Rounding the top

Discussion in 'Crypto Forum' started by The Brontide, Jun 19, 2020.

  1. The Brontide

    The Brontide Active Member

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    Watching the charts as I (rarely) dive into virtual speculatings.

    To me, it appears bc is failing to cross up the line of the last pre-covid top and is starting to show a tendency to look below it.

    I suspect that is bearish for me, short of another sell-everything event like we experienced in all markets in March.

    I am looking for a drop to the mid 5k's before the next run-up that will or may break that hurdle of the last big run-up.
     
  2. The Brontide

    The Brontide Active Member

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    Having have watched the charts and trade flow of Bitcoin for a few years, and dabbling from time to time, I have drawn some conclusions and speculations.

    During the big run up from 3xxx per coin to 12k, and since it corrected, I have been mentally plotting my theory. (I know, it's just a theory)

    The proverbial whale-sale price point.

    Most all bitcoins that are tradeable are held by the vast miniscule minority.

    I believe they have trigger points that cause them to capitalize on increases in price.

    For awhile since, the trigger point always seemed to reflect shortly after a pump up (either through incessant 100k to 1m predictions by some well known persons, and some with questionable character, or well intended outlets.)

    It held at 11k to 12k for awhile then (with exception to the market effects of COVID), the whale sale takes place whereas it drops shortly after a couple of k's

    Most recently 10k was always the ceiling before it drops to barely 9k. Then slowly retraces back, helped with newsworthy pumps.

    Now it seems 10k is now out and 9700 to 9800 is the trigger, and the whale sale is short fast and furious.

    What it appears is that the whales are liquidating bits of their stash at reduced but acceptable value to them.

    But the duration before the sale correction is really short now. Within hours.

    This suggests to me that the bottom is flimsy and the tops are less able to hold without going further.

    IE, less retail "investors" to support the initial pre sale pump.

    Thoughts? Arguments? Considerations?
     
  3. Vdubman

    Vdubman Well-Known Member

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    Large banks and firms holding hundreds of millions in bitcoin, and other crypto, need to solidify gains by moving to fiat. The dollar and euro do not drop 50% in a Month or even a few days. Locking in gains and holding to buy in is easy when it only takes $1mil to dump
    Bitcoin on a large exchange. You have 100mil in assets, you have more to play with.
     
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  4. The Brontide

    The Brontide Active Member

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    Watching the latest bitcoin today and it seems to be having problems holding 9000 after touching 8800 today.

    This coupled with the billion dollar wallet move this last week. Not sure if selling pressure is related.
     
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  5. The Brontide

    The Brontide Active Member

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    BC has temporarily punched thru 9000 again today and that's about half a dozen times now in a couple weeks.

    It's testing the bottom much more frequently now. One day soon it may be punching through enough to cause downward momentum sustained.
     

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