Trading meme coins is purely momentum driven. When there is strong demand such as Musk pumping doge then you gotta get in quick and when you notice the hype ending then you need to get out quick.

Doge isn’t the only meme coin. There are stocks also like GME and AMC which aren’t meme but they pumped like crazy during those wallstreetbets days and now they are heading downwards because the hype has died off. SHIB is also another one which was hyped like crazy in the past and now it looks like the trend is downwards. Will most likely lose 99% of its value from ATH.

It’s not only that. It’s mostly due to the fact that Bitcoin is a risk on asset and it currently has a strong correlation with the stock indices such as SP500.

Pull up TradingView and compare the two you will see how closely they mimic their moves. It’s because if crypto traders see the stock markets heading lower, they start to sell their cryptos.

This week is was full of bad news with new covid, tapering and rising rates and Biden having a cough, etc.

I think the stock market correlation is what is causing all this downward movement. Looking on the daily $53K is actually important support, currently we swept the lows hard and rallied back up but it’s looking like it’s targeting the lows again. Seems like a very weak bounce.

If $53k doesn’t hold then next area is $48K and who knows if that will even hold. Want to know what’s a good way to predict the bottom? Instead of guessing just look at the funding. If it becomes negative then it’s most likely the bottom like it was at $40K and $28k in the past. Right now it’s not negative yet.

There are different ways to stake. The highest paying is usually by those yield farms but there is a huge risk and it’s called impermanent loss, read up about it. Then there is the worry that one day some bug is discovered on the Defi platform and you lose everything.

The safest way is by lending your USD, especially in a bull market. You can make 10% on average and much better than keeping it in the bank. Keep in mind there is still some counterparty risk like your exchange going bankrupt or your account getting hacked. But it’s much safer than yield farms.

Honestly I think the choice he made is much smarter than what most people do. Most miners usually sell their gear and coins and then at start to trade altcoins, and they usually end up losing it all.

Those altcoins he sold are already pumped up, I doubt they got more room the move. The meta coins had a crazy year, not much steam in them anymore.

If he held the alts, they could go 90% loss and buying a GPU would maybe yield a max loss of 50% or so. So not a horrible decision.

I think if it wasn’t for the Omnicron which is causing all these stock market sell offs and then Bitcoin following, we would of already broke the $60K. But whenever Bitcoin is starting to rally, traders are the SP500 go down more than 1% and they correlate the trades and start to sell Bitcoin.

For the last 4 days the ranges were tight. There is a CME gap at $54500 which has a good chance at filling first before we head back up to the $60K. No idea when that will be. So far the market is just chopping around.

The SP500 hit a new ATH on Nov 22. By Nov 26 it had declined only -3% from ATH however the VIX went to 29 that day. This normally shouldn’t happen. It means the sell off is massively fear driven by retail investors.

Go back to 2012-2018 and see how often the VIX was over 29? Not very much and certainly not when it’s only -3% from ATH.

Seems all these wallstreetbets stocks like even DOCU are dumping hard which had crazy high PS ratios. Look what happened to DOCU today. It lost over 30%. It makes Bitcoin look like a blue chip stock pretty much.

Maybe it was a dream. But I swear there was a similar thread already asking this last week. And I remember commenting on it. The same question pretty much of will a useless meme coin hit $0.10.

Basically, no. Even in 1,5 or 10 years. It will never hit that market cap because the supply is crazy high. Most people only look at price but never at the circulating supply. Supply is so high that it’s impossible to hit that figure.

Most likely it will go to 10k and then back down to near zero if a bear market starts anytime soon.

Keep in mind most of those coins are already pumped up pretty much. Take SAND for example, currently it’s at $6. Seems cheap but keep in mind that this coin was less than $1 in the Summer and was like 5 cents about a year ago.

Could it pump to $10 or $20, sure it’s possible however with what is going on with the stock market at the moment. There seems to be a risk off environment and all these coins might have massive corrections sooner rather than later.

Nobody knows what will happen.

The price can trade sideways for the next 12 months and it’s bad for miners since the difficulty will also keep going up. So our profits will keep going lower and lower.

Price can also go down which would make us make less money exponentially since hashrate is high while price is dropping.

Or ETH can go to something crazy like $10K and it’ll be a very profitable year like in the past. The difficulty will increase but so will the price.

I actually tried to do something similar back in 2016 with a Antminer S3 and got it to run partially using Getwork. No idea which ASIC you got but it might have a Getwork option and you might be able to mine it that way. For me it connected and mined for a couple minutes and then kept stopping so I just gave up. Maybe you will have better luck.

If it doesn’t work then you need to basically open your own local pool and have the ASIC connect to the pool using stratum and you won’t get issues this way. Keep in mind it won’t work doing this on Bitcoin since the hashrate is way too big.

Don’t know if you guys are involved in the traditional stock markets but what we are seeing right now is massive panic mostly driven by the retail wallstreetbets FOMO tendies option crowd.

The SP500 is down only 5% but the VIX was over 30 earlier which is a rare event. If you look at the VIX for the past year and compare it to 2012-2019 you can see how much more panic there is in the markets right now.

SP500 dipped 2% and VIX spiked to 28. And if you read the comments on wallstreetbets area you can see people losing almost half their accounts pretty much. After today’s session many people have claimed to lost their entire balance.

And if you look at AMC, which is that short squeeze meme stock, it was down -20% in one instant. Meaning those earlier holders probably started to liquidate their entire trading account just to get out in the black. Basically people selling their winners to balance out their losers.

This is not normal behavior. And it should be a warning that it can happen in crypto also. So if you made decent gains, remember to take profit. But if the sell off starts, you know it will be too late. I am talking especially with altcoins and meme coins.

Be smart and protect your capital. Don’t get greedy.

I don't know if it will hit $600, and if it does. Most likely not in 2021 which ends in 1 month. One thing I am certain of is that most likely if you see LTC going bonkers and pumping like crazy, there is a good indication that the top for BTC was set.

Whenever LTC rallies, like it did in late 2017 and in April 2021, it was a BTC top. Right now its not rallying but it looks like its about too. It peaked at $400 which was the top more of less in 2017 and bottomed at $100 and now its $200. Its briefly went to almost $300 a couple of weeks back. So pay attention. If it breaks $400 be ready for $600 or $1000 and most likely consider the fact that BTC will top somewhere in that same time.

Yes you are right that as the price of bitcoin goes up, the hashrate goes up and the common man cannot mine anymore from their home, which would of been ideal to keep the network decentralized and fair. Like satoshi said, "One computer, one vote" or something like that.

However you are incorrect that when all the block rewards are mined and the miner reward is almost 0 that the network will crash, it won't because if there are transactions then miners would get those transaction fees. If of course there was no blockreward and no transaction, then obviously it might crash since no one would mine for free.

Are both the deposit and withdraws disabled on Yobit? Because that exchange is famous for having many coins listed and traded however their wallets are in maintaince mode. I am still surprised why they don’t just remove all these coins with no nodes or working blockchains.

They even have many coins on maintaince which are still active and got working nodes and miners and everything. However the wallet is still stuck on maintainance mode.

Either way. Dead coins are hard to revive. Many new holders would be scared of some old adopter just depositing their old coins and causing a market crash.

One thing I learnt with trading with technical analysis and moving averages or RSI or what not is that as long as you chose the right direction then with technical analysis you will get a great entry. However if you think it’s going to go up and instead it goes down then obviously no technical analysis will work.

So you need experience in realizing when we are in a bull trend or bear trend because at any given moment in time it’s an area to long and also an area to short. So you need to get the direction right first.

Bitcoin doing what Bitcoin does best. Basically ran the stops to the downside and then went higher and broke multiple resistance areas. I unfortunately exited my long because I assumed the weekend would be all chop and I didn’t like how the funding was positive when we were trending down. Seems like a liquidation domino effect would be triggered to the down side, however I was wrong.

Wanted to long in the $48-50K area instead. There is a fib in that area from the $28K low to the $69K high. Much better RR in that area when you consider to the fact that we might break $69K and head to like $74K. Around 50% profit for very little risk.

You know how technical analysis is exactly. There can be support at $53K, or at $50K or at $48K and its also very possible that none of those supports can hold. Right now I am looking at funding data and it seems people are buying every dip when the bounces are VERY weak and I see a cascading liquidation on the near horizon. If you want to long you can long but you need confirmation first somehow.

One good confirmation is if the funding starts to turn negative and price fails to go lower. This happened twice in the past year. Once when we were at $30K and another time when we were at $40K. If you bought then you would of had an excellent R/R and nobody predicted that those areas would be the bottom.

When we were at $30K, people were calling for $20K as the bottom and it never happened.

This depends on the timeframe. For most short term investments, this is considered true, its a zero sum game out there. However for people with IRA and long term investments it doesn't mean one of the players needs to be a loser.

Someone 100 years could of bought a stock as an IPO, and they sold at a profit 25 years later to someone else, then that party sold to someone else at a profit 25 years later. And thru the generations each individual sold at a profit and the current owner is also sitting at a profit.

As long as the company doesn't go bankrupt and keeps making money... each investor makes money. Obviously the last investor will lose if the company goes belly up.

There is no support at $50K, it’s just a nice psychological number and most likely won’t mean much. It’ll either find support right above or right below.

We got some support at $53k which looks like it might hit in a few hours and more at $48K area. Both were previously resistance areas. Currently Bitcoin looks very weak and I think it will break the $53K because bounces are very weak.