Bitcoin Thread

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$20ks seem inevitable. Spending way too much time in this lower $30ks region with bounces being faded.

Also the PA is quite concerning. A dump that happens suddenly and violently is much less dangerous or concerning than the dump we're seeing currently - slow and steady, could last weeks/months and slowly chops up everyone along the way.
 
Superman-7 said:
$20ks seem inevitable. Spending way too much time in this lower $30ks region with bounces being faded.

Also the PA is quite concerning. A dump that happens suddenly and violently is much less dangerous or concerning than the dump we're seeing currently - slow and steady, could last weeks/months and slowly chops up everyone along the way.
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Yeah. I think we're heading into the same realm as 2017 with months of downward spiralling. It will be interesting to see if it recovers quicker or not than last time, and how low it will actually go. In theory crypto should be highly sort after at the moment with inflation issues and a soft dollar, so it's a sure sign that the general masses have lost faith in it again. The problem is that crypto is driven too much by speculation/trading rather than asset/utility, and until that changes, it will continue to be highly volatile.
 
Also worth considering the Elon factor. We have been stuck in a symmetrical triangle for weeks, and a few days ago when it finally broke the top Elon decided to hinder the bullish move with one of his well timed tweets. Now we have fallen through the floor of the thing and the 20-30K range is a real possibility again.

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Zyzzyva said:
Also worth considering the Elon factor. We have been stuck in a symmetrical triangle for weeks, and a few days ago when it finally broke the top Elon decided to hinder the bullish move with one of his well timed tweets. Now we have fallen through the floor of the thing and the 20-30K range is a real possibility again.

View attachment 1085249
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Watched an interesting live stream on YouTube (Crypto Banter, local guys) and there was a valid theory: the whales are salty that they didn't get into BTC earlier, so are trying to tank the market to buy in cheap (I think Elon only got on board when it was like $30k or something, so really hasn't made much considering).

Basically, when the big boys have missed the boat, they'll just bring the boat back.
 
The Voice said:
Watched an interesting live stream on YouTube (Crypto Banter, local guys) and there was a valid theory: the whales are salty that they didn't get into BTC earlier, so are trying to tank the market to buy in cheap (I think Elon only got on board when it was like $30k or something, so really hasn't made much considering).

Basically, when the big boys have missed the boat, they'll just bring the boat back.
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Every crypto is crashing simultaneously. I think this has much less to do with Elon and FOMO whales and more to do with Hedge funds selling off en masse to get enough liquidity to stay off Margin Calls on GME and AMC.
 
Voicy said:
Every crypto is crashing simultaneously. I think this has much less to do with Elon and FOMO whales and more to do with Hedge funds selling off en masse to get enough liquidity to stay off Margin Calls on GME and AMC.
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Every coin is directly influenced by BTC: it drops, and everything else does, too. The reverse is also true.
 
The Voice said:
Watched an interesting live stream on YouTube (Crypto Banter, local guys) and there was a valid theory: the whales are salty that they didn't get into BTC earlier, so are trying to tank the market to buy in cheap (I think Elon only got on board when it was like $30k or something, so really hasn't made much considering).

Basically, when the big boys have missed the boat, they'll just bring the boat back.
Click to expand...

The textbook wkckoff distribution at the top shows the whales were deliberately offloading their longs after the last bull run. It's not so much that they were salty they missed out, but just that the best way to make more money in the long run is to dump the load at the top and then push it down with retail holding the bag all the way down. Once the price is lower they start accumulating ready for another run to a new high. It's a standard tactic which plays out over and over in most markets. But with crypto being so sentiment based and the fear and greed cycle of the masses being so easily manipulated through social media and by people like Elon and co, the effect is heightened.

If i was Elon i would continue to hit bitcoin where it hurts from time to time because it's making alts dirt cheap. I would then load up on a cheap alt with good green credentials and do a 50X run up after announcing Tesla will be accepting payments in the new coin. It would be a ballsy move, but one that could literally turn 1 billion into 50-100 billion quite easily. Why settle for a quick 2 or 3x when 50x is possible with another coin. Hopefully bitcoin's bottom is in the 20 to 30K range and not lower. Only time will tell.
 
Zyzzyva said:
The textbook wkckoff distribution at the top shows the whales were deliberately offloading their longs after the last bull run. It's not so much that they were salty they missed out, but just that the best way to make more money in the long run is to dump the load at the top and then push it down with retail holding the bag all the way down. Once the price is lower they start accumulating ready for another run to a new high. It's a standard tactic which plays out over and over in most markets. But with crypto being so sentiment based and the fear and greed cycle of the masses being so easily manipulated through social media and by people like Elon and co, the effect is heightened.

If i was Elon i would continue to hit bitcoin where it hurts from time to time because it's making alts dirt cheap. I would then load up on a cheap alt with good green credentials and do a 50X run up after announcing Tesla will be accepting payments in the new coin. It would be a ballsy move, but one that could literally turn 1 billion into 50-100 billion quite easily. Why settle for a quick 2 or 3x when 50x is possible with another coin. Hopefully bitcoin's bottom is in the 20 to 30K range and not lower. Only time will tell.
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My question is how do all the whales know what to do at the same time. Do they have a whatsapp group?
 
Zyzzyva said:
Also worth considering the Elon factor. We have been stuck in a symmetrical triangle for weeks, and a few days ago when it finally broke the top Elon decided to hinder the bullish move with one of his well timed tweets. Now we have fallen through the floor of the thing and the 20-30K range is a real possibility again.

View attachment 1085249
Click to expand...
I ain't buyin until it's well under 10k.
 
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