Cryptocurrency

[owbc]

Sell it all. Cut your losses and get out now while you still can. The whole ship is going down. 

[greeg35]

1 hour ago, owbc said:

Sell it all. Cut your losses and get out now while you still can. The whole ship is going down. 

Pushing for a deeper dip to buy on...Nice try!?

[PlayerHader]

I've traded in and out (out for nearly a year now) using Coinbase Pro. I'm looking to DCA into BTC going forward. It may be due to me being a damn fool, but it doesn't appear that can be automated on CB Pro. What apps/exchanges do you all use that allows one to easily do this?

My next question will be the simplest way to setup a safe/reliable wallet. I've watched videos and read things online, but I'd prefer to have someone with some credibility (BF.net cred works) walk me through that. But that's not a primary objective right now.

THANKS!

[GAME05]

Metamask is the top online wallet; Trezor or Ledger are the best hardware wallets. And then there's various types of fire-proof keys you can get to store your passwords. Good to get two and have someone store a copy at their house.

---

Unsure of what to make of the market right now. I have some nervousness that a further banking/housing crash in China will send everything to a true bottom. I'm more tempted to sit on the sidelines for a couple months yet.

[Fear The Chorizo]

Haven't seen too many commercials lately pimping crypto exchanges...figured it was due to election season ad buys but it sure seems like it's alot more than that in light of FTX crashing and burning.

[GAME05]

SBF should be in jail and there needs to be an investigation into everyone involved. But of course neither of those things will happen. Boy with Bitcoin invented to be a workaround to bank fraud and government fraud, all its actors sure seem to be doing the same thing.

Sure wish there were some kind of fiat on-ramp to using a dex, though. 

I'm still all in cash. I don't think you can look at the crypto market without also looking at the real market. Now that the elections are over I wonder if Powell will tackle inflation a lot more. I tend to think there's one more big roadbump ahead, although BTC at 16.5 sure is attractive, too.

[Fear The Chorizo]

SBF should be in jail and there needs to be an investigation into everyone involved. But of course neither of those things will happen. 

Particularly with all his friend$ in Wa$hington.  

Crypto is just so uncertain because it hasn't been around long enough through true global economic downturns.  Forecasting what happens with it, whether the whole works craters or seeing certain cryptocurrencies skyrocket in value is all speculation at this point.

[owbc]

It was interesting to hear that Michael Lewis has been shadowing SBF for the past 6 months. That's going to be a fun book/movie...

[LouisEly]

8 hours ago, Fear The Chorizo said:

Haven't seen too many commercials lately pimping crypto exchanges...figured it was due to election season ad buys but it sure seems like it's alot more than that in light of FTX crashing and burning.

Umpires are going to need a new sponsor...

Of course, turns our they were the perfect sponsor for Angel Hernandez.

[GAME05]

So have we hit the bottom yet or is there more to go?

My thinking has usually been that the regular market has another fall in it and that Bitcoin will hit around 12k, but that we'll probably have a short little bump-up before that. The trap for all for folks who may have took long positions when it hit 15k.

But I'd also hate to sit here and see Bitcoin hit 40k and I'm still out of the market.

Largely I base it on what Jerome Powell will do. There's speculation that he'll pull back on the rate hikes going forward, which certainly would push a lot of growth.

[nate82]

23 minutes ago, GAME05 said:

So have we hit the bottom yet or is there more to go?

My thinking has usually been that the regular market has another fall in it and that Bitcoin will hit around 12k, but that we'll probably have a short little bump-up before that. The trap for all for folks who may have took long positions when it hit 15k.

But I'd also hate to sit here and see Bitcoin hit 40k and I'm still out of the market.

Largely I base it on what Jerome Powell will do. There's speculation that he'll pull back on the rate hikes going forward, which certainly would push a lot of growth.

Doubtful on the rate hikes being pulled back.  Maybe they won’t do a 50BP as they have planned and may just go with a 25BP.  But another 75BP is also rumored to be likely.

I think Crypto has another drop in it yet just like the market.  Probably won’t see a jump up until end of December or mid January.  May see a rally for both the market and Crypto for a few days and then see another dip or two before recovering around Christmas and New Years.

[GAME05]

For a good while now I've been tempted to just jump in a day at a time and play these dips. Oftentimes they're predictable enough you can see a bump coming, things go up maybe 8% over a couple days, and then fall again. But ultimately I remind myself that things are never that simple and I should probably just avoid that stuff altogether.

In February of March of this year I remember reading a few articles from long-term, successful crypto guys who said that most often a crypto investor totally misplays his first big bull market, but by that second big bull run they've learned those necessary lessons and it's all much more successful for them. I certainly played my hand poorly that last run-up, but it does make me pretty optimistic for the next one.

[GAME05]

Bob Loukas is a great crypto youtuber. Bit long of a video but he talks about long-term investing using the four-year cycle. He got in again a couple weeks ago so of course hit the recent bump. Though I do think it's a mistake to ignore other other factors like the stock market and unemployment, etc. in any crypto evaluation, because the crypto market very much doesn't act independently of the regular market. Crypto is a speculative asset, and so the mass of people will only invest when they've got some money to actually spend. 

 

[GAME05]

Cripes. Just logged into my Coinbase account and all my money had been transferred out and it wasn't me who'd done it. Thought I'd been hacked. But I guess Coinbase is scrapping its Coinbase Pro to something else and apparently that's where my money went.

[stoutdude04]

On 12/6/2022 at 12:03 PM, GAME05 said:

For a good while now I've been tempted to just jump in a day at a time and play these dips. Oftentimes they're predictable enough you can see a bump coming, things go up maybe 8% over a couple days, and then fall again. But ultimately I remind myself that things are never that simple and I should probably just avoid that stuff altogether.

In February of March of this year I remember reading a few articles from long-term, successful crypto guys who said that most often a crypto investor totally misplays his first big bull market, but by that second big bull run they've learned those necessary lessons and it's all much more successful for them. I certainly played my hand poorly that last run-up, but it does make me pretty optimistic for the next one.

This is my buddy.  He had/has a lot invested. 

[owbc]

2 hours ago, stoutdude04 said:

This is my buddy.  He had/has a lot invested. 

My dad is retired and works a seasonal job as a tax preparer. He said it's unbelievable how many people were day trading in crypto with pages and pages worth of transactions on their taxes. All for relatively little profit. And this was the 2021 tax year which was about as good as it got for crypto. 

[GAME05]

That one may have been me. My accountant was pretty impressed at my account when she saw the total value of the transactions until she saw it all balanced out to very little. It's been just the opposite last year as I haven't touched anything since about February.

[GAME05]

Sold out yesterday for a +22% and my first profits in almost two years.

Then this morning bought back in because it was still in the green when I sold, but quickly realized that probably wasn't a good idea and got back out.

[GAME05]

Well, sure been a fun past couple months. SEC got destroyed in their court case and have announced that they won't be appealing the decision, making it certain-but-not-technically-certain for the ETFs to arrive but at an unknown time. Apparently BlackRock posted their ETF ticker yesterday and the SEC of course made them take it down. 

Tempted to take profits now, which would probably be the smart thing to do, but a $34k BTC still doesn't seem over-bought and I'm more tempted to just keep doubling down and hold until that ETF does indeed arrive, whenever that might be. Plus Ark and BlackRock will be buying up a lot of BTC in the meantime. 

[GAME05]

Hopefully everyone did well in this little run we've had the past month.

[GAME05]

.

[Joseph Zarr]

On 11/16/2023 at 9:47 AM, GAME05 said:

Hopefully everyone did well in this little run we've had the past month.

This isn't a 'little run'. FWIW.

The next Supercycle has essentially made its opening remark. We are at the very beginnings of the next Supercycle. This is (most likely and historically) a 1-2 year Bull run at its nascent phase. Think 2020/2021 when BTC broke $10k and danced between $10-20K and everyone was freaking out. 

If you know Futures charting, we have 4 clear signals staring us in the face. BTC being the Polaris of this space (obvious reasons), has already made this clear for two weeks. Let me take one moment to be more specific on these signals from my technical perspective (not posting my charts here, no offense but most of you won't understand a thing from these anyway). For posterity sake, I'll give you the verbals:

1. Rebreak (intra-bar/candle) of the horizontal line of the BTCUSD weekly S1 pattern
2. Weekly bar close of BTCUSD above this same horizontal line
3. Monthly bar close above its horizontal line
4. Rebreak (intra-bar/candle) of the horiontal line(s) of the ETHUSD S1 pattern

Suffice to say, in my world: these are huge confirmations. I absolutely take these seriously. Now, the inevitable retrace action was the CME weekend gap at $40 K. Already tickled. They settle 93% of these historically. There is another gap remaining at $20K. I'd be extremely surprised/shocked honestly if they dealt with that. It's a weekend gap. Price action stops due to Forex regulations. They don't have to do anything now that the momentum has built; the ETF's are due etc. There is much much more Big Money (not to mention Fed shadow buying that has been obvious on the blockchain for two years) waiting to get their signals.

What am I looking for for more (unsolicited) LT entries? The retouch flirtation with the 200 EMA. That will likely be near $35k. Some shenanigans and fear mongering BS will be used. More big money will buy.

Regardless, suffice to say, Bitcoin will go well above $100k. The overall baseline targets on my charts still read $450 K as Target 1 (not necessarily in this cycle, mind you). 

I loathe Ethereum with a passion. BUT, given its lion's hare of the second position you are a fool if you aren't charting it (speaking for myself not anyone here). I won't buy it principally. BUT, if you have access to an ETF position to ride the chart and price action: the Targets are $25-28 K. For those of you at home, what this means essentially is you can enter a share-holding position in an Eth ETF and ride a likely 12-14x earnings on your Swing Trade. That's potentially life-changing money. Crypto does this. It will do it again.

People in this thread telling you to '...sell it all...'. They don't understand a thing about Markets. There is literally a website (and has been for years) that tracks 'Bitcoin deaths'. This is due to more fear-mongering foolery that gets the herd every single time. While the Big Money buys up their Stop-Losses and sells at losses. This isn't rocket science. Every market does this. Crypto is no different. 

Don't kill the messenger. Do your own TA or research. These are free unsolicited nuggets. 

As an aside, for any bullion hodlers: the Gold:Silver ratio just eclipsed 80:1. Time to sell a good chunk of gold into silver. 

I digress. But, I share this because we can't trade spot silver/gold in the US. Silly!

[GAME05]

Was being a bit facetious. I think everyone respects we're rolling now. Decent bit earlier than usual but it makes sense with the ETF (hopefully) on it's way. Plus you can tell where we're at in the market by just how many insane price predictions we're starting to see on crypto-youtube.

My internet speed has made using a dex about impossible. But I have a few spitcoins to throw some fun-money at when the year rolls over. Weirdly in a position where a total collapse won't change my retirement situation, nor will a 10x, but a 30x might, and so I'm more inclined to take a few extra swings at the fences.

Lot of good tokens on ETH but holy moly the gas fees in and out would take away any profit you'd make. It's ridiculous. I've hated ETH for a long time, too.

[Joseph Zarr]

On 12/15/2023 at 2:03 PM, GAME05 said:

 

Lot of good tokens on ETH but holy moly the gas fees in and out would take away any profit you'd make. It's ridiculous. I've hated ETH for a long time, too.

The absolute worst. I joke with some of my friends to hodl their Eth bags and ride it into the $20's...but be sure they stash a 30% Gas Fee Tax clip in their arsenal. Man, i still remember $88 Eth in 2020! Whewwwww.

[GAME05]

Well if it's strictly Eth you could move it back over to a CEX and only pay the exchange fees and not Eth gas. Though I like the degenerate stuff but will ignore it if it's on Eth. I wonder if a lot of developers are starting to feel the same way.

People pointing at the one analyst who made a "ETF delayed" article, but I'm more inclined to think it was just the big boys flushing out the half-billion dollars of longs out there. A person would do well to time their entries and exists in the market to how overinflated the leverage is. But oh well, the market hadn't seen a red weekly in something like five weeks.