Cryptocurrency mega-thread

[BACCS]

When you say us.. lol the billionaires dictate this market. It’s there play ground.

Of course, but doesn’t stop little players moving profits into BTC

 

[maryjames]

What is your gut telling you Evolved1, maryjames, Shupe and Bostonian about the potential for a 2nd peak within the next 12 months?

I’m hoping we have a blow off top next May 2022. Lol

The 2017 bull run was a lot better then what is happening now with all the technicals.

 

[BACCS]

 

[Evolved1]

It’s the only indicator that’s showing we have reached the top for this cycle, but I think it was 2013 where we got two pi cycle tops, so there is precedent. I personally believe the amount of market indicator data that we now have is a better representation of consumer behavior, and that all points to a bull cycle resuming soon.

After the crash, the majority of accumulation is coming from miners and long term hodlers, while selling is being largely driven by short term retail investors. Most of these sellers are selling at a loss too. It seems like over the last couple of days we are reaching a saturation point whereby selling isn’t have a huge impact on price anymore and buyers are starting to get traction in driving the prices up.

Market Cipher data is also starting to show a positive inflow of money into crypto for the first time since the crash too.

You'd be hard pressed to call the reaction to this dump bullish. There's seller exhaustion (for now).

I think there's a good chance that we'll have two cycle tops, though we may go lower over the next few months. I'd personally love to pick up the scraps under 20k.

 

[Evolved1]

Which makes no sense at all. I just feel like this is gearing towards a cycle where the alts reach ATHs before BTC, hopefully allowing us to move profits into BTC while it pumps to an ATH afterwards. Call me a dreamer, but I’m a long term hodler anyway so these fluctuations don’t phase me.

Plenty of alts hit ATH's already. ADA, Link, ETH.

 

[BACCS]

You'd be hard pressed to call the reaction to this dump bullish. There's seller exhaustion (for now).

I think there's a good chance that we'll have two cycle tops, though we may go lower over the next few months. I'd personally love to pick up the scraps under 20k.

I never said the reaction is bullish, I am just saying that it is trending that way now that people are able to accumulate at lower prices. Panic sellers have mostly been weeded out now. Confidence in the market is increasing, but not out of the woods as not even above the 20 week SMA on the daily yet.

Why do you think we go lower? I’m just interested in how this happens given that there appears to be a resistance point at 30k.

 

[BACCS]

Plenty of alts hit ATH's already. ADA, Link, ETH.

I’m talking 2nd peaks.

 

[Evolved1]

I never said the reaction is bullish, I am just saying that it is trending that way now that people are able to accumulate at lower prices. Panic sellers have mostly been weeded out now. Confidence in the market is increasing, but not out of the woods as not even above the 20 week SMA on the daily yet.

Why do you think we go lower? I’m just interested in how this happens given that there appears to be a resistance point at 30k.

Markets don't move in straight lines. After a big move in either direction, there's usually a correction which can be made through time or price while the market decides whether price acceptance is found there. That's the stage we're at now. Since price is flat, the correction is mostly through time.

The pennant that BTC is forming now is a continuation pattern, so there's a reasonable chance that price will move to the downside after consolidation.

Market sentiment was bullish in 2018 after BTC rose from 6k to 12k. Plenty of people were eyeing off new ATH's. Best to keep both eyes open in this market...bad news seems to prop up when we hit resistance.

If your plan is to DCA irrespective of price action, you'll probably do well in the long term if you pick the right coins.

 

[BACCS]

Markets don't move in straight lines. After a big move in either direction, there's usually a correction which can be made through time or price while the market decides whether price acceptance is found there. That's the stage we're at now. Since price is flat, the correction is mostly through time.

The pennant that BTC is forming now is a continuation pattern, so there's a reasonable chance that price will move to the downside after consolidation.

Market sentiment was bullish in 2018 after BTC rose from 6k to 12k. Plenty of people were eyeing off new ATH's. Best to keep both eyes open in this market...bad news seems to prop up when we hit resistance.

If your plan is to DCA irrespective of price action, you'll probably do well in the long term if you pick the right coins.

Where is the bad news though? Doesn’t seem coincidental that India revoke their crypto ban earlier today while BTC is at a critical resistance point. It’s been nothing but positive news since the crash and FUD proceeding that.

I absolutely understand that it could still go down from here and that’s why I am using the DCA technique, I just lean more towards reaching new ATHs in Q1 next year before going through a prolonged bear market. That’s only my opinion based on research I’ve done, I understand I could be completely wrong too.

I saw an article earlier today about that if you hodl for at least 4 years in crypto, you will see major gains, regardless of the fluctuations in between.

 

[Evolved1]

Where is the bad news though? Doesn’t seem coincidental that India revoke their crypto ban earlier today while BTC is at a critical resistance point. It’s been nothing but positive news since the crash and FUD proceeding that.

I absolutely understand that it could still go down from here and that’s why I am using the DCA technique, I just lean more towards reaching new ATHs in Q1 next year before going through a prolonged bear market. That’s only my opinion based on research I’ve done, I understand I could be completely wrong too.

I saw an article earlier today about that if you hodl for at least 4 years in crypto, you will see major gains, regardless of the fluctuations in between.

Depends what you DCA/HODL. Most shitcoins have one cycle. ICX was shilled as the Korean Ethereum, and NEO as the Chinese Ethereum in 2017.

I wouldn't call this a critical resistance point. It may happen when the market is more bullish, like after breakout to the upside of the pennant for example. There's a potential harmonic pattern forming that sees BTC rise to 40k before dropping to 28k, so look for bad news around 40k if we get there.

 

[maryjames]

Well whatever coin has the best meme and billionaires promote it I’m all in. Lol

Me 2024.

 

[Evolved1]

 

[BACCS]

Depends what you DCA/HODL. Most shitcoins have one cycle. ICX was shilled as the Korean Ethereum, and NEO as the Chinese Ethereum in 2017.

I wouldn't call this a critical resistance point. It may happen when the market is more bullish, like after breakout to the upside of the pennant for example. There's a potential harmonic pattern forming that sees BTC rise to 40k before dropping to 28k, so look for bad news around 40k if we get there.

I am only into cryptos (outside of BTC) with long term futures and good projects behind them. ETH, ADA, DOT, BNB, VET.

Are you a BTC maxi? I don’t know why you continue to refer to coins outside of it as shitcoins. Would you stop calling them shitcoins if ETH ever overtook BTC in market cap (even if only briefly)? I agree that BTC is a store of value for now, but things can change.

 

[Ghost Patrol]

Store of value? Not sure if thats the correct term after a -35% month.

Hot potato hot potato

 

[BACCS]

DOGE with a 17% pump with its listing on Coinbase

 

[BACCS]

Store of value? Not sure if thats the correct term after a -35% month.

Hot potato hot potato

Sure, if you think short term then yeah all cryptos are extremely volatile. However, hodling BTC long term will see major gains if you don’t panic sell at every dip.

 

[BACCS]

Preparing for dumps? The last week or so has seen most BTC flow off of exchanges, but this ‘death cross’ scenario might force some short termers to panic sell

 

[Ghost Patrol]

Sure, if you think short term then yeah all cryptos are extremely volatile. However, hodling BTC long term will see major gains if you don’t panic sell at every dip.

So when you got billionaires shilling the top before going short, massive dump.

That's not a store of value, it's a billionaires play thing.

 

[BACCS]

So when you got billionaires shilling the top before going short, massive dump.

That's not a store of value, it's a billionaires play thing.

Again, you’re just looking at this from a short term point of view. If anyone put some money into BTC today and just ignored it for 4 years, it would be worth more in 4 years time, regardless of pumps and dips in between. That’s what happens with something that has a limited supply and more demand over time. Otherwise, if you are here for the short term, then learn how to interpret the market and swim with the whales to maximize your returns.

 

[Ghost Patrol]

Again, you’re just looking at this from a short term point of view. If anyone put some money into BTC today and just ignored it for 4 years, it would be worth more in 4 years time, regardless of pumps and dips in between. That’s what happens with something that has a limited supply and more demand over time. Otherwise, if you are here for the short term, then learn how to interpret the market and swim with the whales to maximize your returns.

I'm not saying you can't make money. But a store of value means you can cash out at anytime, with roughly the same (or higher) value.

 

[BACCS]

I'm not saying you can't make money. But a store of value means you can cash out at anytime, with roughly the same (or higher) value.

Look at it as a long term store of value then

 

[Ghost Patrol]

Look at it as a long term store of value then

Dunno man. It probably needs a cute mascot to keep pace.

 

[Evolved1]

I am only into cryptos (outside of BTC) with long term futures and good projects behind them. ETH, ADA, DOT, BNB, VET.

Are you a BTC maxi? I don’t know why you continue to refer to coins outside of it as shitcoins. Would you stop calling them shitcoins if ETH ever overtook BTC in market cap (even if only briefly)? I agree that BTC is a store of value for now, but things can change.

I'm in the game to make money, and I'll trade absolute shit if it gets me more of it. Everyone has their ideas of what constitutes a legitimate project, but something like DOGE is likely to outlast nearly all of them.

The only coin I believe in long term is bitcoin, but again I don't hold it unless I believe I can sell it for more than I paid for it.

ETH is likely here to stay, and I consider it legit. The others on your list I call shitcoins.

 

[faible]

I'm in the game to make money, and I'll trade absolute sh*t if it gets me more of it. Everyone has their ideas of what constitutes a legitimate project, but something like DOGE is likely to outlast nearly all of them.

The only coin I believe in long term is bitcoin, but again I don't hold it unless I believe I can sell it for more than I paid for it.

ETH is likely here to stay, and I consider it legit. The others on your list I call shitcoins.

Looking at the Market Cap from even a few years ago, and many of the ones inside the Top-10 don't really exist anymore.

BTC + ETH have held up well. BNB is an interesting relatively new one as it seems like it should retain it's utility and thus value.

The rest... well XRP and DOGE just keep hanging around.

 

[Evolved1]

Looking at the Market Cap from even a few years ago, and many of the ones inside the Top-10 don't really exist anymore.

BTC + ETH have held up well. BNB is an interesting relatively new one as it seems like it should retain it's utility and thus value.

The rest... well XRP and DOGE just keep hanging around.

Exchange tokens are incentivized to do well in bull runs when retail is buying shitcoins. BNB will do well as long as binance does well. For the amount of income they receive, there's no excuse for the regular scheduled maintenace periods and app freeze during volatile price movements. I wouldn't be surprised to see other exchanges pop up and overtake them. Plenty of people prefer ftx.

I dont know what it is about doge that keeps it hanging around. Probably because people like dogs and memes. That's crypto for you.

Most shitcoins die off in time and become irrelevant.