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8752278 No.8752278 [Reply] [Original]

So why did Bitcoin drop so rapidly yesterday? Anything happen? It sat at like 7.3k for over 24 hours then dropped $300 in like 10 minutes? And now it's at 6.6k? Why?

>> No.8752287

Because we're in the downturn portion of the cycle you dumbdumb. Enjoy this continuing for another few months minimum

>> No.8752288

Source, NOW.

>> No.8752289

Because one guy wanted to drop it

>> No.8752306

>>8752278
Just a little cashing out for international woman’s day no biggie

>> No.8752501
File: 60 KB, 1611x554, Quick Lesson.png [View same] [iqdb] [saucenao] [google]
8752501

>>8752278
Quick TA and astrology lesson. Some common charts to use for crypto TA are the 15m (looking for daytrades) the 1h (decent for daytrade and short term swing trades) and the 4h and then daily charts for longer term movements.

Here we see that the 200 moving average (a convential average for long term trends) acted first as resistance for prices and after bulls failed to get lift-off it acted as support, up until it didn't.

Below the price action we see the MACD, which when the red line is moving up means prices are moving up, and when it crosses the blue line those are either bullish or bearish cross overs. Another key cross is the MACD crossing zero. We fell through support when the MACD crossed zero.

Bots and TAfags new that was bad. I left out the RSI and some other indicators for simplicity but you could see the drop coming with those two indicators and some experience.

>> No.8752510

WE ENTERED CAPITULATION

>> No.8752521 [DELETED] 

>>8752278
Jews.

>> No.8752524

>>8752287
But there should be a reason for the price to go down right? Why would it just drop so rapidly for no reason? This down turn has ruined me :(

>> No.8752543

>>8752510
Capitulation will come as we break past 6k and go straight past 5.5k and maybe even 5k. We might fuck around betwern 6k and 6.5k for a while.

>> No.8752545

>>8752501
What makes the 200 moving average so special, what about the 140, or the 160, or the 70, or the 92?

>> No.8752630

>>8752278
you want the real answer? the age of cheap credit is over.

>> No.8752650
File: 132 KB, 251x519, tried my best.png [View same] [iqdb] [saucenao] [google]
8752650

>>8752545

Conventions that have been developed over the last 100 years. Like with statistics and the 90 or 95% confidence interval. Because they are convention they gain special status for being useful and with the 200 period moving average we get a good indication of long term price action and support.

The newness of crypto still has people being slow adopters. people looking for patterns for day or swing trades can see rising wedges or head and shoulder formations on 15m or 45m charts but a lot of old tradefags don't believe that crypto moves that fast. But like the recent article says, the crypto bubble is similar to the dot.com bubble, only 15 times faster.

And those oldfags are still looking for patterns on the daily charts.

Note: I had to fuck the formatting because captcha says I look like spam.

>> No.8752658

>>8752501
regarding 200 MA, isn't it geared for stocks that don't trade on weekends, making it an actual 180ish day trading average in reality? i heard that somewhere, and that it should be adjusted because crypto doesn't have days off?

>> No.8752686

>>8752524
The only reason btc isnt goining down in a straight line to the bottom is swingtrading

>> No.8752697

>>8752658
In this instance we see it worked well enough. My main advice is don't be afraid to look for patterns on the 15, 30 or 45m charts. You can see difference between price action and the RSI or MACD peaks on those timeframes and know when a price increase is likely do bottom out because of those RSI/MACD divergences.

>> No.8752704

Go look at MtGox wallet, the faggot transferred 10k btc to exchange yesterday. Fuck this asshole

>> No.8752711

>>8752697
ok so use it as a tool, not a rule. gotcha.

>> No.8752718

So explain this. Over the past few days everyone agreed on the price being ~7.3k. But now all of a sudden for no reason now everyone agree's it's worth 6.6k (with no fundamental change), even the people who bought at 7.3k?

>> No.8752734

>>8752704
Why does this matter? 10k BTC is nothing compared to daily volume of 735,000 BTC.

>> No.8752770

>>8752734
If you market sold 10k btc right now on GDAX, youd crash btc to 5k. Go look at depth charts

>> No.8752774

>>8752770
Yes and then bots would instantly swing the price up.

>> No.8752780

>>8752278
Chink miners keep dumping their profits

>> No.8752788

>>8752770
And also, why the fk would anyone market sell 10k BTC on the open market?

>> No.8752811

>>8752788
I don’t have an answer for that, but gox trustee has crashed the market since 20k. People panic sell when they see red. It’s really that simple

>> No.8752815
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8752815

>>8752788
>>8752734

>> No.8752817
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8752817

>>8752510
Capitulation
No breathing
Don't give a fuck, all my alts are bleeding
This is my last bitcoin

>> No.8752848

You fell for a bubble, laughed at the people telling you off, and are now eating shit. No money is infinite you fucking fool.

>> No.8752856

>>8752811
If he were to distribute those BTC in proportion to the market depth/volume of each exchange and 50-100 BTC at a time, it shouldn't have too much of an impact. But why doesn't he just sell OTC?

>> No.8752863

>>8752848
Please be respectful... this is a safe space. I have been financially ruined by this.

>> No.8752895

>>8752711
Any one telling you rules in TA is probably full of shit. You have some loose criteria and a few prefered methods or tools you like to use, based on your skills and personality. And that is the technical aspects, not even the emotional aspects of a big win or a big loss or drama in your personal life maying you too pessimistic or too optimistic.

>> No.8753154

Bump

>> No.8753163

>>8752278
It's terrifying because there is NO NEGATIVE NEWS THAT WE KNOW ABOUT

>> No.8753308

I have sold everything. fuck you all.

>> No.8753426
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8753426

>>8753308
he sold?

>> No.8753440

>>8752278
someone pumped it with a big market buy, then dumped with a big market sell

>> No.8753625
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8753625

>> No.8754055

>>8752704
lies
https://www.cryptoground.com/mtgox-cold-wallet-monitor/

>> No.8754135

>>8752524
What goes up comes down.

BTC price was raised from 1.5k to 20k by pure hype. The price will slip as the hype does.

>> No.8754160

>>8752543
If we break 5k support, miners will start losing profit, and we'll plunge even deeper. That's an IF, though.

>> No.8754170

>>8752278

I wasn't watching BTC in detail yesterday but I did make a sell of ETH at the peak. Bearish MACD cross was about to occur, as well as fairly convincingly bearish candle formation, so I pulled out. Watching ETH very closely right now as I'm thinking it might be close to the bottom for the next 24 hours.

>> No.8754181

>>8754170

By 'at the peak' I meant yesterday's peak, not the ATH.

>> No.8754200

>>8754160
Til difficulty adjustment kicks in

>> No.8754246

>>8752278
The market is manipulated by whales.

>> No.8754272

>>8752278
Still not enough volume and massive indecision, we are still trying to find the actual bottom.

>> No.8754300

>>8752278
Because its way over inflated.
Some of these dumb fucks who are projecting 100K by the end of the year are just dumb asses who bought in and want it to go up so they can cash out and bail. We will touch 5k by the end of the week or next week mark my words.

The smart motherfuckers like me bailed when it reached around 20k. My comfy neet life is set till the day i die.

>> No.8754336

>>8752718
No but the guys who are selling it got in when the price was under 100$ and the miners in china spend 1k $ per btc to make.

And now a question to you ,who do you think controls most of the coins guys like you who buy at 6k or guys like them.

>> No.8754340

>>8754300
how much did you make with crypto

>> No.8754513

>>8752718
FIBONACCI SON