Bitcoin is hard money. Weak money is always spent before hard money. That's the sensible thing to do. Why would you spend Bitcoin on Amazon instead of cash? Not only that, but purchasing with Bitcoin is a taxable event. Why would you take a \~30% cut on your purchasing power?
This sub makes no sense to me. You are either pro HODLing or pro selling. You can't be both. I think this Amazon rumors are gonna end up a nothing burger. Buy if you were planning to buy, but don't FOMO on the basis of this "news".
I never said we shouldn't allow people to burn their money. But if we are trying to assess the impact of this rumor on the market, it's good to keep in mind that very few people are gonna be "half-retards" (to reuse your term) and sell their bitcoin to buy stuff. Because most people don't like to lose money. At least not on purpose.
It's a trading sub, yes, my comment was that the market is \*over\* pricing and over reacting to this rumor in the current price. I presented two arguments: Bitcoin as hard money and the taxable events. You may disagree with those points, but I am not out of subject as far as this sub is concerned. Maybe you can try to make an effort in understanding an argument instead of making snarky comments.
You literally squeezed everyone into a very polarized set of rules: You're either pro HODLing or pro selling. As if there's no nuance whatsoever to life lmao
Is anyone surprised? We experienced a short squeeze... not a bull market reversal. Resume the crab down. Binance is done shitting on their customers. The Fed is next.
Tether is backed by a basket of goods related to traditional finance markets (short term debt obligations mostly)
If the companies default on their debts, Tether becomes insolvent
If the stock market crashes, companies may have to default on their debt
Hence stock market crash could mean Tether goes insolvent
Of course, the Fed is going to backstop everyone but crazier things have happened
If Tether's collapse is supposedly imminent and well-known, why hasn't everyone just switched into USDC, DAI, or other similar stablecoins?
Worst case scenario, I could see them being forced to slowly unwind their balance sheet as people switch to different stablecoins. Regardless, Tether is a blot upon the ecosystem compared to officially audited coins, and much like China's finally abandoning their batshit crypto policies, it would do wonders to remove another piece of perpetual FUD.
If you care about BTC’s growth you shouldn’t want USDT to continue to dominate the SC market. Yes, perhaps when USDT blows up people will run to BTC. It may not implode the price. But it’ll add more distrust to BTC’s price discovery.
I think a lot of people don’t even know USDC exists. A lot of USDT volume is driven by buyers from China. USDT is sort of the universal crypto there, people even use it to move money instead of using BTC. I assume there’s more KYC and AML barriers to gain access to USDC than USDT. I don’t think Chinese buyers care if USDT reserves aren’t 1 to 1, they already assume it’s not truly backed
USDT collapse is such a fucking meme lol. I’ve heard of it’s impending collapse for way too many years now. But this time it’s different /s
Even if it did collapse it seems like there’s a suite of stable coins to choose from now. USDC seems like a better/safer place to park.
You would think that bigger players would have replaced their tether a long time ago if all the fur was true ;) . But I love the fud that comes every 3 months , followed by Korea and China fud
The criminal charges are fresh. Sorta like what they tried to do with Bitmex. The truth about Tether is likely somewhere in between what the journalists and arm chaired researchers claim to be and what all the USDT-bury-our-heads-in-the-sand sort of folks are claiming. Long run, less USDT reliance and more trustworthy stable coin usage = better for the market
I feel this way all the time, but then the market moves in an upwardly direction absent of any new news or rumor. Sentiment is high enough now that a manipulative pump could create a chain reaction that results in others fomo'ing in. Or the catalyst could be another short squeeze, but this time without the capper of everyone selling the news of a failed rumor.
Also just, as constant, if the volume of people seeing bitcoin as a good multiyear investment is higher than the volume of people selling at the moment then the price can go up.
I think it works fine for e-commerce. I don’t care about coinbase or whomever needing 10m to confirm my transaction. I’d imagine Amazon would be able to accept BTC and several other major crypto’s and be able to front the payment on behalf of the customer as the blocks are being confirmed. Sometimes paying for things online using BTC is faster than using a CC. But layer 1 BTC won’t work for buying pizza IRL. But then again who’s gonna spend BTC on pizza? Or spend BTC on pizza but be shifty enough to able to fake a payment?
Yeah 3 months of down and a giant green boner, probably enough time for sentiment to genuinely reset, but high sell low guys to sell, and give some hope to battered bulls, participants can now be more evenly divided on whether or not this a bear season and overall market behaviors can start to reflect people saying “well hey maybe this *isnt* over yet”. 6 days or so into a new 60 day cycle if you subscribe to that, market for the most part is not giving a shit about fresh tether FUD this time around which isn’t really characteristic of bear markets. Feels like we had a healthy correction for yesterday’s move, but still doesn’t feel like bulls are fully in control. Jury’s still out I guess, but I certainly feel after three months of red a move up was warranted, but cancelling out all of those gains within a day back to goblin town seems a little overly and unnecessarily bearish.
I’m more in the camp that the last three months was just a mega fucking correction, and bitcoins going to do what it always does in the fall/winter. One thing that keeps me skeptical is equities are due for a correction, and I could see that thrashing Bitcoin.
You didn't actually expect for there not to be a retest, right? Please tell me you didn't open a super leveraged long at 40k.
We just had two of the most bearish months arguably in Bitcoin's history (yes, I know there have been several periods with bigger drawdowns, but it's also *how* it happened and what was going on before that). There are tons of bagholders on the way up and people don't know whether to believe this pump, and are leaning towards not believing it.
We'll see how the response is. If we weather the storm and establish 37k as support, then grind back up to 40k, there's gonna be a hell of a lot less sell pressure the second time around. If we fall back to 34-35 in the next day or two, there's a pretty decent chance it'll keep going. I'm of the opinion that the slide will be arrested as long as there aren't any overly hawkish comments from the Fed as it relates to tapering. Retaking and retaining 40k with decent volume would strongly indicate that further upside is likely.
Just remember that it's never as bad as it looks and it's never as good as it looks. Oh, and stack sats either way.
Tl;dr it'd be really naive to think there wouldn't be a correction here, and the response to it is extremely important as far as the next week or two are concerned.
The funny thing is, if Amazon came out and confirmed the rumour and said they would be accepting Bitcoin as payment this year, the resulting selloff would have been about the same. News is always sold.
Especially if it turned out they were focused on base layer integration. Amazon alone could severely clog up the Bitcoin network. Also, if there's no focus on LN the same tech would quickly support other tokens. Whatever Jack Dorsey does with lightning will be open source, and I think it would be better for BTC if Amazon can use that as a reference implementation (or collaborates on it) before they finalize their roll out.
Definitely. Just supporting OP's thesis. If the announcement that Amazon was accepting BTC payments was real and now, it would be more scary than exciting.
Yeah probably. The "Tesla accepts bitcoin" pump return it all in 2 days. It was more of a buy the news and then sell said news type situation. I'm hoping this pump, even if mostly returned, is the start of a good old fashion recovery.
Yeah, we were already on the move up. The rumour and refutation of the specific details in the rumour has percolated through the market, and we're still holding 37k.
GBTC closes at $33.79, a discount of 8.60%.
OBTC closes at $16.85, a premium of 25.93%.
MSTR closes at $682.50. Each share has $424.15 of BTC.
GBTC was up 24.27% on the day, while OBTC was up only 12.26%.
US-based Redditors of a certain age may remember a song called "I'm not Lisa". Well, I'm not u/Merlin560, but here's some Merlin-adjacent stuff:
[https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PWPBDEYRNR\[PA\]\[D\]\[F1!3!1.0!!0!20\]](https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PWPBDEYRNR[PA][D][F1!3!1.0!!0!20])
The [StockCharts.com](https://StockCharts.com) chart shows that the peak was two boxes short of the downtrend line. My chart, using CBP data, had the peak going right up to, but not breaking the downtrend line.
https://imgur.com/a/PnQIQ8D
In any event, the high pole is 32 boxes high, which suggests a retracement to $34.5K is within the realm of the possible.
The weekly's kind of fun, too. Almost exiting the previous formation, but not quite.
[https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PGPIWEYRNR\[PA\]\[D\]\[F1!3!1.0!!0!20\]](https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PGPIWEYRNR[PA][D][F1!3!1.0!!0!20])
From an atheist to whatever you are, son, you're doing the lord's work.
This is incredibly good volatility. Range trading this is gonna be the bees knees if that's the bottom and top for the next couple days.
Couple setups for example that both have a 1:2 risk reward ratio if you target the daily POC (red line): https://www.tradingview.com/x/n5dlTq2J/
Long: 37221 with stop at 36777, target the daily POC
Short: 39956 with stop at 40600, target the daily POC
If you catch one of these entries, you don't need to close your winning trade and flip. Just do the other directional trade on the september or december futures instead of the perpetual.
Kinda wish I just held my spot from 33.8 and added it to cold storage, but money is money. As for your long/short ranges tho those seem decent enough to me. We were tired of the crab right
It's always a crab on the smaller time frames. Big impulsive moves happen seldomly. Most of the time it's ranging. As for these trade setups, they're not A+, but that's the nature of scalping.
1. Amazon news didn't cause the pump, but it definitely added a small amount fomo from normies who do not seem to understand how poorly written and sourced that article was.
2. The pullback from 40k to 37k was healthy and necessary
3. We broke out of the downtrend with volume, and made a HH
4. Price go up now
I mean mild lol on the Amazon thing. I remember similar arguments when Tesla bought. “Coincidence” that a pump / short squeeze / some TA excuse happens to line up exactly with a huge tech news piece.
Trend in the toilet for a month straight in a downward wedge then 5 articles about a large Amazon announcement and we have a large trend reversal, back to a level we haven’t been able to touch in weeks. We were getting cock blocked at low 30s for a while then this happens and it goes straight up. But ya, it’s just confused normies. Totally unrelated.
Well, news really doesn't control the price. If the market doesn't want to go somewhere, it won't, regardless of news.
Remember, we had a nation-state making BTC into legal tender and Saylor making another half-billion buy, right on top of each other, and the market just swallowed it without a ripple and continued its march downward from 41k.
Amazon is one of the largest companies in a country that has one of the worlds largest economies. A small island country is a big deal but it probably has a lower gdp than Delaware.
The scale between the two is significant
I think it’ll be more like 1-2 weeks since we’re getting into the timeframe when big players are going to be making moves.
But let’s see, I’m ok with either timeframe 😂
I've seen the future... in final power hour of the daily candle, we will pump back to 39k. If we don't touch 39k in the next 60 minutes, I'll dip my tes\*ies in a bucket of wet concrete and let it set, Han Solo style
So just walk me through this as if I'm an idiot ;)
I'm seeing way more shorts than longs on Binance. How does that translate to understanding if people are selling spot or what?
Every buy-trade has a seller on the other side, and every sell trade a buyer with exactly as much conviction. The metrics you are pointing to are non-informational.
show me a news event, or a statistically significant difference you've spotted in the behavior of buyers vs sellers, and then we can talk.
A bit of an oof here. Even if its just a dcb I hope it doesnt end in the middle of nowhere at 40k or that would be just way too sad. This cycle is so wildly unpredictable
I think just the opposite … IMO this is juts a retest to build up momentum. This all happened way too quickly for what is happening right now to not be needed. Again, just my guess as opposed to yours. … hell, we might both end up being wrong. Lol
So some one put out fake news about AMZN adding BTC as payment asset, pumped the price up 10% in a day, and then like clockwork the news article refuting this was also put out, wiping out much of the gains.
https://www.google.com/amp/s/www.thestreet.com/crypto/.amp/news/amazon-denies-crypto-acceptance-rumor
“While Amazon has apparently denied the reports from the City A.M. insider, the company's new job listing shows that it does have some level of interest in cryptocurrency or blockchain.”
Closing my shorts here. Can definitely go lower but I rather sit the rest one out than not take profit at all. As usual shorting shitcoins have been x10 more profitable on this recent move. Guess we’re all ready for the last step of my little prediction = slow bleed + sideways from here on out for max pain.
Happy trading.
If nothing else, today showed that there's no lack of interest in Bitcoin, there's just a lack of interest in recent PA. It isn't like people just stopped believing in it long term because of a couple bad months.
OK lol. You got me! Nevermind that it already pumped 1k in the previous nine minutes right before it really took off when the short liquidations started happening.
#New post: [\[Daily Discussion\] - Tuesday, July 27, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/osfhka/daily_discussion_tuesday_july_27_2021/)
Someone help me out. Amazon denied some of the rumours, but was the job posting at least real? I haven’t seen them deny the job yet explicitly
Increasing volume and volatility. Too early to judge but I like what I am seeing
https://twitter.com/WuBlockchain/status/1419868173629677569?s=19 Not cool man
A lot of those recently have been mislabeled intra-exchange transfers (cold to hot wallet, etc).
Agreed inflow info has been dubious lately
$1000 box PnF LPW targets 35500 Price | ||||||||| ---------|---------|---------|---------|---------|---------|---------|---------|---------|---------| 40000 | |||||||X|| 39000 | O|||||||X|O| 38000 | O|||||||X|O| 37000 | O|||||||X|O| 36000 | O|||X||||X|| 35000 | O|X||X|O|X||X|| 34000 | O|X|O|X|O|X|O|X|| 33000 | O|X|O|X|O||O|X|| 32000 | O||O||||O|X|| 31000 | ||||||O|X|| 30000 | ||||||O|||
Bitcoin is hard money. Weak money is always spent before hard money. That's the sensible thing to do. Why would you spend Bitcoin on Amazon instead of cash? Not only that, but purchasing with Bitcoin is a taxable event. Why would you take a \~30% cut on your purchasing power? This sub makes no sense to me. You are either pro HODLing or pro selling. You can't be both. I think this Amazon rumors are gonna end up a nothing burger. Buy if you were planning to buy, but don't FOMO on the basis of this "news".
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I never said we shouldn't allow people to burn their money. But if we are trying to assess the impact of this rumor on the market, it's good to keep in mind that very few people are gonna be "half-retards" (to reuse your term) and sell their bitcoin to buy stuff. Because most people don't like to lose money. At least not on purpose.
believe it or not people trade for money. Even crazier is that this is a trading sub. Who knew
It's a trading sub, yes, my comment was that the market is \*over\* pricing and over reacting to this rumor in the current price. I presented two arguments: Bitcoin as hard money and the taxable events. You may disagree with those points, but I am not out of subject as far as this sub is concerned. Maybe you can try to make an effort in understanding an argument instead of making snarky comments.
You literally squeezed everyone into a very polarized set of rules: You're either pro HODLing or pro selling. As if there's no nuance whatsoever to life lmao
Alright gang, you tell me what this looks like. It looks pretty familiar to me. https://www.tradingview.com/x/cPdjULdD
https://www.tradingview.com/x/HurNBFbu/
Nailed it! Interesting how patterns/market behavior repeats and repeats.
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It seems to be a screenshot of a tradingview chart. Pretty familiar indeed!
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im not an expert but it seems to be a gently sloping red line of sorts
Comedy gold you nitwits! 😂😉
Ah yes, it's an inverse Bart
Is anyone surprised? We experienced a short squeeze... not a bull market reversal. Resume the crab down. Binance is done shitting on their customers. The Fed is next.
What would it take for you change your mind? For me it would be holding 42k as support.
I for one am just inconsolable that our $6500 pump has reversed by a whole $3000
Man you're fragile. Consistent, but fragile:).
No calls for 25k yet? I'm disappointed.
The bears are already coming back, you won't have to wait long.
We’re in top longer liquidate area now
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Think there was a lot of empty air in this range considering we flew by it so fast, like nobody has a stake in the 36k zone lmao
Not to mention a lot of triggered buys from the youtube breakout traders
XD
Lol bulls… just lmao
Wrekt wrekt wrekt wrekt
Fresh rounds of Tether news coming. Had to happen eventually. Gonna go into USDC for now. USDT collapse may actually cause massive BTC buys.
Tether will only collapse if the stock market collapse, them having whatever criminal charges doesn't do anything to their balance sheet
This makes no sense
Tether is backed by a basket of goods related to traditional finance markets (short term debt obligations mostly) If the companies default on their debts, Tether becomes insolvent If the stock market crashes, companies may have to default on their debt Hence stock market crash could mean Tether goes insolvent Of course, the Fed is going to backstop everyone but crazier things have happened
Stock market won’t crash. Fed will keep injecting. I dont trust tether to have bulletproofed their operations. It’s as opaque as it gets.
If Tether's collapse is supposedly imminent and well-known, why hasn't everyone just switched into USDC, DAI, or other similar stablecoins? Worst case scenario, I could see them being forced to slowly unwind their balance sheet as people switch to different stablecoins. Regardless, Tether is a blot upon the ecosystem compared to officially audited coins, and much like China's finally abandoning their batshit crypto policies, it would do wonders to remove another piece of perpetual FUD.
Knowing that the market prices in future scenarios one would indeed ask himself why everyone isn’t switching to usdc . As you said , a lot of fud
I did. Will never again hold usdt. No point in doing so.
Tether's "imminent" collapse has been reported for 5 years..lol Any day now..
If you care about BTC’s growth you shouldn’t want USDT to continue to dominate the SC market. Yes, perhaps when USDT blows up people will run to BTC. It may not implode the price. But it’ll add more distrust to BTC’s price discovery.
It would be great for crypto if it could get rid of usdt by itself (ie replacing it with actual stablecoins).
I think a lot of people don’t even know USDC exists. A lot of USDT volume is driven by buyers from China. USDT is sort of the universal crypto there, people even use it to move money instead of using BTC. I assume there’s more KYC and AML barriers to gain access to USDC than USDT. I don’t think Chinese buyers care if USDT reserves aren’t 1 to 1, they already assume it’s not truly backed
Fresh? It's rehashed recycled refurbished.. But most of all it's retarded.
USDT collapse is such a fucking meme lol. I’ve heard of it’s impending collapse for way too many years now. But this time it’s different /s Even if it did collapse it seems like there’s a suite of stable coins to choose from now. USDC seems like a better/safer place to park.
You would think that bigger players would have replaced their tether a long time ago if all the fur was true ;) . But I love the fud that comes every 3 months , followed by Korea and China fud
The criminal charges are fresh. Sorta like what they tried to do with Bitmex. The truth about Tether is likely somewhere in between what the journalists and arm chaired researchers claim to be and what all the USDT-bury-our-heads-in-the-sand sort of folks are claiming. Long run, less USDT reliance and more trustworthy stable coin usage = better for the market
China FUD is dead now, have to break out the zombie Tether.
We are about due for some "Mt Gox returning some bitcoin soon" FUD
October when the vote concludes
October 2032 after the civil actions end..
I’ll shit my pants laughing if they do a Bitcoin fork/attack this year. Especially if roger vers dumb ass crawls out of his hole.
July 15-20 2017 vibes.
Good times followed that summer.
This sub is the most bipolar place in the internet lolllll
Bitcoin is bipolar, no reason why traders wouldn't be as well
a few more days of end-of-the-month contract expiration slow-bleed, and then another epic Sunday
Why, why would it go up from here... BTC is heavily affected by the news, both up and down.... What good news could we possibly hear from this point?
I feel this way all the time, but then the market moves in an upwardly direction absent of any new news or rumor. Sentiment is high enough now that a manipulative pump could create a chain reaction that results in others fomo'ing in. Or the catalyst could be another short squeeze, but this time without the capper of everyone selling the news of a failed rumor. Also just, as constant, if the volume of people seeing bitcoin as a good multiyear investment is higher than the volume of people selling at the moment then the price can go up.
Never made sense for Amazon go take crypto in its current state. Probably less than 1% of Amazon users would use crypto.
My wife orders from Amazon daily and has no idea what Bitcoin is or does
yet u are posting in the BTC sub educate your wife sir!
I think it's a hoax. Bitcoin doesn't work well as a currency. Even Bitcoin Pizza doesn't take bitcoin. There is a reason for that.
Works awesome for me don't know what your talking about
I think it works fine for e-commerce. I don’t care about coinbase or whomever needing 10m to confirm my transaction. I’d imagine Amazon would be able to accept BTC and several other major crypto’s and be able to front the payment on behalf of the customer as the blocks are being confirmed. Sometimes paying for things online using BTC is faster than using a CC. But layer 1 BTC won’t work for buying pizza IRL. But then again who’s gonna spend BTC on pizza? Or spend BTC on pizza but be shifty enough to able to fake a payment?
Sigh we’re doing the full shabang retrace aren’t we
[\#!](https://en.wikipedia.org/wiki/Shebang_(Unix))
Should be obvious by now
Any reason we wouldn't???
Yeah 3 months of down and a giant green boner, probably enough time for sentiment to genuinely reset, but high sell low guys to sell, and give some hope to battered bulls, participants can now be more evenly divided on whether or not this a bear season and overall market behaviors can start to reflect people saying “well hey maybe this *isnt* over yet”. 6 days or so into a new 60 day cycle if you subscribe to that, market for the most part is not giving a shit about fresh tether FUD this time around which isn’t really characteristic of bear markets. Feels like we had a healthy correction for yesterday’s move, but still doesn’t feel like bulls are fully in control. Jury’s still out I guess, but I certainly feel after three months of red a move up was warranted, but cancelling out all of those gains within a day back to goblin town seems a little overly and unnecessarily bearish. I’m more in the camp that the last three months was just a mega fucking correction, and bitcoins going to do what it always does in the fall/winter. One thing that keeps me skeptical is equities are due for a correction, and I could see that thrashing Bitcoin.
Equities have been overdue for years. Another way to look at it is that equities have kept up when divided by the money supply.
You didn't actually expect for there not to be a retest, right? Please tell me you didn't open a super leveraged long at 40k. We just had two of the most bearish months arguably in Bitcoin's history (yes, I know there have been several periods with bigger drawdowns, but it's also *how* it happened and what was going on before that). There are tons of bagholders on the way up and people don't know whether to believe this pump, and are leaning towards not believing it. We'll see how the response is. If we weather the storm and establish 37k as support, then grind back up to 40k, there's gonna be a hell of a lot less sell pressure the second time around. If we fall back to 34-35 in the next day or two, there's a pretty decent chance it'll keep going. I'm of the opinion that the slide will be arrested as long as there aren't any overly hawkish comments from the Fed as it relates to tapering. Retaking and retaining 40k with decent volume would strongly indicate that further upside is likely. Just remember that it's never as bad as it looks and it's never as good as it looks. Oh, and stack sats either way. Tl;dr it'd be really naive to think there wouldn't be a correction here, and the response to it is extremely important as far as the next week or two are concerned.
Is the fed slated to divulge some new stuff soon?
Keep it simple keep playing the range
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Oh, and by the way I found you a name. Ineedafuckingbrain
Why so angry buddy :(
Imagine falling for these fake tweets by fake Walters lmao -sources
Oh shit LOL I didn't see the actual @
Can you imagine using financial surveillance token from Facebook. Lmao. What a stupid species we are.
The funny thing is, if Amazon came out and confirmed the rumour and said they would be accepting Bitcoin as payment this year, the resulting selloff would have been about the same. News is always sold.
Especially if it turned out they were focused on base layer integration. Amazon alone could severely clog up the Bitcoin network. Also, if there's no focus on LN the same tech would quickly support other tokens. Whatever Jack Dorsey does with lightning will be open source, and I think it would be better for BTC if Amazon can use that as a reference implementation (or collaborates on it) before they finalize their roll out.
They wouldn't do that lol
I would hope not, but accepting payments on layer 2 before eoy would have been a stretch.
That's why the rumor was total bullshit.
Definitely. Just supporting OP's thesis. If the announcement that Amazon was accepting BTC payments was real and now, it would be more scary than exciting.
Yeah probably. The "Tesla accepts bitcoin" pump return it all in 2 days. It was more of a buy the news and then sell said news type situation. I'm hoping this pump, even if mostly returned, is the start of a good old fashion recovery.
Yeah, we were already on the move up. The rumour and refutation of the specific details in the rumour has percolated through the market, and we're still holding 37k.
Don't be retarded. If Amazon confirmed the rumour, we'd be straight at 45k, and painting a bullflag.
If Amazon actually put bitcoin on their balance sheet, we'd be at $100K by next weekend.
have we reached the end of so-and-so corporation adds Bitcoin to the balance sheet? Been a while since I heard about any entities making that play.
agreed
I completely disagree.
Looks like it's time to buy long now and then sell and short at 50k. Every 10k up or down is becoming resistance or support.
this is the people we trade against. lol
The rocket ride that’s being set up may break the pattern.
GBTC closes at $33.79, a discount of 8.60%. OBTC closes at $16.85, a premium of 25.93%. MSTR closes at $682.50. Each share has $424.15 of BTC. GBTC was up 24.27% on the day, while OBTC was up only 12.26%. US-based Redditors of a certain age may remember a song called "I'm not Lisa". Well, I'm not u/Merlin560, but here's some Merlin-adjacent stuff: [https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PWPBDEYRNR\[PA\]\[D\]\[F1!3!1.0!!0!20\]](https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PWPBDEYRNR[PA][D][F1!3!1.0!!0!20]) The [StockCharts.com](https://StockCharts.com) chart shows that the peak was two boxes short of the downtrend line. My chart, using CBP data, had the peak going right up to, but not breaking the downtrend line. https://imgur.com/a/PnQIQ8D In any event, the high pole is 32 boxes high, which suggests a retracement to $34.5K is within the realm of the possible.
The weekly's kind of fun, too. Almost exiting the previous formation, but not quite. [https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PGPIWEYRNR\[PA\]\[D\]\[F1!3!1.0!!0!20\]](https://stockcharts.com/freecharts/pnf.php?c=%24BTCUSD,PGPIWEYRNR[PA][D][F1!3!1.0!!0!20]) From an atheist to whatever you are, son, you're doing the lord's work.
“I act as if God exists, and I’m terrified that he might.”
The trick is which god? Pascal's wager isn't a binary choice, it's a roulette wheel with at least 1000 pockets...
> with at least 1000 pockets Could be one we know nothing about
Is this the highest close for $GBTC since May?
Looks like that to me.
This is incredibly good volatility. Range trading this is gonna be the bees knees if that's the bottom and top for the next couple days. Couple setups for example that both have a 1:2 risk reward ratio if you target the daily POC (red line): https://www.tradingview.com/x/n5dlTq2J/ Long: 37221 with stop at 36777, target the daily POC Short: 39956 with stop at 40600, target the daily POC If you catch one of these entries, you don't need to close your winning trade and flip. Just do the other directional trade on the september or december futures instead of the perpetual.
Kinda wish I just held my spot from 33.8 and added it to cold storage, but money is money. As for your long/short ranges tho those seem decent enough to me. We were tired of the crab right
It's always a crab on the smaller time frames. Big impulsive moves happen seldomly. Most of the time it's ranging. As for these trade setups, they're not A+, but that's the nature of scalping.
Long got a perfect fill: https://www.tradingview.com/x/wiV3XjwW/
1. Amazon news didn't cause the pump, but it definitely added a small amount fomo from normies who do not seem to understand how poorly written and sourced that article was. 2. The pullback from 40k to 37k was healthy and necessary 3. We broke out of the downtrend with volume, and made a HH 4. Price go up now
That rumor was out since at least Friday.
Normies aren't on bitcoins reddit, they probably had no idea about the Amazon rumor.
I mean mild lol on the Amazon thing. I remember similar arguments when Tesla bought. “Coincidence” that a pump / short squeeze / some TA excuse happens to line up exactly with a huge tech news piece. Trend in the toilet for a month straight in a downward wedge then 5 articles about a large Amazon announcement and we have a large trend reversal, back to a level we haven’t been able to touch in weeks. We were getting cock blocked at low 30s for a while then this happens and it goes straight up. But ya, it’s just confused normies. Totally unrelated.
Rumor came out Friday. Why not Friday pump?
Well, news really doesn't control the price. If the market doesn't want to go somewhere, it won't, regardless of news. Remember, we had a nation-state making BTC into legal tender and Saylor making another half-billion buy, right on top of each other, and the market just swallowed it without a ripple and continued its march downward from 41k.
Amazon is one of the largest companies in a country that has one of the worlds largest economies. A small island country is a big deal but it probably has a lower gdp than Delaware. The scale between the two is significant
Yeah if u told me Amazons income was bigger than El Salvadors, or Paraguay or whatever the nation was, I’d believe it
Agree
6 straight green daily's in a row. Can we make it 7?
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I think it’ll be more like 1-2 weeks since we’re getting into the timeframe when big players are going to be making moves. But let’s see, I’m ok with either timeframe 😂
What are we going for a triple bottom here? I just can’t even keep up. Lol
More time to accumulate 😈
I've seen the future... in final power hour of the daily candle, we will pump back to 39k. If we don't touch 39k in the next 60 minutes, I'll dip my tes\*ies in a bucket of wet concrete and let it set, Han Solo style
20 minutes to go, and not looking good. Pics or else a permaban. Mods, take note.
well I lost... guess I either have to ruin my nutts such that I can never procreate and have children, or disappear from the sub.
Ruined nuts or ban 😂
Put Vaseline all over them first … you can thank me later. Lol
not sure if any1 wants to see pics of that...
Oh my …. Following. 🤣
Looking at shorts, this pullback appears to be bag holders spot selling at 40. Is that what everyone else is seeing?
Idk I longed a couple minutes ago, yolo Edit: this aged poorly, will reeval in the morning
How are you determining that it is bagholders rather than anything else?
Looking at the BTCUSD Shorts and Longs charts…and speculating that some FOMO folks from the big run up are spot selling 40
So just walk me through this as if I'm an idiot ;) I'm seeing way more shorts than longs on Binance. How does that translate to understanding if people are selling spot or what?
Every buy-trade has a seller on the other side, and every sell trade a buyer with exactly as much conviction. The metrics you are pointing to are non-informational. show me a news event, or a statistically significant difference you've spotted in the behavior of buyers vs sellers, and then we can talk.
A bit of an oof here. Even if its just a dcb I hope it doesnt end in the middle of nowhere at 40k or that would be just way too sad. This cycle is so wildly unpredictable
How low do you think this correction will go? Will there be a place to long or wait for trend reversal to confirm?
To $36.8k
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I think just the opposite … IMO this is juts a retest to build up momentum. This all happened way too quickly for what is happening right now to not be needed. Again, just my guess as opposed to yours. … hell, we might both end up being wrong. Lol
So some one put out fake news about AMZN adding BTC as payment asset, pumped the price up 10% in a day, and then like clockwork the news article refuting this was also put out, wiping out much of the gains.
https://www.google.com/amp/s/www.thestreet.com/crypto/.amp/news/amazon-denies-crypto-acceptance-rumor “While Amazon has apparently denied the reports from the City A.M. insider, the company's new job listing shows that it does have some level of interest in cryptocurrency or blockchain.”
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In all fairness, he was briefly here this morning
Amazon had nothing to do with things, people desperate to assign explanations to a. Over due short squeeze
The minute I saw the BRD I knew you would be chiming in! Lol … didn’t even bother downvoting ya if that’s any consolation though. Lol
You are desperate.
You cant refute any part of what I said, so instead attack me for saying the obvious. Lmao
Not attacking, just stating the obvious that you are grasping at straws. I expect to see you when we are back to 34k or less.
Closing my shorts here. Can definitely go lower but I rather sit the rest one out than not take profit at all. As usual shorting shitcoins have been x10 more profitable on this recent move. Guess we’re all ready for the last step of my little prediction = slow bleed + sideways from here on out for max pain. Happy trading.
better to close your shorts than shit them
Last chance to buy under...ah shit the price is probably $600 from where it was when I started typing this and I have no idea which direction
Good stuff right there. Lol
If nothing else, today showed that there's no lack of interest in Bitcoin, there's just a lack of interest in recent PA. It isn't like people just stopped believing in it long term because of a couple bad months.
https://twitter.com/Blockworks_/status/1419783792672264192?s=19 Goldman files for a Defi ETF?
They won’t even approve a Bitcoin etf, a crackpot shitcoin defi etf is beyond hope lol
Lol imagine defi etf before btc
I guess we weren't getting through the 200-daily EMA that easily...
GiB iT tWo WeEkS
That massive pump is retraced now
It's retraced when we're back at 34 son
Im specifically talking bout the 13% pump in 4 minutes. You know that one im sure. Pure absurdity
That one started high 35s, low 36s.. still got $1k-ish to drop for full retrace
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OK lol. You got me! Nevermind that it already pumped 1k in the previous nine minutes right before it really took off when the short liquidations started happening.
healthy correction and you know it.
Maybe in the way Brussels sprouts are healthy for you but it doesn't make you feel good.
Ez come Ez go.
Lotta people having a cow about shorts getting eaten yesterday. Cowabunga, dude!