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Epic Pennant on BTC Chart


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9 minutes ago, xrp-nuke said:

I was more surprised too that you were seeking 40-42k and seems did not execute, I would agree with @Neurotoxin that 39k was a good price to exit and wait for 43k break out.

The run was simple pump and dump based on Taproot activation and MicroStrategy buys.

Now I see that RSI on hourly resets very fast with very low upward move. And goes down quickly.

On 23rd June will be first GBTC unllock, shall see what it gives us.

I'm not too disappointed about overestimating the pump.  I saw it retrace from 41.5k and could have easily gotten out at 40k.  I wanted to give the reversal off 32K bottom some time to develop and I figured it would retest the 41.5K at least once.   I would have gotten out if a retest didn't break 41.5K but it never looked back.  40K would have been a safer exit, but at some point I have to hold or I'll never see the larger moves.  I'm looking for a larger move, and I really didnt expect it to dump straight back to 32K.  I'm skeptical that it can hold the 30K bottom for much longer to be honest.  I'll buy down to 30K with another small buy, but I might as well be rolling the dice. 

June 23rd is nothing but risk imo.  I think those GBTC unlocks go through July 19th?  Those are larger OTC purchases and the market is having trouble absorbing any volume.  Not sure how its going to absorb any sales that come from those lockups.  Inevitably there will be some.  

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4 hours ago, Eric123 said:

Bitcoin being adopted by countries in Central/South America.

Anyone else other than El Salvador? Can you share more info?

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@Eric123 I have some high-level questions for you.

What is the endgame in terms of cryptocurrencies for you? I mean, you're long BTC, but also other alts like XRP and ETH.

Do you think BTC will be the world currency, ultimately? Given El Salvador (and maybe others) are adopting BTC, and given monetary networks seem to follow a winner-take-all dynamic this looks to me like a logical position to take.

However, why then are you buying all these alts? Do you  believe that before BTC becomes the dominant money, these alts have bigger percentage gains to make in USD terms and therefore allow you to flip back into more BTC than any initially bought BTC (with USD) could get you?

Do you  believe all these utility tokens will have a place? i.e. will e.g. XRP be necessary as a bridge asset, given Lightning does the job perfectly, or will ETH be needed, given smart contracts can be built on BTC as well?

In your view, is there a world where BTC is the de facto money of the world, but some of these alts still have their place?

 

Thanks man. As always, highly appreciate your thoughts.

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4 hours ago, Nat99 said:

@Eric123 I have some high-level questions for you.

What is the endgame in terms of cryptocurrencies for you? I mean, you're long BTC, but also other alts like XRP and ETH.

Do you think BTC will be the world currency, ultimately? Given El Salvador (and maybe others) are adopting BTC, and given monetary networks seem to follow a winner-take-all dynamic this looks to me like a logical position to take.

However, why then are you buying all these alts? Do you  believe that before BTC becomes the dominant money, these alts have bigger percentage gains to make in USD terms and therefore allow you to flip back into more BTC than any initially bought BTC (with USD) could get you?

Do you  believe all these utility tokens will have a place? i.e. will e.g. XRP be necessary as a bridge asset, given Lightning does the job perfectly, or will ETH be needed, given smart contracts can be built on BTC as well?

In your view, is there a world where BTC is the de facto money of the world, but some of these alts still have their place?

 

Thanks man. As always, highly appreciate your thoughts.

You are aware that nobody knows the answer to these questions right??? :)

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19 minutes ago, Xrpdude said:

Yep, now we've broken through the $30k barrier we'll fall really hard. All of those saying we're not in a bear market should seriously be re-evaluating now including the "guru" @eric123 who's got all of this painfully wrong

Yup, it’s going to fall, but too many institutional investors are in this now to think this is still a speculative market. Sure it can drop, but it will get to a point they won’t allow it to drop further as they don’t like loosing money. I’d guess around the $18-20k mark will be where it’s heading as the whales will watch this drop and see the panic selling and gobble it all up. Then you’ll see a turn, as has always happened in the past and up it goes. 
People always look for a reason to justify the drops, to massage their egos into believing it’ll all be ok, it can’t possibly drop more, but it has and it will. 
Only by investing what you can afford to loose can you watch these swings in price and remain calm. It’s happened before, and it will happen again. 
No timeframes on when it finish dropping or start rising, it’s a guessing game. So many people offer insights into what will happen with almost certainty and then events like this come along once again to show everyone that’s it really is a guessing game. Stop letting people tell you when to buy and when to sell, they have as much idea as you do, none at all. All you can be sure of is it will go up as well as down. Anything other than that is a pure guess, charts and all the other things you see are manipulated by those pushing their own narrative into getting you to believe that they can see the future. They can’t. This is what leads to panic selling when things go seemingly against what should happen.
Wake up people, it’s manipulated and the timeframes and values are controlled. No analysis on the planet, ever, will help. It’s solely a guessing game for retail as it stands. 

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I think this might have been the moment we have crossed into being a bear market.  Whether this is a long term trend or an anomaly will become clear in coming days.   It could be a fake out bear trap, and institutional buyers might well come in and reverse this trend.  (who knows)

I am glad I sold my ADA yesterday, i gets back most of my stake in crypto).  I am still holding my big bags of XRP because I still believe there is an element of midterm blues to this, and we might well get a bounce for BTC and reversal back into uptrend.  Furthermore XRP has so much going for it with the SEC case getting closer to settlement (although that may be months away) 

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15 minutes ago, Eric123 said:

I JUST BOUGHT MORE BITCOIN.

You should wait a few more months cause the BGC you keep talking about isn't on the cards for a while. We certainly won't see ATHs any time soon, another 3-4 years from now I'd say imho. 

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1 minute ago, Xrpdude said:

You should wait a few more months cause the BGC you keep talking about isn't on the cards for a while. We certainly won't see ATHs any time soon, another 3-4 years from now I'd say imho. 

No one knows. We're seeing a continued accelerated sell off at a pace that the crypto market hasn't seen before with the exception of 2013. Prior cycles took 3 or so years, but we've already seen 60 percent off in a few months, that's about 5x the speed.

We could see a face melting rally here start literally any minute as BTC bounces up against its 50 week moving average and has indeed way overextended (as crypto likes to do), OR it continues to fall through at the same speed.

Just because you sold and others have, doesn't mean that everyone will. In fact, I've also been buying (not BTC, but some alts I missed out on).

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Just now, Ramforinkas said:

No one knows. We're seeing a continued accelerated sell off at a pace that the crypto market hasn't seen before with the exception of 2013. Prior cycles took 3 or so years, but we've already seen 60 percent off in a few months, that's about 5x the speed.

We could see a face melting rally here start literally any minute as BTC bounces up against its 50 week moving average and has indeed way overextended (as crypto likes to do), OR it continues to fall through at the same speed.

Just because you sold and others have, doesn't mean that everyone will. In fact, I've also been buying (not BTC, but some alts I missed out on).

If you listened to Eric / others over the last few weeks you're sitting there HODLING while the market bleeds out, every day it's "BIG GREEN CANDLE" - when he should have been saying "BEWARE OF THE INCOMING S*** SHOW!!" I was saying the latter - so right now who would you have been better off listening to?

I'm saying there's a lot more blood red days to come and we're in a bear market (been saying that for six weeks now), I wasn't wrong before - but let's see... I am pretty convinced I'm right again, but who knows. Maybe BTC goes to $400,000 next week. 

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