Why bitcoin dropped

[eduardkoopman]

Because of Omicron/evergrande/inflation and it was losing momentum anyway

cope reason list

 

[Harold O'brien]

cope reason list

yeah sorry, forget it was because of the magic graph lines

 

[Deleted member 14978]

yeah sorry, forget it was because of the magic graph lines

 

[eduardkoopman]

There’s extreme fear in the market (good thing) people are scared, take advantage.

i agree on this general opinion.
high fear, blood running through the streets = good time to buy

Crypto Fear & Greed Index - Bitcoin Sentiment

The crypto fear & greed index of alternative.me provides an easy overview of the current sentiment of the Bitcoin / crypto market at a glance.

alternative.me

 

[eduardkoopman]

yeah sorry, forget it was because of the magic graph lines

adding 1 extra cope reason to the list

 

[Harold O'brien]

adding 1 extra cope reason to the list

ok, enlighten me financial genius

 

[Deleted member 14978]

ok, enlighten me financial genius

When the support that took you to the high is lost (close below) trend is reversed and you expect a move down. You could have predicted the Wall Street Crash in 1930 and the 08' crash with this basic knowledge. This happens in all products and in all time frames. BTC lost its weekly support on the 15th November so you expected a move down. Nothing to do with virus or tweets jfl

 

[Harold O'brien]

When the support that took you to the high is lost (close below) trend is reversed and you expect a move down. You could have predicted the Wall Street Crash in 1930 and the 08' crash with this basic knowledge. This happens in all products and in all time frames. BTC lost its weekly support on the 15th November so you expected a move down. Nothing to do with virus or tweets jfl



View attachment 1427182View attachment 1427183View attachment 1427185

LMAO

why do you think it broke the support then?

you are literally saying it moved down because it moved down

 

[eduardkoopman]

ok, enlighten me financial genius

human psychology and trading positions of people.

The level of believe of people for the future in it, which can range from euphoric greed beleiving it will moon; to extreme fear beliving it will go to zero.

People wer losing some trust for the future, causing a bit of drop.
And there was a group of people, that were giga bullish. Whome decided to go trade on leverage. And they got liquidated due to insufficient funds, chain reaction. that caused the giga spike down to 42K. About 2.5 billion (2 500 000 000) leveraged positions got liqidated in that dump to $42K; insane amount. Insane amount of people, had been borrowing money, to buy extra bitcoin(exposure), and they got their asses handed to them.

Now that this shake out happened. I am curious what the current people in it, view for the future about Bitcoin now. I think it will be okay up, I expect

 

[Deleted member 14978]

LMAO

why do you think it broke the support then?

you are literally saying it moved down because it moved down

It broke support because it was overbought and momentum was falling. Omnicron was announced after the 15th of November. If there had been no new variant btc would still have done the same thing.

 

[Harold O'brien]

It broke support because it was overbought and momentum was falling. Omnicron was announced after the 15th of November. If there had been no new variant btc would still have done the same thing.

incorrect

it basically followed the s&p500, which was reacting negatively to omicron/evergrande/inflation(fear of rising interest rates)

 

[Deleted member 14323]

i agree on this general opinion.
high fear, blood running through the streets = good time to buy

View attachment 1427170

Crypto Fear & Greed Index - Bitcoin Sentiment

The crypto fear & greed index of alternative.me provides an easy overview of the current sentiment of the Bitcoin / crypto market at a glance.

alternative.me

I feel it could go down even more though. We're still in a extended rising wedge for BTC, lets see.

 

[eduardkoopman]

I feel it could go down even more though. We're still in a extended rising wedge for BTC, lets see.

yeah for sure could happen.
I dunno about what is more probable.

But I have placed my "bets'/positions; on it going up soon again. So i personally see that as mor probable than down or side-ways.

My views of probablity is:
1. up,
2. side ways
3. more down

 

[TheMewingBBC]

Because of Omicron/evergrande/inflation and it was losing momentum anyway

inflation works for crypto not against
feds hinting on taking counter inflation measures early and going HARD since rates have been exceeding bank's expectations is probably another reason, with Powell saying he's retiring the word "transitory"

 

[Harold O'brien]

inflation works for crypto not against
feds hinting on taking counter inflation measures early and going HARD since rates have been exceeding bank's expectations is probably another reason, with Powell saying he's retiring the word "transitory"

that's the crypto narrative - in reality people just de-risk their portfolio, which involves selling off crypto (maybe this will change who knows)

 

[eduardkoopman]

inflation works for crypto not against
feds hinting on taking counter inflation measures early and going HARD since rates have been exceeding bank's expectations is probably another reason, with Powell saying he's retiring the word "transitory"

Mirin the avi pic.
Mohammed Ali, is one of the greatest persons that ever lived. Very wise man. Great example for anyone, sad he got ill so early/young.

 

[W0KESTMOTHF]

Mirin the avi pic.
Mohammed Ali, is one of the greatest persons that ever lived. Very wise man. Great example for anyone, sad he got ill so early/young.

This video is super inspirational to me , indeed he was one of a kind

 

[noodlelover]

Look at this massive bitcoin drop.

We're through boys. Crypto is dead. Time to pack up and go home.

 

[King Solomon]

Crypto is backed by the dollar and fiat currencies which are backed by nothing. As banks like Evergrande continue to default and the printing goes into all time new heights the hyperinflation will ensue until all fiat currencies dissapear along with all crypto's which are backed by the fiat ponzi schemes.

The time to trade your crypto for real assets like businesses, gold, silver, land or real estate was in the summer time. It's too late now. Enjoy the crash to ZERO.

 

[Crusile]

It broke support because it was overbought and momentum was falling. Omnicron was announced after the 15th of November. If there had been no new variant btc would still have done the same thing.

this is mental masturbation, the reasons literally dont matter

Positions can close because a trend breaks but a trend might break because omnicron.

The point should be, omnicron doesnt matter because the chart levels/trends control the chart either way.

 

[Cretinous]

Bitcoin's price is propped up by tether funny money and every cycle is becoming less and less coherent. Recently, due to regulatory pressure and several criminal investigations, tether has been printing obscene amounts, in which one can only reasonably deduce they are trying to extract as much juice as they can before they exit finally. Anyone who has a substantial amount of money in Bitcoin right now is a fool. No one can say when this will bust, but it absolutely will, this sort of price action is totally unsustainable, and is a mixture of wash trading, exchange manipulation and mass euphoria/delusion.

If anyone was under the delusion that Ponzi schemes can't last a long time, I would suggest you look up Bernie Madoff and learn how long he ran his Ponzi for before it all came tumbling down.

It is shocking how many people who are supposedly into crypto are completely, obliviously unaware of the tether situation and huge black swan it represents. Huh what do I care, I'm buying btc not usdt! -