Bitcoin Sold Off, But No Panic Selling
Bitcoin Sold Off, But No Panic Selling

Bitcoin Sold Off, But No Panic Selling

By AlucardLife | cryptoinvesting | 9 Jun 2021

We recently endured another slight sell off in bitcoin. Instead of trading in the $36ks, we're now around the $31k range. But what we didn't see is the huge stupid money dumpage that usually accompanies these things. And I'm in some alts that have actually held value, with a few even going up... a LOT.

The gem I found was the Polygon version of Titan, which skyrocketed from $2 to a high of like $12 while presiding over liquidity pools paying out 1300-1500% APY. I caught nearly the whole move. Definite #clout for me. I wouldn't get in now; it's too late. But there were plenty of projects like this, and if you yield farmed through the entire sideways move, you are in a good position. You either have more tokens and similar fiat value or more tokens and slightly more fiat value depending on how degen you went. Coinswap and Biswap were two degen pools that performed well over the past few weeks. The native coin actually went up while BTC was dumping.

The bigger picture here is that money isn't leaving crypto. Whales and duh institutions are playing games, shaking out weak hands and trying to get you to sell, but people aren't buying that story this time. They know. Which means the price of BTC has to go up very soon. If the whales keep the price low for a long time, they are basically distributing their bitcoin to you instead of taking it from you. Remember — they have to sell their stash in order to dump the market. If you buy it up, then you've basically reversed their plan on them.

The whales may try to dump the market again to below $30k to shake out a few more hands. Don't believe the bullshit. I believe the most they have in them is one more violent downside break. If it goes to the mid-20ks, it will be bought up super quick. The thing to be scared of is if they actually succeed and price stays down below $30k for a few candles. Then I might start to worry. Just a little.

One more move down also coincides with a Wyckoff accumulation pattern. After that last move down, the price is likely to go up to lock out weak hands who would otherwise participate in the distribution.

A couple of other good signs: Some of the traders I follow were complaining their follower count wasn't going up as fast as it was before the dump. That means idiots are disinterested in crypto, which signals a bottom. Also, small whales, probably high net worth retail bitcoin investors, are accumulating. These are folks who are crypto rich but who may not be in on the wash trades and scam wicks of duh institutions.

Bottom line, stay humble, stack sats. This is likely a Wyckoff pattern fakeout.


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