re: Official CryptoTalk Thread

Is cringeto ever coming back?

Any insight or recommendations IRT CRV? I have a buddy that is huge into crypto and has made $$$$$$$ and he is telling me he is stocking up on it.

Post on Reddit suggesting Elon shite talked BTC because they lost carbon offset credits in Europe. Wanted to plant the seed for carbon offset credits for green btc mining.

Seems overtly complex of a scheme but would explain the seemingly 180 from Musk.

Doesn’t explain wet legging Doge, though.

still getting a lot of buy pressure under $32k

Yes, but there is debate as to if that initial wedge broke down and our current candle formations are a product of pure resistance and/or manipulation.

You could also quite saliently argue it’s more of a descending triangle than descending wedge. A descending wedge needs to make new lows every time it tests the bottom until a consolidation phase prior to reversal. We have rebounded off 30k (or thereabouts) multiple times at this point.

I’ll also say I really don’t like hardcore TA in crypto for more than a forecasting a few days/weeks.

The market is so intertwined that you can’t really ascertain useful information from formations on a scale of months. Coca Cola doesn’t crash because Amazon had a bad earnings report like in Crypto.

You really have to look at the market as a whole and view crypto as a market with lots of caveats. What’s new this cycle is ethereum has gotten big enough to help influence market momentum.

The question I have now stems from an article I read today regarding the impact of inflation and money supply: has btc already tested the previous ATH of 20k in 2018 dollars? Is that why it recoils so violently off 30k? It’s interesting, but that theory ignores that btc is influenced by a lot of different currencies and forces. The whole space is fascinating.

Wyckoff was a cute meme but Im wondering if the fact everyone knows what’s going on invalidated the wyckoff. It’s been plastered all over the internet for months.

Just Google or investopedia wyckoff formation

Everyone knowing about it. Wyckoff is basically evidence of institutional manipulation meant to head fake retail.

Can’t really do that if everyone sees it coming.

I'm not sure how good the crypto marketing will be, but crypto awareness does seem to be spreading so I'm optimistic.

The digital dollar in my opinion can actually offer confirmation to the idea of purely digital assets. Once you arrive at that point mentally, one might realize the digital dollar shares most of the same perceived flaws as the existing fiat with potential additional flaws (arbitrary supply, a central authority telling you when you have to spend your money before its removed from your account in times of economic downturn, etc). So I think the draw of decentralized assets with known tokenomics will still exist, and for something like BTC the scarcity and functional decentralized network will continue to be the main draw.