Cryptocurrency mega-thread

[Gak Attack]

It's going to $1.00 dude, no surer thing.

I'm going to hold until its at $1k

 

[BACCS]

I'm going to hold until its at $1k

Will you buy BigFooty then? Gotta dream big

 

[Evolved1]

Potential double top with bearish divergence looking possible on the weekly close. Let's not get too carried away yet.

What happened last time dog coins mooned?

 

[BACCS]

Potential double top with bearish divergence looking possible on the weekly close. Let's not get too carried away yet.

What happened last time dog coins mooned?

Dog coins are barely mooning yet, just starting the initial pump as BTC.D goes up. Easy liquidity for whales to move into BTC.

 

[Evolved1]

Dog coins are barely mooning yet, just starting the initial pump as BTC.D goes up. Easy liquidity for whales to move into BTC.

Market sentiment looks far too bullish to me while we're hitting resistance. I'd rather see some apprehension.

BTC.D going up is a positive sign. Bullish BTC PA while stocks struggle is interesting.

I see a lot of mixed signals.

How do you see things playing out?

 

[BACCS]

Market sentiment looks far too bullish to me while we're hitting resistance. I'd rather see some apprehension.

BTC.D going up is a positive sign. Bullish BTC PA while stocks struggle is interesting.

I see a lot of mixed signals.

How do you see things playing out?

Market sentiment always flip bullish after a positive week or so, and especially when BTC exceeds 50k. It looks like there is a big sell wall on Bitfinex just above this level, so if price consolidates above 50k for a couple more days, I can see it cracking open.

Looking back at the start of the year when BTC ripped to 64k, this is when DOGE started to take off. It’s peak came after BTC’s, but it pumped extremely hard before then too. Dog coins starting to pump is also a very good sign that retail liquidity is returning to the market, something the market needs for a parabolic run.

Lastly, volume is sustaining above $100B the last few days while we are bullish, again a great sign.

Feel more confident of this holding now than a month ago due to the above factors.

 

[Gak Attack]

Will you buy BigFooty then? Gotta dream big

Ill buy the AFL itself

 

[Evolved1]

Market sentiment always flip bullish after a positive week or so, and especially when BTC exceeds 50k. It looks like there is a big sell wall on Bitfinex just above this level, so if price consolidates above 50k for a couple more days, I can see it cracking open.

Looking back at the start of the year when BTC ripped to 64k, this is when DOGE started to take off. It’s peak came after BTC’s, but it pumped extremely hard before then too. Dog coins starting to pump is also a very good sign that retail liquidity is returning to the market, something the market needs for a parabolic run.

Lastly, volume is sustaining above $100B the last few days while we are bullish, again a great sign.

Feel more confident of this holding now than a month ago due to the above factors.

Alts are chained to BTC. There's a lag effect. When BTC pumps, alts get dragged up afterwards.

The main difference between the PA after 65k and now is that BTC looks strong here. If BTC was struggling while shitcoins moon, I'd be looking for the exit gate.

100k by EOY would be nice. I'm patient enough to wait 2 months.

 

[Ghost Patrol]

BTC picking up speed

 

[The Dice Man]

Alts are chained to BTC. There's a lag effect. When BTC pumps, alts get dragged up afterwards.

The main difference between the PA after 65k and now is that BTC looks strong here. If BTC was struggling while shitcoins moon, I'd be looking for the exit gate.

100k by EOY would be nice. I'm patient enough to wait 2 months.

100k EOM at this rate

 

[Freak Dodgeball Accident]

So looks like my predictions of a short term bear market were entirely wrong. That's what I get for not keeping my finger on the pulse of the crypto space. Kudos to all who have banked a profit over the last couple of weeks.

What's this profit word everyone keeps mentioning?

 

[Pancakes]

I always hoped that grand i chucked on shib a few months ago as a just in case scenario would come good.
Hopefully it has some more legs.

 

[BACCS]

Well, BTC confirmed the breakout last night, 55k and dominance flying up. This appears to be the genuine run up to new ATHs.

 

[Macca180]

It's going to $1.00 dude, no surer thing.

Huge call

 

[md20]

Sorry if this has been asked in this thread already but if you 'take' out/withdraw your initial investment, do you have to pay capital gains tax?

On SM-G965F using BigFooty.com mobile app

 

[maryjames]

Once bitcoin gets to 60k it’s gonna go nuts.

I’m calling it its clear skies after that.

 

[FRUMPY]

Sorry if this has been asked in this thread already but if you 'take' out/withdraw your initial investment, do you have to pay capital gains tax?

On SM-G965F using BigFooty.com mobile app

If you make a capital gain then yes you have to include it on your tax return. If you own it for more than 12 months, you get a 50% discount.

 

[md20]

If you make a capital gain then yes you have to include it on your tax return. If you own it for more than 12 months, you get a 50% discount.

See this is where I'm confused. Because I'm withdrawing my initial investment, I haven't made any profit/gain.

On SM-G965F using BigFooty.com mobile app

 

[FRUMPY]

See this is where I'm confused. Because I'm withdrawing my initial investment, I haven't made any profit/gain.

On SM-G965F using BigFooty.com mobile app

then you dont need to include anything. only if you make a profit or loss (include a carried forward loss if you only make a loss)

 

[faible]

See this is where I'm confused. Because I'm withdrawing my initial investment, I haven't made any profit/gain.

On SM-G965F using BigFooty.com mobile app

Depends.

For example.

You buy 100 DOGE at $0.50

That's $50.

You sell 50 DOGE at $1.00

That's $50.

However you've still got 50 DOGE, so you've made a capital gain on the DOGE you've sold.

Each transaction is a CGT event for tax purposes.

Seek proper financial advice etc. etc.

 

[Macca180]

Shiba going mental

 

[Pancakes]

SHIB to the moon!!!!

 

[md20]

Depends.

For example.

You buy 100 DOGE at $0.50

That's $50.

You sell 50 DOGE at $1.00

That's $50.

However you've still got 50 DOGE, so you've made a capital gain on the DOGE you've sold.

Each transaction is a CGT event for tax purposes.

Seek proper financial advice etc. etc.

I DCA in and buy dollar amounts not token amounts, so my shit is all over the place

On SM-G965F using BigFooty.com mobile app

 

[faible]

I DCA in and buy dollar amounts not token amounts, so my sh*t is all over the place

On SM-G965F using BigFooty.com mobile app

Crypto taxes are messy AF. There's some online options for calculating it all.

At this point if you lodge 'something' the ATO seem to be happy enough to call it a day instead of trying to audit it. Like most things when it comes to tax, it's all about avoiding being audited.

 

[FRUMPY]

At this point if you lodge 'something' the ATO seem to be happy enough to call it a day instead of trying to audit it. Like most things when it comes to tax, it's all about avoiding being audited.

Yeah i agree with this - as long as you report something reasonably close to what happened you'll be fine. Maybe leave a couple of good gains out....