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Cryptocurrency mega-thread

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BACCS said:
Definitely blast off this time. As I said above, the dip this time last week on super low volume should’ve been a strong warning sign that bears were exhausted. RSI breakouts on the daily are always a good sign of things to come as well. I reckon the trap was when we got above 40k about a month ago.
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Just need to get to 45k hold it then it’s game on.
 
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BACCS said:
Definitely blast off this time. As I said above, the dip this time last week on super low volume should’ve been a strong warning sign that bears were exhausted. RSI breakouts on the daily are always a good sign of things to come as well. I reckon the trap was when we got above 40k about a month ago.
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Bought so much ICP under 30$ US.

Keep hearing it a scam this scam that.

Let’s see what happens.
 
ash_1050 said:
Let's see where it lands in 7 days time. Some calling rockets, I'm calling trap.
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I knew you would! There has already been a 40k trap a month ago. Breaking a 6 month downtrend of the daily RSI didn’t happen when 40k was tested a month ago. The 50 week SMA has been reclaimed, but the 20 week (sitting early 40s) is the next resistance level to breach and hold as support. Bears are exhausted mate, on-chain metrics dont lie about the buying volume support between 31-34k. The last 5 dips have had people calling for low 20s, didn’t get close any of these instances. Nothing has changed to support that theory at all.
 

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BACCS said:
I knew you would! There has already been a 40k trap a month ago. Breaking a 6 month downtrend of the daily RSI didn’t happen when 40k was tested a month ago. The 50 week SMA has been reclaimed, but the 20 week (sitting early 40s) is the next resistance level to breach and hold as support. Bears are exhausted mate, on-chain metrics dont lie about the buying volume support between 31-34k. The last 5 dips have had people calling for low 20s, didn’t get close any of these instances. Nothing has changed to support that theory at all.
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Didn't expect to see the current run up at all, as I can't see what fundamental changes have occurred that make BTC more attractive today than it was a week ago. My initial statement was that it will hit $25k before it hits $40k, and for the moment I've been proven wrong in that it peaked at $40,368 last night. Still see it trending down though, it will be a short lived run.
 
ash_1050 said:
Didn't expect to see the current run up at all, as I can't see what fundamental changes have occurred that make BTC more attractive today than it was a week ago. My initial statement was that it will hit $25k before it hits $40k, and for the moment I've been proven wrong in that it peaked at $40,368 last night. Still see it trending down though, it will be a short lived run.
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The fundamental changes are that institutions are here and they want to see returns on investment. That was institutional volume yesterday, they’re the only ones capable of pumping it that quickly. A volatility breakout was inevitable based on the width of Bollinger Bands. Retesting support levels in the mid 30s is pretty natural market activity, it’s not pumping to 100k overnight. You were confident it was trending down last week and were proven wrong, why will you be right this time when institutions can pump it in an hour? They also don’t want to pump too quickly and then have no one to sell to because retail sentiment is still low, need to increase that retail sentiment gradually and then sell to them when it peaks again.
 

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Bostonian said:
So then it's market manipulation.

So why wouldn't they suck more retail in then dump on them again to get back down near 28k again?
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Of course it is. I guess they don’t want to keep repeating that and drive retail away for too long and have no one to sell to later this year.
 
I don't buy into the market manipulation theory. We pumped from range lows and dumped at range highs. The same thing we've been doing for weeks. You could have made a fortune buying at 32k and selling at 38k over the last two months.
 
Evolved1 said:
I don't buy into the market manipulation theory. We pumped from range lows and dumped at range highs. The same thing we've been doing for weeks. You could have made a fortune buying at 32k and selling at 38k over the last two months.
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Why would retail all of a sudden pump that hard out of no where then?

It takes a fair bit of money to start a pump like that out of no where.
 
Bostonian said:
Why would retail all of a sudden pump that hard out of no where then?

It takes a fair bit of money to start a pump like that out of no where.
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Bears were too confident and a lot of the pump was shorts being squeezed.
 

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