Crypto trading

[jaygreenb]

Is it a good time to buy some ripple or polkadot?

I would not buy alts right now personally. If you absolutely must have to, slowly scale in but understand they can go much lower

 

[BackInTheGame78]

Is it a good time to buy some ripple or polkadot?

No, wait for a bottom to form. This isn't it yet.

 

[Reyaj]

I'd wait. I think it's going lower...maybe 23-24K, possibly even into the high teens. Depends how badly the stock market dumps eventually and how strong the US Dollar Index keeps chugging along to decade highs...

I haven't votalitily like this from them in a while. You think it's a panic sell which is dropping it?

 

[BackInTheGame78]

I haven't votalitily like this from them in a while. You think it's a panic sell which is dropping it?

Partially...record number of short term holders are in losses and they are driving the selling...all those people who bought around 40K and higher are panic dumping

 

[Fruitbat]

Partially...record number of short term holders are in losses and they are driving the selling...all those people who bought around 40K and higher are

Bitcoin is going to hit 100K by the end of the year...most likely well before the end of the year.

Perhaps they bought it off the back of this kind of prediction?

 

[Bingo-Player]

Perhaps they bought it off the back of this kind of prediction?

Then they deserve to lose the lot

 

[BackInTheGame78]

Perhaps they bought it off the back of this kind of prediction?

Nah, nobody has thought that for quite some time. 48K was an obvious top the last pump

 

[jaygreenb]

Then they deserve to lose the lot

Funny how an investment you don't like takes up so much of your headspace

 

[Fruitbat]

The really challenging thing is how CPI is rocketing away but crypto is tanking.

Then they deserve to lose the lot

I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.

 

[jaygreenb]

The really challenging thing is how CPI is rocketing away but crypto is tanking.


I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.

So are metals and just about everything else, more has to do with dollar strength and economic climate. Majority of retail in crypto going to learn some tough lessons though. All but a handful are vaporware or a complete scam

 

[Pierce Manhammer]

This is when it's dangerous Net.Sheep spook at the smallest of signs. But it's the Net.Sheep (those who don't know WTF they're doing and following trendy things) that smart people in the market fleece for profits, so they're needed.

 

[BackInTheGame78]

The really challenging thing is how CPI is rocketing away but crypto is tanking.


I feel sorry for them. One of my friends completely rejects using traditional investments, but sunk his 30k into crypto and did the usual crowing about how clever he was. I doubt he’s got half of it now.

DXY is like a runaway freight train right now...nothing good can happen until that stops hitting a new multi decade high every other day.

Killing pretty much every market. Stocks, cryptos, metals etc.

Well at least he will only have to wait until late 2023 or early 2024 and the next halving at the latest...

People invested in gold had to wait a decade for it to go up and then got a double top formation within a few months and dumped out again.

 

[jaygreenb]

DXY is like a runaway freight train right now...nothing good can happen until that stops hitting a new multi decade high every other day.

Killing pretty much every market. Stocks, cryptos, metals etc.

Well at least he will only have to wait until late 2023 or early 2024 and the next halving at the latest...

People invested in gold had to wait a decade for it to go up and then got a double top formation within a few months and dumped out again.

The anti crypto crowd is funny, they seem so passionate about it. There really aren't too many places to hide right now besides sitting in cash and being patient. I have been building up a large cash position for a while waiting for the wheels to fall off. In 2008 I wasn't in a position to take advantage of all the distressed assets, not going to let that happen this time.

 

[Bingo-Player]

Funny how an investment you don't like takes up so much of your headspace

It's more the arrogant and ignorant attitude so many have taken towards it

People say " i'm into crypto" without even knowing wtf it does

Most of the market is stupid and ignorant

 

[jaygreenb]

It's more the arrogant and ignorant attitude so many have taken towards it

People say " i'm into crypto" without even knowing wtf it does

Most of the market is stupid and ignorant

Can't say I disagree with that, bear market washes a lot of the excess/scams out

 

[BackInTheGame78]

It's more the arrogant and ignorant attitude so many have taken towards it

People say " i'm into crypto" without even knowing wtf it does

Most of the market is stupid and ignorant

Is that any different than stocks? How many average people know what a company does if they are just watching the charts?

How many people who invested in Berkshire Hathaway when it started it's huge run upwards could have told you what they did? Probably very few.

 

[jaygreenb]

Is that any different than stocks? How many average people know what a company does if they are just watching the charts?

This is a good point. Whenever any markets really get pumping it always brings the riff raff. Stocks, RE, crypto etc

 

[Bingo-Player]

Is that any different than stocks? How many average people know what a company does if they are just watching the charts?

How many people who invested in Berkshire Hathaway when it started it's huge run upwards could have told you what they did? Probably very few.

Then they get scalped

Thats what the market does it punishes stupidity and ignorance

Either way these clowns need to learn lessons

 

[DEEZEDBRAH]

The weekly chart tells the story pretty well I think.

We have a bigger falling wedge with a bearish pennant inside it. This makes sense for a few reasons...first, the falling wedge is ultimately a bullish pattern, meaning once it breaks there will be a massive run up. However there needs to be at least two lower trend line touches, which is where the bearish pennant comes into play. I'm expecting it to break down which will lead to the second lower trendline touch and then sideways action before breaking out of the larger falling wedge formation. This would coincide with a slow summer period with price dropping to the mid 20K range and then slowly consolidating there before breaking out bullishly potentially in late summer or fall.

The "M" formation on the monthly chart is invalidated as the legs of the "M" go straight up or down(like the upward leg does) and it's been going sideways for 3 months now.

There can be more than 2 lower trendline touches so there is a chance it could fall lower than the mid 20Ks, but I would not expect much lower.

Just what I am seeing when I look at the charts, no guarantee this will play out, patterns don't have 100% accuracy rates, this is just the most likely scenario based on what is presented on the charts as I am looking at it more closely now on the weekly timeframe.

Solid accumulation phase.

I'd wait. I think it's going lower...maybe 23-24K, possibly even into the high teens. Depends how badly the stock market dumps eventually and how strong the US Dollar Index keeps chugging along to decade highs...

I get ****ed everytime I try to time the bottom. Instead, I keep DCAing & i ape in on big dips. Any 19-20k I will ape in hard. I acknowledge that I can't get the bottom BUT I take any btc under 30k a huge W. Everything is on discount. I'm staying the F away from alts and meme coins. The only exception is anything with a five totem year time line.

 

[DEEZEDBRAH]

Then they get scalped

Thats what the market does it punishes stupidity and ignorance

Either way these clowns need to learn lessons

I saw charts on cardano + nonsense about whales buying. When you look in deeper, 41% had sold off and whales bought back like 11%. The news pedaled rubbish.

Pretty much need the ear muffs on when it comes to FUD. Ignorance and stupidity is punished severely. I stick to my process until it no longer works. I just try to keep learning.