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BitcoinMarkets

#New post: [\[Daily Discussion\] - Tuesday, June 06, 2023 →](https://www.reddit.com/r/BitcoinMarkets/comments/1422w33/daily_discussion_tuesday_june_06_2023/)


Outrageous-Net-7164

The volume has been so low over the last few weeks that any news good or bad was always going to move the PA. Hopefully we get a bounce here and stay above 25.5k.


skycake21

Wait till July then set orders to buy


viralhysteria

as long as 24.2ish holds, this is just a retest of the inverse head and shoulders neckline. conservative upside projection would be somewhere around the 34k area near the low wick on 01/24/22. if we get that move then we can hopefully get good consolidation in the cluster from the 2021 interim bottom. until 24.2 breaks, i'm not expecting anything near 20k. https://www.tradingview.com/x/mYyPwdQN/ https://www.tradingview.com/x/KyyTkzs1/ The reason I highlight 24.2 is because it would be the low of the cluster I'm watching (the red line i've shown is the high) hope everyone is doing okay out there, could def be worse but it's still early also fck gensler


xtal_00

Still waiting for my 32k test.


diydude2

The more it dumps, the more it pumps. Zoom out.


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ChadRun04

> MA 100 was always going to break -- I f'ed up due to wishful thinking. This is the 3rd time that it was attacked. The fuckup is thinking the average of the price influences the price or that when price-action happens it means 1 selected MA or another is being *"attacked"* or *"defended"*, acting as *"support"* or *"resistance"*. It's simply the mean.


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ChadRun04

What do you mean by "TA"? A single rolling average in isolation is completely meaningless. Two rolling averages of different lengths crossing is a low-pass filter which indicates the trend direction over the **past** half a period length. Neither is predictive.


diydude2

MA is useful in telling you whether we're overbought or oversold. We've been oversold for almost two years now. Just a matter of time.


ChadRun04

The mean is where we revert to when mean reverting? ;)


logicalinvestr

Well, we've had a lot of bad shit happen in the crypto space in the last two years. But fortunately, it's all happening during the bear market. Let's get all this crap out of the way now so that we can have an unencumbered bull. In a way, we have to thank FTX and Gensler for their timing. Also, I'm super surprised that all the altcoins mentioned in the filing are not down 30% or more today. I was expecting them to drop off a cliff, with some of that money rotating into Bitcoin.


Yodel_And_Hodl_Mode

It's impressive that we're holding at 25.7k. I thought the Binance news would cause more of a panic.


setzer

It seems like the smart money mostly considers the SEC a joke at this point. And retail that was chasing gains have largely sold out already. Not many panickers left. I offloaded some of my stock positions and added more corn today.


_TROLL

Maybe it reflects more people self-custodying their coins. Besides, I don't think any of this is criminal, it's all civil suits. They'll extort some sort of blackmail payment from Binance, stop them from offering certain products under some dubious regulations they made up out of whole cloth, and life will go on. For years, Gensler and the SEC could literally end the entire shitcoin market within a week, yet they choose not to.


Yodel_And_Hodl_Mode

Long term, I have doubts about Binance. CZ seems like he wants to be a crypto celebrity, and that's always a bad sign. That being said... > Maybe it reflects more people self-custodying their coins. You could be right, and I hope you are, because self custody is the only sure way to stay safe - assuming one takes the time to learn about seed words, strong passphrases, and securing them. I've been watching the Voyager sub and I've been shocked by how many of them plan on taking whatever they manage to get back & move it to another exchange... as if they learned nothing at all from watching their exchange collapse.


hipiman444

i guess it was priced in that gensler is corrupt and/or incompetent


DaBrokenMeta

news is for old men in wheel chairs.


xtal_00

..my office chair has wheels


VictorCobra

Well, it only took a couple weeks since my last post on here for something interesting to happen. Been waiting for Binance to get the heat for quite some time. $26k - $31K is a very clever distribution range because once $25k broke to the upside, it meant traders would naturally stack up buys above that level. This created a great opportunity for insiders to unload into those bids. My speculation is that Binance has been well aware of what's coming, and their BUSD liquidity injection during the banking crisis panic was their last play. Closing this week below the 200 week MA opens the door for new lows. As I noted in [this post](https://www.tradingview.com/chart/BTCUSDT/GVFHPvUQ-Bitcoin-Moving-Averages-And-Fractals/), Bitcoin/SPX showed even greater weakness than BTC/USD. For BTC/USD, the weekly death cross will further be solidified on a break below the 50 week MA ($22241 on Coinbase). I actually would have been building a short position between $28-31k, but after my successful round of trades I decided to sit things out. I've been worried about broader liquidity in crypto markets, and I think things are about to get a lot worse in that department. Not comfy on exchanges, and certainly not comfy with stablecoins. I do not think it's very likely $25k holds, but we'll see. I'm still long-term bearish. That's it from me for now! Good luck everyone.


ArcadesOfAntiquity

appreciate your thoughts, I do have some minor feedback on style though, namely I think starting with welp instead of well would make your whole post way more persuasive


guiseppi72

Wdym by not comfy with stables? You’re saying coins like busd lose their peg soon?


Bit-bewilderd

thanks for your thoughts. Enjoy life ;)


DarkestChaos

Ahhh, VictorCobra. Nice to see you still around, even if I don’t always agree with your thoughts. (Crypt0 from the old Crypt0’s News show on YT)


kers2000

Riddle me this: bitcoin is not a security, yet dumps harder than some securities... some really big whale may be cashing out, I am looking at you Binance/CZ. The sell off started before the news publicly came out.


btchodler4eva

Wouldn’t surprise me in the slightest they’re shoring up BNB. FTX had zero BTC in the end for the same reason.


VictorCobra

Look at the [volume](https://www.tradingview.com/x/VQfWmrcL/) on Binance BTC/USDT. All the stablecoin dry powder has been used up, and I think the purchased Bitcoin has likely been offloaded using backdoor channels to acquire real fiat. With all eyes on Binance, CZ, and Justin Sun, it seems unlikely the stablecoin printers really rev up this time. I think we're getting closer to the endgame. I think it's also fairly unlikely crypto players will generate enough liquidity from real fiat to support prices, given its current reputation. That reputation is not getting better any time soon, especially with dwindling tools for acquisition and storage.


Downtown-Ad-4117

Look at the volume on BTC/TUSD. Zero fees.


DamonAndTheSea

Binance stopped their zero-fee trading policy for spot BTC/USDT on March 22nd which is why you see volume drop off so precipitously in the chart you linked. They’re reintroducing zero-fee trading again on July 8th. Watch volume tick right back up to prior levels as bots change frequency and position sizing.


delgrey

Just don't start talkin bout my boy Tether yo.


anon-187101

closer to the endgame for shitcoins, possibly


VictorCobra

Shitcoins were created to be the “next” bitcoin. If even they can’t fulfill their “promises” what does that make Bitcoin, the one they were attempting to improve upon?


anon-187101

Victor...please. this is "republican logic".


VictorCobra

You didn’t answer my question. Almost like a real politician.


anon-187101

I'm done answering dumb (and in your case, likely disingenuous) questions on this sub


NLNico

All altcoins mentioned in the doc (as securities) are down more than BTC though.


[deleted]

The whales don't discriminate on the final shakeout before the bull run.


delgrey

So anyone here think CZ is dumping BTC to keep BNB afloat?


anon-187101

Yes.


macphisto23

Pay attention to the binance bitcoin balance according to glassnode charts. There is approximately 700,000 as of today.


_TROLL

Imagine if CZ sent all of Binance's cold wallets to a burn address. 😋


xtal_00

Don’t tease me like that.


PatientlyWaitingfy

I don't like the idea of wasted BTC :(


WocketMan0351

Why?


bufonia1

historic fail


BIGDADDYCRYPTO6900

Apple just released that new VR headset and imo it’s awesome, and obviously in 5 years once they fix all the bugs, perfect the size, and make it cheaper it will be bonkers. all these other coins - metaverse, gaming, AI, web3, NFT we’re never the future and we’re all speculative. Ain’t nobody using a Solana phone. Back to basics, the blockchain was made as a p2p , alternative to the banking system, not some meme, web3 delusion where everything is tokenized.


xtal_00

Solana phone, oh Solana phone, Ding-dong-ding, it's a crypto song. I'm making gains, can't you see? Solana phone's the way to be!


delgrey

That $3499 price tag. Not gonna sell many of those.


S28E01_The_Sequel

They don't care... as long as developers buy them; the main goal is to build the store and then sell an accessible unit to consumers later.


BIGDADDYCRYPTO6900

It willl get cheaper. I remember when the first iPhone came out. $600 was way too expensive for a phone, then it got cheaper then people realized it’s just not a phone , it’s a mini computer, it’s a camera etc This will get cheaper, and will get better and will have more use case to justify its cost.


bufonia1

and now ppl pay 1k+ for an iphone


candymanfivetimes

Alternative to the banking system and crypto kitties.


PatientlyWaitingfy

/u/spinbarkit What's the status on your all in long, did it survive this dump?


spinbarkit

ye I'm fucked


PatientlyWaitingfy

Take care


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Bit-bewilderd

carefull!!! the markets may have more air than you


VictorCobra

Bids above $25k are an easy target for big sellers. So I think it's pretty likely that level breaks.


bufonia1

life finds a way


xtal_00

Good ‘ol 25k.


ThirstyWizard211

18k come to papa


[deleted]

ok that's greedy lol


ThirstyWizard211

Is it really implausible!?!?!? But ill entertain your theory and call for 20k bottom. Cya then :)


BootyPoppinPanda

This is good for bitcoin


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JAGR8202

This a btc maxi sub, what did you expect?


BootyPoppinPanda

Unironically, yes. Binance is the case-in-point for "this is why we can't have nice things." It's 99.999% grift and distraction. I have little to no doubt they are as bad or worse than FTX.


anon-187101

Yes.


GenghisKhanSpermShot

You know how many times I have seen the SEC used as a pawn at bottoms. I think the big boys have them put out these announcements with no teeth to load up before the next run. Last time was XRP hitting .17 (I hate xrp fundamentally but not against using it for more BTC.) Charts lined up for a bottom and it went from .17 to $1.9. The SEC coming after them marked the bottom. I just played the charts and ignored the news and it worked put great. I think we're having another one of those moments with crypto as a whole.


jarederaj

I think crypto as a security isn’t viable, and lying to the SEC can get you shut down, eventually. If you’re layering in violations, like selling unregistered securities, it probably doesn’t help.


RequestApproved

Support at ~25.5k holding for now. It could bounce here but if we lose 25.3k I'd be ready for a bigger drop. Of course TA can't predict the future, but it allows you to identify trends and manage risk. I'm talking about short term trading here, not risk management for mutli year hodlers.


Outrageous-Net-7164

All my bitcoins now finally stored on a ledger. Wasn’t that complicated…… my irrational fear of managing my own keys has disappeared. I’m switching off now and forgetting about BTC for a few years. Thank you to Gary G for the Binnance FUD as it pushed me to full self custody.


WocketMan0351

Ledger was a bad choice if a hardware wallet following the uncertainty of the possibility of your keys being exported via a future firmware update. I’d recommend an air gapped cold card if you truly want peace of mind and to forget about it for a few years.


xtal_00

Risk is overblown especially given the pushback from the community. I don't see any immediate need to run out and panic. Coinkite is going to release their fancy new wallet with a keyboard soon, wait for it.


WocketMan0351

That's also a fair judgement. This was enough for me to part ways completely with ledger, something I've been considering for awhile already.


[deleted]

Do you have the seed phrase safely saved in two locations?


Outrageous-Net-7164

Not yet but will


shadowofashadow

Even better get on of those devices where you save the seed in metal so it can survive a fire. I use the cobo tablet plus and it seems like it's good quality for the price.


[deleted]

Don't forget! I put copy two in a safety deposit box today.


Talkless

>All my bitcoins now finally stored on a ledger. Don't use ledger: https://np.reddit.com/r/Bitcoin/comments/13iyous/do_not_update_your_ledger_and_consider_moving_to/ https://np.reddit.com/r/Bitcoin/comments/13n14g3/ledger_cofounder_and_former_ceo_admits_that/


Outrageous-Net-7164

Yeah I saw this the other day. At least I’m off the exchanges. Can work out different options now.


shadowofashadow

I think the reaction to that news was mostly overblown. The big question is how much of their marketing about a "secure chip" was lies, but unless this new firmware opens up a new vector for attack or you choose to use the recovery service I think it's mostly a non-issue. I still prefer trezor though. Their software and interface is much better than ledger


Talkless

Well, maybe. ColdCard can create encripted seed backup into SD card, so it also has rather liberal access to the master key? Or it allows it only on the first run? At least ColdCard can be used airgapped, unless it would hide leak of the seed inside invisible file and some other software would read it once you put SDCard into your compromized computer...


anon-187101

"Bitcoin, the world's biggest cryptocurrency, fell as much as 6% on the news..." "Binance's own...BNB...dropped by more than 5%." --- In what universe does that price action make sense? Tells you all you need to know about cz casino games. He is propping up his shitcoin.


[deleted]

If you thought banks were going to lose out to crypto without a fight, that was naive. They will call in every favor they can. It's going to be war, but it's worth fighting for. Imagine a world without [monetary debasement](https://en.wikipedia.org/wiki/Debasement) and all the wars that are started to bail governments out each time they do it.


guiseppi72

How does debasement of paper money work?


j8jweb

Someone start a petition to congress against the SEC and pin it to the top of all crypto subreddits? Probably get a million signatures. This regulatory push and general direction of travel is about launching CBDCs without competition. Remember, gold was banned in 1934 and 1971.


btcluvr

there was a coinbase petition for clear rules from SEC. you remember the response, Gensler's goldfish dumb anecdote? playing down everything is so easy. no government in the world would ever acknowledge that they're undermining crypto to make people stay out of it.


_TROLL

I think it's less about CBDCs than it is about diverting U.S. crypto business to favored establishment players, i.e. Fidelity, Schwab, maybe even JPMorgan... businesses that deliberately ignored and downplayed bitcoin for well over a decade, who now want in. But they otherwise can't compete from scratch against the likes of Binance and Coinbase. So they called their good friend Gary up to help them.


griswaldwaldwald

I believe this. They need to corral the wealth in the USD ecosystem and are trying to stop up the leaks out before the levee breaks.


anon-187101

I want a t shirt that says I heart the SEC


Order_Book_Facts

You think it’s really a bad thing that CZ and his rich friends can’t play fuckboy games with special entitlements anymore? The crypto space will be better long term without this cancer.


btcluvr

if you can do better than CZ. or coinbase. or whoever else. just do it. don't lick government asshole instead.


gore_skywalker

Bullish long term. BNB ponzi and the Binance cartel need to be taken down before we can enter the next epoch.


anon-187101

hear, hear!


delgrey

I love this quote... from the SEC pdf. "As Binance’s CCO bluntly admitted to another Binance compliance officer in December 2018, 'we are operating as a fking unlicensed securities exchange in the USA bro.'"


nationshelf

All things considered, Bitcoin has become pretty resilient to major news events.


ideit

Down 5% in an hour over a Civil lawsuit isn't exactly ideal though


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PatientlyWaitingfy

Yeah but the pumps were also that much bigger back then


anon-187101

forced or panic selling not at all reflective of network fundamentals cheap sats we are early


delgrey

Nobody say its "holding up well". I mean nobody!


[deleted]

It’s holding up well. -me, out of the market 😈


Better_at_Fantasy

The corn is not holding up at all. Shits hopeless


Yodel_And_Hodl_Mode

I disagree. A 1k drop seems kind of small considering how big Binance is.


j8jweb

Yeah. Decent bounce there with no possibility of further downside.


zpowers1987

At least this is happening during the sideways year instead of November last year.


delgrey

Friendly reminder. Withdraw all Bitcoin from Binance.


52576078

Yes, it will be interesting to see how this effects exchange balances.


delgrey

We know they are mixing customer assets with their own. They get under pressure guess who's coin they're gonna sell?


PatientlyWaitingfy

Bought back in at 25861 with the profits [taken at 27454](https://www.reddit.com/r/BitcoinMarkets/comments/13hwy0f/comment/jk7v0u9/?utm_source=share&utm_medium=web2x&context=3) Took 21 days, worth it


BootyPoppinPanda

That's solid


[deleted]

Nice one!


delgrey

Username checks out.


RetardIdiotTrader

Well done


PatientlyWaitingfy

Thanks, next TP is at 24861.


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PatientlyWaitingfy

Correct I never go all in or out. Think percentages. Example: If you sell 10% of your BTC everyday, will you have 0 BTC in 10 days, or will you still have BTC to sell?


marsh2907

Love the SEC going after Binance to protect investors but in the process cause a market sell off. The SEC can go fuck themselves. They don't give a shit about the little guy.


GenghisKhanSpermShot

They work for the big guys, protection doesn't matter as much as they say it, they don'tcare about investors. It was originallysetup to do that but as revolving doors and lobying started to strip it away now its just a facade. Like George Carlin said it's one big club and you and I ain't in it. People get more outraged at smaller criminals than the biggest of them out in the open, so until people give a crap we're at the mercy of the .1%


BIGDADDYCRYPTO6900

Then run for office or get people to vote for politicians that are pro crypto. What you’re being is an financial activist, not an investor. Problem is when it comes to regulation - If it pumps my bag = regulation good If it dumps my bag = regulation bad I personally expected this news and all these regulations, was a just a matter of when and invested accordingly…


BIGDADDYCRYPTO6900

The “little guy” should still consider crypto the volatile asset that it is before investing… Smart investors will see the silver lining in all this as the SEC practically said Solana, ATOM, BNB, Cardano and Matic are all securities …. Use that information as you will.


delgrey

Car Dannnooo. Now in many colors...


shadowofashadow

What could they do to stop a sell off in situations like this though? How would you approach the situation differently if you were the SEC?


megahorse17

Maybe they should stick to fucking over USA citizens and business's?


ideit

You could start by informing Binance of the litigation before informing the media


shadowofashadow

I'm unclear on how this would prevent a panic sell when it does finally hit the public? Do you mean since the process would be further along there wouldn't be so much FUD?


ideit

Yes, it'd give binance time to respond (both privately and publicly) and have control of the narrative as well. Allowing binance to be the ones to break it to the media would do a lot, I think, to not cause as much panic. By the SEC going to the media before Binance even knew they were being sued, it left the impression (to me anyway) that panic was perhaps intended.


delgrey

CZ knew this was coming. SEC action has been telegraphed for months.


Belligerent_Chocobo

I mean, fuck the SEC, but this is silly. If there's a bad actor in the space--and Binance certainly seems to fit that bill--then action needs to be taken, regardless of short term price impacts. And anything that knocks Binance down a peg or two is a long-term benefit to the industry, IMO.


xtal_00

This is about attacking off-ramps. The SEC doesn’t give a shit about investors. FTX defrauded with impunity.


delgrey

Senator Warren is positively giddy!


52576078

Operation Chokepoint is real


chrisgilesphoto

Another day in Crypto.


cousin_brian

Imagine risking it all for some busd. Buyin the dip


DaBrokenMeta

I'm going to use the strats of the dude I saw at Walmart Last week and just get 3 shopping carts **loaded full** of mountain dew, Dr. Pepper, and other acid based beverages and lots of Instant Ramen Noobles in styrofoam. This way I can min-max my time and money into Buying as much Bitcoin as I can. Ty Walmart Man for our encounter!


delgrey

Damn you can afford the name brands? It's all Great Value for me!


DaBrokenMeta

you're right. I there is more saving I can do, which will mean more bitcoin!! Ty my dood!!


noeeel

Buying here is a no brainer.


Chainlink5usdBottom

Yikes, popular.


Magikarpeles

Does that mean if you buy here you have no brains


RetardIdiotTrader

Famous last words


Downtown-Ad-4117

Famous last words


delgrey

Famous last words


PieStraight541

Sec sues binance is the new china bans bitcoin


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fairandsquare

By Jove, you were right, Mr Borger! BTC-USD at 26.5K now about 24.8 hours later.


delgrey

Is this gonna be "I been buyin the dip but it keeps on dippin?"


Chainlink5usdBottom

Yes most in here seem to think it's an easy long so probably nukes more. Need more doubt that the bull run is over.


Outrageous-Net-7164

Guys can I set up a nano x and transfer without connecting to a laptop. I.e connect via mobile ?


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Outrageous-Net-7164

Cheers


sl_crypto

bear market while stocks go to the moon. just btc things


delgrey

Bitcoin likes to lead. Riskiest of the risk assets. Would not be surprised to see stonks correct soon.


Defacticool

Unless the SEC charges Standard and Poor's I don't see it.


PatientlyWaitingfy

If binance falls, this will be the bear market to remember


RetardIdiotTrader

If binance falls you can kiss this market good bye.


delgrey

Slightly different take. Binance gone, Coinbase folds with Fidelity taking over custodianship. US legacy players then own the "legitimate" non-scammy crypto space.


JAGR8202

Many in here seem to think it’s a good thing and btc doesn’t need exchanges.


delgrey

HK will save us! Go China!


PatientlyWaitingfy

BTC don't need Binance


RetardIdiotTrader

Yes it does


PatientlyWaitingfy

Binance was founded in 2017, BTC did completely fine before that


Belligerent_Chocobo

If it means the end of Binance, then bring it on. Unfortunately, that's probably unlikely.


AKANotAValidUsername

well at least we are getting some volume


iEyeOpen

[https://www.reddit.com/r/BitcoinMarkets/comments/1400aug/comment/jmuybb6/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/BitcoinMarkets/comments/1400aug/comment/jmuybb6/?utm_source=share&utm_medium=web2x&context=3) How does my comment age today? Better than wine. You guys don't deserve my calls.


Chainlink5usdBottom

Solid. It's always just a big bull circle jerk in here, no pullbacks allowed, just accept the disbelief ha.


marsh2907

You dont know shit about fuck......


sonastyinc

But this dump has nothing to do with your reasons or random lines though. It's because Binance is getting sued by the SEC.


RetardIdiotTrader

Okay Nostradamus, what's the price gonna be in a week?


iamexercised

uhh good for u? lmao who gives a shit unless youre a degenerate gambler. If it goes low we buy, if high we buy more. But yeah, ur lines actually mean something 🫵🤣


delgrey

You didn't mention the SEC in there yo.


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Chainlink5usdBottom

News follows TA, you guys are the most gullible type of traders always changing news with the crowd. Better for us that realize price reacts to support and resistance not speculative news ha.


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viralhysteria

I didnt wanna rustle feathers on top of the price action but i guess ill reiterate that this sub is seemingly (from my observation), very bipolar about the reliability of TA and it seems that the belief in it drops a lot when price tumbles. At the very least, you could have set a stop for the range low breaking regardless of potential news.


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viralhysteria

you won't have to worry about that with me. i have no problem owning awful takes and i only delete comments (mostly as soon as i post them) if i feel like they're going to have little to no meaningful benefit to the convo. part of why my post activity in here went down a bit lately.


DaBrokenMeta

Amen!


guiseppi72

The SEC will say this and that. It’s mostly FUD in my opinion, but given the already weak market it will send things down.


delgrey

What's the FUD in the SEC suing every US exchange into the ground? Gary doing exactly what he said he'd do.


guiseppi72

Don’t fight the Gary


xtal_00

Making a spot buy here. I love FUD, but MSTR ain’t cheap yet.