Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[philipma1957]

Purchased my $50 dca and $200 dip

These 36k numbers may allow me to move out of the crab status and into Octopus a year faster than planned for.

All 2021 taxes paid in full.

Still waiting for my 2020 refund check I will get a lot of dip with it.

Looks a lot like 2018 and that means get ready for rising difficulty and dropping prices.

[somac.]

Do I remortgage my house now or wait for a bit?

Start the process perhaps.

[philipma1957]

As JJG says you are not prepared for uppity.

This is a good chance to do exactly that.

[OgNasty]

Looks a lot like 2018 and that means get ready for rising difficulty and dropping prices.

Indeed.  The 4-year cycle didn't play out exactly like the previous 2, but it certainly rhymed.  No reason to expect we won't see a long slide down to $10K over the next 2-3 years as a result.  I hope not, but that can't be ignored.

For now, I'm on capitulation watch.  So far the volume on this drop below $40K is less than the volume that dropped us below $50K, so I'm not sure we've seen the bottom yet.  The dead cat bounce will hopefully get us back up to retest $50K and give some people an opportunity to do some cashing out, but that might be a pipe dream.  

My hopes are that we jump back above $53K on some good news and can resume the upward rise.  My thoughts are telling me we'll see a sub $30K Bitcoin before the bleeding stops, and then likely a slow bleed that could potentially last years as value is extracted from Bitcoin by those who are overextended to that asset class (probably all of us).

[somac.]

Looks a lot like 2018 and that means get ready for rising difficulty and dropping prices.

Indeed.  The 4-year cycle didn't play out exactly like the previous 2, but it certainly rhymed.  No reason to expect we won't see a long slide down to $10K over the next 2-3 years as a result.  I hope not, but that can't be ignored.

For now, I'm on capitulation watch.  So far the volume on this drop below $40K is less than the volume that dropped us below $50K, so I'm not sure we've seen the bottom yet.  The dead cat bounce will hopefully get us back up to retest $50K and give some people an opportunity to do some cashing out, but that might be a pipe dream.  

My hopes are that we jump back above $53K on some good news and can resume the upward rise.  My thoughts are telling me we'll see a sub $30K Bitcoin before the bleeding stops, and then likely a slow bleed that could potentially last years as value is extracted from Bitcoin by those who are overextended to that asset class (probably all of us).

Actually, I think there is a reason to not see the price get down to 10k and that is that LTHs didn't sell as many coins to newbs during the upswing and that they already hold a high level of the coins again at this level. To get to 10k would require a fairly large capitulation of LTHs, but, what we are seeing now is that they are actually modestly buying coins again at these levels.

I'd also say that the decrease in volume on this drop is for the exact reason I mentioned above, LTHs are not selling, and STHs did not get their hands on as many coins to sell compared to 2017.

[icopress]

Desperately looking for a bottom... but can't find any so far... no real bounces so far too...   HODL!

In my bitter experience I can say that one big crash is immediately followed by another so I expect support at 28/31к. But I am optimistic, and I think that we will soon fly in the other direction ^{[but not as soon as it might seem]} as BTC is just entering the oversold zone, ^{[In order not to repeat myself, I will quote what I wrote yesterday]}.

[...] And although I am not a financial analyst, in order to refute your arguments, I am still not sure about the reality of those easy money that you are talking about and, as a result, about the capitalization of the crypto market, since I am convinced that the turtle always wins the race. But I agree with the statement regarding your potential expectations of market behavior after panic selling, given that not so long ago ^{[in March 2020]} we saw a massive dump of liquid assets, including S&P500, followed by a triple ATH. Although I do not rule out the opposite, because I do not remember that the interests of the majority would ever prevail or at least mirror the idea of ​​a bearish or bullish trend.

[Lambie Slayer]

Bargain Boyz would like to thank the bears and weak hands for these cheap coins. 

[philipma1957]

YEAH I may go for $200 more in a few minutes as I will be off line for 2 days in terms of buying ability.

[somac.]

Bargain Boyz would like to thank the bears and weak hands for these cheap coins. 

Good to see you back.

[somac.]

YEAH I may go for $200 more in a few minutes as I will be off line for 2 days in terms of buying ability.

Do that or set a few buy orders perhaps

[aesma]

I hadn't checked my stonks as work is getting crazier and crazier (and money should partly come with it, but I'm starting to regret my previous position where I could surf the web all day...).

Surely enough they're down too, not as much as BTC, but they hadn't gone up that much either (my company is a dividend company not a growth one).

I've had little time to figure out how to buy a bit more than my usual trading, to buy the dip, I just created an account on localbitcoins, any good/bad XP with this ?

[bitcoinPsycho]

This works for me

[somac.]

This works for me

Lisa: Cheer up, Dad. Did you know the Chinese use the same word for 'crisis' as they do for 'opportunity'?

Homer: Yes. Crisitunity.

[philipma1957]

YEAH I may go for $200 more in a few minutes as I will be off line for 2 days in terms of buying ability.

Do that or set a few buy orders perhaps

Yeah I could , but I have the daily $50 dca set. I can fund that the whole year with no issues.

I need to study all my gear commitments to figure out if I want to cancel them.

I think I have an over commitment to future gear. But that much of it can be cancelled.

600 + 900 + 1700 = 3200 easy to cancel
..............................2504 easy to cancel

5704 all easy peasy cancels



I could return 2504+2504+4500 = 9508 they would be hard to return but that could be done.

So I can free over 15k in about a week.

The advantage of staggered orders of gpus from legit sellers.

I will do the easy cancels ie 5704 = cancelled.

the more difficult ones I will wait.

Also need to check my silver holdings.
just checked so far it is flat

[somac.]

YEAH I may go for $200 more in a few minutes as I will be off line for 2 days in terms of buying ability.

Do that or set a few buy orders perhaps

Yeah I could , but I have the daily $50 dca set. I can fund that the whole year with no issues.

I need to study all my gear commitments to figure out if I want to cancel them.

I think I have an over commitment to future gear. But that much of it can be cancelled.

600 + 900 + 1700 = 3200 easy to cancel
..............................2504 easy to cancel

5704 all easy peasy cancels





I could return 2504+2504+4500 = 9508 they would be hard to return but that could be done.

So I can free over 15k in about a week.

The advantage of staggered orders of gpus from legit sellers.

I will do the easy cancels ie 5704 = cancelled.

the more difficult ones I will wait.

Also need to check my silver holdings.
just checked so far it is flat

Do you mean cancel those orders and just buy the BTC instead?

[ChartBuddy]

Explanation

[JimboToronto]

https://www.youtube.com/watch?v=nFxjnUPRwx4

[philipma1957]

YEAH I may go for $200 more in a few minutes as I will be off line for 2 days in terms of buying ability.

Do that or set a few buy orders perhaps

Yeah I could , but I have the daily $50 dca set. I can fund that the whole year with no issues.

I need to study all my gear commitments to figure out if I want to cancel them.

I think I have an over commitment to future gear. But that much of it can be cancelled.

600 + 900 + 1700 = 3200 easy to cancel
..............................2504 easy to cancel

5704 all easy peasy cancels





I could return 2504+2504+4500 = 9508 they would be hard to return but that could be done.

So I can free over 15k in about a week.

The advantage of staggered orders of gpus from legit sellers.

I will do the easy cancels ie 5704 = cancelled.

the more difficult ones I will wait.

Also need to check my silver holdings.
just checked so far it is flat

Do you mean cancel those orders and just buy the BTC instead?

Yeah as with this price drop the gear now looks too pricy and btc looks cheap.

I have a bit of time to decide. Till monday.

pretty sure I will kill the easy orders as they did not arrive. (5704)

the harder stuff to return just came in yesterday and last Friday (9508), but I spend tons with these companies. Stagger my gpus orders  and I have not done any returns in a while.

I will grab that extra $200 now

edit just did.

And off to NY to pick up my demented bro-in-law from Long Island Jewish Hospital,

 poor dude covid gave him a stroke in Jan 2020 that caused dementia . Early this week he had a seizure from the dementia medicine.  So he is pretty much fucked for the rest of his life.



Whatever you do take care of your brains. Dementia sucks

[philipma1957]

I cancelled 1 order that was for 2504.  It was the easiest one to cancel .

so I now have 2504-400 = 2104 to buy coin with.

I grabbed $400 already and my $50 dca is in place.

[somac.]

I cancelled 1 order that was for 2504.  It was the easiest one to cancel .

so I now have 2504-400 = 2104 to buy coin with.

I grabbed $400 already and my $50 dca is in place.

I hope it pays off well for you.