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That volume means business. Best possible case for bears is another quick dip $7500 fueled by a massive dump. The worst case is it just keeps going straight up from here to 12K
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This correction correlates perfectly with my getting ill with flu. The moment symptoms started to show, crypto started to collapse. As soon as I started to recover, it bounced back.
Since my personal health seems to be as accurate an indicator as anything else, and since I'm feeling pretty spritely again now, I can confirm that we're off to the moon again. Now that I'm aware of this correlation, I'll be sure to inform the forum if I ever feeling slightly sniffy ever again. Short the flu!
The entire bubble correlated with me getting lyme disease. My bear powers werent strong enough to hold it down anymore. |
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Tera isn't actually a one-way permabear IMHO. More like a cynical contrarian skeptic.
In other circles, they would just say "troll". Say "cynical contrarian skeptic" 3 times fast. |
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Bitcoin is unique in that most of the traders are tied into being in one of two positions - either btc or usd. There arent a bunch of other stocks and asset classes for them to trade. They're not leaving the market. They're staying on the bitcoin exchanges with an eagle eye on the chart and soon as there is a hint of a reversal they have to all pile back in at once because if theyre on the wrong side of the market then theyre losing and wasting their time on high risk exchanges.
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Why does this market bounce like a rubber ball? It's just so extreme I can't believe it.
because of short closing, it escalates quickly Also most of the sellers are really bulls who want to increase their coin stash and as soon as they smell a reversal, FOMO kicks in. |
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I need to sue someone for an internet outage over the last 20 minutes. How do I do this?
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Im getting flak both by bulls and bears who dont understand my position on tether. Let me clarify. If I was to rank which of 3 assets you should hold, it would be as follows.
Bitcoin - unsure (1st or 2nd)
Real fiat - unsure (1st or 2nd)
Tether - LAST PLACE - dont hold
Tether is not a dollar. Tether is an arcade token that is now involved in some kind of fraud and lost its backing.
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I cant go into fiat in that account that im locked in with the small withdrawal limits. Im stuck between bitcoin and tether. And just because the fraud in tether is similar to the usd doesnt mean it will survive. Tether isnt backed by the government and nobody is going to save it.
Tether is one of these things that corrections get attributed to regardless of where they originate. It joins the ranks of, hardforks, exchange collapses, malleability scares, media scares, developer scares, competition scares. Ask yourself this....why do you think so many scams surround bitcoin ? Answer: because it's being acknowledged as having real value. yet the one thing in the entire jungle which is not a scam, has never been hacked, cannot be "faked" and has no conflict of interests is bitcoin itself. The Tether "crisis" is good for a few percent short term, but it will aggregate to nothing. Regardless of the effect of tether on bitcoin price, it will be a bad idea to hold tethers themselves. Tether could be a 100% loss. That's what I'm trying to say. |
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When Tether collapses you will feel pretty stupid for not grabbing 8K, even if btc/usd proceeded to 6K. Ive already flipped it to the point of having virtually no cost basis and dont need to be so greedy that I lose it all..
That depends on whether your're trying to accumulate crypto or the ever atrophying US dollar. If you think Tether's toxic for creating "dodgy" liquidity it's got nothing on the world's central banks who have inflated the monetary base by multiples to prop up all known markets including stocks and treasuries. Personally I won't feel the least bit stupid for not going all in on the collapsing "fiat train", specially having lived through several of these "corrections" and survived to tell the tale  imageI cant go into fiat in that account that im locked in with the small withdrawal limits. Im stuck between bitcoin and tether. And just because the fraud in tether is similar to the usd doesnt mean it will survive. Tether isnt backed by the government and nobody is going to save it. |
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Just dumped all my tethers. I was so worried about tether I was ready to buy back at 12K the other day. This is a steal.
You don't have tethers. You don't have bitcoins. You never had. Don't get too excited when bitcoin price goes down and don't be too depressed when bitcoin price goes up. Just don't forget to take your daily medications and everything will be ok. There is no faster way to lose your mental health than one of these poisons "medications", except a TBI. |
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When Tether collapses you will feel pretty stupid for not grabbing 8K, even if btc/usd proceeded to 6K. Ive already flipped it to the point of having virtually no cost basis and dont need to be so greedy that I lose it all..
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Just dumped all my tethers. I was so worried about tether I was ready to buy back at 12K the other day. This is a steal.
You buying? What’s your level of commitment? I only bought in my USDT account which is smaller than my USD account and I'm probably fully committed to this position. It's not so much that I'm super bullish about bitcoin but that I'm bearish about tether... They could freeze USDT pairs at any moment. So this is like a win win Where do you see the bitcoin price going from here TERA? Significantly further down or consolidation in this range, maybe even a bounce back upwards? Keen to see what you think rather than my fellow HODLERS/uber positive bitcoin peeps. I think the most likely situation here is a bounce either from here or some point above 7K , then going to the low teens, then going sideways for a long time before coming back down, but Im not 100% sure. The volume is still a little low in the grand scheme of things. I guess a low volume bounce is what means its coming back down eventually. |
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Just dumped all my tethers. I was so worried about tether I was ready to buy back at 12K the other day. This is a steal.
You buying? What’s your level of commitment? I only bought in my USDT account which is smaller than my USD account and I'm probably fully committed to this position. It's not so much that I'm super bullish about bitcoin but that I'm bearish about tether... They could freeze USDT pairs at any moment. So this is like a win win |
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Just dumped all my tethers. I was so worried about tether I was ready to buy back at 12K the other day. This is a steal.
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At this point if you have a tether account and a fiat account, its a no brainer to buy in just the tether account.
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That flat line at 8750 looks like something out of mtgox
Just curious - what is your prediction? I remembered you were very bearish a few weeks ago, but now you're not calling "big crash" like some are. There could be a big crash, but it's not going to happen all at once as were already in slow grind mode. It would be a slow slide with lots of bounces like 2014. I think from here it could go to 7-8K then have a bounce back up to 13K before proceeding with the next wave down to 5.5K then a much longer bounce to 10K and then a final wave to above 3K. This would mimic 2014. |
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That flat line at 8750 looks like something out of mtgox
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I have to admit theres a lot of big orders being thrown down at these levels.
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Wasnt it just a couple months ago that eth fell all the way to some 0.02btc and now were already talking about the flippening again?
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