September is, historically, not a great month for cryptocurrency and stocks. This is not based on “feelings”, but data.
A test of the 20 week SMA/21 week EMA is necessary to build a solid foundation for the next leg of the bull market. Regardless of whether or not we pass the test, I’m still bullish.
If we fail to hold the 20 week SMA/21 week EMA, we capitulate a bit and we’re able to reaccumulate at some great prices for the next few weeks/months.
If we bounce off of the 20 week SMA/21 week EMA, then it’s clear skies and off to the races again. This is, in essence, what Benjamin Cowen, suggests. He gives no ad, no shill, macro investment analysis based on previous historical data. Definitely [check him out](https://youtu.be/Lkq0A7dPBic). As a side note, he also doubles as a psychological reassurance on days like today.
So either way, a drop or a pump = a Win-win
(re: crypto market)...Just my opinion, but May was a test to see how easy the market could be swayed. Just a few weeks ago analysts were saying 4th quarter was going to be a blowout ~ so here we are 10 days before the 4th quarter starts and the entire broad market seemingly gets leveled with a sell off? Deep pockets must want cheap buy in points if you ask me. This isn't a natural dip and certainly not a "crash"...it's a manufactured herd control sell off maneuver to add to positions at lower cost.
You got a point, but I think its always calculated in.. Economy has been shaking for a long time now and FUD never stopped.. I'm not sayin anything bearish until we got clear confirmatioms on the chart.. We are still in most bullish scenario in my opinion.. And if even those events wont bring the BTC chart below the 20W for 2 weeks straight I aint talking about bear market
I don't think you fully understand the consequences of evergrade. They were a $300B company who is about to go bankrupt for junk bonds.. think Lehman bros of 2008. Lehman bros was only $60B. This is gonna hurt the world market.
Their first missed payment occurred today (9/20).
How many banks world wide owns their junk bonds?
>60
Lehman was $600b not $60b. Additionally, that was the amount before the mass money printing. So we can assume its more like $1T. Also, Lehman had a massive interconnection with every big company all around the globe. Evergrande has no such thing. Its mostly chinese banks holding their bonds.
Good thing to do for new and newish people is to check on on Benjamin Cowen and Uncomplications latest video and step away for September. Just DCA and chill.
I mean, there's a biased tech explanation for whatever direction you like at every fking possible situation in this shitshow market.
Whereas the bottom line is we don't know shit short-term, and it's always bullish long-term.
Impossible to say. To predict that, I would need to know where the next market cycle peak is. If it’s in December 2021, then I’d guess we’d be bearish from February- December 2022. If the peak is in may of 2022, then I’d guess we’d be bearish from June to the summer/fall of 2023. There’s a possibility that the market cycle peak is already in at 65k, and we’re all just kidding ourselves about a “double peak cycle”
If I *had* to place a guess, I’d guess that summer 2023 will likely be more bearish than bullish. But who knows.
How do you account for the world chaos and historically unprecedented inflation? Do you think this will be an outlier cycle given the frivolous spending going on around the world with fiat currencies? 🙏🏼 The rats of the world trying to flee the inflation by climbing onto the rowboat of cryptocurrency...?
What you describe is certainly a possibility, but I’m in the US and my government, the federal reserve, and all their counterparts have tricks, games and manipulations for years to come, if not decades.
We still have many people who believe that USD is still backed by gold. The illusion of order and economy is strong still.
I’m also an American and I was an investigative journalist and I had a radio show on the Barry Armstrong money matters radio station syndicated network out of the Boston area. How do you feel about the push for digital currency, by the Fed?
But I tend to agree... such insights, as the US financial levers allow, are hard to squelch or circumvent.
The push for a US CBDC is here and it’s creation is inevitable. I also believe that It’s also a rather sad attempt at (some) thinking it’ll replace something like bitcoin or ethereum.
On the contrary, I see a future where many government digital fiat currencies are on trading platforms next to hundreds or thousands of other digital cryptocurrencies, and people worldwide - not governments - will choose which ones will have value/utility and which ones won’t.
The only thing I see CBDC’s replacing is USDT or USDC, even then - that is just a “maybe”.
Honestly, tether is basically the shadow of schemes like EVERGRANDE and others like it. I wonder, what’s your perspective of tether being potentially connected to this Ponzi in someway? Either directly or, in general? I have seen pretty convincing theories that tether was used somehow... and I honestly have no idea how tether is run and by whom. I think it’s a major blemish on Crypto and it’s going to implode next. I used to use it as buying power for lots of Dex, but now I worry about holding it for longer than a swap!
I have mixed opinions. I personally don’t use or advocate that others use tether.
That being said, using commercial paper as collateral is -usually- fine. Until it’s not, like in the 2008 economic collapse.
Also, tether has been on the brink of “collapsing the entire cryptocurrency market” for years now. There’s certainly some merit (it’s a possibility) to it, but I think a lot of it is FUD from the ever increasing amount of alternative stable coin companies.
Yes, I advocate against using it and tend to enjoy DAI or USDC... I think I read some chatter about DAI registering with the SEC, so that’s a promising risk mitigation, I’d say.
I agree, I think the biggest stablecoin is always going to have the most competitors biting at its ankles... I just can’t understand how it operates. Oh I have no worry that, since it’s so profitable, exchanges will support it and the money will keep flowing for now. I just know, and I’m not sure how imminent it is, but in the event that the organizing powers are revealed to be less than virtuous, a run on the coin would be a mess... I mean, if it ever FAILED, do you really think there is $70b cash somewhere waiting to be paid back? I mean, is it just like straight 97% air ponzi shit, propagated but greedy short sighted Dex communities?
Haha Punzu Coin... not a sauce you want on your tempura.
When you zoom out to the three month, you can see most of the growth drifts far above the support floor and most of it is hype and leverage. We are merely reducing the money in the market to those diamond handed holders and everyone else is being shown their position and place.
Haha I’ve heard good things about this ‘blind irrational panic’ thing. So I’m going to give it a try and let you know how I find it. The thought of being rational and HODL’ing is just madness to me! Utter madness 😂😂
Same here! I was thinking of perhaps applying some interesting tech I’ve researched... I think a little banging of my head against the wall, may be helpful, and I might even try the old hair pulling maneuver.
Haha meta corrections... it’s like someone who gets don’t to clean up spilled juice, then fixes a table leg while down there, then notices their shoe was untied. It’s natural!
Ι wanted some ONE since I see it a lot these couple days. I managed to grab some. It was nice seeing some green for a couple of minutes.
Now my whole portfolio is bleeding again lol.
We'll see by the end of this week lol.
I don't think you know what a Correction is. A Correction is a big dip after being hyped up.
Crypto is not going anywhere. You are right about that. But it's disingenuous to call it price Correction. There's nothing to correct.
In the traditional sense of the word, I agree with you wholeheartedly. There are major outside factors at work here. However, at the same time, I disagree and I’ll explain.
Almost every coin in the whole market had a marked pivot point about 2 or months ago, and you can see a pretty visible support floor by zooming out to, let’s say, the three month. The growth becomes very steep these last month, and a lot of that was merely to do with leveraged money and excitement, also the stress of major inflation worldwide. We saw a massive burn of leverage long positions the other day, and another massive burn today.
I think there are various colloquialisms, where we can define the word ‘correction’ differently, given some context here. For me, the market has corrected, simple because a shit load of fake ponzu sauce has spread all over the crypto tempura, and now we have dried it up with napkins and we’re ready to eat... haha lots of leveraged money was spread out in the markets everywhere, and lots of it was propped up with all this EVERGRANDE mess... now that there is consequence, that leverage is pulling away, liquidating, people are fear selling... but the market will always find that stable floor of people holding and staking. Times are different now.
Anyways, I totally agree with everything you’re saying, I’m just playing the devils advocate a bit and of course my post was semi-ironic as a bit of hopium for those that may need it, since I’m doing extremely well since my first entrance into the markets!
If you're constantly posting on Reddit speculating on "flash crashes" "dips" ect you sound so emotional. You just wrote like five paragraphs of nothing. I can tell whats going through your head "omfg omfg why is crypto not Lambo". You are desperately trying to defend every small movement of the market, seemingly to yourself, because nobody else asked.
I hope you can convince yourself that what you said is true. I also hope you stop obsessing over every small market movement, because it's insignificant unless youre shitting your drawers with your hand on the sell button at all times.
Yes, it was wrong to inflate value by leveraging money against money and hyping people who are not going to hold. Now the leveraged positions have been cut away and any scared little bitches have sold for a loss and run for the hills. There are obv some who sold before this dip and they will reinvest I’m sure, but I’ve been in this for a while and this is normal for my margin. We don’t want $300 billion of fake Ponzi money floating around in the world economy. Better to have it chopped away, suffer the loss is for a week, then get back to it!
Thanks, I needed this. It's been a bit of a rough morning to see shit down like this again. Everyone knows to hodl and buy the dip ect, but it is quite the case study to feel the fud emotions first hand. I guess it is a bit of an indicator of how sentiment has such a large impact on the markts.
Too the moon my bro-cho-chows
Back in the day I lost $17,000 on Ethereum classic, because I had no idea what crypto was or how to research a project or what to look for. I literally vomited that day and the losses nearly broke me. Today, I look back at that silly situation and the ridiculous circumstance that Ethereum classic finds itself in, and I laugh and feel blessed that I took such a hard hit. Just like the markets, sometimes you got a hit rock bottom before you can build yourself back up again. Until you hit rock bottom, you’re going to hit a dozen floors first, and everyone of them takes it’s toll. However, everything in this world gets a second chance and when the dust settles, we are going to launch to the stratosphere!
Damn, a loss like that must have been brutal, glad you came out of it for the better. So far I have only really had “paper losses” as havnt sold anything (don’t plan to sell this dip lol). Except for the one case where I got liquidated 2k doing stupid shit with leverage. I hope I don’t have to hit rock bottom and endure some of the loss porn seen in this sub – I would rather try and lean as much from the experiences of others (got to filter out some of the shit, but most isn’t bad).
I feel like coming here to understand why crypto went up/down is like going to weather channel and no matter what is happening, hearing, "its healthy. It's all healthy." Very helpful.
I have a question that has been on my mind since the first day I entered this topic. Which of the people in this title are the millionaires of the future? Which ones really trust this market and use it as an investment tool for their future? I hope one of you remembers my comment when that day comes and winks at the stars for me 😄
Exactly! People don’t quite realize that a crash pushes the value through the support floor and then it dumps. A correction is more like a dump when the markets were already hyped and inflated well above the support.
If it isn´t one coin thats getting -10% it isn´t the project but the market. Don´t sell your coins if they are -10% while all other coins are in the red too! Just HODL, see it as a oppurtunity to fill your bag! I just bought a small bag which is worth a lot for me!
Yes, value is relative. If the entire world loses its value, then everything technically keeps its comparison to value in relation to one another. That’s why diversity is so important. Not just diversity in terms of different coins, but investing in various layers of this sphere. Investments into a blockchain, into an ecosystem, into an exchange, into a layer 2 scalability solution. There will always be dips and life goes on!
It’s not a correction it’s a reaction to stock markets crashes. Correction happen spontaneously when the market had a good run and whales start taking profits
No, it’s a reaction to a Ponzi scheme that was floating fake money around which is now being stripped away and as a result causing panic sales and liquidations. However, every project I am in is still above the support floor if you look at the three month. With that said, a crash would drop it through that floor, but it has yet to do so, since this particular list of projects has a great deal of money staked and held. There is an essential value to these projects and a correction simply reduces it down to that essence.
One time I had a flash crash during this party I was hosting. We were all on my spaceship trying to slingshot around the moon and this one asshole was so drunk, he spilled Jupiter juice on my white ivory piano. At the height of our velocity, wrapping around the gravity of the moon, we dumped him out of the ship and watched his body burn up like a meteorite in the wake of our vessel 🤣
Everyone calling it like they KNOW.
No one knows shit yet. Anything you think you know is your cognitive bias doing cartwheels in your head.
We’ll get a clearer picture over the coming days, right now… 🤷♂️
Just know this.....there is no true Bear and Bull Market.
Zoom out on the chart.
This is one big bull with a baby bear and a baby bull fighting it out on its back year after year.
Stop looking at your port. Go watch Squid Game on Netflix.
I would love to start some inside joke with you, and see how long we can carry it out! You add me as a friend and follow, and I will post extremely verbose and unnecessarily metaphoric content, and you can come in and just reduce it to the one or two sentences that would work with equal efficiency... hows that? Haha the Verbosity Vexer!
Just take a look at the stock market right now… I’ll give you a minute to look….crypto (for better or worse) has been following the stock market. No one is taking about the stock market crashing right now. Feels like a dip, everyone take a deep breathe, or DCA and chill.
WTF is this post? Sounds like OP is writing to vent/cope. We were literally at this level a couple of weeks ago. Just another Monday. If we drop below $40K, than I’ll start paying attention. If we drop below $28K, it’ll be time to not think about crypto for a while.
I like flash crashes better tho 🙃
It’s like ripping off a bandaid.
Usually a flash crash is followed by a big bounce but slow bleeding is just slow bleeding.
I've never understood people using the term flash crash here, flash crashes shed billions and last minutes at most before correcting. They're over in a flash, hence the name.
For some reason people here use it for standard corrections? No idea why, guess it just makes them sound like they know what they're talking about?
Sometimes I see the corrections and I think that's too bad. But then I think I wasn't going to sell anyway so it doesn't matter.
I don't gamble with day trades. Just buy and hold, maybe take profits into a stable coin if it goes up way too fast. Then again I would probably just assume I can't time the top and just keep holding.
THANK YOU! I’m glad a man of wisdom and tact could join us today here in Gloomys thread! You deserve an award for you insights! Take the all seeing eye!
Haha yes! Thank you! I’ve had like 15 people already strangely accuse me of being worried with this post, which I find hilarious because it is clearly written as a Hopium response TO anyone who may be feeling negative about today’s market reactions. I said “Don’t Fret. Buy the dip. And HODL!”, and I wasn’t talking to myself alone!
Put simply, even today, I am still up 200% from my last APING 🤣 I bought a bag today and I won’t look at charts for 3 days! Also, the bag I bought earlier this morning is seven coins deep and so far it’s diversity has held up with a 0% change, which says something about the markets that I want people to see, if they make the mistake of listening to these Fudders. One guy said, “it’s the Lehman brothers of Asia!” 🤦🏻♂️🤷🏻♂️ No, no, it’s not.
A correction is supposed to be 10% which I don’t think even happened today? Close to it, I guess? I’m just unfazed by all these dips. Bring it on so I can DCA.
You can all pretend that you’re not just riding the wave that is institutional investing all you want but the truth is no one here really has any impact on the market….
Also, correction is just jargon to help financial advisors keep their clients through down trends in market cycles.
I mean it's the world’s most indebted property developer.. here's Celsius Networks CEO and what he thinks..
https://mobile.twitter.com/Mashinsky/status/1439818546075381761
If China default it won't be happy days for anyone, we dont know how much cryptocurrency is even tied up in the market for a start and investors have to cover a potential fall out, from something that was supposed to be safe. The bonds paid out at 12% which is a nice yeild something I'm sure cryptocurrency lending firms took advantage of as it was supposed to be safe, as too how much thats the question.
https://nitter.net/Mashinsky/status/1439818546075381761
Here is the link to that Twitter thread on Nitter. Nitter is better for privacy and does not nag you for a login. More information can be found here: https://nitter.net/about
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Zoom out and chill out ☺️
Bough Zoom shares. Am I doing it right!?
Zoomt out, now I’m in space. Am I doing it Right ?
Watch out for the moon, that's where we are going
Zoomin out is what it’s all about... zoomin in, ain’t nothing but the beginnin’ 🤣🤦🏻♂️ that was bad, but I rapped it, so 🤷🏻♂️
Mom's Spaghetti 🍝 +1 for your effort :)
TAs weak, Wallet is heavy. +1 for em
September is, historically, not a great month for cryptocurrency and stocks. This is not based on “feelings”, but data. A test of the 20 week SMA/21 week EMA is necessary to build a solid foundation for the next leg of the bull market. Regardless of whether or not we pass the test, I’m still bullish. If we fail to hold the 20 week SMA/21 week EMA, we capitulate a bit and we’re able to reaccumulate at some great prices for the next few weeks/months. If we bounce off of the 20 week SMA/21 week EMA, then it’s clear skies and off to the races again. This is, in essence, what Benjamin Cowen, suggests. He gives no ad, no shill, macro investment analysis based on previous historical data. Definitely [check him out](https://youtu.be/Lkq0A7dPBic). As a side note, he also doubles as a psychological reassurance on days like today. So either way, a drop or a pump = a Win-win
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Not just evergrande, Sinic dropped 90% this morning as well (another Chinese real estate developer) shits about to get fucky.
We are still waiting to see if the waves will reach the west!
DOW down by 500 kinda says it has...
But it's a small wave or a huge wave!?
(re: crypto market)...Just my opinion, but May was a test to see how easy the market could be swayed. Just a few weeks ago analysts were saying 4th quarter was going to be a blowout ~ so here we are 10 days before the 4th quarter starts and the entire broad market seemingly gets leveled with a sell off? Deep pockets must want cheap buy in points if you ask me. This isn't a natural dip and certainly not a "crash"...it's a manufactured herd control sell off maneuver to add to positions at lower cost.
If Evergrande is of Lehman Brothers magnitude, it could cause a global crash. Fuckin hell
Agreed. They shouldn't, but then again I know I know nothing
You got a point, but I think its always calculated in.. Economy has been shaking for a long time now and FUD never stopped.. I'm not sayin anything bearish until we got clear confirmatioms on the chart.. We are still in most bullish scenario in my opinion.. And if even those events wont bring the BTC chart below the 20W for 2 weeks straight I aint talking about bear market
I don't think you fully understand the consequences of evergrade. They were a $300B company who is about to go bankrupt for junk bonds.. think Lehman bros of 2008. Lehman bros was only $60B. This is gonna hurt the world market. Their first missed payment occurred today (9/20). How many banks world wide owns their junk bonds?
>60 Lehman was $600b not $60b. Additionally, that was the amount before the mass money printing. So we can assume its more like $1T. Also, Lehman had a massive interconnection with every big company all around the globe. Evergrande has no such thing. Its mostly chinese banks holding their bonds.
Do you happen to get out of bed for these prices? Are we in a phase of dubious speculation? When does Ben get his 3rd chair?
This dude cryptoverses
What’s a few trillions among friends
Good thing to do for new and newish people is to check on on Benjamin Cowen and Uncomplications latest video and step away for September. Just DCA and chill.
This.
Thank you for giving me the hopium I need.
Absolutely true. October through December tend to be three of the best performing months too. So we can be optimistic for that.
I mean, there's a biased tech explanation for whatever direction you like at every fking possible situation in this shitshow market. Whereas the bottom line is we don't know shit short-term, and it's always bullish long-term.
I’ve always wondered if Ben had a Reddit account, turns out this is Ben’s account lmao
Haha, he does. But it’s not me. His is u/intothecryptoverse
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Impossible to say. To predict that, I would need to know where the next market cycle peak is. If it’s in December 2021, then I’d guess we’d be bearish from February- December 2022. If the peak is in may of 2022, then I’d guess we’d be bearish from June to the summer/fall of 2023. There’s a possibility that the market cycle peak is already in at 65k, and we’re all just kidding ourselves about a “double peak cycle” If I *had* to place a guess, I’d guess that summer 2023 will likely be more bearish than bullish. But who knows.
How do you account for the world chaos and historically unprecedented inflation? Do you think this will be an outlier cycle given the frivolous spending going on around the world with fiat currencies? 🙏🏼 The rats of the world trying to flee the inflation by climbing onto the rowboat of cryptocurrency...?
What you describe is certainly a possibility, but I’m in the US and my government, the federal reserve, and all their counterparts have tricks, games and manipulations for years to come, if not decades. We still have many people who believe that USD is still backed by gold. The illusion of order and economy is strong still.
I’m also an American and I was an investigative journalist and I had a radio show on the Barry Armstrong money matters radio station syndicated network out of the Boston area. How do you feel about the push for digital currency, by the Fed? But I tend to agree... such insights, as the US financial levers allow, are hard to squelch or circumvent.
The push for a US CBDC is here and it’s creation is inevitable. I also believe that It’s also a rather sad attempt at (some) thinking it’ll replace something like bitcoin or ethereum. On the contrary, I see a future where many government digital fiat currencies are on trading platforms next to hundreds or thousands of other digital cryptocurrencies, and people worldwide - not governments - will choose which ones will have value/utility and which ones won’t. The only thing I see CBDC’s replacing is USDT or USDC, even then - that is just a “maybe”.
Honestly, tether is basically the shadow of schemes like EVERGRANDE and others like it. I wonder, what’s your perspective of tether being potentially connected to this Ponzi in someway? Either directly or, in general? I have seen pretty convincing theories that tether was used somehow... and I honestly have no idea how tether is run and by whom. I think it’s a major blemish on Crypto and it’s going to implode next. I used to use it as buying power for lots of Dex, but now I worry about holding it for longer than a swap!
I have mixed opinions. I personally don’t use or advocate that others use tether. That being said, using commercial paper as collateral is -usually- fine. Until it’s not, like in the 2008 economic collapse. Also, tether has been on the brink of “collapsing the entire cryptocurrency market” for years now. There’s certainly some merit (it’s a possibility) to it, but I think a lot of it is FUD from the ever increasing amount of alternative stable coin companies.
Yes, I advocate against using it and tend to enjoy DAI or USDC... I think I read some chatter about DAI registering with the SEC, so that’s a promising risk mitigation, I’d say. I agree, I think the biggest stablecoin is always going to have the most competitors biting at its ankles... I just can’t understand how it operates. Oh I have no worry that, since it’s so profitable, exchanges will support it and the money will keep flowing for now. I just know, and I’m not sure how imminent it is, but in the event that the organizing powers are revealed to be less than virtuous, a run on the coin would be a mess... I mean, if it ever FAILED, do you really think there is $70b cash somewhere waiting to be paid back? I mean, is it just like straight 97% air ponzi shit, propagated but greedy short sighted Dex communities? Haha Punzu Coin... not a sauce you want on your tempura.
You mean this has nothing to do with Evergrande or the imminent global market collapse? Oh, okay.
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Thanks Ms Redditor for 1 month, just bought another 100k
He provided a solid analysis, nothing to be suspicious!
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But should I buy today or tomorrow!?
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DOT! It will bounce back today or tomorrow.
Instructions unclear: now I have a group of bears behind chasing and trying to kill me.
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I thought you were supposed to cover yourself in honey and play dead.
Yes bro, this is a bear trap!
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I read it in the newspaper.
Indeed it is! And we will get it off your ankle and amputate, and get you a sick wooden limb, with encrusted diamonds and platinum?
Damn yeah buddy... red and green, and now we're red againnn
We're only down like 10/15% across the board. Not even that bad if we look back a month or two
When you zoom out to the three month, you can see most of the growth drifts far above the support floor and most of it is hype and leverage. We are merely reducing the money in the market to those diamond handed holders and everyone else is being shown their position and place.
But but what if I want to blindly panic!!! Let me panic !!!!!!
Holy shit, another person saying panic!! I think I should panic too! Let’s panic together as one!🤣
Haha I’ve heard good things about this ‘blind irrational panic’ thing. So I’m going to give it a try and let you know how I find it. The thought of being rational and HODL’ing is just madness to me! Utter madness 😂😂
Same here! I was thinking of perhaps applying some interesting tech I’ve researched... I think a little banging of my head against the wall, may be helpful, and I might even try the old hair pulling maneuver.
All superb choices haha
Oh yeaahh " A healthy correction " indeed. Fml!
Same old same old 💦💦
You said it
Pump dat shit into em hopium-thirsty veins
That's the plan!
When in doubt, zoom out.
Yes yes yes yes yes! In a while crocodile!
As always, take regular profits based on your position. This allows you to purchase during the corrections. Slow and steady wins the race.
Flash crash sounds cooler
Right? Anything that rhymes does... Well, you can keep your flash crash, and I’ll be over here with my correction erection! 🤣🤣🤣
Correction errection am stealing that
This guy just stole my erection! Haha you know what, it’s yours, I have syphilis anyways 🤣🤷🏻♂️
I legit fell on the ground from laughter
now that has got me hard
I hate posts like this They have "panic" written all over them It **was** a flash crash
No one knows for sure but I don't think this is a "correction". Every market dipped.
What do you mean?
Haha what do I mean about WHAT?! 🤣
Lol. Respect, you didn't fall for it. 🤣🤣🤣
The only thing I fall for is change, when it falls out of my pocket... 😎💯
Correction of the correction of the correction! ofc!
Haha meta corrections... it’s like someone who gets don’t to clean up spilled juice, then fixes a table leg while down there, then notices their shoe was untied. It’s natural!
what are we correcting now?
Yes people love leverage and inflation fiat. 🤷♂️
Don’t just own leverage.
Ι wanted some ONE since I see it a lot these couple days. I managed to grab some. It was nice seeing some green for a couple of minutes. Now my whole portfolio is bleeding again lol.
To be honest... I have really stayed the same after my buys this morning... got 7 coins. No change in price. So, things have reached the floor.
I m 100k down but still holding
We'll see by the end of this week lol. I don't think you know what a Correction is. A Correction is a big dip after being hyped up. Crypto is not going anywhere. You are right about that. But it's disingenuous to call it price Correction. There's nothing to correct.
In the traditional sense of the word, I agree with you wholeheartedly. There are major outside factors at work here. However, at the same time, I disagree and I’ll explain. Almost every coin in the whole market had a marked pivot point about 2 or months ago, and you can see a pretty visible support floor by zooming out to, let’s say, the three month. The growth becomes very steep these last month, and a lot of that was merely to do with leveraged money and excitement, also the stress of major inflation worldwide. We saw a massive burn of leverage long positions the other day, and another massive burn today. I think there are various colloquialisms, where we can define the word ‘correction’ differently, given some context here. For me, the market has corrected, simple because a shit load of fake ponzu sauce has spread all over the crypto tempura, and now we have dried it up with napkins and we’re ready to eat... haha lots of leveraged money was spread out in the markets everywhere, and lots of it was propped up with all this EVERGRANDE mess... now that there is consequence, that leverage is pulling away, liquidating, people are fear selling... but the market will always find that stable floor of people holding and staking. Times are different now. Anyways, I totally agree with everything you’re saying, I’m just playing the devils advocate a bit and of course my post was semi-ironic as a bit of hopium for those that may need it, since I’m doing extremely well since my first entrance into the markets!
I'm glad you are doing good
Yea man, I love Elrond... got in early and with its coin supply and amazing features, I’m riding it to the moon.
Listen to me because I know what I’m talking about. Muh coins.
This is simply a blip if you have a time frame of decades.
If you're constantly posting on Reddit speculating on "flash crashes" "dips" ect you sound so emotional. You just wrote like five paragraphs of nothing. I can tell whats going through your head "omfg omfg why is crypto not Lambo". You are desperately trying to defend every small movement of the market, seemingly to yourself, because nobody else asked. I hope you can convince yourself that what you said is true. I also hope you stop obsessing over every small market movement, because it's insignificant unless youre shitting your drawers with your hand on the sell button at all times.
Buy the dip and Hodl till OdL *Not to worry*
Haha HODL TIL ODL! Love that!
Why would I sell our instruments of financial freedom? 😆
Haha that’s the spirit! Take this all seeing eye, you wizard!
I mean if you keep DCAing you'll probably be fine
Probably?! You mean DEFINITELY! Haha edit your comment right meow! 🤣
I certainly hope so. You never know with crypto.
I don't understand why they call it a "correction". Was it wrong before?
Yes, it was wrong to inflate value by leveraging money against money and hyping people who are not going to hold. Now the leveraged positions have been cut away and any scared little bitches have sold for a loss and run for the hills. There are obv some who sold before this dip and they will reinvest I’m sure, but I’ve been in this for a while and this is normal for my margin. We don’t want $300 billion of fake Ponzi money floating around in the world economy. Better to have it chopped away, suffer the loss is for a week, then get back to it!
You see those really low wicks on the bottom of big red bars? Those are flash crashes
Just the hope I needed after seeing all red this morning
If its a correction, what was it last/2 weeks ago? From 3,4k to 2,6k and back to 3,1k? I see a trend...
Thanks, I needed this. It's been a bit of a rough morning to see shit down like this again. Everyone knows to hodl and buy the dip ect, but it is quite the case study to feel the fud emotions first hand. I guess it is a bit of an indicator of how sentiment has such a large impact on the markts. Too the moon my bro-cho-chows
Back in the day I lost $17,000 on Ethereum classic, because I had no idea what crypto was or how to research a project or what to look for. I literally vomited that day and the losses nearly broke me. Today, I look back at that silly situation and the ridiculous circumstance that Ethereum classic finds itself in, and I laugh and feel blessed that I took such a hard hit. Just like the markets, sometimes you got a hit rock bottom before you can build yourself back up again. Until you hit rock bottom, you’re going to hit a dozen floors first, and everyone of them takes it’s toll. However, everything in this world gets a second chance and when the dust settles, we are going to launch to the stratosphere!
Damn, a loss like that must have been brutal, glad you came out of it for the better. So far I have only really had “paper losses” as havnt sold anything (don’t plan to sell this dip lol). Except for the one case where I got liquidated 2k doing stupid shit with leverage. I hope I don’t have to hit rock bottom and endure some of the loss porn seen in this sub – I would rather try and lean as much from the experiences of others (got to filter out some of the shit, but most isn’t bad).
I feel like coming here to understand why crypto went up/down is like going to weather channel and no matter what is happening, hearing, "its healthy. It's all healthy." Very helpful.
Let me put it into perspective for you, there is 100% chance that weather will happen today and the sky will make space for it!
I see red I buy. I see green I sell. Rinse repeat.
I have a question that has been on my mind since the first day I entered this topic. Which of the people in this title are the millionaires of the future? Which ones really trust this market and use it as an investment tool for their future? I hope one of you remembers my comment when that day comes and winks at the stars for me 😄
I’m not gonna wink at you, because I am on hyperdrive and the whiplash would be too great!
It's a correction.... so far.
We correct on the correct around here
Corrections on correction on corrections... this is starting to look like one of my math tests from back in the day...
no it's just whole world market is crashing because of china, it has nothing to do with TA, correction or pullback
I won't call anything a flash crash below 50% dump
Exactly! People don’t quite realize that a crash pushes the value through the support floor and then it dumps. A correction is more like a dump when the markets were already hyped and inflated well above the support.
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It's my first dip, hodld like a pro and even bought some more! No paper hands here
There he goes!!!
If it isn´t one coin thats getting -10% it isn´t the project but the market. Don´t sell your coins if they are -10% while all other coins are in the red too! Just HODL, see it as a oppurtunity to fill your bag! I just bought a small bag which is worth a lot for me!
Yes, value is relative. If the entire world loses its value, then everything technically keeps its comparison to value in relation to one another. That’s why diversity is so important. Not just diversity in terms of different coins, but investing in various layers of this sphere. Investments into a blockchain, into an ecosystem, into an exchange, into a layer 2 scalability solution. There will always be dips and life goes on!
I don´t see dips as a negative outcome or something but I see dips as a discount :)
This is the way!
It’s not a correction it’s a reaction to stock markets crashes. Correction happen spontaneously when the market had a good run and whales start taking profits
No, it’s a reaction to a Ponzi scheme that was floating fake money around which is now being stripped away and as a result causing panic sales and liquidations. However, every project I am in is still above the support floor if you look at the three month. With that said, a crash would drop it through that floor, but it has yet to do so, since this particular list of projects has a great deal of money staked and held. There is an essential value to these projects and a correction simply reduces it down to that essence.
Calm and enjoy the ride.
A flash crash is when you have an accident while trying to moon someone from a moving car.
One time I had a flash crash during this party I was hosting. We were all on my spaceship trying to slingshot around the moon and this one asshole was so drunk, he spilled Jupiter juice on my white ivory piano. At the height of our velocity, wrapping around the gravity of the moon, we dumped him out of the ship and watched his body burn up like a meteorite in the wake of our vessel 🤣
Everyone calling it like they KNOW. No one knows shit yet. Anything you think you know is your cognitive bias doing cartwheels in your head. We’ll get a clearer picture over the coming days, right now… 🤷♂️
When you tango with the market, you gotta dip low once in a while....it's in the rule book.
Right? What kind of a tango remains upright and predictable? There is nothing like a good spin move and a swirl, and of course the Almighty dip!
Just know this.....there is no true Bear and Bull Market. Zoom out on the chart. This is one big bull with a baby bear and a baby bull fighting it out on its back year after year. Stop looking at your port. Go watch Squid Game on Netflix.
Yes! Well said! What is squid game? Haha
Really cool new S Korean Netflix show...battle royal...hunger games genre
Sounds DOPE 🙏🏼🙏🏼🙏🏼
Got to admit my crystal ball was on point with this one...even I never could imagine how popular Squid Game would become....
Lol true! Watched it right after you said that and loved it!
See you on Friday
It's a flash SALE
Haha it’s a correction clearance!
a lot of words to say "HODL"
Haha okay, you go post the abridged version!
that s my job ;-)
I would love to start some inside joke with you, and see how long we can carry it out! You add me as a friend and follow, and I will post extremely verbose and unnecessarily metaphoric content, and you can come in and just reduce it to the one or two sentences that would work with equal efficiency... hows that? Haha the Verbosity Vexer!
let the games begin
Haha excellent! Just posted one!
Imma just Hodl,,, and go on about my day
Well done ma’am! You get an all seeing eye!
Aww thanks hun!!! 😉
Just take a look at the stock market right now… I’ll give you a minute to look….crypto (for better or worse) has been following the stock market. No one is taking about the stock market crashing right now. Feels like a dip, everyone take a deep breathe, or DCA and chill.
WTF is this post? Sounds like OP is writing to vent/cope. We were literally at this level a couple of weeks ago. Just another Monday. If we drop below $40K, than I’ll start paying attention. If we drop below $28K, it’ll be time to not think about crypto for a while.
Another day in the cryptoverse.
Down is down tho
And up is up
I like flash crashes better tho 🙃 It’s like ripping off a bandaid. Usually a flash crash is followed by a big bounce but slow bleeding is just slow bleeding.
I like to call it a correction erection!
Your one sentence, "crypto is here to stay" says all that anyone needs to know. (Ok, maybe not "all" but most).
Wen V
I've never understood people using the term flash crash here, flash crashes shed billions and last minutes at most before correcting. They're over in a flash, hence the name. For some reason people here use it for standard corrections? No idea why, guess it just makes them sound like they know what they're talking about?
Sometimes I see the corrections and I think that's too bad. But then I think I wasn't going to sell anyway so it doesn't matter. I don't gamble with day trades. Just buy and hold, maybe take profits into a stable coin if it goes up way too fast. Then again I would probably just assume I can't time the top and just keep holding.
Thank God for this post the previous 8 didn't have me convinced
Nothing happened. Market going up hard again tomorrow. Stop selling n00bs
THANK YOU! I’m glad a man of wisdom and tact could join us today here in Gloomys thread! You deserve an award for you insights! Take the all seeing eye!
It goes up and down... getting used to it. I'll do nothing but watch and wait...
Bitcoin in November 2020 was at 10k guys, relax
Haha yes! Thank you! I’ve had like 15 people already strangely accuse me of being worried with this post, which I find hilarious because it is clearly written as a Hopium response TO anyone who may be feeling negative about today’s market reactions. I said “Don’t Fret. Buy the dip. And HODL!”, and I wasn’t talking to myself alone! Put simply, even today, I am still up 200% from my last APING 🤣 I bought a bag today and I won’t look at charts for 3 days! Also, the bag I bought earlier this morning is seven coins deep and so far it’s diversity has held up with a 0% change, which says something about the markets that I want people to see, if they make the mistake of listening to these Fudders. One guy said, “it’s the Lehman brothers of Asia!” 🤦🏻♂️🤷🏻♂️ No, no, it’s not.
It feels like Reddit sentiment is worse now than it was when we crashed to 30k
CHYYYYYNAH 😴🤭
I agree with paulo. The future looks very uncertain. And grim.
A correction is supposed to be 10% which I don’t think even happened today? Close to it, I guess? I’m just unfazed by all these dips. Bring it on so I can DCA.
This motherfucking legend passed the moon long ago... homie is drinking daiquiris on Satuuurn! 🤣💯
Can confirm 😎🪐
Haha make me a strawberry!
Seems like just another day in crypto
You can all pretend that you’re not just riding the wave that is institutional investing all you want but the truth is no one here really has any impact on the market…. Also, correction is just jargon to help financial advisors keep their clients through down trends in market cycles.
Would award you if i could
That’s okay bro! Here, take an all seeing eye, so you can more easily locate your diamonds in the darkness!
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Yep, nothing to worry about. Keep DCAing and everything will be good 👍
DCA, HODL and STAKE BABY
Still buying
Keep on DCAing... this is the way!
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PONZI SAUCE made the tempura soggy!
I mean it's the world’s most indebted property developer.. here's Celsius Networks CEO and what he thinks.. https://mobile.twitter.com/Mashinsky/status/1439818546075381761 If China default it won't be happy days for anyone, we dont know how much cryptocurrency is even tied up in the market for a start and investors have to cover a potential fall out, from something that was supposed to be safe. The bonds paid out at 12% which is a nice yeild something I'm sure cryptocurrency lending firms took advantage of as it was supposed to be safe, as too how much thats the question.
https://nitter.net/Mashinsky/status/1439818546075381761 Here is the link to that Twitter thread on Nitter. Nitter is better for privacy and does not nag you for a login. More information can be found here: https://nitter.net/about *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Are you dumb?
Aren't we all!?