BTC looks like shit
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I'll keep tossing in a little $$ each week and keep buying the dip
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I don’t think it goes to 35k. We’ve seen the bottom but it will remain at 41-43 for a while due to the leveraged degens. Need three weeks of despair to force out the degens before it goes back up to ATH.
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Can either of you explain what you mean by leveraged degenerates?LongDukDong said:I don’t think it goes to 35k. We’ve seen the bottom but it will remain at 41-43 for a while due to the leveraged degens. Need three weeks of despair to force out the degens before it goes back up to ATH.
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Retail and brokerages buying Bitcoin with money they don’t have. Typically, these situations are prime for whales to sell a chunk of their investments to trigger a massive drop, only for them to re-enter at much lower prices. People are less likely to hold a heavily leveraged asset.DerekJohnson said:
Can either of you explain what you mean by leveraged degenerates?LongDukDong said:I don’t think it goes to 35k. We’ve seen the bottom but it will remain at 41-43 for a while due to the leveraged degens. Need three weeks of despair to force out the degens before it goes back up to ATH.
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Oh, I see. I understand that but didn't draw a correlation. I was talking to a friend of mine earlier this week and told her to get her money off the exchanges ASAP, because she had 100% of her BTC on there. She said why, and I told her that who is to say that the exchanges actually possess the BTC that they claimed to have sold to her. And also, if the shit hits the fan the government could confiscate her BTC and she would have zero say over the matter.greenblood said:
Retail and brokerages buying Bitcoin with money they don’t have.DerekJohnson said:
Can either of you explain what you mean by leveraged degenerates?LongDukDong said:I don’t think it goes to 35k. We’ve seen the bottom but it will remain at 41-43 for a while due to the leveraged degens. Need three weeks of despair to force out the degens before it goes back up to ATH.
But I guess I didn't consider how the exchanges doing that could drive down the price.
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Same thing is going on with equities (lines of credit against portfolios / carry trades).
Big difference is that digital currencies have never gone through a real recession. -
@sonics1993 where are you getting this info about leverage? It's obviously happening but I don't know of any data showing how much leverage is in the BTC space.
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This isn't for BTC but leverage for it probably tracks margin for equities relatively closely:
https://moneyweek.com/investments/investment-strategy/604253/borrowing-more-to-buy-stocks -
The bitty bottom is in right near 40k. We are in the last phase of a wyckoff distribution and the spring will happen soon. Could take perhaps 1-3 weeks but we will be back to all time highs after that. Need to close above 46k to be considered on the uptrend again.
Leverage trading is one of the main reasons whales dump their shares in order to liquidate all the leveraged degens that end up losing it all. I would never fuck around with leverage unless you know what you’re doing and invest for a living. When you’re invested long or short in leverage, there is a líquidation price where you lose it all. Whales can see this and will liquidate when too many people are using it. Leverage was astoundingly high with this recent dump to 40k. -
Better be careful. Bitcoin has become akin to a triple leveraged QQQ. If the market drops, BTC will get crushed. As it is BTC doesn't like the money printing slowing down. And it's happening world wide.
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AgreeMobeyB4Assholes said:Better be careful. Bitcoin has become akin to a triple leveraged QQQ. If the market drops, BTC will get crushed. As it is BTC doesn't like the money printing slowing down. And it's happening world wide.
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I got it going lowerLongDukDong said:The bitty bottom is in right near 40k. We are in the last phase of a wyckoff distribution and the spring will happen soon. Could take perhaps 1-3 weeks but we will be back to all time highs after that. Need to close above 46k to be considered on the uptrend again.
Leverage trading is one of the main reasons whales dump their shares in order to liquidate all the leveraged degens that end up losing it all. I would never fuck around with leverage unless you know what you’re doing and invest for a living. When you’re invested long or short in leverage, there is a líquidation price where you lose it all. Whales can see this and will liquidate when too many people are using it. Leverage was astoundingly high with this recent dump to 40k. -
I keep that confidential. I can't let all my trading secrets out.louism2wash said:@sonics1993 where are you getting this info about leverage? It's obviously happening but I don't know of any data showing how much leverage is in the BTC space.
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Come on, nobody reads this board anywaysonics1993 said:
I keep that confidential. I can't let all my trading secrets out.louism2wash said:@sonics1993 where are you getting this info about leverage? It's obviously happening but I don't know of any data showing how much leverage is in the BTC space.
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@sonics1993 how low we going, 38k?
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A few weeks ago he said $25k, and then the other day he said $35kLongDukDong said:@sonics1993 how low we going, 38k?
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I'm targeting 33-35kLongDukDong said:@sonics1993 how low we going, 38k?
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25k is later this year, 35k is short termDerekJohnson said:
A few weeks ago he said $25k, and then the other day he said $35kLongDukDong said:@sonics1993 how low we going, 38k?
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Interestingsonics1993 said:
25k is later this year, 35k is short termDerekJohnson said:
A few weeks ago he said $25k, and then the other day he said $35kLongDukDong said:@sonics1993 how low we going, 38k?
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I have it as big support at 40k but may wick down to 38k. Then back to all time highs. Should happen relatively soon. Bitty shitting the bed as we speak
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By later this year, are you alluding to Q3 or Q4 for the dip to 25k? I still think we pump in Q1 and Q2 to all time highs.sonics1993 said:
25k is later this year, 35k is short termDerekJohnson said:
A few weeks ago he said $25k, and then the other day he said $35kLongDukDong said:@sonics1993 how low we going, 38k?
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I agree. After 40k, the next support may even be slightly under 33k to as low as 31ksonics1993 said:
I'm targeting 33-35kLongDukDong said:@sonics1993 how low we going, 38k?
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the throbber is going all in on tulips this year.
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Just bounced hard off 39.5 however staying strong and not buying anything just yet. Will wait to dca around 35-37
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Meanwhile, precious metal miners are either treading water or slightly up. And they pay a dividend.
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About damn time. Should have been increasing interest rates 7 years ago
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Everybody bearish in Bitcoin talking about death crosses and massive slide to 25k. The script is that we just saw the bottom at 39k and it short squeezes up. Bitcoin does oposite of sentiment
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I think it will correlate to the tipping point when people lose faith in the fiat system and aggressively look for a safer harbor.LongDukDong said:Everybody bearish in Bitcoin talking about death crosses and massive slide to 25k. The script is that we just saw the bottom at 39k and it short squeezes up. Bitcoin does oposite of sentiment
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Unless people are forced to liquidate their Bitcoin to survive because of inflation and all.DerekJohnson said:
I think it will correlate to the tipping point when people lose faith in the fiat system and aggressively look for a safer harbor.LongDukDong said:Everybody bearish in Bitcoin talking about death crosses and massive slide to 25k. The script is that we just saw the bottom at 39k and it short squeezes up. Bitcoin does oposite of sentiment
