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Cryptocurrency |OT2| Money's New ERA Shoots for the Moon! | Read OP for Thread Rules
- Thread starter breakYODAy
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One scenario I presently favour is ETHUSD falling to around 140-150 by the end of the month, say August 27-30, before bouncing to something like around 260-290. If that all happens, then what happens at that higher target will determine whether we sag down to something like 40-60, or move higher from there.
As always, there are no guarantees that any of this happens. This is what the charts presently suggest to me, but anything can happen. Trade at your own risk.
As always, there are no guarantees that any of this happens. This is what the charts presently suggest to me, but anything can happen. Trade at your own risk.
Welp, Bitpanda is legit tho and one of the most interesting exchanges/broker to date. From central europe (Austria) and completely regulated with a PSD2 license. I trust them more than binance or coinbase, that's why I chose to invest a bit in BEST too. If they can hit their goals, they will be the to-go-european exchange in the future. They even sell metals in form of gold and silver, which no other exchange does. I mean... you can even buy codes to invest on their platform at every single post office in Austria. BEST idea is similar to binance coin, but with the lowest fees in this whole market - and with that I mean globally. I'm out of crypto for a longer time now already and this is the first thing since the big dump that I found something interesting again. If you don't believe me, take a minute and look it up yourself. I hope that Bitpanda succeeds, just so we have a new standard in this market. It's time that this whole thing starts to look more professional and legit. Their broker and global exchange surely do. D-A-CH (Germany, Austria, Switzerland) make the most use of this platform, but I know this will change.
Brandson, do you still see ETH bottoming at 140-150 and going up?
Your prediction about the time when it was going to drop was scarily accurate and it seems to has leveled at 165-170
I expected it to fall a bit faster and farther. It instead went sideways more than predicted before the dump to the 160's. It's possible that that was the short term bottom. The picture isn't super clear to me at the moment. I could see another retrace into the low/mid-170's then a push above 200, or revisiting the 160's again. If 163 was the bottom then that's a bit more bullish than my predicted scenario. Buying the next mini-retrace sometime this week could be a decent risk play, if you're careful. Trade at your own risk.
Seeing that it didn't keep dropping I decided to wait this time.
Thank you for your insights.
Can someone recommend the "best" wallet? First time bitcoin buyer here. I've seen that desktop wallets are susceptible to bitcoin-stealing malware and web wallets - if hacked, your funds are at risk. I've setup a coinbase account but am interested in tinkering with cold storage. Not sure how technical you have to be though to intiate something like that.
Edit: Also, I'm a little confused. If you take your bitcoin out of an exchange and into a wallet, you won't be able to potentially get more when the pump happens.. if I'm using that term correctly? So putting your bitcoin on a paper wallet or hardware wallet takes your tokens out of the "market", but you are less susceptible to break-ins. I'm not sure if that's the correct logic or not.
Edit: Also, I'm a little confused. If you take your bitcoin out of an exchange and into a wallet, you won't be able to potentially get more when the pump happens.. if I'm using that term correctly? So putting your bitcoin on a paper wallet or hardware wallet takes your tokens out of the "market", but you are less susceptible to break-ins. I'm not sure if that's the correct logic or not.
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My favorite hardware wallet is the Coldcard (it's Bitcoin only). If you want something easier to use and supports shitcoins go with Trezor or Ledger, but I think Coldcard is more secure.
If you have an old computer or phone that you can wipe clean and keep it offline all the time, you can use a software wallet on it safely. I'd go with Bitcoin Core or Electrum for desktop/laptop. Samourai or Green Wallet for mobile. Again these are Bitcoin only.
If you want to sell your Bitcoin after a pump, you just need to send it back to an exchange (like coinbase) to put it "back on the market" again.
Not sure what you mean from "getting more when the pump happens". Your BTC is your BTC, if you put 1 BTC into a wallet at 9K, and while it's in the wallet it raises to 12K, your BTC amount is constant, you can simply sell at at the current value. You don't "lose" anything or "get more" BTC from that.
Awesome, thank you for the options.
And thank you for spelling it out for my rudimentary-ass lol.
Also, I hope to be in this for the long-run (dollar-cost-averaging). I'm thinking, selling 25% of any profit after a pump so that I don't want to jump off the face of the planet; in the case (a pump) happens. Do you think the same investment approach would work with shitcoins like Ethereum and Litecoin?
In the days following this post, ETHUSD dipped from 178 to 165, which was the retrace I suggested was possible. Today it hit a high of 203. The 230's could be the next major target. If that is cleared and becomes support, then retesting the 2019 high in the 360's is on the table. This can always sour quickly.
Edit: Today's high is now 211. This worked out ok.
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To a Bitcoin Maximalist, everything other than Bitcoin is a shitcoin.
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I guess that's it? There's only ETH 2.0 and BTC halving left that will move the market a little bit. But nothing really ever stabilizes the prices, some coins even got lower now than ever. High possibility that after those two events, you can stick a fork in crypto and call it a day. Let us not even talk about any upcoming "events" of other coins, not worth mentioning.
You did make it sound like forever which really bummed me out :P
For the record though, the next time this shit (ETH) bounces back to something halfway decent, I'm out.
For the record though, the next time this shit (ETH) bounces back to something halfway decent, I'm out.
OMG Fold app will allow me to shop on Amazon.com and earn 3.5% back in free Bitcoin (up to 20% from other brands). Didn't think the day will come this soon, so excited.
Get on the waiting list for early access with this link (includes my referral code which only bumps me up on the waiting list if you sign up from it): https://share.foldapp.com/app-launch?referral=k16m0No&refSource=copy
Get on the waiting list for early access with this link (includes my referral code which only bumps me up on the waiting list if you sign up from it): https://share.foldapp.com/app-launch?referral=k16m0No&refSource=copy
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I'll speak for myself.
The last time the cryptocurrency market had a sustained period of time that was this shitty was the aftermath of Mt. Gox in 2013/14. Before Mt. Gox happened, all the coins from that period had hit 52 week highs sometime during the year.
The biggest altcoins in the market at the time of Mt. Gox:
Litecoin - Worth $22 the week before the incident. After the incident, it took 3 years to get back to that level and additional two to double before 40xing in 2017.
Ripple - Same story as Litecoin but magnitudes better performance over the same time frame.
Dogecoin - Ditto. Becoming a meme also helped.
And then every other alt has died or faded into irrelevance since. Peercoin, Nxt, Omni, Namecoin etc. What ended up happening in the intervening years was that other altcoins entered the market like Ethereum, Monero, XLM etc. that overtook the previous giants and those coins helped spur the next big bubble. Now that that bubble is over, it's much more likely that history repeats itself - a lot of altcoins fade into irrelevance and get overtaken by newer coins, then the opposite. If you look at all the alts that were around from 2014, only two are really left and under development - Ripple and Litecoin. I think a very similar situation plays out again.
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Yea, that was pretty insane.
Been in fiat for a good while, blew my last trade which was a near 20% swing and turned it into a loss because of greed.
Unless you bought 7300, you had to fomo into a move like this. Which is always scary, but when you have a massive breakdown followed by a huge spike back into the previous trading range, it's a very good indicator that the breakdown was a bullish shakeout.
And there is always the issue of people going "just wait for the retest of support after a pump", to which you have to go and point out the actual price action;
There was no retest, which is how BTC likes to operate after breakdowns a lot of the time. You shake people out, make them super bearish, get the late bears to short, and then you just pump it to trap the shorts and keep pumping it into the trading range, and then pump it past the range.
I sold at 9400, cause that was the clear support/resistance of the last few months. And then not five minutes later it started pumping to 10500 lol.
But same with the sudden reversal from 7400, when you get such violent moves to where a single 24 period is like 40% gains, the last chunk of that gain is probably going to be a trap to get the late bulls to FOMO and buy the top as the people who got in near the bottom start selling and shorting.
If I had to bet, we could just keep pumping the next few days for the lols. I think if there is going to be any type of retest, it will be a pretty violent and sudden dump into the 8600 range to test the previous trading range top, but that's probably the best anyone would get for a good entry considering the last day has drastically altered the market and put it back into bullish territory.
Been in fiat for a good while, blew my last trade which was a near 20% swing and turned it into a loss because of greed.
Unless you bought 7300, you had to fomo into a move like this. Which is always scary, but when you have a massive breakdown followed by a huge spike back into the previous trading range, it's a very good indicator that the breakdown was a bullish shakeout.
And there is always the issue of people going "just wait for the retest of support after a pump", to which you have to go and point out the actual price action;
There was no retest, which is how BTC likes to operate after breakdowns a lot of the time. You shake people out, make them super bearish, get the late bears to short, and then you just pump it to trap the shorts and keep pumping it into the trading range, and then pump it past the range.
I sold at 9400, cause that was the clear support/resistance of the last few months. And then not five minutes later it started pumping to 10500 lol.
But same with the sudden reversal from 7400, when you get such violent moves to where a single 24 period is like 40% gains, the last chunk of that gain is probably going to be a trap to get the late bulls to FOMO and buy the top as the people who got in near the bottom start selling and shorting.
If I had to bet, we could just keep pumping the next few days for the lols. I think if there is going to be any type of retest, it will be a pretty violent and sudden dump into the 8600 range to test the previous trading range top, but that's probably the best anyone would get for a good entry considering the last day has drastically altered the market and put it back into bullish territory.
I'm guessing you had the usual shit coin portfolio that was shilled back in 2017? If that's the case it really didn't matter, those coins collapsed over the last year and a half. Unless you had coins that were in the top 10 market cap, everything basically died in the face of BTC going from 20K -> 3K in 2018, which was followed by their SAT/BTC ratio collapsing as BTC went from 3K -> 13K this year.
All of our lil' altcoin shills died pretty brutal deaths.
Damn those drastic moves really tempt me to get back into the market, however I have so little time to pay ongoing attention that it just wouldn't work for me right now.
Learned my lessons in 2017, still got some ok values left (but obviously in the red overall) and I think I might be ready to "play this game" better if I were to take part again, especially since I wouldn't be looking for quick lambos but long-term successful strategies. But I still feel I'd need an at least consistent amount of free time to dedicate to crypto in order to profit from it...
Learned my lessons in 2017, still got some ok values left (but obviously in the red overall) and I think I might be ready to "play this game" better if I were to take part again, especially since I wouldn't be looking for quick lambos but long-term successful strategies. But I still feel I'd need an at least consistent amount of free time to dedicate to crypto in order to profit from it...
Buy and hold (Bitcoin) for 4+ years is the best strategy and requires no free time. Just sayin'
Massive moves like yesterday's is exactly why you shouldn't "play this game" (i.e. fancy yourself a trader). Nobody saw it coming and they got rekt.
Securities regulators in Canada have ordered that a Bitcoin ETF from 3iQ be approved, pending some minor changes. The order of the OSC is available here: https://www.osc.gov.on.ca/documents/en/Proceedings-RAD/rad_20191029_3iq-2.pdf
I have not seen this reported anywhere yet.
I have not seen this reported anywhere yet.
Yeah, now might not be a bad time to change my ETH stack for BTC and just hold for a few years.
Here is my current thinking about the crypto asset market. Feel free to disagree.
It's my view that the time for amateurs like me to make money reliably on crypto is over. Professionals can possibly still do it though.
I believe that retail interest is not there and continuing to evaporate.
I think there is significant risk that at least one major US or international crypto exchange is going to shut down in the next year, either due to unprofitability or through an enforcement action.
It's impossible to predict how the Crypto Capital legal proceedings will affect the crypto market, exchanges, and other market participants, but that is something I will be watching with interest.
Being overexposed financially to crypto now is very risky. A safer play while continuing to participate in the potential of this asset class, is to perhaps hold a small amount of an overall portfolio in a Bitcoin ETF, when available, and leave it alone for a long period of time. It's possible crypto could fall another 50% or more from here, or just meander around the range of the last few months for a long time, liquidating traders in both directions. It's also possible assets like Bitcoin and Ethereum will never return to their highest values.
I think decentralized finance and digital assets are legitimate innovations. I just don't think that the current state of the crypto market is healthy.
It's my view that the time for amateurs like me to make money reliably on crypto is over. Professionals can possibly still do it though.
I believe that retail interest is not there and continuing to evaporate.
I think there is significant risk that at least one major US or international crypto exchange is going to shut down in the next year, either due to unprofitability or through an enforcement action.
It's impossible to predict how the Crypto Capital legal proceedings will affect the crypto market, exchanges, and other market participants, but that is something I will be watching with interest.
Being overexposed financially to crypto now is very risky. A safer play while continuing to participate in the potential of this asset class, is to perhaps hold a small amount of an overall portfolio in a Bitcoin ETF, when available, and leave it alone for a long period of time. It's possible crypto could fall another 50% or more from here, or just meander around the range of the last few months for a long time, liquidating traders in both directions. It's also possible assets like Bitcoin and Ethereum will never return to their highest values.
I think decentralized finance and digital assets are legitimate innovations. I just don't think that the current state of the crypto market is healthy.
I'm counting on the trend from a decade of Bitcoin price data to continue:
The next Bitcoin halfing will be around May 2020 (when the supply of newly mined coins is cut in half), that has historically triggered a parabolic rise in price. It might not happen soon afterwards, and I'm ready to endure lower prices for another year or two, but when the rocket launches I don't want to be on the sidelines wishing I was on board.
I'm only interested with accumulating and holding BTC... No trading, no ETH, and no "crypto".
One could argue those massive price increases also coincided with massive alleged fraud involving Mt Gox, and whatever happened in 2017 that is still being investigated. Who is going to step up and deliver the fraud to take BTC to 100k? I think with increased scrutiny, real demand+the futures market is going to dictate where the price goes. And real demand is limited at best.