Are bitcoin owners making a crypto-exit? | Metals Mine

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Attachments: Are bitcoin owners making a crypto-exit?
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Are bitcoin owners making a crypto-exit?

  • Poll

  • Do you have the crypto crystal ball?
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  • #1
  • First Post: Edited 9:52am Jul 3, 2022 6:47am | Edited 9:52am
For a dozen weeks, the crypto market has been experiencing a counter-bonanza. Most crypto coins had their value slashed to multiples of 2. News on investors losing billions surge. Where is the market headed? Are we going to have a rebound at the end of the year? Or is it the end?

Share your thoughts!

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Risk Management is of utmost importance!
  • #2
  • Jul 3, 2022 10:17am Jul 3, 2022 10:17am
it was a scam and now its over

dont worry they will find some thing new to fool and come back soon
The only prayer you need is Thankyou
  • #3
  • Jul 3, 2022 8:45pm Jul 3, 2022 8:45pm
Of course they are exiting, did you not analyse the move up? manipulation at the core
life is a reflection of what we allow ourselves to see
  • #4
  • Jul 3, 2022 8:48pm Jul 3, 2022 8:48pm
IMO the only way to trade crypto, is to buy as low as possible and sell before the last major high.

There is a guy that sold his house in OZ and bought everything at 12k, price since then has done its dash to 67 and is now about to break back to 10-16, what an absolute fool, stupidity on steroids
life is a reflection of what we allow ourselves to see
  • #5
  • Jul 3, 2022 9:22pm Jul 3, 2022 9:22pm
It's a Ponzi scheme but it doesn't mean you can't get in on it. I'm thinking of getting in on Bitcoin at 10-12K.
  • #6
  • Edited 5:23am Jul 4, 2022 2:39am | Edited 5:23am
Personally, I know few traders who left their trading career because of making tons of money from the Crypto market! Personally, I think trading & investing is not the same occupation! There have so many traders who are using the Crypto Pairs as their trading chart!
  • #7
  • Jul 4, 2022 3:34am Jul 4, 2022 3:34am
I agree with the guy above. Trading and investing in crypto are two different things. Now is not the best time to trade. Because the market is treading water. Adjustment 1-2k dollars. Now is the time to invest. I don’t know about you, but I expect crypto to skyrocket soon.
So for now I've already had invested in crypto. And now waiting.
  • #8
  • Jul 4, 2022 6:24am Jul 4, 2022 6:24am
Quoting mikeeating
IMO the only way to trade crypto, is to buy as low as possible and sell before the last major high. There is a guy that sold his house in OZ and bought everything at 12k, price since then has done its dash to 67 and is now about to break back to 10-16, what an absolute fool, stupidity on steroids
Mr Elon Musk is one of the culprits for that spike. He offered bitcoin owners to buy Tesla cars with the cryptocurrency but also removed the offer a few months after.
Risk Management is of utmost importance!
  • #9
  • Jul 4, 2022 5:12pm Jul 4, 2022 5:12pm
Bitcoin is an innovative payments system -- an evolution in cash. It's not a revolution or a religion.

That's my view and it's served me well for almost a decade.
  • #10
  • Jul 4, 2022 9:36pm Jul 4, 2022 9:36pm
when a bubble broke in market we have very quick recession. And to have new ath that's too far to happening. Best strategy is to scalp in this period
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  • #11
  • Jul 5, 2022 4:33am Jul 5, 2022 4:33am
Every system has a weakness, every poker player a tell. Bitcoin is no different. Don't trade opinions, study the unwinding of short positions.

BTC is underpinned by stablecoins to easily transfer cash between currencies. The biggest is Tether - 3rd biggest coin in crypto world. By value it represents 2/3rds of the whole system.

It's massive. It's also corrupt as fuck. Supposedly backed 1:1 with a dollar it's gained trust across the eco-system. But it's not backed 1:1 with a dollar...
The American's discovered it:

https://qz.com/2076079/us-fines-company-behind-tether-usdt-for-lying-about-reserves/#:~:text=15%20against%20Tether.,metals%2C%20like%20silver%20or%20gold.

Followed by the forensics:
https://hindenburgresearch.com/tether/

And it's a HK company, now a proxy of China. And now they're really cracking down on Chinese citizens trading BTC - for real this time. https://www.wired.co.uk/article/chin...yptocurrencies

And this is the current 3month Tether peg. Remind you of the Swiss Franc at all?


The short version: if this collapses, which I believe it will, the fallout will be quick and disastrous. All remaining shorts will unwind during the fall.
Then, and only then - go long. Don't get played.
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  • #12
  • Jul 5, 2022 6:39am Jul 5, 2022 6:39am
Now we are in a Crypto Bear market & it’s very common scenario of the bear market! According to the Bitcoin Halving cycle, we’ll have another bull run during 2024-24; then the scenario will be bullish as like 2021!
  • #13
  • Jul 5, 2022 9:03pm Jul 5, 2022 9:03pm
Hi Triphop

That was a great description on the state of crypto, I find it interesting the major exchanges still only puts Tether as their main trading coin. They would be destroyed if it fails, yet they have failed to offer traders an alternative trading coin.

What do they know we don’t?

The safest player is only to take short term shorts on USDT coins, collect your winnings and stay out of the markets.
Trading thin liquidity at the boundary of the charts
  • #14
  • Jul 5, 2022 9:17pm Jul 5, 2022 9:17pm
Quoting Goat
Bitcoin is an innovative payments system -- an evolution in cash. It's not a revolution or a religion. That's my view and it's served me well for almost a decade.
Agree with you, and enjoy buying a coffee with my “Wallet of Satoshi”.
I am trading from the UK in August so looking forward to giving it a real work over without worrying about currency conversions.
A truly free international monetary payment system
Trading thin liquidity at the boundary of the charts
  • #15
  • Jul 5, 2022 9:49pm Jul 5, 2022 9:49pm
If bitcoin drop consolidates below 19,000 (2017 high), then the next support will be around 13,000 (2019 high). Now is the moment of truth.
  • #16
  • Jul 5, 2022 11:42pm Jul 5, 2022 11:42pm
Quoting RichClaws
If bitcoin drop consolidates below 19,000 (2017 high), then the next support will be around 13,000 (2019 high). Now is the moment of truth.
You are right. As I see every cycle is drop at 85%, then rize 20 times. -85% of 65-67k is about 13k. And then next bull cycle will start.
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As you see we have only -74.15% reached on BTC yet, but last was -83.59%.
Observer effect
  • #17
  • Jul 6, 2022 4:13am Jul 6, 2022 4:13am
Quoting RickM
Hi Triphop That was a great description on the state of crypto, I find it interesting the major exchanges still only puts Tether as their main trading coin. They would be destroyed if it fails, yet they have failed to offer traders an alternative trading coin. What do they know we don’t? The safest player is only to take short term shorts on USDT coins, collect your winnings and stay out of the markets.
thanks Rick. Bitfinex owns Tether for starters, or Tether owns Bitfinex. Back in 2017, the entire rise in BTC could be attributed to one entity - and it looks like it was Tether printing money, pumping BTC. So if Tether is manipulating the price to that level, every exchange is dependent on its survival. They're effectively the central bank of crypto with no oversight.

If it collapses, exchanges will freeze, liquidity will dry up in an instant, you won't be able to exit positions, so yes, not only short USDT, but if you long any crypto at any point, make sure you at least have negative balance protection. during the swiss franc peg fiasco, FXCM froze out all positions -- they kept the profits of the positive trades, allowed negative ones to multiply and pursued them for the difference. Oh and *allegedly* used the event to disguise millions that had been syphoned out the company.... (edited in case we get litigious types on here)
  • #18
  • Jul 7, 2022 3:53pm Jul 7, 2022 3:53pm
Quoting ryuryu
{quote} You are right. As I see every cycle is drop at 85%, then rize 20 times. -85% of 65-67k is about 13k. And then next bull cycle will start. {image} As you see we have only -74.15% reached on BTC yet, but last was -83.59%.
An interesting observation. I associated the first impulse with a set of positions of the main participants from 20-30 and fixing profits at about 100%. But in terms of decline, I was guided only by the levels of previous peaks as support levels.
  • #19
  • Jul 8, 2022 12:33am Jul 8, 2022 12:33am
Quoting RichClaws
If bitcoin drop consolidates below 19,000 (2017 high), then the next support will be around 13,000 (2019 high). Now is the moment of truth.
It’s very possible I think, we are in now Crypto bear market & usually it stays more than 2 years! So, personally I am also expecting $1300 price level for BTC!
  • #20
  • Jul 8, 2022 12:53pm Jul 8, 2022 12:53pm
no reason to stay positive this month, chart looks like crumbling pyramid !
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