Question for Bulls

Except crypto has historically run in parallel with the stock market, not counter to it. When stocks do poorly people move their money into "safe" vehicles (i.e., bonds, fiat, etc.) not even more speculative and volatile assets with a history of 80%+ quarterly declines.

People have been saying this for months now, yet prices keep dropping. When does this development actually start to matter? Do you think Goldman Sachs is going to start market buying $1Bn a day on GDAX (hint: no). To the extent this was supposed to "save" crypto it was because it would encourage normies to return, but, if anything, it's had the opposite effect due to fear of increased bankster manipulation and/or regulatory oversight (the kinds of regulation that favor banks over retail investors like you and me).

While I do agree luc is the best chartist in the bitcoin space (or at least was in the past), he's since recanted his bullish view and posted a more bearish midterm update

tradingview.com/chart/BTCUSD/ETsf4M8H-Midterm-picture-looks-bearish/

Longterm bull, short to midterm bear, here.

BTC is just correcting from the 20k, it's that simple. After it has finished correcting (whether that happens at 7k or 6k or 5k) it will steadily climb up again, eventually past 20k and then 100k and so on. Think in terms of years instead of months.

we live in a bizarro reality powered by memes.

you're fucking retarded mate. check the correlation coefficient between any stock market index you like and bitcoin between 2012-2015.

i'll wait.

this

give it time it's been not even half a year since the big run
big funds don't enter entirely new assets at the drop of a hat

i saw. but the long term view is still in play until we hit that lower channel.

>I'm not sure how long till they get out of it.

Never because crypto currency is shit. 99% of cryptos dont do shit. People think Africa or some where like it will be the first to adopt crypto and prosper when their currency is the LEAST of their problems. Crypto wont save them from being utterly retarded and making fucking mud cakes. The only way crypto would take over traditional currency is if there was a worldwide revolution and the people unanimously agreed to ditch fiat. Maybe in 100+ years, but not in our lifetime

>a worthless asset with 0 utility whose only (((real))) innovation is negated by the fact that the code is open source and hence you can literally spawn an infinite number of BTC clones has a long-term future value of >100K implying a >1T USD market cap
when did Jow Forums start letting in retards?

protip: the long term value of cryptocurrency market is 0

that lower channel is also roughly 50% down from here, a drop most people aren't really looking forward to nor even expecting to happen (although it's likely going to)

Scalability has already a working prototype but testing ins't public yet. It will be tested on a couple of very low profile cryptos.

Funny people said the same things when it hit a buck, 10 bucks, 100 bucks and a thousand bucks. Guess this time it's different though, right?

Still believing in the 100k meme?

kek

>yet the dumping is actually starting to accelerate.
it's still up 800% over this time last year, you FUCKING NIGGER

protip: The long term value of value itself is 0. We are entering a time of unbounded prosperity due to automation and you are busy shittalking the future.

means we have way more to dump

If anything, this merely suggests we're far from the bottom.

that's fine
just this gloom and doom bullshit is nonsensical
hurr it's accelerating
no, we just went sideways for weeks after a plummet from literally 20k to 6.5k and a few bounces thereafter
you people have the attention span of goldfish

Do you really think $4k is in the cards for BTC? I've seen so many experienced chartists say that, and I honestly do feel like I could see it, but then again when everyone says a level and is waiting for it, we never seem to hit it.

Coinbase reckon they have $10b ready to enter from institutional investors once custody issues are resolved and the regulators settle down - but it’s probably a lie

It's going past 1 million.

>you people have the attention span of goldfish

ironic coming from you, retard. BTC was under 1K in 2017. Like I said, we have way more to dump

I’d prefer it just went ahead and happened, waiting for it is worse

I said I agree with you on that already you fucking nigger

jesus christ, tyrone, just go back to niggereddit already

probably won't happen but it's not totally impossible.

I mean it's going WAY down. Like bear market for 2 years down.

I personally do, not that that really means much.

The way I see it, the next major support is roughly 7600 which is where the 50 week moving average and muh fibs line up. Beneath that however does not appear to be much. We've got the 6k level that's been tested twice that might hold as support again which I find unlikely (both prior 6k tests basically bounced off the 50 week MA, but another 6k test now would put us well below that). Looking back to 2013, we had a similar pattern - a couple of bounces off the 50 week MA but once that was finally breached it was pretty much over all the way down to the 200 WEEK ma, where we languished for a year going sideways before the late 2015 rally to kick off the bull market we just saw.

My opinion is that a conclusive break below the 50 week moving average again is the signal to get short or prepare to get short. Until then we will likely just continue to chop and who knows, could even hold here, although I feel that's unlikely. As it stands there are still a ton of margin longs (finex margin traders are net long 13k btc, and BitMex futures contracts are still trading at a decent premium to index indicating the sentiment hasn't been crushed yet.)

Attached: fib levels of entire bull run.jpg (1785x938, 177K)

as soon as LINK's mainnet releases it becomes the first crypto ever to have a legitimate real world use
at that point LINK jumps 1000x and drags the rest of crypto up with it, albeit less so

>What force of nature will stop crypto's seemingly inevitable collapse?
What will stop it? It's superior to fiat in every way. Only political resistance can stop it, and greed will overcome that eventually.

Moon when?

This is kind of how i see the long term playing out, in a very simple picture. The first square is the analog back to 2013 where we bounced off the 50 week MA and got a decent rally that eventually petered out and died, which is kind of what we're seeing now. Once that conclusive break below the 50 week MA was in, we pretty much slid right to the 200 week where we consolidated for a while.

Attached: long run projection.jpg (1782x887, 202K)

3 consecutive rejections of the 200day moving average is definitely not a good thing and we've now fallen below the 50day as well. On top of that, finex longs remain elevated and mex premium is still pretty high given how much we've gotten shit on, and there's only so long those bulls can take the pain before they cut their losses or the shorts come back in force.

Attached: too many longs.jpg (1772x859, 130K)

One killer app that once you have it, you can't go back without it. Once crypto has one of these.

We are not going below high 6k low 7k.
It's too tight of a range to be worth trading.
Screencap this

I hate black people.

Attached: palmreading.png (1686x734, 126K)

>What exactly is it that you expect will turn this shit around?
A big green candle.

In all seriousness. Remember when Mark Cuban fudded and crashed Bitcoin 50% last year? Remember Jamie Dimon? Months later Mark Cuban declares he's investing in crypto and JP Morgan buys Bitcoin ETFs.

That's why I expect Warren Buffet and Bill Gates to change their minds about crypto.

>Do you think Goldman Sachs is going to start market buying $1Bn a day on GDAX (hint: no).
No..they'll do it on polo duh

Is this the part where everyone turns bear and finally goes short after watching it dump

Almost there.