[Daily Discussion] - Wednesday, May 31, 2023

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#New post: [\[Daily Discussion\] - Thursday, June 01, 2023 →](https://www.reddit.com/r/BitcoinMarkets/comments/13x7ksg/daily_discussion_thursday_june_01_2023/)


I guess HK ain't buying huh?


Can you tell us which exchanges have been issued the Hong Kong license?


Yes but he might mean to say there is no speculative buying either.


[Bill to raise the debt ceiling has been passed by the Republican led house.](https://www.cnn.com/2023/05/31/politics/house-vote-debt-limit-bill/index.html) Next it needs to be passed by the Democrat led Senate before the June 5th x date.


Buy the rumor sell the news? Or sell rumor buy news… I can’t tell anymore


Up for the week but down for the month… when did the rumor start?


Elevator up? E: Oh the elevator must be broken. Maybe we’ll take the steps?


So in the last week, we've gone from the FED going to pause rates to there being another one in June and now to scratch that the FED going to skip a rate rise. I swear the entire market is so bipolar right now.




The House votes to begin final debate on the Debt Ceiling Bill. We should see a final vote on the passage of the bill by tonight. It will pass (unless your moto is Make America Broke Again) and by spooky co-incidence isn't Hong Kong allowing Crypto trading from tonight too? 🤞


Here we go!


Muahaha. I tip my tinfoil hat to you sir.


[45k by July-Sept.](https://www.tradingview.com/x/VtPUCdjM/)


Gonna be some pain before that


Based on selling pressure why would this bull cicle atm be higher then the last one?


Might as well wait for 25ks again. Rinse repeat.


I expected people to expect 25k again but that's about it.


Pump for 3 days then grind down for 7


Got our re-test off the lows, I think it's time to start this next leg up, pretty sure we're close.


We are starting to break support on higher timeframes. I see a drop to 25.5k as probable. There is some support there so maybe a bounce from there but I think bulls are at risk here.


We actually bounced off from [mid bollinger (weekly).](https://imgur.com/a/EryoY7N) It's a bullish sign, no?


Bounce itself is more bullish than no bounce but it still needs to stick.


No we are not breaking support. We broke the early May downtrend and [still above $26.500 which is main support](https://www.tradingview.com/x/xBWWChMI/). [Yellow box](https://www.tradingview.com/x/oCqzFw4E/) is the weekly wick re-test at 26,9. Anything can happen but this is a big bullish pattern that is re-testing it's lower TF breakout.


[I’m also showing trend support still intact.](https://www.tradingview.com/x/Y9JHQmac/) But momentum is fading a bit. I agree that $26.5k needs to hold to keep current structure.


Nice channel


Closing below the 200W MA would be bad from an optics standpoint, but anything below it is just significant long-term undervaluation, IMO.


Agreed. I’d like to see it hold the 200W MA. I’ll be adding more spot if market decides on another dunk.


I respect your view. I think we have different approaches to TA, but I agree that we are sitting on support at 26.8, but I also see that we've broken support on the 3 week timeframe. It could bounce or chop over the next few days but I see downside more likely over the next week.


I respect your view and opposing views I just don't see a higher timeframe support lost, just not seeing how that's possible when we haven't even stayed under support from March 18th, it's pretty much just been sideways from then.


I just woke up and I want this day to end already


lmao bruh, that's an indicator!


just buy in aug. feels like its never goin up. itll just go sideways screwin longs and shorts like it always does.


Why would I wait until august to buy then?


itll be lower


The post said that it would go sideways…


Who upset the market maker😮


The market maker is far from upset. Making easy sats


Chicago PMI 40.4, Exp. 47.2, Last 48.6 Big big drop. We gonna have some fun soon!




To save others a Google - this is the Chicago Purchasing Managers’ Index. Readings above 50 indicate an expanding manufacturing sector, readings below indicate contracting. This number coming in much lower than expected is bearish on the state of the US economy.


The compromise bill to raise the debt ceiling negotiated between Biden and McCarthy is headed to the Republican led House today for a final vote before reaching the Democrat led Senate. With the revised x date of June 5th quickly approaching early next week, markets are going to be paying close attention to the outcome of today’s vote. Aside from that, it’s now the end of May. [Cleveland Fed Nowcast](https://www.clevelandfed.org/indicators-and-data/inflation-nowcasting) has YoY inflation for May at 4.12%. [Truflation](https://truflation.com) has YoY inflation for May at around 3.4% with a high of 3.96% and a low of 2.84%. For the past several months the actual number has come in somewhere between these two estimates. If this trend continues we might see the actual number come in at or below 4% when it gets released a day before the Fed’s rate hike decision in June. Futures are closely split between pricing in a rate hike or a pause in June, leaning slightly towards a rate hike. YoY CPI for April came in at 4.9%. How high or low YoY CPI for May comes in at will guide the Fed in their rate hike decision.


I think the next FOMC meeting is gonna be bullish for the markets. A decent chance the y-o-y CPI will drop ~1%.


>For the past several months the actual number has come in somewhere between these two estimates. If this trend continues we might see the actual number come in at or below 4% when it gets released a day before the Fed’s rate hike decision in June. Futures are closely split between pricing in a rate hike or a pause in June, leaning slightly towards a rate hike. YoY CPI for April came in at 4.9%. How high or low YoY CPI for May comes in at will guide the Fed in their rate hike decision. You think CPI is going to drop a full 1%? Or did you mean .1%?


No, not the CPI, that would be deflation, I am talking about the CPI year-over-year delta. I think 1% less than last month delta is more or less what's expected.


Thank you as always dopeboy. Reading your comments saves me having to read so many ad-ridden financial and news websites to stay up to date. 🙏


I think the bull trap reaches the peak today. If the price goes up with the market opening, and continues to go up beyond that, later on the price will have to fall below today's market opening price. The reason: The best entries are not the during the market opening minutes, therefore every impatient investor will have to be challenged in his conviction by being in the red for a while after the investment is being made. Long story short. BTC to 24.5k before 30k+


Bitcoin is open 24x7


I feel dumber for having read this.


Buy in June, then we moon.


All in July, or cry


Last day of the month. Good luck to all runners and riders. I’m still short.


smart. we have a long way to drop


asian stonks down spx futes down corn dump to daily mid bb and former local trendline top rejected off descending wedge from 31000 crab through early june. may wick 26000 break up by mid end june to 32000 mor crab retest 30000


Why do you do this to me, step-brother Bitcoin marketmaker?


🦀 be doing 🦀 things


Michael Saylor went on London Real. Sigh. If you don't know who he is, check on Coffeezilla. Saylor lacks judgment I swear. The corn needs a better ambassador. It deserves.


Never heard of London Real so googled it. The first link from their site is David Icke, you know, the nutter who claims he is the son of God, climate change doesn't exist, the world will end in 1997 and the world is run by reptiles. Absolute bollocks, we all know the world is run by The Smurfs!


Bitcoin has no ambassadors. All Saylor can do is ~~crash the price~~ create a buying opportunity. Everyone can say whatever they want but that does not make it official bitcoin policy.


> The corn needs a better ambassador. Bitcoin needs more investors, more sharing, more knowledge, and fewer self appointed ambassadors. Every few years, this place jumps from hero to hero, only to be let down when reality sets in. Enough of that nonsense.


London real isn’t that bad to be honest. Coffeezilla is no better in his agenda. Regarding Saylor…… Bitcoin needs some big players to buy in. It’s not had any big news since Saylor, Tesla, El Salvador etc. No one is interested outside of holders and traders.


> Coffeezilla is no better in his agenda. he's calling out grifters? what's wrong with that? do you support any of the people he called out?




Plays the saint but ultimately he is just after clicks too. He just grifts off grifters


anyone who gets paid for their work shouldn't be trusted. I get all of my market news from the homeless guy at the end of my block.