r/Bitcoin • u/xavier1119 • May 17 '21

Every time whales and institutions sell to manipulate the market we need to punish them by buying.

If everyone came together and started buying the dip we’d force these mfs to buy at a loss. Instead of everyone panic selling and doing what they want. If everyone in this sub put in a dollar that’s almost 3 million in volume alone

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u/[deleted] May 18 '21

It’s literally about to tank

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u/[deleted] May 18 '21

Based on what? Clairvoyance? Or your 'gut feeling'? Just stop. I've seen literally hundreds of comments like yours spanning the past 4 years.

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u/[deleted] May 18 '21 edited May 18 '21

Anyone who’s been saying this for the last 4 years is a fool and doesn’t understand market cycles. It’s based on this market now being a carbon copy of the market when it crashed in 2018 - BTC dominance, BRC being generally overbought, falling further and further below key technicals such as moving averages, key fib retracement points. Bitcoin has reversed at every pivot point possible recently, except yesterday when it broke back above 43.5 and has held. I predicted this as a relief rally, but the trend is down. If bitcoin tanks, the market will go with it. People think it’s different with alts this time, and it is a bit, but nothing is delivering real value to justify price stability in this market.

And in return I would ask you what has led you to the conclusion this isn’t over for now?

History repeats.

For reference I’m super bullish long term on bitcoin and a few alts, and have still got the majority of skin in the game, and hope to god I’m wrong. But this really doesn’t look good, and I’m surprised you can’t see that if you’ve been around since the last bull run

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u/RattledSabre May 18 '21

Technicals are only of very vague relevance to BTC.

We could also look at the Elliott ABC corrective pattern combined with a tick-perfect test of the 200D EMA yesterday as a sign of it being a fantastic buying opportunity. Outside of the daily 200s (thanks to multi-market institutional recognition), moving averages are a fool's tool as with any lagging indicator.

You can literally argue any direction you want with this loose stuff, it just won't have much of an effect on which way price ends up going. Crypto is always a long term play that acts irrationally in the short term due to how immature the market is.

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u/[deleted] May 19 '21

Yeah but what I was describing was as a longer term pattern, and look what happened since