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Cryptocurrency mega-thread

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BACCS said:
Yep have read that a fair bit on the discussion forums. It doesn’t appear Elon has actually sold any of this stake though, so is this just people panic selling because they didn’t like the skit? 😂
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Many good traders buy the rumor (or hype) and sell the news. That's why they were shorting DOGE today.

There was hype for DOGE surrounding Elon's SNL appearance, so people buy in the lead up. When the news hits, ie today, people sell the news.

For other examples:
Bitcoin hit $65k USD in the lead up to the coinbase IPO. Over the next two weeks, BTC dropped 35%
In the lead up to CME futures trading for BTC in 2017, BTC peaked at $20k USD, and subsequently dumped 85% over the next year.

www.investopedia.com

What Is a News Trader? 'Buy the Rumor, Sell the News' Explained

Discover how news traders leverage breaking news and market sentiment for profit, using tactics like 'Buy the Rumor, Sell the News' for short-term trading success.
www.investopedia.com www.investopedia.com
 
Evolved1 said:
Many good traders buy the rumor (or hype) and sell the news. That's why they were shorting DOGE today.

There was hype for DOGE surrounding Elon's SNL appearance, so people buy in the lead up. When the news hits, ie today, people sell the news.

For other examples:
Bitcoin hit $65k USD in the lead up to the coinbase IPO. Over the next two weeks, BTC dropped 35%
In the lead up to CME futures trading for BTC in 2017, BTC peaked at $20k USD, and subsequently dumped 85% over the next year.

www.investopedia.com

What Is a News Trader? 'Buy the Rumor, Sell the News' Explained

Discover how news traders leverage breaking news and market sentiment for profit, using tactics like 'Buy the Rumor, Sell the News' for short-term trading success.
www.investopedia.com www.investopedia.com
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I guess what I don’t understand, why would you sell on the news when you’ve got one of the richest people in the world and largest investor talking positively about the coin on national TV? Isn’t him talking it up a good thing? He didn’t just come out and say it was shit. Are you selling just before he goes on air in case he talks it down?
 
BACCS said:
I guess what I don’t understand, why would you sell on the news when you’ve got one of the richest people in the world and largest investor talking positively about the coin on national TV? Isn’t him talking it up a good thing? He didn’t just come out and say it was sh*t. Are you selling just before he goes on air in case he talks it down?
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Trading is based on human psychology rather than logic. Don't try to overthink it.

Whatever was going to happen during SNL was already factored into the price leading up to the event.

Price reacts to news in two ways. When previously unknown news is released, price pumps. When the news is already known, price generally dumps.
 
Evolved1 said:
Trading is based on human psychology rather than logic. Don't try to overthink it.

Whatever was going to happen during SNL was already factored into the price leading up to the event.

Price reacts to news in two ways. When previously unknown news is released, price pumps. When the news is already known, price generally dumps.
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I think this is why I was so resistant at first to get into crypto, I love to problem solve and understand why something is happening, so I struggle when it’s something that can be as irrational as humans 😂
 
Can't find the tweet again, but the biggest doge wallet that dumped doge today, bought back in at a lower price.

Screenshot showed 900 million dogecoins, sold it off in about 5 transactions, bought it back in 2 transactions.

So would expect further pump in near future.
 
BACCS said:
I think this is why I was so resistant at first to get into crypto, I love to problem solve and understand why something is happening, so I struggle when it’s something that can be as irrational as humans 😂
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I’m only a couple of months into crypto. But the biggest thing I’ve taken away is it’s all just one big manipulation. Some coins more than others, but it’s all the same. There’ll always be whales manipulating the market. As a small time player, you just have to guess what the big guys are going to do and when.

I took my profits about an hour before SNL aired. Just didn’t like the look of what was happening. Interest was sky high and just ready for the rich to make money off the poor by selling.
 
BACCS said:
I think this is why I was so resistant at first to get into crypto, I love to problem solve and understand why something is happening, so I struggle when it’s something that can be as irrational as humans 😂
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Crypto is just like any other market. The only apparent difference at this point in time is the inherent value in what you're speculating. If you believe there is, or will be, inherent value in blockchain tech and/or coin currencies, then use rational technical analysis to invest for the medium-to-long term.
 
beez said:
Crypto is just like any other market. The only apparent difference at this point in time is the inherent value in what you're speculating. If you believe there is, or will be, inherent value in blockchain tech and/or coin currencies, then use rational technical analysis to invest for the medium-to-long term.
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Oh I do understand that, this is just why I’ve never done any sort of investing before, I struggle to understand irrational decisions that can have huge influences on markets sometimes.
 

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BACCS said:
Is Doge going through a crash before a rise later this week? For those more experienced than me, why are so many selling after his line on SNL?
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Was always going to crash today.. I laugh at the suckers.

You buy the news ..weeks ago.

Was watching a dude in America he put down $180k gone to 2.5 mill in 69 days or so the other day and he said he was just gonna keep holding til 4 million.

Makes 60k per year.

Dudes got no idea. This is where people are stupid in crypto
 
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maryjames said:
Was always going to crash today.. I laugh at the suckers.

You buy the news ..weeks ago.

Was watching a dude in America he put down $180k gone to 2.5 mill in 69 days or so the other day and he said he was just gonna keep holding til 4 million.

Makes 60k per year.

Dudes got no idea. This is where people are stupid in crypto
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Looking at the trends though this crash has happened in Doge before and it has rebounded. If the post above is correct, this was just the whales selling out to short and then buy in again at a lower price. Elon talked up Doge as the next big thing on National tv, I think that will gain some traction in the coming days. It’s still up quite a bit on last week as well. I still don’t buy into the long term sustainability, but I think there’s another pump in it above the last.
 
I saw one trader in my twitter timeline claim he's going to hold his DOGE short entered today for the next 3 years.
 
BACCS said:
Looking at the trends though this crash has happened in Doge before and it has rebounded. If the post above is correct, this was just the whales selling out to short and then buy in again at a lower price. Elon talked up Doge as the next big thing on National tv, I think that will gain some traction in the coming days. It’s still up quite a bit on last week as well. I still don’t buy into the long term sustainability, but I think there’s another pump in it above the last.
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Remember it’s gone up almost 30,000 % in 12 months.

Let’s say I through 30k at a year ago and held I’d have 13 million. Of course people are selling.

Only idiots be buying at this level. Nuts. Full gambling now. Well it’s better to buy 40% 50% down then yesterday that’s a certain but the money has now moved to bitcoin Ethereum.

Remember more people lose in crypto then succeed. 85% of traders lose. Well not the last 6 months but in crypto history.
 
Typical red day coming up. America are shit on weekends.

And musk really got to shut up. Lol

Dogecoin for mine is heading back to 0.25 soon enough for mine.lets see
 
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Gingerbread man said:
Does anyone have any recommendations for staking for a beginner
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PancakeSwap is pretty safe and easy to use. Price doesn't fluctuate too much and is probably undervalued at the moment. You can unstake at any time as well so if there's a price dump and you need to sell, you can do so.

Just don't but at the top. Wait for a tip, or sideways action, before buying, otherwise you'll have to sit on it for potentially a long time to make up for any loss.

Binance also have some staking pools, if you use that platform, which can also net you some airdrop and entry to launchpads. Worth checking out.
 

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