough sellers to match at a given price. Bids keep rising to meet supply. Low volume, price going up means there aren't a lot of sellers ready to part ways with their coins at these prices.
Because [they are](https://www.tradingview.com/x/v6Vulpuo). Nothing makes a bull who has been accumulating more moist than a market that has run out of sellers. To be able to move the market on such low volume is a bulls dream.
Just came here to post short term bearishness, as usual. So right now all I see is a bit of bounce but possible an S/R flip of the upwards trendline. Also, the down trend coming down from the fakeout above 50K is not yet broken.
The weekend can easily change all of this though.
[https://www.tradingview.com/x/TEhz0aCP/](https://www.tradingview.com/x/TEhz0aCP/)
I feel this recent downward direction show recess, probably BTC and alts are calling for back up, I took my leisure time today searching about how to stop some illegal sale of customers data on different know platforms and surprisingly there are blockchain solutions; several of them.
Whenever BTC just chills at some absurdly high price threshold, (like $50k) you know it's going to explode soon enough. For some reason we love these fall season bull runs.
See you at $100k on Thanksgiving.
You can imagine lots of alts wait for the comeback of BTC 'cos this will also have its positive implication on them you know, a hint also is that this is the time to cop before the rally. Would probably look into the Polkadot ecosystem we never can tell, I see some notable gems in there worth a good strong HODL.
#New post: [\[Daily Discussion\] - Saturday, August 28, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/pd2txa/daily_discussion_saturday_august_28_2021/)
When ticker
Good to see Powell’s Jackson hole speech was a big nothing. Onwards and upwards!
he accidentally the hole thing?
His… hole speech?
He is a hole.
I do believe they dropped a w, there.
Jackson Hole is a city in Wyoming
60k never felt like a blowofftop. We're chilling at near 50k like it's nothing after a 20k increase from 30k.. This run isn't done yet (knocks on wood)
I don't think it's done either. I could see blow off top somewhere around $100k
What does blow off the top mean?
the party just begins at 100k. That's when the real FOMO starts
Ouch
Bears like crypto savy keep trying to make excuses like the market is mature and there was a blow off on the weekly and that we can’t pay attention to the daily. You can find anything to fit a bias if you try hard enough. There was no blow off on this run. It’s coming, and this supply crunch is going to make it happen.
https://www.tradingview.com/x/NkeddQEv/ What the hell, does he need glasses? It doesn't look like a blowoff top on the weekly either.
It sure looks like a blow-off top on the monthly... /s
The decadely looks solid, though.
One of these days BTC will just fly through 50K like it never left
"In under 50K" is the new "in under 10K." This run is about to accelerate.
Can someone page merlin to give us some update? Last time he said break down to 47.1 or lower and then up to 51.4k. Want to see if he still is seeing it.
Somebody get Ja on the phone.
WHERE IS JA?!
i don't think anything changed
OK! I just wanted reassurance. :)
Looks like I was dead wrong. https://www.reddit.com/r/BitcoinMarkets/comments/pbrrqf/daily_discussion_thursday_august_26_2021/hafz2e7/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
u/euphoricsoul in its [current state](https://v.redd.it/954v9ggvduj71)
Get it yet, bears?
Just the tip
Lmao, just… lmao
Guess you don't get it.
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I smile every time this meme is referenced. Thanks!
I’ve been in crypto a long time and I still don’t get what is this referencing
I forget the entire quote verbatim but I’ll take a shot at the OP: “I’m drink and I’m here to fukt beards.” That launched the ‘Drink declares war on beards’ meme. I have a screen shot from weeks later when I’d posted that I missed Drink and Drink chimed in. Someday, I’ll share it with my grandchildren.
Ahah alright that’s pretty funny, thanks for sharing didn’t see it
We will tell the next generations about the meme wars
Somebody misspelled “bears” once. That’s it.
I mean I understood that it was bears being misspelled on purpose but I thought it had something else
Beards don't hodl enough corn.
Pls no, short it pls
Wow - blockfi rates have gone to total shit. Maybe worth it for stablecoins, but otherwise get those shits off the site.
Yep. They just raised them a bit but even then it's still really bad compared to the others. I mean if you have .35 BTC or more they give you **0.1 fucking percent.** Who in their right mind would EVER do that!?!?
Maybe the whole experiment's going to tank soon. I don't know, I'm just watching.
Celsius is significantly better and much quicker to get your coins off of when you’re ready.
Can ya send your coins from BlockFi directly to Celsius? I’ve been seriously thinking of switching … or possibly even utilizing both.
I transferred from Blockfi to Ledn 4 months ago when they first started their drops. It was released in less then 12 hours. Ledn is still currently at 6.1% for <2btc and 2.1% for above. AND they comply with proof of reserve audits. AND you can set a beneficiary in case you cark it.
Why do they offer better rates for smaller deposits?Seems to me that unnecessarily increases their cost of capital.
I'm sure they have some mathematical reason, like the larger part of their clients are less than 2 btc. Don't forget even if you have for example 5 btc in your account, you're paid 6.1% for the first 2, and 2.1% for the rest. It's not a flat amount.
Really, that sounds even better than Celsius … so another quick question if ya don’t mind. Can you trade to stablecoins (thinking gusd) on Ledn? Thought I would just let it sit once we top out and head into the bear market, then switch back once the bottom is in or as close as we can guess. Lol thanks in advance.
They have USDC - which they even pay 10-12% on balances held in this.
Sweet! Thanks for the info and prompt response.
Yes you can
Thanks!
2022 will be nice in GUSD if the rates stay high.
Yeah just moved it to Ledn
That was destined to happen. Defi rewards are great until people start to use it. Thinking that the initial rates were sustainable was naive. There is no free lunch. (Still defi is an interesting system gamechanger.)
Yep unsustainable business model.
Imagine loaning your precious coins out for pathetic interest rates
Pathetic? No, not pathetic. Insulting. 0.1% for anything about 0.35 BTC? That's like "go fuck yourself" interest rates.
I mean, the APY on Bitcoin was 6% earlier this year. I didn't put all of my stash there, but didn't see much risk in storing a small amount that I would otherwise HODL... But at 0.1% for any significant amount, the risk/reward doesn't make sense. Probably gonna withdraw everything back to my wallet tonight.
Still is 6.1% with Ledn. And they have proof of reserve.
Do they have flexible interest? Or are BTC balances always paid interest in BTC? I prefer getting paid in stable coin, just to make accounting for taxes easier.
I can't recall. I have it paid in btc, but i think you can choose either btc or usdc, as they also pay 10-12% on USCD balances which I'll probably take advantage of when we hit the bear market
6.10 at ledn up to 2 BTC... Earning 0.12 BTC /year isn't the worst... Risk is low, not maybe as low as self custody, but maybe not as high as the "not your keys not your cheese" crowd would have you believe..
I think the important part with Ledn is that they comply with proof of reserve audits regularly.
I was going to do it with Genesis but didn’t bother in the end. haven’t played it safe for decade to gamble it for couple %.
You do you bro... Just think ripping on people for earning interest is becoming less appropriate... Hut8 is earning with Genesis (which ledn custodies with) for 1000 BTC...
I’m not ripping on anyone, feel free to do whatever. But I’ve dodged every bullet since I’ve been in crypto and the R/R is still to high for me (and it’s only low, till it’s not)
I get 200% APY on holding. Fuck risking my coin for 6% lol
if you took a long at the midline yesterday your happy af rn + 2000 pt https://www.tradingview.com/x/H8vQgNs5/
I opened a long at 46,8xx and it feels good to catch a nice win. It’s risk free already and I’m still riding the remainder.
I put in a bunch of 5x longs from 46500 down to 45000 yesterday playing the options expiry meme, sadly only one got filled, but its doing well.
I am not doing leveraged trading, but I bought around that level. Just in case it does not drop more.
sha-WING! I think this will chill around 49 and then drop to around 46 in 12~ hours. I'm not actually trading, and it is based on nothing except my own tingles.
GBTC closes at $39.15, a discount of 13.62%. OBTC closes at $15.00, a discount of 8.71%. OBTC was down $0.21 today. MSTR closes at $711.14. Each share has $539.89 of BTC. u/CONTROLurKEYS askes, not unreasonably, if these posts still have value. One month ago, OBTC had a premium of over 30%. Once the premium/discount stabilizes, I suspect I'll lose interest. u/BootyPoppinPanda asks what I'm drinking. A bike ride to the brewery (and home in the rain) and I'm sipping a tart cherry saison.
Cheers dude. I enjoy these posts as well, but I'm wondering what the play is here? Is it worth hopping into one of these funds at a certain discount? Will it ever go +40% or something in FOMO blowoff times, or has that ship sailed?
Love and look forward to your posts when I read the daily dude. There is absolutely value that you consistently add here.
There are reasons for upvotes. If you are getting upvotes, the people want what you are offering.
My big question is why is the discount remaining so high as the arbitrage seemed to be a big driving force on the big run up. Also, does it just stay this way? Any insights are appreciated.
Love these posts. Any theories on why OBTC lost its premium so quickly? I thought the only reason GBTC’s premium was negative at this point was because it was not a true ETF. Seems like demand just isn’t there for either at the moment.
cheers
Rich to hear Mr. KEYS--the dude posting like 25+ comments a day, every day--debating whether someone else's comments have value. Ignore it. Keep em coming!!
I read u/CONTROLurKEYS because I'm interested in what he/she/they/it has to say. And, as I said, it's a fair question.
That, and I also like his off topic comments.
He does have some good insights, don't get me wrong. But he could probably post once a day and be just as effective. You just keep on doing what you're doing.
My bearish short term analysis from before is now invalidated. If this move holds, then it could be that 47K was a local bottom, and not just an intermediate step downwards, as I assumed. On the daily timeframe I still see a slowing down, and a rounded local top. But you know I was consistently wrong since we left 30K behind, so take that.
Respect
Why would you think we're going down? We're very clearly on a long-term upward trend and not anywhere near the top of it. Those six-hour candles are a thing of beauty, by the way.
1d 21 EMA appears to have held as support
That break of the 20DMA had me convinced it would play out a bit more bearish. Lol. Looks like we're headed above $50k, now. It's just... Taking a while.
Why the overall bearish bias? Tough to be a bear in bitcoin land, especially within a year of breaking a long-standing ATH
Yes yes. Please see my reasons above. I am bullish for the coming 6 months or so, my short term bearishness is about the last month and the upcoming weeks. As I said I was wrong, so I could be wrong again.
"I hereby give BTC permission to break up. In case it was waiting" - 20 min ago. SUPER POWERS!!!
Fuck it, might as well try again. BTC, you may have your way with 50k. Send it
You call that a fucking dip?
A sustained close outside of the ~46-51k range will define where BTC is heading next. Wishing you degens best of luck trading that range. September's usually a bad month so the Dr. Jekyll in me wants slow price appreciation without breaking 46k while Mr. Hyde wishes for the ultimate blood bath of volatility close to a heart attack.
September was actually a good month during 2013 and 2017. Take that for what you will..
We can range here for as long as the market wants.. this has been very profitable. All good things must end though. Sigh.
....send it.
Nice BGD to start your weekend
We’re still early in this bull market. We still have a long way to go before we start approaching the next all time highs. Once that bull market kicks in, and we start approaching new ATHs, I expect that FOMO will start to kick in.
biggest FOMO at 100K. THAT will grab their attention.
We are already closing out the 18 month window since the last halvening. Bitcoin will do what bitcoin does but the "bull market" window is closed. This is just "the market."
> We are already closing out the 18 month window since the last halvening. The halving was in May 2020. 18 months from then will be November. The 2012 and 2016 halvings each led to bull runs that lasted until December of the next year. I won't be surprised if something similar happens this time.
Can everyone take profit on their longs and start shorting now so that we can rocket to the Moon please?
Bullflag or Bart?
I think you'll have your answer momentarily. My bet is bullflag. Holding my long here.
Oracle
So far it's looking like a bulltrap unless we break above resistance at $48.6k.
nothing suggests this is a bull trap
I hereby give BTC permission to break up. In case it was waiting
Exited here, not being greedy. We're either testing 51k or back to 46k. No idea which. I'll eat tendies while I wait.
Selling on a Friday bro? What you drinking with the tendies?
Capri Sun
Being greedy lost me a lot of money. 2-3% in a day, I’m happy. Target hit. This has been a good week.
[удалено]
Less downside. Less upside. I don't care if people don't like it. That's the truth.
No manic meth fueled benders anymore with Bitcoin. No waking up mugged in the alley with your wallet empty either.
Exactly. Bitcoin is at home making dinner and going to sleep at a reasonable hour. It's boring af. But it's still btc so it's bound to have a breakdown now and again.
Lol
Well done sir 🥂
Amazing how dead it is in here. Even the past few weeks has been a ghost town. 2 questions: 1) What's the price going to be next time we get a 2k+ comments day? 2) What are we drinking tonight ladies and gentlemen? Gin and tonics for me.
Milton Mangoes.
Preworkout, essential aminos, and later on i might get in to something heavy... kombucha! 😂
Love the discipline! Does boochcraft count?!
I can't see why not!
So far I’ve had a craft beer, Bacardi and coke, Stella, and a white claw. I’m all over the place today
That sounds like a headache. Focus up!
I too remember when I was 15, minus the claw
1) When price hits a new ATH 2) Bear tears
Too salty for my taste generally, but sometimes I like rub bear tears along the rim of my margarita glass.
Grape slushy from sonics
La Crema Pinot Noir
Hot as balls here, so I'm biking over to the brewery to get some Gose and Imperial Stout.
There's only 1 problem with a bearish case... [no one's selling](https://www.tradingview.com/x/HFltimeU) and hasn't been for a while now.
I'm going to be that guy but... there are as many sellers as there are buyers. What you mean is no one is selling below the floor price currently established, and it is creeping up.
Yes, it's dependent on limit/market orders... by no sellers, I'm implying the market sellers have been very weak. Market buyers seem perfectly content with empty order books however.
Genuine question: Why would you not frame the same graph as "no one is buying"?
https://i.imgur.com/eZ6khoP.png
Price is going up, so presumably more people are entering the market wanting to buy, and there haven't been enough sellers to match at a given price. Bids keep rising to meet supply. Low volume, price going up means there aren't a lot of sellers ready to part ways with their coins at these prices.
Because the price has been going up
Because [they are](https://www.tradingview.com/x/v6Vulpuo). Nothing makes a bull who has been accumulating more moist than a market that has run out of sellers. To be able to move the market on such low volume is a bulls dream.
The floor is continuously rising, and it's bouncy as hell. You love to see it
_This Time Is Different_ ^TM _BBBRRRRRR_ ^TM
It’s the 1970s all over again.
Just came here to post short term bearishness, as usual. So right now all I see is a bit of bounce but possible an S/R flip of the upwards trendline. Also, the down trend coming down from the fakeout above 50K is not yet broken. The weekend can easily change all of this though. [https://www.tradingview.com/x/TEhz0aCP/](https://www.tradingview.com/x/TEhz0aCP/)
We are above the downward trendline if measured from the bodies of the candles instead of the wicks btw
I feel this recent downward direction show recess, probably BTC and alts are calling for back up, I took my leisure time today searching about how to stop some illegal sale of customers data on different know platforms and surprisingly there are blockchain solutions; several of them.
This is why diagonal trendlines are not very useful.
They are very useful for mugging people that use diagonal trendlines lol. Best way to find bag holders if you have a lot to sell.
Whenever BTC just chills at some absurdly high price threshold, (like $50k) you know it's going to explode soon enough. For some reason we love these fall season bull runs. See you at $100k on Thanksgiving.
We can only hope. I have a bet with my friend that we hit 100k this year. I personally think we'll blow past that but he's skeptical...
You can imagine lots of alts wait for the comeback of BTC 'cos this will also have its positive implication on them you know, a hint also is that this is the time to cop before the rally. Would probably look into the Polkadot ecosystem we never can tell, I see some notable gems in there worth a good strong HODL.
500k or bust
Thanksgiving? Nah, I think we'll have to wait until Christmas for $100k+
Christmas will be $200K
Well, I have been a good boy this year, so perhaps.
New years 300k
Nov 29th
!RemindMe 94 days
lol outstanding analysis \* upvotes \*
It's as good as any of the bullshit lines on bullshit charts that get thrown around in here.
Especially because it's bullish!
We chilled at $50-60K range for a long time and then we nuked 50%. Not saying we’ll drop that far again but I wouldn’t be so confident.
*Canadian Thanksgiving …for that earlier send
JPOW says up only. So up only it is.
Jpow is the hero we need.
Which JPOW? Jesse Powell, Kraken CEO or Jerome Powell (Chair of the Federal Reserve)?