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Yeah I was a buyer at the 200 WMA and so where many people. And I am pretty sure the $20K also had tons of bids in that area. For both of those to fail it means that there was huge supply pressure and just not enough demand.
Last 2 days were stable however it’s hard to call it a bottom yet. We can trade sideways for a while and when the GDP results come out and if it’s confirmed we are in a recession then I don’t see us rallying anytime soon. Especially since the next CPI might be high and fed will hike again.
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Very strange to go all short this late in the bear market. Seems like a bottom is fairly close anytime soon. Why place these huge bearish bets right now?
From what I can tell. Since he is shorting banks and energy, those most likely have held up pretty well recently, especially energy. So I guess it makes sense in one way. But I still think that the perfect short was about a year ago and not now.
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BTC and ETH and BNB all have a chance at hitting their old ATH however it’s not anytime soon. We had a brutal fall and it will take years to fix this.
What is worse is that inflation is still high and fed will keep rates high and it’s not good for the stock market. So crypto will follow and also fail to rally. We will top but not until things get better.
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Don’t take those fear and greed graphs too seriously. They have been at fear for months and it keeps going down. I used it last cycle and price went another 50% before reversing and same with the greed calculation.
If you went by that you would of sold provably at $20K before it hit $69K. The issue is that it can fall further and the extreme fear will only go down by one point or two. And you are sitting at a 20% loss. And it can also go down another. 20% a few times before it reverses.
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I don’t think it really matters how long it was used. Would you buy an 6 month old GPU that was inside a poorly ventilated case where the gamer overvolted and overclocked and gamed for like 4 hours a day? Or would you get it from a miner who undervolted it and had it in an open air rig.
The only issue with mining rigs are the fans. They generally wear out much quicker than some gamer. Since gamers generally only play 1-2 hours a day, usually the fan doesn’t spin at all during that time. Compared to a miner rig which had it running 60-70% fan speed for years.
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It’s too early to tell. Selling at $17.7K was good if it keeps going down again into the $15K or so.
Most likely since tomorrow is a holiday we will get sideways actual. Don’t think the low will break. However if the stock market keeps crashing again then it will take Bitcoin along for the ride. Right now there is very little liquidity everywhere and everything can very quickly move up and down.
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It seems that this was some attack where there was a huge liquidation at $895 on ETH. They waited until the weekend when liquidity was low to perform this. Basically as soon as the $895 liquidation was hit, price reversed.
Now there is talk that the large FTX exchange might be bailing out some of these liquidated hedge funds. Currently its all speculation however this was enough to cause the market to rally past $20K.
Its crazy how the CME open and closed at pretty much the same price.
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17.5k was not extreme, so i'm sure is not the bottom yet, the bottom is something extreme that nobody believes, for example like when btc crashed from 20k to 3k, right now to be as extreme as 20 to 3k, btc would have to crash to around 9k to 11k, that would be extreme. So reason i dont believe this is the bottom, it was too fast as well, the bottom takes time to be found.
About eth, eth still at 0.05 to btc, so is overvalued at the moment, eth to btc ratio in the crash is usually 0.03 and lower, so meaning if btc crashes to 10k eth will have to crash to 333 usd. This eth ratio will crash as we go from here, dont be surprised to see eth to btc crashing in the coming months and then we see the bottom, I mean in 2018 when btc crashed to 3k, eth to btc got as low as 0.015, so just for the sake of math, if btc crashes to 10k and that eth ratio is at 0.015 then that means eth at 150 usd, for refence always look what happened in 2018 November, will it happen that way again? we never know, if you dont believe this will crash more, you can always buy now, even if crashes a lot more no worries just keep your coins safe and hope for a better opportunity to sell high in few years.
If the bottom is anything like 2015 and 2019, we will make a bottom, trade sideways for months and eventually get a break upwards. Everybody is looking for a capitulation candle or some type of V reversal and due to this many are dollar cost averaging buying however it’s not a wise move when it can bottom out at something crazy like $14K. It’s best to wait and just buy it when it finally uptrends at like $15k or $16k rather than buying now. I assume many bought at $20K and are under water. So if it approaches $20K again most likely will be strong resistance. |
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Anyone care to guess why we broke the all mighty $20K level on a weekend. Which also happens to actually be a long weekend.
Last night I got tons of whale alerts and lots of cryptos were deposited to many exchanges right at midnight. I found it very strange.
Woke up and $20K broke and it kept getting sold off and low of the day was $17.6K.
Why sell when liquidity is very low?
Maybe they know something and are selling because on Tuesday bad news will come?
Is it to force stop hunts? If so it would of broke $20K and reversed by now.
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Yeah it’s pretty crazy seeing $18K when my lowest price was the 200 WMA which was at like $22,222 which was almost $5000 higher than here. And yet we managed to go lower. The low for the day is $17600 or so.
I remember when Bitcoin went to $42K and everybody here was like “bought the dip, low in for the year” this was when $69K was the top. And it’s crazy having it go more than half that lower. Right now the way it’s trading, doesn’t look like it will be the low.
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if you think 18k btc is low wait until autumn ...
I think it will reach 500-1000 USD max as you can't use to sell stuff and big whales already moved their money ...
In 2019 btc was already 9000-10000 USD , do to pandemic people invested a lot in btc.
I think you are fucking nuts. I think the likely of you being hit by a meteor and killed tomorrow is almost as likely as a 500 usd price for btc in the fall of 2022. So here's hoping that neither of the 2 happen. lol This is probably one of the best responses posted by philipma1957. Had a good chuckle when reading that. Regarding his response why pay $18K for a Bitcoin when you can buy a car? Most people buy equal amounts of stocks. What do they get out of that? Pretty much nothing. Only reason they buy it, is to sell to someone else at a higher price. A car is a depreciating asset. |
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I don’t think the bottom is in. Today on Bitfinex we got some nasty seller who is offloading hundreds of millions of crypto. No idea if it’s 3AC or some other fund.
If $20K is the low, we will get a stop hunt first. Many people longed here and got a stop loss at $19999 that everybody will love to run.
Depending how that stop triggers then it might be time to buy. But there is also the chance that this might go to like $18K very fast since liquidity is low on a Saturday.
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Basically we need to see inflation start to go down. So if next months CPI print is negative something like <7.5% and the following month it’s also negative then we will start to bottom out.
Then the fed will decrease the increases from 75 to 50 to 25 and eventually stop raising them. That is when we will start to see a bull market in stocks and crypto. No idea when that will happen.
Also look at employment numbers. If employment goes down then it’s a good sign that inflation is under control.
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I agree with some of his points. Inflation at 8.6% is crazy high. So is record low unemployment rates along with high commodity prices. All this points to stagflation and a recession.
The rate hikes in the past did nothing, we still got a huge 1% CPI print from the month prior. Inflation should be 2-3 % for entire year not month.
Something needs to break and it will. Lay offs and hiring freezes are already starting. And consumer confidence is shot.
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Basically a few months ago, people were saying they would buy at the 200 WMA or at $20K and now people are saying they will buy at $1000-$10000. Which leads me to believe that a bottom might be somewhere close.
Way too many bearish people and people are moving their buy in targets and usually when that happens it bottoms out. This is similar how $6k broke and people were calling for $1K Bitcoin which never happened.
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I think many bought at the 200 WMA around $22222 and many are buying the $20K wall. However it looks like the wall is getting eaten and most likely in the next 24-48 hours it might break.
If we close on Sunday under the 200WMA it will mean that the technical signal is no longer reliable. The next 72 hours are very critical.
Tomorrow will be a huge day due to the stock option expiry and will provide lots of volatility.
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The issue with the hardware section on bitcointalk is that unless you sell very cheap, nobody is going to buy those GPUs right now since the profitability is low. Selling there during a bull market is a great place. Not during a bear market.
With Craigslist and Kijiji and Facebook marketplace is that it’s good because you get top dollar however it’s a lot of labor work. Especially answering messages, arranging time to meet, most will buy 1 or 2 GPUs max.
If you got like 100+ GPUs to sell, eBay would be the least labor method out there. Just need to print a label and ship it off. However there is the trade off with these returns.
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Nobody said that ETH will go to $0. Neither will Bitcoin. These 2 crypto mega projects are here to stay. However we have no idea if $1K was the bottom. Bottom could be here or at $500. Same with Bitcoin.
Altcoins however, most of them will go to $0. Remember 2017. All those ICOs and alts out back then never survived the crypto bear market. They are delisted from all exchanges and not worth anything.
This time around the same will happen.
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I think now is a good time to offload any GPUs at a decent price because we will see a huge supply hit the markets. With the money you get don’t buy any altcoins right now. Wait for market to bottom.
Only coins i would buy is maybe BTC ETH and BNB. The rest can easily do another 90%. Just because it seems cheap doesn’t mean it’s a good deal. It can drop another 90% and will never recover.
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eBay is a pain really to sell any mining equipment. However with a market like we have right now I don’t think many buyers will be miners but gamers instead.
I prefer selling to gamers because they usually don’t create headaches. For miners who are buying they might make a claim or switch the GPU out with their own defective unit and say it was broken. You can try the photo of serial but I think eBay will side with buyer anyways.
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