An insight on Bitcoin

[hellhamster]

the price of bitcoin is just whatever the tether printer is doing + the few exchanges that control the price. Decentralized lol.

tether under criminal investigation gets 3 billion investment? lol. money printer goes brrrrrrrrrrrr

I actually believe Tether to be legit, at least on paper, but I definitely do not believe FTX is. They are making real fucking bank by hunting liquidations, and right now the play is to pump the price up, liquidate every last short there is, make everyone long with a 20x leverage (we are now here), and fuck them raw, taking the entire market down and making billions in minutes.

The only counterplay is a competitor moving the price up and sucking up the mega-dump, but that would mean having billions in liquidity.

[jonnysensible]

I actually believe Tether to be legit, at least on paper

there is no way tether is legit. Its Chinese commercial toilet paper that it wont let anyone look at lol. When the rug gets pulled it will be carnage.

you cant read something like : https://amycastor.com/2019/01/17/the...ine-of-events/

and not have red flags and big alarms going off

[Grimbold21]

Beginning of the dip?

[hellhamster]

Beginning of the dip?

Nah, no big sell volume yet, no reason to liquidate longs just yet as everyone knows this is just basic profit taking at 50k from mostly recent buyers. Retest of 46k (extremely likely), or even 40k (unlikely but still in the cards), which is a welcome pullback that's almost 5 weeks overdue. We are heading into night time for EU, which is when it usually pumps hard, so this dip may even be over. Looks like a small bounce at 48k, let's see if it holds.

5 green weekly dildos in a row can never be healthy.

[janem38]

I asked my business consultant and he said it was a gambling and not an investment. He said that any business in which profit and loss are not at your disposal cannot be a business e.g. selling indala fob is a business but this is not. Yes, he said that if you want to make maximum profit in less time then this is fine for him.

[Grimbold21]

Solana just not interested in anything else but pumping, huh

[ranzino]

around 50k for BTC now. dont hold your breath for a dip ?

[hellhamster]

around 50k for BTC now. dont hold your breath for a dip ?

Bitcoin is in very dangerous territory right now, if it doesn't pump above the very big resistance of 51.2k-52.5k soon, you can expect a big dip. The good news is that Ethereum and other blue chip alts like ADA and SOL are the market leaders right now, and they all broke through the very same big Fibonacci resistances recently, Bitcoin is probably lagging behind in breaking the same resistances from the April highs to the May crash. Profits from alts will likely flow into Bitcoin and dominance will shift. If profits from alts won't flow into Bitcoin and it just stays in the same range it's been for a few days, that's when I'm definitely anticipating another small crash to 40k.

This is the last major resistance of Bitcoin before entering new all time highs after a few weeks of crabbing on that 52.5k resistance flipped into support, but until that happens, I'm kinda apprehensive. There is also the Tether and FTX bomb that might blow up in our faces, and the funding rates are looking very bearish as well. Entering shorts right now looks to be way more profitable than entering a long position.

The good news is that retail hasn't started to FOMO in yet, which means the bull market still has long ways to go. I know I said in the past that volume has kinda blown up, indicating retail's involvement, but that was only for a few days, and it's been quiet ever since.

[Grimbold21]

Smth about if btc doesn't break through some triangle, we'll have a red Monday

[Mooshue]

This isn't limited to big spenders

[ranzino]

52k now, probing the barrier

[hellhamster]

We are just over the big barrier of 52.2k ish, we pumped when we had to like I said, now we need to stay there for a while to hold it. Next barrier is 56.5-60k.

So far so good, but I'm still really fucking worried.

Michael Burry, the guy from the movie "The Big Short" who made a lot of money shorting the market during the 2008 crash, who is also a bitcoin permabear, came out yesterday with the same rhetoric as mine a few weeks ago. He called the overlevereged, speculative nature of crypto leading to the big boys wrecking the market by mass liquidations of retail, who have no idea how this market works, which can lead to a big crash and a bear cycle. So far liquidations have had an upward trajectory, shorts have been destroyed by the pumping of Tether since early August. This will shift to the opposite direction soonish though. I honestly think crypto has definitely some months to go before a crash, helped by the recent accumulation of the summer.

A thing of note though is that Burry is known to be proven right about a lot of things, his timing however sucks ass. He is way premature on stuff, as he was with his most famous prediction, he called the 2008 crash in 2006. He got destroyed shorting Tesla, which has a few years to go I think. He also called a head and shoulders pattern on bitcoin in June when it was pretty obviously a wyckoff/three peaks and a domed house. I can assume it's the same thing repeating right now, overlevereged positions will get absolutely rekt beyond any doubt as long as crypto is still speculative and without proper adoption, in any point prior to adoption and normalisation.

It's basically not a question of if, but of when. I hope people understand what high leverage means before putting in a position. Exchanges make a lot of money with leverage, and take joy in getting paid by people who just gamble.

The best course of action is to take profits if you need the money whenever you can, and to hodl if you don't. A crash can happen at any point, but there is no need to go balls to the wall. I would personally never trade the best appreciating asset in history versus a depreciating one for the long term for liquidity I don't need.

[Grimbold21]

At this point im thinking solana hits 200 (euros) before the supposed mid September dip

[hellhamster]

At this point im thinking solana hits 200 (euros) before the supposed mid September dip

I'm pretty sure this is the top for Solana for now. Will likely head higher in the mid term.

[Strawberry]

A thing of note though is that Burry is known to be proven right about a lot of things, his timing however sucks ass. He is way premature on stuff, as he was with his most famous prediction, he called the 2008 crash in 2006. He got destroyed shorting Tesla, which has a few years to go I think. He also called a head and shoulders pattern on bitcoin in June when it was pretty obviously a wyckoff/three peaks and a domed house. I can assume it's the same thing repeating right now, overlevereged positions will get absolutely rekt beyond any doubt as long as crypto is still speculative and without proper adoption, in any point prior to adoption and normalisation.

Yeah anyone can be that "smart".
I'll tell you something.

We're all going to die. I'm 100% sure of that. I'm just not sure when.
See, I'm good as Burry.

[hellhamster]

Yeah anyone can be that "smart".
I'll tell you something.

We're all going to die. I'm 100% sure of that. I'm just not sure when.
See, I'm good as Burry.

You're right, but he's still correct about the entire market being overleveraged up the ass and market movers controlling everything. It's good if you like the volatility, but it's not for anyone with a weak heart.

[Grimbold21]

Is it time? Is that time?

Overall earnings dropping quite steeply

[hellhamster]

That dildo going yoyo all over the place holy shit.

This is exactly what I'm talking about, a massive long liquidation cascade. In all honesty I expected it to happen much later at 55k plus, the charts were suggesting another leg up

I have no idea where this is going, only that it happened.

[Grimbold21]

That dildo going yoyo all over the place holy shit.

This is exactly what I'm talking about, a massive long liquidation cascade. In all honesty I expected it to happen much later at 55k plus, the charts were suggesting another leg up

I have no idea where this is going, only that it happened.

Some folks suggested this is tied with the El Salvador matter.

I mean, who knows really

[ranzino]

46.8k expected dip ?