₦airaland Forum

In retrospect, it was obvious....
Eith was the last major to pump and crancked in 7 straight green weeks against betece... Random alyts were doing x 10...

We knew bitc0in will soon wake and suck them dry but we didn't know it'd be by a brutal and wicked correction.....

Stay safe out there folks as betece disciplines it's children

ojesymsym:
This your analysis be like say e get k-leg.
You compare bitcoin (just one product) with a whole market (NSE), why not compare the whole crypto market with the NSE.
Or you compare bitc0in which is the shinning light of the crypto market with a shinny light of the NSE instead of this apple for oranges comparism you just did so that we can all learn.

I'm not cherry picking...

I've attached the total crypt0 market capitalisation since 2015. If you look you'd see it closely mimics the bitc0in chart... That is because at virtually any point, bitc0in contributes 40-70% of that market cap. Bitc0in is representative of the market, and where new money flows into... There was a crash simply because bitc0in crashed... If there was an NSE stock that fulfilled such criteria, I'm happy to use it

Before this crash, bitc0in was about the least performing crypt0 asset of the last 3 months. If I wanted to cherry pick, it wouldn't be bitc0in I'd use. Infact, even with the crash, the top other 3 crypt0 assets (eith, ada and bnb) have outperformed bitc0in by at least 2 times over the past year... If I wanted to wow folks, some no name coins have done insane numbers but I stuck to the fundamentals.

I selected bitc0in to be fair as it's representative of the market, controls the market and where most smart money goes to.

But then, people are still not contented with the good profitability of bitc0in and move to other stuff cos they want to build a house from 100naira investment.
No one who invested in crypt0 will tell you that if all they wanted was a modest 20% per annum, they would have got it easy... Folks know it's their mistakes that made them have losses.

BTW, I wholly agree that this crash was nasty and a proper shakeout... But thats the price to pay with crypt0. After green months on end comes a proper correction

janga:
according to the bolded, i believed u will sell ur boxers soon to loadup more crypt0 bcz as i can see now, we’re going to re-test $30k again and by this time, it should breakdown below it due to the order book showing the vol of those biddin at $30k is greater than those traders tryin to sell at $42500R/S zone. crypt0 was all about buy low and sell high but alot of noob were fomoing in green and after this massive dips, they re out of cash to buy low . well this is the best time for trader to take advantage of this volatility for their day to day long/short leveragin and also good for those who wanted to hodl for long to keep their cash and wait in $20k junction or be averaging down if s/he got the stamina. weekly chart is still showing bearish and we’re also waiting for monthly expirely contract on 28th may which will also impact market to be bearish so expect below $30k at the end of this month. at moment $betec is showing a falling wedge in a 4hours timeframe which is bullish pattern but i dont think it will be very easy to breakout $42500 R/S due to most of trader taking their profit using Resistance/Support and those panic seller going on in the market except if elon musk manipulate his twit with a positive btc word and i dunno if chart is allowed in here

Of course, if bitc0in goes below 30k, I'd get some put in a cold wallet and let it be.... 3-6 months down the line, I'd look at what the price is and if I'm lucky its at 45k, I'd sell for over 50% profit. That's good enough for me. By the way, I've got waiting bids just incase it happens when I'm asleep. The fact that bitc0in has not gone to zero as a good number predicted is good enough

But then, that's not my point...
My point is people make profits and losses on all investments. Why is it that those not invested in bitc0in take it upon themselves to goad others whenever theres a dip?. That's what I don't understand. I invest in stocks and metals. some stocks are quite volatile.... I don't see people posting here whenever the stock market retraces or say those who bought landed property sell at a loss.. If I start posting selloffs in stocks or metals here do you think we'd have any form of discussion?

Folks should live and let live

OpenHeaven2019:
Thanks Ibime.

If we close below the 21EMA weekly candle, it is over.

That would me we technically go into the bear market

21 ema is at 45.5k now.... with the correct market sentiment, closing above will be a huge call....
Let the market decide what it wants to do

Ibime:
Nah, that one dey on chill for now. Little confidence due to general Beeteecee vituperations. On that side now, I'm focussed on presale for a token me and my guys launched, and waiting for IDO in two weeks for one presale I invested in, to cash out.

With the current market conditions, hope the presale goes well....

Real betece vultuperation.... Whatever betece does now is likely bad news for alyts.... Betece has finally started causing havoc

@ibeme.... How far with the pancake? Any good news from that end

IamR:
You are taking crypto too personally. You're not the only crypto investor, please. Some of us here are into it too.

How am I taking it too personal??
By pointing out facts? If I said something wrong, let me know...

Calling me a gambler cos I own bitc0in is what I call 'personal'

Afromentalist:
Nobody is crying, we are discussing and comparing business here.

An investor is not emotional nor attached to any particular business. You remain cold and objective, trying to rationally analyze events and assets.

I bought BeTC when it was still under 10k, so stop the unnecessary bragging.

I am failing to see where I am emotional... I've got investments scattered across a wide range of sectors. When shares or land I buy is not doing well or takes a dip, I don't expect those who think I was foolish in buying shares to come and start goading me... And yes, I'd talk about it cos it's been tge most profitable investment for me over the last 2 years and has helped me increase my stake in other assets.

Many here have called bitc0in investors gamblers and see call it a worthless asset. No problems. To me, that is being emotional. I can't be an investment minded person and be oblivious of the most bullish asset of the last decade. Folks are generally stuck in their ways. I see no reason why people who have no kobo in bitc0in will consistently goad crypt0 investors whenever there is a pullback. It's becoming stale.. The crypt0 market is an uptrending but volatile one.. that's not a discovery... Everyone in it knows that. Any market has ups and downs...
People here have different assets many of which could be in loss. No one comes and starts goading someone whose land they bought is at a loss...

I largely keep off discussions around crypt0 here... But it seems folks here can't keep off it either

It's interesting how people who did not invest in crypt0 are crying more than the bereaved.... I've not seen that happen anywhere..

This chart is just another reminder that this pullback is both healthy and needed and frankly almost insignificant in the grand scheme of things... Like always, sooner or later, a strong market will come back stronger.

A few days ago, I bought at 42k and even added more at 36k... No regrets... Already in profit on some entries.
If we're lucky enough to see bitc0in under 30k, you can be rest assured I'd be selling my boxers to load up....

Just thought I should mention this again....

I've attached snapshots of similar time in May 2016 and 2017. A good number of the coyns in the top 20 then are no where today.... Look at yhe price of betece and eith and see how they've performed in comparison to others...

Point I'm making is that bitc0in (and eith to a lesser extent) will outperform 99% of other coyns overtime... No need fighting it..... it's what it it....

I trade alyts heavy but we've seen that when bitc0in is volatile or in uncertain situations, alyts do not generally perform as well..Alyts do well when the market conditions are right and there's no much need trying to snipe the absolute bottom with them. This market generally flows in cycles...alyts have been performing better than betece for months now, wouldn't be surprised betece does it's thing too...

If betece starts misbehaving or remains at the lows for too long, alyts will bleed badly.... Most folks who lost loads after bullruns, did so cos they held unto certain alyts longer than necessary...
I'm not saying to panic sell your alyts, but in the coming weeks, folks might find this helpful in allocating their portfolio


P.s Also with unlisted coyns, lets remember that thise who issue them are old folks in thos space... They've seen multiple rallies and know that every rally comes with its coyns... Once a rally is done, those coyns fritter away.... Wouldn't be surprised that if this run continues later this year, we'd have a completely new set of new coyns from the popular ones now.

Swiftlee:
You are very correct! I always laugh when people shout when there is a 40 percent correction. When they gained 80 percent, they wont say anything. No matter the correction, it would always rise!

My concern is that people fill multiple threads saying how bitc0in is scam. Those same people might return to buy the top later this year

Ask them what was their target profit per annum when they invested and they start pulling up outrageous figures... Some want 2000% increase...

Those I pity are folks who jump into unknown coyns as their first investment here.... There is a reason why virtually every crypt0 site has bitc0in and majors listed untop as default by virtue of their market cap

If your target profit in crypt0 is 10% pa, (which is reasonable and well above what treasury bills or an average stock on the NSE give), you can set a buy order for 35k... If it fills, you set a sell at 38.5k, take your profit and capital, go home and return next year..... Thats well over what people make in other known investments.

Folks should not come and spam this thread calling crypt0 scam cos of their greed and personal mistakes.

maasoap:
Scam. You buy something that has no value at N10 and start hoping for someone to come and buy it at N20. The new buyer starts looking for someone to pay N30 for it and the cycle continues. Where does this the madness ends? Someone must cry las las

Where does the value of the naira in your pocket come from?
The value of almost everything you see around you is embedded in the price people are willing to pay for it. No material asset has an 'intrinsic value'

People invest in TB's to make 5-10% per annum...
They invest in stocks to make some similar percentage too...
They buy land and wait years for it to appreciate...

But folks want to invest in crypt0 and make 100% overnight...

If your target in crypt0 was 10% per annum (which is a sensible rate for lots of investments), you wouldn't have a problem trading bitc0in...

Folks should examine what other investments they have and how much profit they generate there per annum

CryptoMatic:
Each time I hear “invest what you can afford to lose”, I just laugh.

Like Do we really have money we want to lose?

All investment(shares, real estate, firm, business, crypt0) has risks attached to them, and people still go into them with money they can’t afford to lose, all hoping for the best

You simply need to have a plan when investing, that’s all.

Free talk my brother.... It's understandably new folks to crypt0 that say such

If I don't invest good money on bitc0in, what else would I invest good money on?.... Abi na Nigerian stocks wey dey dig well?

The funny thing is that it's the volatility in crypt0 that attracts alot of people.... You have an upward trending market with good volatility.... Sensibly use the volatility to make more money...

On the NSE, without sounding sour, I've looked at it over and over again and avoided bias but I can't seem to answer the 4 questions above

1. Is the market trending upward? Do I have that needed insurance?

2. Is it a robust market with a clear tradable pattern where there are periods that portend good buying opportunities, ranging and good rallies to take profits?

3. Looking back, is there a tradeable pattern to make money in the NSE yearly, 2yrly e.t.c?

That after 13 years the NSE all share index has not been able to match the high it created during it's only bullrun in 2008 is quite concerning and says alot about the strength of the market...
Contrary to some opinion, bullruns are part of any strong markets as they represent human greed.... The ability of the market to keep trending after a parabolic top and correction shows strength... We can see that with both the dotcom, 2008 and covid crash of the US stock market... The market came back stronger..... That's what makes the average Joe invest in a market

Until the NSE matches its 2008 high at least (which means current stock prices almost doubling), it technically remains in a downtrend.... Understanding that shows you what it means for a marjet currently valued at over 1 trillion dollars to create new highs 4yrly

Regarding crypt0, I'm not so worried... Bitc0in has created new highs every 4 years. Strong markets don't need advertisement... The masses will keep trooping in until it enters a confimed bear correction.

jedisco:
Looking at the bitc0in profitable days since its been in existence... Even at the selloff yesterday, it's been profitable for 3829 out of 3929 days in existence...

Let's look at bitc0in closely

1. It's an asset that has cyclical four yearly bullruns every. These are periods to make good profits and are due to the fact that the supply of bitc0in is cut in half every four years... Thus supply would keep reducing while demand increases overtime... It's simple maths, prices would trend up... That's why it's managed to vreate new highs after every parabolic rally.

2. Every year on the average, (whether in a bull or bear market) bitc0in gives 2-3 good buying opportunities to make upto 30-70% profit that same year... Those buying opportunities just like the one we had are usually quite obvious for those looking at the big picture.

3. Due to the supply/demand curve, bitc0in is likely going to trend up for the foreseeable future (bu this I mean longterm). This simply means that even if you mistakingly buy at the wrong time, you can go to bed knowing that sooner or later, you'd be in profit... That's about the best insurance any asset can give you. Combine that with the continued devaluation of the naira, then it becomes difficult to argue against

4. Bitc0in just like every other strong asset class has dependable cycles which have held thru for over a decade.... You have periods of great opportunity to buy, periods when the market ranges, and periods when it rallies irrationally- when you can take good profits.... That is what I look out for in any market I invest/trade.... Is there a tradeable pattern?
With such a simple cyclical and relatively quick pattern, anyone who lost money investing in bitc0in should not blame the asset

These are the reasons why I trade bitc0in and do it heavy.... I've had no regrets so far...

My question which is one that is simple and out of genuine inquisition..... What other traded asset has been that dependable to retain value with time and give similar profit margin?
What are the alternatives?

This is why I invest in bitc0in

.

essay007:
Just wondering, is there any particular reason u can't call it BeTeC/betec or bitcoin? U always seem to say beeteec or bitc0in. What's the catch?

It's was a banned word in the early days here... Spambot picks up on it and gives the person 3 days... Surprisingly, seems spambot still bans me anytime I use it or quote someone who does.

DigitalMallam:
Told ya, I'm not touching it till August ending.
I've written off the money already. It's climbing up though

Why do I have a feeling that you'd return in August to buy another top...

If you failed this time, ask yourself what did thise who traded profitably do... Perhaps, you might need to approach things differently
Like it or not, some folks took profits at around 60k... What do you think they'd be doing now? Waiting for August or looking for cheaper entries to sell later on?

Lastly, you sound like you invested a large amount on a no name coin... If gou are trading size, think like those who trade size and stick with bitc0in or certain large caps....

LauraClasikVibe:
Invest what you can afford to loose
Always take profit no matter how small
Don't get married to any coin
Be greedy when other are fearful and fearful when others are greedy.

No offense but I didn't come to crypt0 to invest what I'm willing to lose... If that was the case, I'd invest in treasury bills at 5% PA...

On taking profits, there are times to trade longterm and times to trade short-term

Looking at the bitc0in profitable days since its been in existence... Even at the selloff yesterday, it's been profitable for 3829 out of 3929 days in existence...

Let's look at bitc0in closely

1. It's an asset that has cyclical bullruns every four years. These are periods to make good profits and are due to the fact that the supply of bitc0in is cut in half every four years... Thus supply would keep reducing while demand increases... It's simple maths, prices would trend up...

2. Every year on the average, (whether in a bull or bear market) bitc0in gives 2-3 good buying opportunities to make upto 30-70% profit that same year... Those buying opportunities just like the one we had are usually quite obvious for those looking at the big picture.

3. Due to the supply/demand curve, bitc0in is likely going to trend up for the foreseeable future (bu this I mean longterm). Thus has held true for a decade... This simply means that even if you mistakingly buy at the wrong time, you can go to bed knowing that sooner or later, you'd be in profit... That's about the greatest insurance any asset can give you. Combine that with the continued devaluation of the naira, then it becomes difficult to argue against

4. Bitc0in just like every other strong asset class has dependable cycles which have held thru for over a decade.... You have periods of great opportunity to buy, periods when tge market ranges, nad periods when it rallies irrationally when you can take good profits.... That is what I look out for in any market I invest/trade.... Is there a tradeable pattern? With such a simple cyclical and relatively quick pattern, anyone who lost money investing in bitc0in should not blame the asset

These are the reasons why I trade bitc0in and do it heavy.... I've had no regrets so far...

My question which is one that is simple and out of genuine inquisition..... What other traded asset has been that dependable to retain value with time and give similar profits margin?
What are the alternatives?

On investing what you can afford to lose....

I find it interesting when people use this statement...
As a general rule, this holds true for any investment but people use it here to refer to crypt0 as equivalent to gambling...

Even with the selloff yesterday, bitc0in remains one of the most profitable assets of the last decade... I have seen no other asset I have invested as much as I have done in crypt0 and no other asset has given me as much profits as crypt0....

If you want to gamble, stay away from crypt0... If you want to invest, bitc0in might just be a gift....

@op, you are a gambler...

This is the bitc0in lifetime profitability chart. As of yesterday when bitc0in sold off, anyone who had bought bitc0in in 3820 out of it's 3929 days of existence would still be in profit... That's a massive 97%.... What other named asset has been this strong over the last decade?

Bitc0in has been the most profitable assest of the last decade...
Look at that chart, if you have problems trading bitc0in profitably, I wonder what other market you'd trade with any degree of profit....

Bitc0in is a gift to the young generation... You can either use it sensibly to build wealth or gamble away your future.

The issue with such a sellooff is that all the support zones above that have been holding price up have now become resistance...

Also, unlike a usualpullback, with this sellooff, there's been a confidence dip in the market... Not an issue long-term.... But for the short-term it's not a good environment for alyts...

Ibime:
No Sir. I was trying to catch the bottom because I recognised the danger was significant. I told my guys I usually try not to catch the bottom but average down, but I'm being overly cautious on this one because a drop below 21 week EMA has always ended previous bullruns. My plan was to start averaging down at $38k, expecting it to hit $32k, but the way it did not spend anytime ranging between $38k and $42k frightened me.

Hehe... My brother na wetin dey make am be capitulation... It can be fearful to watch though..

On bitc0in, the major resistance/support zones are very obvious... 60k, 50k, 40k, 30k, 20k.... It's highly unlikely It'd split through any of those zones without a response... That's why I wasn't so keen on the 38k narrative....... Good chance support is tested again

Technically, it's not lost the 21 week ema yet (closed last week above) although it seems probable... This market can be tricky.. E.g yesterday started green and ended red... Today might end green... Most reversal candles start tge opposite direction.... I wouldn't be surprised if it finally creeps back to hold the 21 week as support by close of this week... That's a huge ask though

But then, Even in a bear market, things don't go down in a straight line... My style of trade then is just by bidding major support and selling at the next major resistance Nd repeat...

Sailor1:
On the other hand, looking at those vehemently against crypt0, they fall into certain categories

1. The d*mb ones: these are just like herd who ruminate what they have been told without thinking. Example is the chap above who after reading an article on how the EU plan to introduce their digitol currency and further regulate the crypt0 space, made it out to believe all CBN's will ban crypt0 in 5 years... lol... If sensible countries were going to do that, they'd have done it already. Well, what I have to say to those folks is that I have significantly more hope in longevity and value of bitc0in than I do in the naira.

2. The salty ones: these are those who have done significant study. It's obvious from their chats that they have read extensively on it. These group missed out buying at 4k, they see it as a missed opportunity but don't want to rush into a pump and have been waiting for a dip to test waters. For this group I'd say, go and wait for us at 30k

3. The I no send group: Those who are not aware and don't care- cool folks I'd say... Na ur right

4. The let me continue with what I know group: Those who have done some reading and are not keen perhaps cos of the volatility, age or other factors. They are largely indifferent and do not care

That said, I believe in the independence of man and people should trade in whatever market they find comfortable. No need being salty over others as far as they are not breaking sensible laws. If as abysmal as the NSE looks over the last decade you still see opportunities there, don't blame me for seeing opportunities in bitc0in

I remember this post from a while back....

Today 3 months after, bitc0in nicely hit 30k....
Of course, the narratives are numerous and the FUD (fear, uncertainty and doubt) is everywhere...

For those who have waited to get into bitc0in, this might represent an opportunity, for those who believe, it'd eventually go to zero, again I say no worries.

Ibime:
The dip was too fast mehn. I can't come and be trading against Robots and liquidations.

Twice I opened positions thinking they were cheeky low bids, and twice I closed them, and told my guys to close them.

That's capitulation for you...

Set some very low orders on leveraged tokens which were picked up before binaz suspended trading on them... Just hope the suspension does not mess them up...

I think you're going about buying the dip wrongly...Youre trying to catch the absolute bottom... It's never fun buying them... It's in the coming days you'd enjoy your entries....... You may likely keep moving your targets lower until stuff rebounds and leaves you chasing...

I usually see buying dips like selling rallies... Waiting for a proper top to confirm before selling most yimes means you'd sell much lower..same also with dips... I usually outline proper weekly levels (on majors) and target them... Once it's obvious the bottom is in, stuff wouldn't dip as much as on the initial way down. It's a fine balance between averaging in and avoiding catching knive... Obviously on betece, its much easier... Na alyts dey give person headache

Now I'm sure you'd be waiting for 30k for betece and similar lows for other coyns... No be only u go dey wait... After this bounce, there's some renewed confidence and room for more fiat to come into the market....

My concern with alyts now is this new betece volatility.... If bitc0in is making 10-20% moves daily, then alyts may not keep up...

emmanuelewumi:
We usually focus on the returns without considering the risk

I don't see how this is possible.. Even if that person bought bitc0in at the ATH of 64k, I don't see how a see how their balance would be 16k...

Again the doom sayers are around... Reminds me of the selloff to 4k last year... It was months later that people started saying of they had known they'd have bought...hehe

It'd interst you to know that I've been buying since 44k over the last couple of days and also bought more this afternoon....

locodemy:
I use to think that the reason people run into Betec is because it can't decline like stocks.
If Betec fall from $65,000 all time high to even $20,000,What is the difference between it and our NSE?
@Nse you are sure of dividend even if price falls.

It's better, I trade this my local stocks than answering a wallet billionaire that can vanish over night

locodemy:
China bans financial institutions from offering bitc0in services.
From all indications, Betec is going as low as $10,000.

Those who left our stock market crippled will later meet us here.

Hehe... Misery loves company...

1. The volatility with bitc0in would make the average stock volatility look like a joke...

2. The difference between bitc0in and the NSE is that Bitc0in is a robust upward trending market that has highs, lows and periods of consolidation...

3. That your worst case scenario is 10k shows how far bitc0in has come... Close to this time last year, people were calling zero

4. This would be about the 100th time China has 'banned' bitc0in... This selloff has little or nothing to do with China. Bitc0in has had 6 straight green months rallying from 10k to 60k... Any strong market will consolidate and create good structure as folks take profits and also allow new money come in...

5. Funny enough, if you're worried about the NSE, this selloff may even portend worse things for it... Lets see how the next couple of months develop

Tamel:
As seen on twitter..

Couple of exchanges went offline a few minutes too..
Wetin dey occur !

Though I don't like chasing narratives for price action, but this might be probable...

Good stuff with binaz suspending leverage trades at the lows.... Cos it was looking more manipulative than usual trading..... Good bounce so far

Whew!!! What a day....
This is typical crypt0 volatility....Reminds me of last year's selloff to 4k

Good response at 30 so far but lets see how the day closes... If it closes bullish (>43.4k), then this might have just been a proper capitulation.
Some of my positions took a hit (but good bounce so far). I don't really regret that I started averaging in at the low 40's as it suited my trading pattern... Still bought lil during the capitulation this pm.... When the dust is settled, I'd re-examine the events and see what things I could have done differently...


Kudos @Ibeme for calling this....
But then, I'm surprised you didn't average in at the lows and around your targets....
I remember what happened last year when bitc0in sold off to 4k... I had closed my position at 8k... Knew 4k was a good buying opportunity but kept watching... finally ended up buying at 5.8k and 6.2k in the coming days/weeks.

manitoba:
How do you guys like your 'Greens'? Lol It's been good building those super foundationd, now let's go to the Moon.

Easy my brother, the day might end quite different from how it started, also, yesterday's betece candle wasn't the most bullish...

It's worth remembering that on such rallies after a dip, folks have been burnt and are agressive in taking profits once they see weakness.... If you caught dips over the past few days, it's might be good to target resistances to take profits..