Quote from: thecodebear on Today at 07:28:28 PM

Quote from: exstasie on January 14, 2021, 09:30:44 AM

Quote from: thecodebear on January 14, 2021, 08:58:03 AM

Bitcoin will never go below $30k now.

Never again? So sure already? We're only at $38K.

This is right smack in the middle of the OTE short zone (the 0.618-0.786 Fib retracement). In June 2017, a BTC bull trap reversed in this zone before the market completed a second leg down, crashing 40-41% total from top to bottom.

We'll only know the bottom is in in hindsight. In my opinion, not enough time or price action has passed. I'd say there is still a decent chance of sub-$30K.

Oooh fun it did dip back to $34k at least very briefly a few hours ago, but so far looks like it might be carving out a higher low at $34/35k (compared to the $30k of earlier this week). Wasn't expecting a $6k pull back after the $10k bounce of the correction haha, but still going under $30k looks like a very long shot. Nearly $36k right now.

Honestly, it looks very drippy to me. Full retrace of the last leg up, good selling volume and momentum. Another 4H candle just closed and no sign of bullish reversal yet.

I see two scenarios. The first is a bearish ABC correction to sub-$30K, just like summer 2017. The second is what I call a "scam curve." It'll dig into the low-mid $30Ks but carve out a higher low in a larger sideways accumulation bottom.

Either way the correction continues, no moon yet.

Quote from: thecodebear on Today at 07:28:28 PM

Also I just read in the first two days Grayscale was back buying Bitcoin they bought something like $183 million of Bitcoin. That's in two days! Obviously institutional investors still very eager and excited to be buying, and they are buying the dip. This correction/consolidation period is just transferring more supply from weak retail hands to strong long term institutional hands.

It was always going to be that, regardless of what shape the correction took. But remember, due to lack of liquidity, weak retail hands are capable of moving the market in the short term. That's how we went to $30K a few days ago in the first place.

When I saw that inflow from Grayscale, I was curious if it was built up capital waiting to enter from when placements were closed. I wonder if it'll keep up, given how the market dumped through New York open today.