Bitcoin price suddenly surges to 3-year high

[sepheronx]

Looks like it's going to drop a fair bit more one might guess.....

You should seethe battles raging on Reddit. Rather funny.

 

[trog100]

the thing is this aint the dow its crypto... charts dont mean much if whale manipulations are going on.. i think they are..

come back in a week and see where things are..

trog

 

[RandallFlagg]

the thing is this aint the dow its crypto... charts dont mean much if whale manipulations are going on.. i think they are..

come back in a week and see where things are..

trog

If everyone believed in charts, they would not work. The fact that most people cannot conceive of herd behavior showing up in a chart is why it still works 100 years later. In a world where we are taught that we are individuals with individual opinions, evidence that goes against that is typically dismissed. Bringing us back to the first sentence.

Edit: Also, I said multiple times that the *weekly* chart has not signal a reversal yet - but MACD EMA's are flattening meaning a reversal (to the downside) may be coming. The weekly trendline sits around 2600 as of today.

And the hourly chart reversal I mentioned is close but is not yet enough to signal a buy. Needs to come >+3% over the trendline and that is at 3580 at this hour. It's about 15 points shy. I would also look for the 9/14 EMA lines to cross, circled in red, to confirm a buy signal on hourly chart.

Based on the 30 / 15 min charts, that rise looks like a head fake. That is why there is the 3% rule. At 1 hr level it's lost downward momentum and is curving up, at 5 min level it's lost upwards momentum and is curving down.

5 min chart :

 

[Rithsom]

It's looking really bad for crypto at the moment. Bitcoin is now at $42,500 and dropping rapidly...

EDIT: Maybe things are stabilizing for the night. Today was definitely an exciting day for crypto, nonetheless.

 

[Hardcore Games]

Hard to say where the supply/demand is reached by with Musk selling, wonder who is next?

 

[trog100]

i think the entire crypto market was getting a little too euphoric.. maybe a little dab on the brakes is a good thing.. today is a sea of red for sure.

what elon musk is up to isnt clear.. if he sells bitcoin there will be plenty of other whales happy to buy.. long term bitcoin is still what it is.. it isnt that fragile..

it does seem twitter is a dangerous place to do too much mouthing off.. maybe elon needs to learn this.. he he

trog

 

[Vya Domus]

what elon musk is up to isnt clear

Tip off rich buddies to sell, short and buy back in ? I don't know but at the same time I am not buying the idea that he's just a troll. He is well versed in selling pipe dreams and manipulating investors.

 

[RandallFlagg]

Tip off rich buddies to sell, short and buy back in ? I don't know but at the same time I am not buying the idea that he's just a troll. He is well versed in selling pipe dreams and manipulating investors.

I am quite certain Musk amongst others hyped up certain crypto's so they could sell into the eurphoria from unsophisticated investors. They basically took a bunch of stupid people's money.

That said I don't think Musk can move an entire market himself. One or two cryptos yes for a week or a few days yes, but not everything. As example of this, the CMC200 crypto index is up today even as Bitcoin and Eth tanked.

The problem with investing in Crypto though, is as Warren Buffet pointed out. In the 1920s there were like 1000 auto companies (in the US). Only 3 survived and two of those went bankrupt 10 years ago. Crypto if it survives will likely be some variation on that theme.

 

[trog100]

a lot of fuss about nothing...musk decides bitcoin is a good store of value.. to get more of it he sells his cars for bitcoin..

he gets lots of flack for doing this cos nasty old bitcoin aint green enough.. he engages in a damages limitation exercise and says no more cars for bitcoin.. elon needs to be seen as green..

this all gets blown out of proportion and elon gets blamed for crashing the crypto markets which were well over extended and due for a pull back anyway..

weak and silly hands have been flushed out and things are back on the same course they were on but in a more healthy state..

trog

 

[Vya Domus]

The problem with investing in Crypto though, is as Warren Buffet pointed out. In the 1920s there were like 1000 auto companies (in the US). Only 3 survived and two of those went bankrupt 10 years ago. Crypto if it survives will likely be some variation on that theme.

The difference is now everyone can launch a new coin just by sitting in front of a computer with more or less zero costs. The fact that some grow to have a multi billion dollar market cap in less than a couple of years is bringing in a new dynamic that didn't exist before.

 

[trog100]

well the "scare" seems to be over.. bitcoin seems to have bottomed around 42K and is now back up to 45K.. eth is back up to 3500..

i firmly believe this is all whale manipulation.. their intention is to scare out the weak and foolish players and scoop up whats there..

where the price is now isnt important its where its gonna be in the future that matters..

trog

 

[RandallFlagg]

well the "scare" seems to be over.. bitcoin seems to have bottomed around 42K and is now back up to 45K.. eth is back up to 3500..

i firmly believe this is all whale manipulation.. their intention is to scare out the weak and foolish players and scoop up whats there..

where the price is now isnt important its where its gonna be in the future that matters..

trog

ETH has curved up on 1hr and 4 hr charts, but on a daily basis its still down somewhat. Weekly basis it's just getting going.

Dead Cat Bounce

 

[trog100]

ETH has curved up on 1hr and 4 hr charts, but on a daily basis its still down somewhat. Weekly basis it's just getting going.

Dead Cat Bounce

as long as the cat keeps hitting the 42K level and bouncing i will be happy..

trog

 

[ppn]

Yeah every time the cat is bouncing 10% there is like 6% return to be made minus the exchange rate 1,6%-2,6%, that is a lot of money even on the way down,.. the line is already drawn obviously.

 

[RandallFlagg]

Yeah every time the cat is bouncing 10% there is like 6% return to be made minus the exchange rate 1,6%-2,6%, that is a lot of money even on the way down,.. the line is already drawn obviously.
View attachment 200786

I wouldn't buy the lower trend line. Best place to make money is if/when it breaks the upper trend line by a solid > 3% of the price, then check momentum indicators as it usually declines a bit after that for an entry point provided it does not go back into the prior trend channel. This type of trading works about 60-70% of the time.

The problem with buying lower trend channel is that it can break that channel too, which would likely mean a real crash. The sell signal actually occurred a long time ago and the buy signal has not yet materialized using that method.

 

[moproblems99]

Tip off rich buddies to sell, short and buy back in ?

He has different agendas with different coins. BTC is all about cronyism.

Yeah every time the cat is bouncing 10% there is like 6% return to be made minus the exchange rate 1,6%-2,6%, that is a lot of money even on the way down,.. the line is already drawn obviously.
View attachment 200786

That isn't a lot of head room to make decisions in where you are jumping in and out though.

 

[trog100]

bitcoin is hovering around the 43K mark.. so far the dead cat is bouncing just enough.. he he..

eth has broken away a tad and is now at 3450.. this entire thing just has to be whale manipulation..

trog

 

[ZenZimZaliben]

IDK I picked up more eth around 3100 so hope it stays above that, but if it doesn't will be buying more. LOL. I don't think ETH is going anywhere especially with staking. Only took 32 to become a full validator.

 

[Final_Fighter]

IDK I picked up more eth around 3100 so hope it stays above that, but if it doesn't will be buying more. LOL. I don't think ETH is going anywhere especially with staking. Only took 32 to become a full validator.

im starting to think that btc is going to just crash. eth is to hard to manipulate sense there will always be more in circulation so at least there is that. binance smart chain looks like it will follow eth until eth2.0 is around. btc now has to much negative pr and selling pressure now.

i think eth will be fine.

 

[Rithsom]

So much for crypto going "To the MOOOOON!!!" ...

 

[Zach_01]

View attachment 200871


So much for crypto going "To the MOOOOON!!!" ...

You can hate all you want. You are even entitled to blow some steam from time to time for the sake of sanity...

 

[Rithsom]

You can hate all you want. You are even entitled to blow some steam from time to time for the sake of sanity...

View attachment 200872

I know. I'm just trying to be funny. However it was highly annoying for me when people around here were exclaiming that stupid phrase like it was some sort of chant...

 

[sepheronx]

I know. I'm just trying to be funny. However it was highly annoying for me when people around here were exclaiming that stupid phrase like it was some sort of chant...

I know! To the moon? Why aim so low anyway? Why not To Mars! or something along those lines.

 

[RandallFlagg]

The overall crypto index CMC200 just gave the bearish cross on MACD weekly chart after 5 months of new highs on a diverging RSI.

Expect a bloodbath in the coming weeks. 13.5% down tonight. My first guess would be the 50 DMA which is just below 600 is the first really solid stop, maybe in a few weeks or months.

Oh and uhmm Etherium:

 

[Metroid]

bloooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooood!!!!!!!!!!!!!!