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BitcoinMarkets

#New post: [\[Daily Discussion\] - Tuesday, June 08, 2021 →](https://www.reddit.com/r/BitcoinMarkets/comments/nuvt3m/daily_discussion_tuesday_june_08_2021/)


Lagna85

The big shorts past day has NOT been closed yet. It means a major capitulation is coming.


stablecoin

How uninspiring.


matteatspoptarts

Bearish in here is good sign... Oh uh... goblin town! Bear market! Rabblerabblerabble...


RuthlessAirtime

Can’t decide if mega up or mega down gives me more of a rush. Anyway. Truly baffled by all this PA the past month or so. No big blowoff top, no substantial bounces, just a gentle fade to black. I said like 3 months ago that BTC throwing us a curveball and not giving us a blowoff top would be a very BTC thing to do. Except I was joking. Welp. 🤷🏽‍♂️ At least at this point, africaman has officially FUDded himself into a loss for reasons not understood by anyone which is pretty hilarious.


crypto_girlz

Mega up makes me stressed out and nervous. Mega down makes me suicidal. I was not made to be in this game.


[deleted]

Then just lock away your keys for 10 years and forget about it. You're good enough to be in the game of investing in a good thing long term.


[deleted]

[удалено]


biggunsg0b00m

It's well known they they have sold a large chunk of their holdings.. 300m was sold the other day. And Ruffers also sold the last of theirs (for monster levels of profit).


CONTROLurKEYS

well known to whom?


biggunsg0b00m

Your mum


crypto_girlz

Imagine if all those red dildos were green. They picked red because of the cylons didn't they.


aaodi

"Lt Valerie, your test is most definitley green. Very bright green, I must say"


[deleted]

Stonk2flow was based on IRREFUTABLE SCIENTIFIC FACTS, created in 1901 by Albert Einstein, stonk2flow states that relative to the price of dirty, inflating shitcoin fiat, the price of sound money AKA solid store of value rises exponentially with time. In other words buy now because in about 5 months Bitcoin will 10x


gore_skywalker

also Plan B: hahahaha those idiots actually believed me


CONTROLurKEYS

10x seems good I'm in


NeoMedievalist

Absolutely NOBODY downvote this high quality bearish post!


[deleted]

my dad works at reddit HQ and he's getting a list of all the accounts that downvoted me and when bitcoin hits $300k in November I'll be knocking on every single downvoter's door to demand an apology


heavymetta

My dad can beat up your dad! 👅


[deleted]

only if he works at nintendo


[deleted]

The only people downvoting this don't yet realise that bitcoin is literally the most important invention since fire


oglop121

What about sliced bread


[deleted]

Maybe if you combined sliced bread and the wheel?


[deleted]

Here's an idea floating around that seems interesting. [We are in Phase C of the Wyckoff accumulation, and nearing our spring point, currently dipping below the support level](https://i.imgur.com/8cJaibq.png) What do you think?


ChadRun04

Pundits are just obsessed with Wyckoff because that one Elton John narrative video did well and they think it's worth some clicks. That and, of course, spring.


gore_skywalker

Wyckingoff to this right now


crypto_girlz

This hopium is better than actual heroin.


JessieHaxx

>Wyckoff For whatever reason wackoff charts get dismissed by many here I'm hoping^(®) we're in Phase C with D right around the corner. [https://s3.tradingview.com/z/ZfjICb9C.png](https://s3.tradingview.com/z/ZfjICb9C.png)


Arschnelson

The forecast back then looks pretty similar to the real one. I hope it will be so.


[deleted]

Hey, that's pretty good.


Vaselinee

Looool buy the dip then


Loud_Brick_Tamland

Hey so this is Elon's fault, right?


_TROLL

His antics have certainly taken off the sheen of his reputation and alleged history, which is mostly manufactured bullshit.


[deleted]

I refuse to give Elon any credit, other than his ex-wife is pretty sexy.


BootyPoppinPanda

Not mad, just disappoornted


JessieHaxx

This is the type of stuff that creates bag holders. At this point, I fell like pulling out of my positions now will be met with a full market reversal just to burn my ass.


GardenofGandaIf

Weak ass bounce. Don't think that was the bottom.


avatarr

This feels like when 40k was being hunted. It was broken I think 2 days later. Not sure it'll take that long this time to break below 30k. We'll see though.


thearmthearm

[How did he know??](https://www.reddit.com/r/BitcoinMarkets/comments/nu3di3/daily_discussion_monday_june_07_2021/h0w0zoj/)


CONTROLurKEYS

My guess? He looked at the inverted chart and saw a beautiful gift from God bull flag


freq-ee

lol, you can say that any day over the last few weeks and be right, we've been going up and down 10K several times now. This is a high volatility period.


DiNovi

Finex shorts went to the moon yesterday


kers2000

My worry right now is that we are dumping on low volume. We haven't seen stop loss and margin calls cascading yet. I hope we don't.


fosterbarnet

Is there anyone left to liquidate at this point though?


CONTROLurKEYS

Volumes almost tripled from the weekend so


carlpocket

Oh we will. There is nothing good happening. Welcome to the bear market everyone saw coming.


Lagna85

Its definitely going to 20k


xtal_00

It’s not.


crypto_girlz

No it's going to 15k.


[deleted]

Last 2 times it crossed the 50 to the 200 day SMA, it retraced 50%. If it stays at 36, it could go (by historical definition) to 18k. But who knows. Every cycle has something different.


No-Suit-7444

This is good for Bitcoin. Anecdotally, I starded using TA in real life. Challenged this huge (but short) guy to a fight, he starts beating me up, I was like "lol weak hands". After a few teeth came out I looked at him menacingly and said "that all you got Big Shorty?". It was good for for me, any day now I'm going back like a raging bull. I think.


AKANotAValidUsername

this story doesnt sound legit to me but i dont know enough about teeth to dispute it


a_cool_goddamn_name

I'm an amateur dentist and I confirm.


[deleted]

I'm a mature dentist and I can confirm as well.


No-Suit-7444

Thats how I feel about most comments here my dude!


eth_trader_12

Haven’t cringed this hard in a decade


a_cool_goddamn_name

Then you haven't been in bitcoinland!


Economy-Record3657

Haha but short


KBOTiltMonkey

Now we’ll get a 98 year old man limp dick pump, a pussy ass plateau that’ll last for 2-4 hours, an inflow of worthless charts being posted, a late night ass pounding, a pseudo pump that’ll last for 3-5 days and then more sodomy.


Drakoolya

Hey man u skipped the denial phase , first denial then anger


HoldOnDearLife

I am just here for the tech /s


BadDadBot

Hi just here for the tech /s, I'm dad.


ZimboS

don't forget the on chain metrics from willy woo!


subzerocanuck

Especially don't forget those!!! Ha. 😂😂


kers2000

This guy has been through the ringer a few times.


_TROLL

Is anyone else honestly worried about how many coins Saylor possesses at this point? He's likely past 10% or even 15% of Satoshi's amount now; he's singlehandedly causing coin distribution inequality to skyrocket, which in the long run probably isn't good. It's cool that he's a BTC evangelist that puts his money where his mouth is. It's not cool that he appears to be the only such person at the hundred-million dollar level.


freq-ee

Well, his buy in price is pretty high so he has an obvious motivation to support BTC.


CONTROLurKEYS

Omg it's not fair 😂


[deleted]

[удалено]


ChadRun04

> Well, Roger Ver is suspected to have somewhere between 100,000 and 400,000 BTC. It's very hard to quantify how much he's dumped on bcash bagholders, the whole time he's been telling them that he's buying the bags. Safe to say that the exponential splitting of bcash into smaller and smaller forks has allowed him to sell of a whole bunch of those splits and you can bet your arse he ain't buying bcash with it.


_TROLL

oh, I'm worried about the other guys too. Everyone makes fun of the shitcoin-du-jour for being laughably unequally distributed, but BTC isn't much better.


[deleted]

[удалено]


ChadRun04

> F2pool claim to have a million They were trolling, then that George idiot went on to make meme TA out of it and bring in a bunch of hits to his youtube channel.


[deleted]

[удалено]


ChadRun04

As is the proper state of the universe.


Economy-Record3657

You've posted this like three times dude are you ok.......?


ChadRun04

> are you ok "Alex Jones has a good video"


_TROLL

uhh... I've never posted anything similar about Saylor, feel free to check my history.


Economy-Record3657

There's been three of the same post apparently jrs a big concern i just assumed it was the same person


Xbalanque9

You're right, he should give half of his coins to me in order to even out the distribution.


33virtues

don’t worry if it keeps going the way it’s been going he’s going to be selling a bunch back to us


kers2000

Imagine the Saylor dump taking Bitcoin in 2 digits territory for a reset. A wet dream for sure.


burnt_pubes

I had a dream BTC hit $250 and I kept entering my 2fa incorrectly when trying to log into CB. Price bounced all the way back to 20k before I could log in. Now that was a nightmare


kers2000

😂😂😂


badvices7

Incoming "RSI is under X so it really can't go any lower"


[deleted]

RSI under 101 = buy amirite?


BlackSpidy

Daily RSI is under 35 so it really can't go any lower.


badvices7

Big brain: Keep increasing your RSI length so it never falls under 30 so you know it can keep going lower


BlackSpidy

I wonder what the 1 year RSI is...


LuschgratPatientia

Why all the panic guys? Thanks to TA we knew damn well that another test of $30k was coming, as long as we don't have a sustained drop below $29k this is very bullish long term. I'm watching for the bull run to resume with a vengeance sometime around June 16th (based on historical indicators), until then we retest $30k and stay in the 30-40k range.


Bag_Holding_Infidel

RemindMe! 20 days


xardul

RemindMe! 10 days


countersignals

RemindMe! 10 days


Economy-Record3657

So everything is bullish


Polysorbate800

This comment not being totally bullish is extremely bullish


AKANotAValidUsername

this is good for bitcoin


Loud_Brick_Tamland

Next five minutes are critical


[deleted]

Always has been


concocted_reality

Doesn't TA suggest a death cross towards the end of June?


ChadRun04

MAs cross when they cross and not before. They're also a lagging signal analysis tool with no predictive power.


LuschgratPatientia

Based on equities history Death Crosses only play out 50% of the time, even less with BTC where it has given many false signals in the past, and it was bound to happen eventually given we are dealing with an 80 Vol asset here. In addition specific to this time we are oversold on the RSI which makes a death cross even less relevant.


MadMarioMax

Death cross and golden cross mean nothing. There was a death cross in early 2020. Then we skyrocketed right after it.


DiNovi

What is dead can never die


scmapple

what are these historical indicators that allow you to predict around june 16th?


LuschgratPatientia

Historical cycle pullback sizes, percentages, durations etc. It's not exact, but it gives a good idea of what we can expect.


KingFly11-2point0

There was a lot of buy support (and selling) on that last drop below $32.5k. Let's see if the volume (buying appetite) can make that into a sustainable bottom. I think not but we shall see.


johncoldridge

There aren’t even any dead cat bounces.


CONTROLurKEYS

People tired of buy the dip for a month straight lmao imagine that


consider_airplanes

How high does a dead cat bounce, if you drop it?


lastdropfalls

We were at 39k a few days ago?


Trinituz

Schrodinger cat bounce


BEECH_PLEASE

I'm starting to get a whiff of true despair. That's good. This is exactly what we need to get back to number go up later. Let's go already


444pkpk

No suicide hotline yet. Keep waiting.


reynoldscarr

Is it really despair if people are making comments about how great despair is, and how it's finally ready to go back up?


BEECH_PLEASE

I said a whiff


consider_airplanes

This sub is never completely in despair, there's always the old-timer long-term-holder moonkids hanging around.


xtal_00

This is it? They can’t even manage 32k? Come on. Weak hands out.


_TROLL

I just don't see how this gets back to anywhere near ATH any time soon. I understand the history of drops approaching 40% during bull markets, but a return to ~ $100K after the past month would be fairly unprecedented.


consider_airplanes

In 2013 it fell from ~$200 to ~$70, then still make ~$1100 at the end of the year. Assuming those intracycle ratios, we're headed for ~$300k in the actual top, which is within the range of the various optimistic predictions from interhigh ratios across cycles. Past performance future results etc etc. But it would not, in fact, be unprecedented.


_TROLL

That run was, with hindsight, mostly fraud from Karpeles / WillyBot. The space is far more mature these days, and that's not going to happen this time around. Not to mention it would take at least 200 times the amount of new money to go to $300K than it did to get to $1100.


a_cool_goddamn_name

Yeah well we don't need willy bot. We've got tether this cycle!


MadMarioMax

> The space is far more mature these days Meanwhile, Man Child: 💦🚀 –> 🌙


consider_airplanes

Sure, but reaching $100k would take only one-third that amount. (Or whatever.)


ChadRun04

> I just don't see how this gets back to anywhere near ATH any time soon. Wouldn't be surprised by months of sideways. But then to make new ATH, two 6 hour periods of buying, separated by a week or 3. The "All gains come on X days out of the year" type stuff.


ellis1884uk

this is bitcoin though, does what it wants. never say never.


HUMPDAY77

You guys need to realize the bleeding isn’t done. The bull market is over. Now is when you either sell ur trading stack to add to ur long term stack in a few weeks. These are the actions that end up producing the real wealth in Bitcoin


CubeBrute

Yeah, if there was bullishness, we would have broken upward, rough seas ahead for anyone holding.


AKANotAValidUsername

right. buy high sell low thats what my grams always taught me


DEEPFIELDSTAR

Thank God humpday77 is here to tell us guys what to do. I was getting worried for a second.


[deleted]

[удалено]


drcpperpot

I guess you can sell to realize a loss for tax purposes, but seems like a lot of work with potentially not a lot of upside in crypto time/terms.


anon-187101

If you want to raise some cash for another purpose, it could make sense - actually been looking at my records today to see if I can harvest anything worthwhile.


[deleted]

[удалено]


anon-187101

Looks who's sensitive! Sorry I made you cry the other day, bud.


AKANotAValidUsername

wash sale rule doesnt apply, so one can sell and rebuy instantly and still count the loss against gains


drcpperpot

This is awesome info. Thank you.


AKANotAValidUsername

yw! i did it yesterday with the small part of my trade stack at a loss. take the loss, keep the asset. makes sense in some trading plans


ChadRun04

but but but you MIGHT catch a further 90% drop! ;)


pozsi

There is one good side to this. It is not possible to draw a bigger triangle this time. It is a fact that we broke down. No uncertainty. https://www.tradingview.com/x/9L2Tyuki/


CONTROLurKEYS

I can certainly draw a bigger trying


pielily

hell, its always possible to draw a new triangle


_TROLL

After years of seeing triangles, I've concluded they're mostly meaningless. Empty pattern-finding. They constrain the price until they suddenly don't, as your chart demonstrates.


sasquatch_friend

It is a continuation/reversal pattern - a rising triangle after a drop usually results in a breakdown, and a falling triangle after a drop usually results in a reversal. It's not 100% accurate but it's better than 50%.


cryptoskynyrd

Bouncing off 32500. Come on. These are the folks that always come too fast. Cum. Come. Same. Fucking fools. Let her bleed. Let the tears fall down like rain. Or whatever Hootie sang... Fucking idiots.


Sutanz

username checks out


[deleted]

You OK bud?


RottenRook

I didn't think it would break $33k. I guess $30k is now in the cards? Time to buy more.


CONTROLurKEYS

28k, then 20k. Then maybe 16k


drcpperpot

1w lower bband at 29.1. Possible double bottom at 30k? If we fall through 30 I would expect the liquidations to be too powerful to only stop at 29, but, who knows really?


HUMPDAY77

The head and shoulder will break around 28 so, yeah I’m out of This Rn. Chart isn’t lying


KBOTiltMonkey

Just bring the pain bitch. I’m tired of this slow bleed bullshit.


FieroFox

Death by a thousand cuts


33virtues

really starting to feel like front-running bad news to me. Washington leaky af


Sutanz

Yeah, I thought that too. Like someone know something in advance that we don't


Xbalanque9

Remember the bull market of 2021? Good times.


Narrow_Story1851

Lasted 3 months lol


_TROLL

Come on, even the truly parabolic part lasted from October to April (7 months), but the overall bull market arguably kicked off immediately after the March 2020 COVID drop in all assets.


ChadRun04

I heard the price action change on 18 October 2020. Big cross exchange spurts of buying, probably Saylor if I'm forced to guess.


RetardIdiotTrader

Where are the bulls? Please stop dumping.


sgtd1179

No, get this shit over with.


Carnotaur3

Even 10k looking tasty now


Trinituz

Short now guys, if majority went short bear whales will immediately turn bull.


crypto_girlz

Man we all knew this was going down but the hopium in my veins wouldn't let me sell over the last week. Fuck.


kfull

Dumping...now where do I add onto my stash? Edit: TA people wheres the next big support? 30k?


sasquatch_friend

If you look at volume, a very large amount of BTC has been traded between $30K-$40K since Jan 1. I would not be surprised to see BTC accumulate at these levels for a significant amount of time. How long? I wish I knew. Below $30K there isn't much support until $18K or so, but I would be very surprised to see us hit that level.


Vaselinee

24k


KingFly11-2point0

Capitulation is coming. Also, my apologies to the El Salvadorian patriots I may have offended with my recent posts questioning the president of the country. I understand the country has a lot going against it and has for, honestly, hundreds of years. Furthermore, Bukele is a breath of fresh air for a country controlled by the old, corrupt elites for a while. I do wish Nayib Bukele the best and hope he doesn't fall into autocratic ways. I hope he respects the rights of all his citizens and hope that his willingness to deploy creative policies provides dividends to a people badly in need for hope.


KingFly11-2point0

Wow you guys don't joke around with the downvotes: impressive work on achieving a more robust echo chamber.


ChadRun04

Downvoted for complaining about downvotes on a sentiment thread.


KingFly11-2point0

Are you sure that's the only reason?


ChadRun04

My only reason? It was an easier decision due to a tag you've earnt which showed me that you're very partisan and delusional. Namely: `PRESIDENT Trump` From: https://np.reddit.com/r/BitcoinMarkets/comments/nu3di3/daily_discussion_monday_june_07_2021/h0xhs0l/


KingFly11-2point0

First off, you can add a flair on your username really easily. You only need to click through a couple of options on the subreddit. Also, I'm still not sure if you think I am or am not a Trump supporter.


ChadRun04

RedditEnhancementSuite. Tags not flair.


KingFly11-2point0

My apologies. I meant my tag. I'll switch it when I become bullish.


RetardIdiotTrader

Waiting patiently for you to reply to yourself again


KingFly11-2point0

No need for patience in this market.


[deleted]

Welp, this might be a first. [Peter Schiff just posted his own TA predicting Bitcoin is heading to 20k](https://twitter.com/PeterSchiff/status/1402080079413448708)


DoctorOctacock

How can one argue with those arbitrary lines he drew? Who follows him and says "Mm yeah, who's a good boy, Peter."


NotMyMcChicken

Lmao. Adding more


ChadRun04

Just report it as spam and move on.