Cryptocurrency mega-thread

[The Dice Man]

And then...

....then we're back at 42,5

 

[Bostonian]

....then we're back at 42,5

And if it gets rejected they are liquidating more shorts and down she goes again.

 

[The Dice Man]

And if it gets rejected they are liquidating more shorts and down she goes again.

Hope not. It's flying at the moment.

 

[BACCS]

The market reacted to resistance, not news. We're not early.

Buckle your seatbelt Dorothy cos 40k is going bye bye.

We are definitely still early, I’m surprised you can’t see that. This is very similar to investing in the internet in the late 90s/early 2000s (I can read, I didn’t have to live through it to understand it). If this isn’t early, then why aren’t more of the world aware of it?

 

[BACCS]

Hope not. It's flying at the moment.

I saw some traders thinking we would nuke way below 40k this weekend. Instead, price has barely moved. If they’re bearish, it’s likely they’re in shorts and hoping it moves in the direction they’re betting on. It’s easier to be bearish than bullish right now, that’s been a good sign during my short period in crypto that the market is about to do the exact opposite.

 

[The Dice Man]

I saw some traders thinking we would nuke way below 40k this weekend. Instead, price has barely moved. If they’re bearish, it’s likely they’re in shorts and hoping it moves in the direction they’re betting on. It’s easier to be bearish than bullish right now, that’s been a good sign during my short period in crypto that the market is about to do the exact opposite.

Fear and Greed is really low too. If it dips I'm buying more Luna. Link is ready to do something too... maybe.

 

[BACCS]

Looks like a lot of Chinese users are flocking to FTX. ETH up 7.6% in the last hour.

 

[BACCS]

Fear and Greed is really low too. If it dips I'm buying more Luna. Link is ready to do something too... maybe.

Yep that index at extreme fear or fear level is again a good sign things will turn soon enough (if we are still in a bull cycle, which I do believe we are).

 

[The Dice Man]

Looks like a lot of Chinese users are flocking to FTX. ETH up 7.6% in the last hour.

I got me some FTT back on wednesday. If Chinese are using VPN and FTX how can they actually turn it back to Fiat though?

 

[Bostonian]

Yep that index at extreme fear or fear level is again a good sign things will turn soon enough (if we are still in a bull cycle, which I do believe we are).

Where do you think this huge amount of retail money is going to come from to push the markets to new ATHs?

I don't see institutions FOMOing in any time soon.

 

[BACCS]

Where do you think this huge amount of retail money is going to come from to push the markets to new ATHs?

I don't see institutions FOMOing in any time soon.

Institutions have been accumulating for months, have you looked into the on-chain data? The big wallets are continuing to buy, even through all recent dips. The derivatives market is heavily driving recent dips, while spot holders continue to accumulate. Swim with the whales.

I don’t care about the retail volume, they will FOMO in near the top.

 

[Bostonian]

Institutions have been accumulating for months, have you looked into the on-chain data? The big wallets are continuing to buy, even through all recent dips. The derivatives market is heavily driving recent dips, while spot holders continue to accumulate. Swim with the whales.

I don’t care about the retail volume, they will FOMO in near the top.

So if they have been accumulating for months why would they do anything but sell or hold then?

They aren't going to to be pouring in huge sums of money all of a sudden, no reason too.

 

[BACCS]

So if they have been accumulating for months why would they do anything but sell or hold then?

They aren't going to to be pouring in huge sums of money all of a sudden, no reason too.

They’re accumulating now, but you don’t think they’ll want to take profits at some stage? They’ll pump it when it’s convenient for them

 

[ash_1050]

More China crypto crackdown news.
BEIJING (Reuters) - Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations. China's regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet. Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.

 

[bzparkes]

I sold 1/3 at .64 and content with that. I really struggle at this taking profits thing but it needs to become a strength of mine, as I don't consider myself a long term hodlr. But if BTC goes to 20k, then I might actually buy one.

Came home from dinner tonight and saw Link doing something by itself while most of the market was crabbing.. something I haven't really seen, so looked into it and turns out they have a partnership with ADA.

Taking profits is actually one of the hardest things, as stupid as it sounds. When your coins are pumping you start to get greedy and emotion takes over. The most successful traders have a plan and they stick to it. Too many people think their coin is going to the moon but then more experienced people take profits and it dumps, meanwhile the bag holders are convinced it's a 'healthy correction' and the price never recovers. I've fallen into this trap a number of times myself and it took some time to get over. Missed out on some big gains early on. Still made profit but it could've been a hell of a lot bigger.

Lesson learnt though.

 

[faible]

Taking profits is actually one of the hardest things, as stupid as it sounds. When your coins are pumping you start to get greedy and emotion takes over. The most successful traders have a plan and they stick to it. Too many people think their coin is going to the moon but then more experienced people take profits and it dumps, meanwhile the bag holders are convinced it's a 'healthy correction' and the price never recovers. I've fallen into this trap a number of times myself and it took some time to get over. Missed out on some big gains early on. Still made profit but it could've been a hell of a lot bigger.

Lesson learnt though.

I almost always regret not immediately setting sell orders at whatever % gain I decide I want from a coin, as by the time I reach that point you're left thinking "oh just a bit more, just a bit more".

Whereas with the sell order set you look and go "oh neat, I made <insert gain here>" and don't end up FOMO'ing back down hoping for an extra percent or two.

Then there's the buy-and-hold coins where you see them skyrocket and consider selling out so you don't FOMO the short-term gain.

So basically whichever way you go, you're always fighting your FOMO urges.

 

[FRUMPY]

Taking profits is actually one of the hardest things, as stupid as it sounds. When your coins are pumping you start to get greedy and emotion takes over. The most successful traders have a plan and they stick to it. Too many people think their coin is going to the moon but then more experienced people take profits and it dumps, meanwhile the bag holders are convinced it's a 'healthy correction' and the price never recovers. I've fallen into this trap a number of times myself and it took some time to get over. Missed out on some big gains early on. Still made profit but it could've been a hell of a lot bigger.

Lesson learnt though.

i have prices where i think i'll get out and then when the price gets closer, the price i want to get out at seems to increase...

I do like when sell order prices hit during the night when im asleep, they never get changed in my sleep.....

 

[ash_1050]

If you've made less than a 20% profit on your crypto portfolio since June, then you're being beaten by a savvy crypto trading hamster.

What if we told you there was a hamster who has been trading cryptocurrencies since June — and recently was doing better than Warren Buffett and the S&P 500? Meet Mr. Goxx, a hamster who works out of what is possibly the most high-tech hamster cage in existence.

It's designed so that when Mr. Goxx runs on the hamster wheel, he can select among dozens of cryptocurrencies. Then, deciding between two tunnels, he chooses whether to buy or sell. According to the Twitch account for the hamster, his decision is sent over to a real trading platform — and yes, real money is involved.

Look, we're not telling you to follow in this hamster's financial decisions or that this process is scientific in any way. The human behind this hamster's account and money has not been made public. But what we can tell you is his portfolio is up nearly 20% since he started trading in June, according to his Twitter account. And as of Sept. 12, Mr. Goxx was performing better than Bitcoin, the Nasdaq 100, Warren Buffett's Berkshire Hathaway and the S&P 500.

While Mr. Goxx's methodology is random at best, it does remind us that where people get their financial advice from is certainly changing. We've seen people getting tips from TikTok and from two kids in Baltimore.

As I said the other day, everyone makes money in a bull market, even a hamster.

 

[ash_1050]

Taking profits is actually one of the hardest things, as stupid as it sounds. When your coins are pumping you start to get greedy and emotion takes over. The most successful traders have a plan and they stick to it. Too many people think their coin is going to the moon but then more experienced people take profits and it dumps, meanwhile the bag holders are convinced it's a 'healthy correction' and the price never recovers. I've fallen into this trap a number of times myself and it took some time to get over. Missed out on some big gains early on. Still made profit but it could've been a hell of a lot bigger.

Lesson learnt though.

Spot on, and I've made that mistake before as well. I found that part B of that mistake is compounding it and trying to use your profits 'buy the dip' on the way down as your decision making is now shrouded in hubris that you got it right on the way up, which spoiler alert, isn't because you're an expert trader.

 

[BACCS]

 

[bzparkes]

I almost always regret not immediately setting sell orders at whatever % gain I decide I want from a coin, as by the time I reach that point you're left thinking "oh just a bit more, just a bit more".

Whereas with the sell order set you look and go "oh neat, I made <insert gain here>" and don't end up FOMO'ing back down hoping for an extra percent or two.

Then there's the buy-and-hold coins where you see them skyrocket and consider selling out so you don't FOMO the short-term gain.

So basically whichever way you go, you're always fighting your FOMO urges.

Yep. learning to not let your emotions affect your trading is insanely difficult to start with. You panic sell on a red candle then FOMO in when there's big buys. Couple that with the fact that you don't sell when in good profit because you get greedy it's a recipe for failure until you learn to control those urges.

i have prices where i think i'll get out and then when the price gets closer, the price i want to get out at seems to increase...

I do like when sell order prices hit during the night when im asleep, they never get changed in my sleep.....

Yep, always get greedy for that extra pump. Researching and understanding projects goes a long way to helping you make better decisions about when to szell of course. For instance, i fully understand now that if you invest in meme coins you gotta get the **** out midway through the CMC or CG pump because they always die after that without a use case and you're just left holding someone else's bags.

Spot on, and I've made that mistake before as well. I found that part B of that mistake is compounding it and trying to use your profits 'buy the dip' on the way down as your decision making is now shrouded in hubris that you got it right on the way up, which spoiler alert, isn't because you're an expert trader.

Yep, my usual mistake is that I get impatient and never wait for a true bottom out to confirm. I buy the dip and it keeps on dippin'..

 

[Shupe]

The key word here is discipline.

 

[Shupe]

Yep, my usual mistake is that I get impatient and never wait for a true bottom out to confirm. I buy the dip and it keeps on dippin'..

I think the issue is that people want to time everything perfectly, rather than letting the market play out and letting that dictate your moves.

As you say - buying the dip is good and all, but what happens when it keeps going? Sometimes the best thing to do is to sit on the sidelines and wait for everything to settle.

 

[Seeds]

Fun watching this South sea bubble And maddeningly sad at the same time.

humanity really is stupid.

 

[bzparkes]

I think the issue is that people want to time everything perfectly, rather than letting the market play out and letting that dictate your moves.

As you say - buying the dip is good and all, but what happens when it keeps going? Sometimes the best thing to do is to sit on the sidelines and wait for everything to settle.

Yep, 100%. Just comes with being burnt a few times I suppose.