RSI is the lowest it's been in over a year on the 6 hour and 4 hour charts. It's only barely been lower a few times on the 1 hour. YET IT KEEPS DUMPING.
This is either hardcore, almost unbelievable, price manipulation (even by BTC's standards), or people are panicking harder than they ever have before and it really, quite probably, is the end.
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Everybody is so fucking focused on RSI that whales will show us that it doesn't matter.
What's more, people still want to buy the dip and go long. Imo perfect opportunity to fuck people even more
I should also add that it's also nearly the lowest it's ever been on the weekly and monthly now (on some exchanges). The only chart on which it is still kind of semi-reasonable is the daily. Other indicators are similar.
This shit is incredibly oversold but shows no signs whatsoever of a bounce or even extended sideways movement.
So you think it's purely whale manipulation? To what end? Did they not have enough time to accumulate in March and April? Why risk killing market confidence completely by crashing us again so soon?
I honestly have no idea, I'm just sick of reading and hearing everywhere about oversold RSI and bounce soon. People keep saying oversold since 8800. Do the opposite
The Reddit fucks never bothered to zoom out to see that btc was overbought for almost two years straight.
>to what end
the only constant is making money, so just think like a whale.
hopefully its a pre consensus dip.
Whales need everything to crash hard. They would never buy BTC at 10k and ETH at 1k. They will buy them at 2k and $200 respectively, then when everything moons, they will be even richer than before. But they need all you brainlets to panic, and I'm so fucking happy it's working.
This is demonstrably false. It was certainly overbought on certain time frames during the October->December run up, but never was it overbought on all time frames, nor was it overbought constantly during the pre-bubble period in early 2017 (to say nothing of the crash periods following other bubbles before that one). Yet now we are oversold like crazy on virtually all time frames now (record low RSI on several).
There is obviously more to TA/chart interpretation than just RSI. However, normie indicators like this one are valuable because of their simplicity (and so highly likely to become self-fulfilling). Also, as noted, there are other indicators to look at that confirm this unique situation (see, e.g., BB).
I'm only referencing weekly candles, not all time frames
doesnt make sense. the only explanation for the chart we are getting now if whales want the price to dump is an attempt to make a fractal of 2014s crash. its pretty retarded.
there was plenty of opportunity to dump the price to 4k during the entire year
Unless daily RSI is around 30, I refuse to say we are oversold. Bitcoin often respect 1D 30 RSI, the rest can jump around quite much. So there is still room to go down, quite a lot actually
Who even cares about RSI? It's a shitty indicator that doesn't tell anything by itself. You can use it to add confirmation to candles or market sentiment, but by itself it doesn't do anything.
Never base your expectations on indicators. It's a surefire way to be wrong. Rather find your expectations somewhere else and indicators can confirm it.
Eventually, sure, but there should be consolidation periods on shorter time frames on the way down to prevent, e.g., the 4hr RSI from tanking below 20 or so. Yet there are none to be found. This dump is fundamentally different in that regard even when compared to the worst dumps in February and March (dollar wise some may have been larger, but when you account for % differences and the complete lack of any significant consolidation periods here, you'll note that this dump is actually worse). Worryingly, this dump doesn't seem to be finished, which will only further distort indicators. My question is why - is this truly evidence of a VERY forced whale manipulation, or is this a sign of true capitulation/death?
We're always told to buy these big dips because LOOK AT THE RSI! OVERSOLD!
90% of the times it works. But boy, on the 10% where it doesn't and the sellwhales induce capitulation, holy fuck, you're going to get absolutely fucking JUST'd. And no, we haven't seen real capitulation yet in any of the big dips, not even on the feb 5 one.
Market sentiment was actually pretty good, and most people were looking forward to a Consensus pump. What are your thoughts on the cause behind this crash? I understand that question calls for speculation, but I'm genuinely curious as to what other think.
Capitulation/death? No. The most bullish event of the year is in two days. This is preparation for that imo
>this is a suckers rally
whats " real capitulation" in crypto? like 99% drop?
>Why risk killing market confidence completely by crashing us again so soon?
The market doesn't give a fuck about any price higher than 7k. We've made it from 20k to 6k in a month, you think this mini dump would scare us?lo
You can't crash it in an obvious way, because more people are into crypto, and they will find out. So what do you do? You make it seem natural and driven by people. Then everyone panics. Human manipulation is so fucking easy I could do it while being quadriplegic.
>you make it seem natural
that doesnt make sense either. anyone with eyes can see the manipulation
I've been watching the same thing. Only a couple times in the last two years where 6H RSI and SRSI have been this low, and they bounced right back up 20-30% those times. It's not happening this time, and with market sentiment and news having been positive the last few weeks, it makes no sense unless you assume intentional suppression. The popular expectation was that BTC would break the $10k barrier during/after consensus and someone said fuck that.
The ability of a whale/whales to manipulate the price down and make a fortune doing it is the problem. Futures has absolutely fucked bitcoin.
>anyone with eyes
The public can't see this kind of manipulation. Don't you see the brainlets here? They are panicking and supporting the manipulation by dumping more, hence making it seem even more natural. Normies are the same, they are panicking to no end. This is what whales need. I don't know why we are discussing this, I want people to panic too since I'm waiting for a huge dip to buy. Maybe because you are not a brainlet like the rest. But this ends now, we can't give hope and stop the crash now.
I don't much too much thought. Just that the candles didn't give me enough confidence. Also buying here was really risky. Btc just went up 50%, eth doubled, ltc 60%. Why expect another 50-100% after that?
I was still 1/3rd in looking for some. When at the low I was still too scared so only 15% in.. So I wouldn't say I'm that good of a trader. But getting better since now I don't have school to think of
>the public
who is???
anyone with a decent stake is either a hodler and dont give any fucks or a watcher
I know my posting this doesn't add much, but I wanted to say I agree with you 100%.
You are not a brainlet, so let me tell you - when do you want to dump your bags on normies? When nobody expects that.
> muh consensus, btc 100k, bull market
And that's exactly what happened. Look at this again, people STILL REFUSE TO SHORT - so what will happen? Yes, dump continues. As long as you see "buy the dip" "i go long from here" then the dump is not over and whales don't fucking care about RSI. After capitulation or where shorts start increasing and long decreasing - it can mean a reversal.
Ponzi bubble popping. There's no new normies money coming in. At this point BTC will need some legitimate PoW or fall back down to 1K.
>dump your bags
if only it were that simple.
you dont crash the price 5 times "dumping bags"
Wouldn't they let the price come back up a bit before resuming the dump? Again, we've had ZERO real consolidation on the way down (that's why indicators are so fucked right now). Why keep dumping literally every single time we touch the 45 degree angle downtrend line? It's either price suppression (and not whale profit taking) or capitulation being reinforced by bots/algos, as far as I can tell.
Because people still expect bounce and consolidation, simple as that.
No. It's hardcore but very believable price manipulation.
$100million is flooding the market. Being sold by retards just to liquidate the estate. They don’t care or even know how selling large amounts works. Let’s see how it plays out.
m.tmz.com
People abandon shitcoin because it cant break 10k. If its value is not going up this particular shitcoin serves no purpose.
80%
isn't that mostly XRP?
Are there really that many people watching this and opening longs as it plunges? I'm not in on the margin game, do bots do those too?
Gotta sell xrp into bitcoin. And bitcoin into fiat.
So price suppression is the goal, then. Simply saying people "expect" bounce and consolidation doesn't make any sense, because the reality is we're not seeing it. If the goal was to maximize profit on sale, you'd actually let those expectations be realized so you could get a higher price on your next dump.
Not really man, try to think like a whale. If you can make people panic with your open shorts then you can make a fortune rebuying the bottom. That's all from me in this thread, I may be wrong but this is what I see
XRP is still the asset being sold. To convert it to BTC, you're buying BTC from the exchange, which means the exchange will have to buy that BTC to keep their wallet balance steady. The sale of the XRP is a wash as far as BTC is concerned.
You realize XRP has fiat pairings, right?
Definitely. And thanks to fucking futures, the asshole(s) doing this are making even more money than they would by selling in a logical way.
either way XRP looks fucked.
wish I was shorting it right now
watch 1d RSI it works
guess that's what happens when somebody just wants to sell 30k BTC or something.
Longs are massively underwater and shorts are covering and waiting for a bounce to enter.
>he thinks indicators work
After the $1000 pump in like 20 minutes that kickstarted the latest run, I'm convinced the entire market is manipulated bullshit and we're basically at the mercy of whales and Mt Gox
Shorts have been dropping steadily for 2 days without a squeeze, meanwhile longs are gaining interest without the price jumping at all.
prognosis.
we're fucked m8s
LOL. It’s bounce time dum dums.
Love you. We’re all gonna make it.
Another ex-brainlet that realizes it's all about manipulating the crowds. Congratulations, you can now start making money.
kek, just as I said it, it bounced. I was praying for it as I hadn't sold.
still not convinced it isn't a fake out tho.
what I said still stands.
it's not good.
You guys are not gripping the general sense of impending adoption, not actual adoption, but an increasing psychological realization within industry that adoption is an inevitability... postpone-able? Sure. But absolutely inevitable. And when these amounts of capital are on the line, too many astute mother fuckers are not thinking short-term.
I'm bullish af longterm. just rather not be holding bags of sub 6k BTC for a year+
don't see it happening tho, why I'm still long.
we'll see I suppose
the fun thing about cryptos is that if you researched enough you come to the conclusion that this is the first part of the digital / financial revolution. there is no way that cryptos don't rise in fiat value, simply because of the sheer amount of trillions and trillions of fiat money, where more trillions and biliions get printed everyday. meanwhile cryptos are secure and nearly uncheatable.
the smart man has long seen that cryptos will be the new money of the future. it doesnt really matter if you buy a top or near top.
in 10 years all of these stocks and coins that actually delivered will be worth hundred times more than the old fiat broken money will be.