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Cryptocurrency mega-thread

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BACCS said:
Prices at levels not seen since… late last week. Interesting night that! A few over leveraged longs were flushed out. Looks like I missed out on some absolute bargains, prices seems to have already recovered a fair bit.
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Massive drops within one hour and then quite a decent recovery. Would have been nice to get that dip for a quick return.

Sent from my CPH2005 using Tapatalk
 
Shupe said:
I wouldn't be buying anything for the next couple of weeks IMO. I've got a fair chunk of profits sitting in USD just waiting.
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Sept 1st

Hehe

Choppy waters here guys, don't be hell bent on 'buying the bottom'. Let the market settle before we have an indication where we're heading.
 
Shupe said:
Sept 1st

Hehe

Choppy waters here guys, don't be hell bent on 'buying the bottom'. Let the market settle before we have an indication where we're heading.
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Exactly, as tempting as it is to buy a dip during a bull run, wait for the market to settle first before buying. $2.7B worth of long positions were squeezed in an hour overnight, the market needs a bit of time to calm down. A few whales sold on the El Salvador news as there were too many long positions building up on ridiculous leverage in anticipation.

These type of pullbacks happened during the run up earlier this year as well.
 

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BACCS said:
Exactly, as tempting as it is to buy a dip during a bull run, wait for the market to settle first before buying. $2.7B worth of long positions were squeezed in an hour overnight, the market needs a bit of time to calm down. A few whales sold on the El Salvador news as there were too many long positions building up on ridiculous leverage in anticipation.

These type of pullbacks happened during the run up earlier this year as well.
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I purchased this morning, and it was deliberately rash but it was purely because it was an opportunity to dollar cost average a few buys I'd made a few days prior. 20% cheaper than a few days ago, so was hard to not buy.

It's already up a couple of % since I purchased, not to say it won't drop again.

I'll probably now hold my position for a while and monitor.
 
Rough 24 hours for crypto, will be interesting to see whether it holds over the next couple of weeks or declines.

Have downgraded my rating from the initial 'spec buy' at $47,000 to 'hold' now at $47,246, as it's taken some steam out of the sails.
 
Promising is how quickly it bounced back at that 42k support area and how fast ALTS recovered (somewhat). Bu was watching an analysis online of similar previous hard dumps like that and they pointed out that often a slow steady and decent green day followed such a dump, and then another red after. We will see. September started pretty bloody good. I remembered being pretty happy that the last sunday surged to finish that week off in the green.

Did anyone see the President of El Salvador's twitter? Pretty clear who he thinks was responsible. The dip also happened at 9;05 AM New York time.

 

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LongBombFromOutside50 said:
Was expected to be honest. Needed a 40%+ drop to feel alive again.
Expecting a double bottom within the next 1-2 weeks before a continuation of the uptrend
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Nearly $200 billion in market volume yesterday, that's comfortably the highest since May/June.

All BTC did was retest the 20W MA (a historical bull market support) and bounce straight off of it, that's healthy price action. If it closes on the weekly below this support band for 2-3 weeks in a row, then price action will likely stall across the entire crypto market for a while (took 3 months below this between May-July before cracking above and holding as support again).
 

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