[Daily Discussion] – Friday, January 07, 2022

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30 thoughts on “[Daily Discussion] – Friday, January 07, 2022”

  1. When we last hit $41K on the way down (June 15), we were at $29K seven days later… and still 30 days after that (July 19).

  2. If I had a monthly income stream (im still a student) i would be buying the shit out of this

  3. Degenerates can’t help themselves from longing again and again.

    Forget the suicide hotline, we need Gamblers Anonymous number. 🎰

  4. Imagine being a whale and seeing the open interest on your coin and deciding to try to crash your investment -10% to wipe the open interest; only to watch it increase as you crash it. ooof.

  5. Couple reasons to bid here:

    • BTC swept all the stops/grabbed liquidity at 40679 (bottom green line for structure on the left): https://www.tradingview.com/x/5QRFAgBq/

    • ETHUSD simultaneously hit the weekly 3063 to the penny before reversing pronto: https://www.tradingview.com/x/EaYh3ivK/

    Why not to bid? Funding and premium neutralizing with every relief bounce. Leveraged longs are still dominating and spot hasn’t been leading the bounces. But that can change fast if they start shorting. Overall even if we bounce here, we probably revisit this area in a couple weeks. If then the longs have given up, that would be more bullish. Otherwise it’s too easy to squeeze the longs incessantly here if this behavior doesn’t change.

  6. The 1D BTCUSD RSI is at oversold, which last happened on 19 May 2021. The price then was $30666.

    If you zoom out to the weekly the current PA really looks like a 4-wave as per Elliott wave theory. I’m not saying Elliott is the gospel but if you put any stock in his ideas at all then this is a damn 4.

  7. Who knew we’d get wyckoff accumulation & distribution twice in the space of 1 year. The only difference I can see is doing it $10K higher at $40k instead of $30K.

    No bottom bounce (bear flag to at least 0.5 fib level) before continuing lower. Just constant down price action. In other words, BTC is been massively suppressed. And on the other end is someone/thing gobbling up BTC right under our noses.

  8. Me 34 days ago:

    > Laddered buy at 51… hit

    > Laddered buy at 41… TBD

    Narrator: It hit

  9. With all the bearishness…here’s a nice chart


  10. You know just reading the sentiment on here, it’s eerily similar to our last local bottom last year.

  11. why not multi-year bear like last time?

    several more weeks of people calling bottom, finally giving up, 90% of anyone newer than 2019 leaves out of boredom and the rest of us spend 2023 accumulating.

    seems fine to me.

  12. We’re following the S&P down to the fuckin tick today. Definitely curious to see what happens after they close for the weekend in a few hours.

  13. gun to my head, I think after 4pm and liquidity is pulled for the weekend, we float slightly higher but no more than 44k enough to get retards jazzed they bought the bottom and double down. Sunday > Monday resume down to test 38k. I’ll let you use your own imagination if that fails.

  14. If we’re lucky we will go below 39k soon. That would get us oversold on the weekly and would be a buy signal. Great potential setup for a rebound.

  15. What other whales are psyop-ing right now, this is what I got:

    • crytpo hayes – sounding the alarm <20k possible
    • ZhuSu of 3AC – Why are you selling bottom?
    • KyleDavies of 3AC – Bottom is in
    • Barry of Grayscale – Sounding the alarm on equities, bullish bitcoin but look on the brightside next halving in 2024 <<<<<<<< wtf
    • SBF – “I’m not saying its a bear market but”
    • Novogratz – “I’m buying 40k”
    • Flood – “Bid 40k”
    • Light – Why are you selling bottom?
    • Cobie – cycle over “likely”
  16. Holy shit volume on the daily is higher than I can remember ever seeing I think. Anyone have a date that has a higher daily volume?

  17. I don’t do this often, and this will probably age like milk in the next few hours, but I’m calling the bottom here, today.

    Also, idk if anyone checked out a DataDash vid from today, but he made an interesting point that bitcoin is leaving *spot* exchanges only to move to derivatives exchanges. Much less bullish than one may have though originally. Derivatives and degens are what is causing these huge crashes, and a thinner spot book only exacerbates the problem. Shit is fucked up. Any thoughts on this?

  18. Something tells me this dump is not caused solely by the FED news about the potential interest rise and for the decrease in bond buying.

    Dow Jones is suprisingly holding up good.

    Bitcoin should still have some juice left in it and we could also be experiencing a lenghtening cycle.

  19. Remember. This is a standard pullback in a secular bull for bitcoin. Let’s take a look at 2017

  20. you all realize that macro is risk-off till at least next quarter, right?

    if this isn’t a bear market, we may get some slight relief, but don’t expect new ATH’s for roughly 6 months or so

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