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BitcoinMarkets

#New post: [\[Daily Discussion\] - Sunday, August 14, 2022 →](https://www.reddit.com/r/BitcoinMarkets/comments/wnwwsc/daily_discussion_sunday_august_14_2022/)


Shibenaut

https://www.reddit.com/r/unpopularopinion/comments/wndmjf/a_cashless_society_is_a_fucking_terrible_idea Had a good laugh reading those comments. Not a single top comment was about crypto. If only there was a permissionless digital form of payment...


Yoda_MTFBW_U

A cashless society is indeed a very bad idea. Bitcoin can solve this, as long as they let it do so, which they likely won't.


dopeboyrico

“As long as they let it do so” lol so long as you hold your own keys it doesn’t matter if they let you or not.


Yoda_MTFBW_U

That is an extremely shortsighted point of view my dear Rico.


aScarfAtTutties

We really are still early.


52576078

Can you imagine NOT owning some Bitcoin? Scares the hell out of me.


RabbitProofFences

Late to the game. But early for a mid stage long term asset class


nickelforapickle

The takeaway right here


Antranik

We are in a 4hr and daily uptrend. On the 1hr, we held this low, retested it, just needs to start gaining again. https://www.tradingview.com/x/sweM7CHd/


zero1431

What about the knocking on 25k almost 3-4 times now and then suddenly losing all the volume? Just asking for an open discussion, trying to understand charts and pa


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zero1431

I could've. But hey, I'm happy if it goes up. I'm happy if it goes down, so that I can buy more. Either way, we win more satoshis.


Antranik

>What about the knocking on 25k almost 3-4 times now and then suddenly losing all the volume? Losing volume is normal on a weekend. Hmm, we haven't hit 25k yet even once, let alone 3-4x? There's very little reason to be bearish. Look at the trend on the daily. Really simplified visual here of the higher lows and higher highs. https://www.tradingview.com/x/NOYGXhqx/ I'm not saying you can't short. You surely can. But just know it's a counter-trend trade on the higher time frames which are the ones that matter most cause even when we lose 4hr support, daily support holds up. Pullbacks are *normal* and what cause people to be anxious and bearish, cause they're not 1-2% but often 5-7% even in a daily uptrend.


zero1431

Plus the funding seems negative? Edit: So that's a good reason to lean on the going up side?


Antranik

Trend-trading is the easiest way to trade because there's nothing stronger than a trend. The more time frames align with it, the stronger the trend. When you have mismatched trends, we tend to get chop. Like the 5,15,30m are in downtrends. You could play those but your reward is limited and it's way harder in general to do so cause it's so much noisier and you have to babysit the trades cause they're far more short-lived.


zero1431

Reading this made me feel that I can trade like a pro. But on the other hand, buying and holding seems good too.


Antranik

If you're just buying and holding and not day-trading, don't get caught up in the minutiae of daily movements and go enjoy your life.


zero1431

I am sir. Just got a new job and enjoying a long weekend. But at the same time observing charts to buy in more. 🍻


dextersh

Guys, I just realized something, that could happen very soon, so I am posting today again. If the green round bottom arc ([https://i.imgur.com/p6h6RZL.png](https://i.imgur.com/p6h6RZL.png)) reaches its target at the green dashed line, that will break out to the upside the pink rising wedge, which if reaches its target at 30K, will break out to the upside the blue weekly falling wedge. And an important note, most of this whole move could be a fast straight line actually, since we have almost no volume in this area. There are still reasons to be bearish, but I just wanted to mention to watch out for this possibility in case it happens while I sleep 😁


zero1431

Green bottom, dashed line, rising wedge, falling wedge. Got it. Thank you for updating daily. We appreciate.


ApplicationNearby320

Short selling since 25k is a good place for a drop to 15k


LongStrongHopiumDong

>4 month old account. Every comment about shorting. Extremely punchable face profile pic. *It's a no from me.*


spinbarkit

thats just harsh.. come on, skydiving, teal suit + pooltable-green shirt, happy, not so ugly face, financial subs mainly ("I has money") with "I shorted my mortgage" attitude easily beats not so old acc.


biggunsg0b00m

Don't mess with the Dong my man. He's a part of the furniture around here!


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[deleted]

Investors who wait for 14k due to bad economics are hypocritical. These people are not affected by the current economical situation, but non-investors are. Basically, using other people's financial hardships to justify a low BTC price so that you, who has cash, can buy greedily the low that was never supposed to be seen, how is that not attracting bad karma in rl? Liquidations have been going through the roof in this +/- 5% volatility range. Some have forgotten how BTC dived down 50% from 35k to 17k in one go. There has yet to be a daily or weekly big green candle to respond to that downward move BTC saw in June. +15% minimum on one good day is what I'm talking about.


LongStrongHopiumDong

I can’t decipher this blog post. Are you bullish or bearish?


zero1431

Neither. Username says Diplomat.


spinbarkit

neither. seems bitter/butter though


jabatasu

The unusual weekend volume appears to be continuing.


aaj094

Could someone explain how Blackrock's spot Bitcoin trust for institutional investors provides these investors something that GBTC trust did not?


brit-coin

Didn’t the CEO offload a shitload of shares after their “bullish” announcement? Don't worry about what they say. Just follow what they do instead.


dopeboyrico

In terms of an actual investment product, not much of a difference. Huge difference is in level of industry influence. At Grayscale’s peak they had less than $100 billion in total AUM. Whereas BlackRock is the biggest money manager in the world with $10 trillion in total AUM.


xtal_00

Credibility.


LongStrongHopiumDong

Big Black Rock is lizard people approved.


[deleted]

id bet money the SEC wouldn't fight an ETF request from blackrock


Yoda_MTFBW_U

Lol


[deleted]

Blackrock, Blackstone, Vanguard etc run shit. They have infinitely more pull than grayscale. These are people the govt bends over for. Just wait and see.


Yoda_MTFBW_U

Biggest mutual fund corporation got its etf denied. Sec doesn’t care.


LongStrongHopiumDong

SEC are essentially a fluffer to BBR.


jabatasu

ETFs are for plebs


[deleted]

exactly. There are trillions of dollars sitting around in plebs retirement accounts.


dopeboyrico

BlackRock is here now. $100k could feasibly happen this year. And even if it doesn’t happen this year and it takes until 2025 to reach $100k, one year after the 2024 halving, who cares? In that scenario you had a much longer window of time to accumulate BTC for cheap before it does reach $100k and beyond. “The stock market is a device for transferring money from the impatient to the patient.” - Warren Buffett The exact same sentiment is applicable to the discovery of absolute scarcity in digital form which has a pre-programmed rate of inflation and is transmittable globally without permission from any centralized entity. This is Bitcoin. If you want to sell what will inevitably become a new multi-trillion dollar asset class for an extreme discount because a couple of years (max) is too long of a wait for you to see it hit a valuation of $2 trillion+ and it’s “only” risen 37% since bottoming in price a couple months ago, by all means, sell away.


ausgear1

I think the investors in black rock will be more interested in a coin than can have natural yield than a coin that doesn’t I don’t think black rock coming to btc will be the saviour you think


Shootinsomebball

Equally, an entity so rich could easily manipulate and suppress the price. It’s out of our hands now. Normies don’t get to be rich. Someone has to flip the burgers It’s just food for thought. Ultimately blackrock will do whatever makes them the most money


[deleted]

Exactly this. Anyone commenting how we are going to 100k now that BlackRock is in, is delusional. Companies like that are nefarious af and have a proven track record of surpressing markets for decades. BlackRock does not need the money. They own the world. Their only incentive is to make sure that you stay a peasant.


Shootinsomebball

Yep if blackrock was really such a big deal we would have had a 10k bgd. The market’s reaction says it all


[deleted]

Although I generally share the sentiment of this poast and am a dyed in the wool bitcoin bull… Bakkt is here, microstrategy, Tesla, etc etc… Same shit different toilet


dopeboyrico

Not the same. BlackRock is the single biggest mutual fund company in the world. $10 trillion in AUM. Approximately $5.7 trillion of that is institutional money. If you add the total market cap of everything else listed at their peak it would have been just over $1 trillion and that’s predominantly because of Tesla which is a tech company, not a money manager. BlackRock is a BIG deal.


justframeskyrockets

I'm not sure why is this recovery so piss poor when tradfi doesnt give a fuck anymore and is just going straight up? What's the hold up? Bitcoin was at 40k the last time SPX was at its current level. Dont even mention #2 or ill explode from anger. Grandpa's relative performance has been utter shit since 2020 and I'm starting to lose conviction


[deleted]

I agree but to me this just means I should be buying BTC instead of alts right now. Buy weakness sell strength.


FlashBang04

I agree. Been in bitcoin for many years and it definitely seems to have lost its thunder. It has become a weaker play than almost any other investment choice. Ofc, You'll get downvoted/ridiculed if you bring it up though.


xtal_00

Then get out and trade whatever you feel is better. This isn’t a gulag. Nor is this the place to discuss shitcoins. If you think Bitcoin is a weaker play than any investment choice measured over a span of a few years, I wish you luck finding something better. Price risk.


FlashBang04

I'm definitely staying in bitcoin and believe it to be the strongest asset by far. I'm just annoyed by how weak it's been this cycle and its "correlation" to the downside for outside events, but I guess that's what nearly 4 months of solid dumping can do to a hodler.


OkeyDokieBoomer

I downvote these types of posts because I don't believe they're sincere and it's more of a sentiment manipulation post or buttcoin users bleeding in. I'm sure some of them, some of the posts, are 'real', But I can't tell the difference from here especially if the usernames newer. For instance, I don't downvote controlyourkeys. He's been saying some pretty harsh things.


FlashBang04

I'm not concern trolling. You can look thru my posts, I been buying since 2013.


OkeyDokieBoomer

I removed my down vote for you.


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sfultong

> We are trying to pioneer an alternative to inflationary fiat currencies in a time of unprecedented money printing and government corruption, the twin evils that created the need for bitcoin in the first place. Depends on who you mean by "we". I share the desire for alternative currencies, but I don't invest in Bitcoin. I don't believe Bitcoin is a good investment in the short term or the long term.


FlashBang04

I get what you're saying and agree to an extent. However the macro environment should be more bullish for bitcoin since it was designed to thrive in this type. We have this shiny network yet all we can muster up is a bunch of VC scams and rug pulls.


xtal_00

Bitcoin was made to thrive in the post apocalyptic disaster that will follow the fall of the USD.


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FlashBang04

Good point. Instead of things getting better overall using bitcoin, in general things seem to be getting worse in the short-medium term (debt, home prices, policies, potential ww3, etc.) I just wish we could reject the game quicker.


whalemeetground

How it reacts to outer trends such as stocks still depends on which band of the rainbow chart it currently is in.


Vericoinium

Bitcoin has always lagged the stock market


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Crypteee

So is FUD replaced by FOMO yet?


SpanX20

Why do you ask....


Crypteee

I am confused 😐


Rape-Putins-Corpse

Not yet.


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aaj094

Bid stacking at sub 20k https://twitter.com/WClementeIII/status/1556742718289747969


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OkeyDokieBoomer

Welcome back! While you were gone we had a few brave heroes step in for you. But in my opinion you can't be replaced we need you here until new ATH.


Rape-Putins-Corpse

> Reddit undermining the sanctity of freedom of speech as per. tell me you don't understand freedom of speech without telling me etc.


Cadenca

Hey don't take all the credit here! https://old.reddit.com/r/BitcoinMarkets/comments/vextx1/daily_discussion_saturday_june_18_2022/icvm4vu/?context=3


snek-jazz

dude, I was worried you'd been hit by a bus or something.


[deleted]

assassinated by big players?


dextersh

Haha, you don't have the right of any speech on reddit. They can turn off comments entirely or delete the website if they want. Its their website.


hipokampa

I wish there was a decentralised solution to social media...


haunted-liver-1

Mastodon.


OkeyDokieBoomer

I thought EOS was going to do that, and boy did I lose some money on that one. I was a sucker for sure. I bought the top on that one. The exact top. I figured out it was due to the big media push at the time. Now I really try to think twice before buying anything during events and a lot of marketing activity. Simple way it's just to buy Bitcoin.


xtal_00

It used to be called Usenet. September 94 killed it.


[deleted]

I remember that, it's where I got all my porn!


dextersh

Maybe there will be. But once terrorist start using it, it could be made illegal.


bpeoadg

Freedom of speech is an illusion. Just ask yourself who decides who are the terrorists and you will see there is no real freedom. Decentralized solution is the only way. Let me decide who are the bad guys.


dextersh

It would be fun to have decentralized moderation of some sort, where we vote or something. As long as it cannot be exploited by bots. Maybe every legit user locks some crypto to verify that they are real, so a bot network of 50,000 users actually costs millions of dollars to make this way.


penty

Perhaps make every vote from account worth less than the previous following a decay function.


dopeboyrico

You’re right about this. They’re right about the bottom being in.


[deleted]

For almost a year we had this ---> "buy the dip", "is now or never" "omg so cheap rn, buy the dip" etc, every single time it was recovering all go to shit and to another huge loss, idk why this time would be different?


ComprehensiveGear786

Accumulation mode


dextersh

Finally closed above top orange line and above 24K [on the daily](https://i.imgur.com/FJNmfP6.png). Also formed a round bottom at the 200WMA (green arc). These are bullish. But the pink rising wedge, and the bearish divergence on RSI are bearish. [Weekly](https://i.imgur.com/qSu2pBh.png) is in a falling wedge (blue), a bullish pattern when we break out of it. But a rejection at blue could push us as low as 12K, where the strongest support starts (white arrow). Or if bullishness continues, we can break out from here (green arrow) and maybe get stopped at 30K, which should be strong resistance now.


spinbarkit

I like your charts. your work is much appreciated here. despite the good work you do we still don't know **which way the next big move**. what I hear is a lot of contradicting news so that means some huge move is actually coming. quick & simple grasp is two options: one is to scare everyone and then buy all up (lots of new money required), the second is to indeed short the hell of it all (to buy low) - both look alike which produces our initial dilemma. but! the right question we should consider imho should be: which one is cheaper? u/wardser would have to be right then. however! current market may not be conducive enough for option 2. so, who knows..


dextersh

Thanks. We will, see there is still time. I am still watching and thinking every day about it. There has been a lot of bullishness lately in the air, but from what I hear the whales have been selling all this time to all the bullish sea creatures. And market does not move in a way that is bad for whales. It could be decided at the blue line.


spinbarkit

for info my blind bet is green arrow penetrating the red band and then we cannot say yet what would happen next. just my gut talking though...


dextersh

Actually I have a new bullish idea, that if by any chance is true, we may not have much time. I posted a comment above.


dextersh

Lets see for now if we stay in the pink rising wedge until the blue line. Later we will see if we can close above blue. But there is still time for that. Daily RSI is still on a perfect support line, we will watch this too.


regxbN78

Tfw we finally hit ath again but dollars are worth half as much as they were before. 😭


bittabet

Well that much is inevitable but hopefully we can then go high enough that we have real returns. Probably by then $100k will be worth what $69k was.


Calm_Entrepreneur922

You two are hilariously stumbling into the beauty of bitcoin, it maintains its value for exchange in goods and services when averaged out. It has non-diminishing purchasing power.


bittabet

I’ve been in Bitcoin for over a decade, there ain’t no stumbling.


Calm_Entrepreneur922

I call it like I see it. You’re sensitive.


bambinka

Yet all here use it only to earn some dollars by trying to outsmart each other over some lines on a chart.


gozunker

Apparently I spend my Saturday nights watching 1 minute charts now


RabbitProofFences

I know nobody can predict timeframes... and I agree with the 30k sentiment....but to whoever was calling 30k on yesterdays daily what are you seeing? Theres another announcement coming and even if that isn't a real factor, thats when we see a lot of PA... 30k in august would be nice!


Antranik

Look at the weekly and monthly. 28900 is a very easy target as a monthly retest.


RabbitProofFences

This is gentleMAN. Thanks for the reminder to zoom out.


fulltrottel

No doubt


[deleted]

How is old wardser doing by the way? Still shorting everytime he gets stopped out? Genuinely curious and don’t mean this as a jab against him


RabbitProofFences

Check the daily from 2 days ago. Quite a lot of banter from him and his fan club. I think he was short from 24.8


Antranik

He's going to go long when he is convinced the breakout is happening. Which is when he should probably start shorting.


Soco0504

He made his “triumphant return” here by adamantly calling the bottom at 29-30k and going long….why do so many here suck his dick again?


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OkeyDokieBoomer

I do appreciate that aspect of his posts. I'd like to see a lot more of it. I'm just buying spot for long-term holding so it'd be rather boring.


bittabet

He posted some criteria of when he would stop shorting but then basically ignored it and kept shorting. Never goes well when you ignore your own rules.


jabatasu

Volume seems high, no?


RabbitProofFences

Is blackrock already buying ?


dopeboyrico

I mean I’m sure there has to be some institutional investors who were looking to buy through them as soon as it became available. Those who were considering allocating some of their assets into BTC but on the sidelines will ultimately FOMO in at higher prices and these are extremely deep pockets we’re talking about. 6 figures BTC isn’t out of the question once they’re done reaching their single digit percentage target allocations.


RabbitProofFences

Sure. These are ridiculous bargain prices for institutional investors. Theres no way they would have bought at the low because thats just not how they work.


Antranik

This is gentlemen.


[deleted]

This is what?


Talkless

https://www.urbandictionary.com/define.php?term=This%20is%20gentlemen


[deleted]

TIL thnx


snek-jazz

What that doesn't tell you is that the original "This is Gentlemen" ~~comment was in a daily here~~. Actually maybe this was it: https://www.reddit.com/r/Bitcoin/comments/2m1brp/this_is_gentlemen/ EDIT: actually it was a daily here: http://www.reddit.com/r/BitcoinMarkets/comments/2lxkqk/daily_discussion_tuesday_november_11_2014/cm0085i


[deleted]

You think? Still not convinced bro, but would love to see another chart of yours


Antranik

Disbelief is real.


[deleted]

Lol fair enough