Bitcoin Thread - 2018

SaiyanZ

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I got out at 95k, back in at 94k and back out at 95k. So built up a nice buffer together with when it was at a high. Nice when there's indecision on Luno. Now just waiting for another dip on Luno to take it towards 94k. For some reason a few people are feeling optimistic when it still doesn't look so good and Rand is going for a high again.
I'm also just out again now. Not because of BTC but because of the Rand. USD BTC price could still go up but if it goes sideways then Luno will drop because of Rand strengthening. Better to take profit whilst ahead in these uncertain times. If the Rand didn't drop 20c already today I would have held.
 

saor

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I'm also just out again now. Not because of BTC but because of the Rand. USD BTC price could still go up but if it goes sideways then Luno will drop because of Rand strengthening. Better to take profit whilst ahead in these uncertain times. If the Rand didn't drop 20c already today I would have held.
I'm curious why you trade on luno and not international exchanges? Especially with their lack of advanced orders. Not being able to stop loss is an absolute deal breaker for me.
 

SaiyanZ

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I'm curious why you trade on luno and not international exchanges? Especially with their lack of advanced orders. Not being able to stop loss is an absolute deal breaker for me.
Luno has its benefits if you are able to watch the exchange all the time.

Advantages:
- Price moves slower so you have more time to make a decision/react.
- You have first mover advantage on Luno if USD exchanges pumps or dumps hard. Can still get the old price if quick.
- Zero fees if maker.

Disadvantages:
- High fees if taker. This can be a good thing in another sense. When people sell/buy a lot at one price with fees you sort of know that they won't sell/buy again at the same price due to the high fees taking a chunk out of the trade.
- The Rand has been volatile this year so you get price slippage over time.


I don't think I would use stop losses even if I had the option. There's too many fakeouts in crypto. So the stops will be hit often. Would have lost out quite often this year if I had used stops I think.
 

BitcoinZAR

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Feb 11, 2016
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Luno has its benefits if you are able to watch the exchange all the time.

Advantages:
- Price moves slower so you have more time to make a decision/react.
- You have first mover advantage on Luno if USD exchanges pumps or dumps hard. Can still get the old price if quick.
- Zero fees if maker.

Disadvantages:
- High fees if taker. This can be a good thing in another sense. When people sell/buy a lot at one price with fees you sort of know that they won't sell/buy again at the same price due to the high fees taking a chunk out of the trade.
- The Rand has been volatile this year so you get price slippage over time.


I don't think I would use stop losses even if I had the option. There's too many fakeouts in crypto. So the stops will be hit often. Would have lost out quite often this year if I had used stops I think.
Its hard to 'get the old price if quick', when the spread is almost always R1 pretty much consistently, and you are forced to always be the 'taker' if you want to be fast. It can be extremely annoying when you want to move quickly. So even though the price might move slower, its much harder to still be the maker, especially when things are rounded off to R1. Quite often there are huge buy and sell walls, and no way around them.
 

SaiyanZ

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Its hard to 'get the old price if quick', when the spread is almost always R1 pretty much consistently, and you are forced to always be the 'taker' if you want to be fast. It can be extremely annoying when you want to move quickly. So even though the price might move slower, its much harder to still be the maker, especially when things are rounded off to R1. Quite often there are huge buy and sell walls, and no way around them.
By get "old price quick" I meant instant buy a wall and be a taker. With enough 30 day volume your fees are 0.5% which is high but I only do it if the USD exchanges pump/dump by at least 2%. These days maybe a bit more as there's so many fakeouts. So a net gain if the USD price holds the new level for a while whilst other Luno traders start to come in and move the price.

Then when I take profit for a quick flip trade I do it as a maker.
 

Swa

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When it fell $300 I was able to hit Luno still on R98,500 with only a 0.75% fee. Helped that I actually built up a buffer for this while it was on a high and Luno was jumping up and down. That would make my break even R97,761 and I could have rode it all the way down to R95,000 if I was more patient but got in and out again in between so got only 2% vs 3%. This morning's volatility netted me another two stretches worth 2%. So U.S. exchanges won't work for me.
 

SaiyanZ

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Shorts are starting to creep up again and longs got hit hard in the last day. With this sort of dynamics I think it could squeeze up easily from here. It's easier to go up with this setup than down.

Longs:



Shorts:




Also expect a pump to be attempted in around 7 hours from now when we're below my convergence target. Just a guess based on previous moves:

 

SaiyanZ

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Still more boring sideways. The next prime area to attack with heavy resistance is that below. Still time to get there though. I'm in and holding for now. It's more of a hedge against the Rand as I think we will start to head back towards R15 vs dollar.

 

SaiyanZ

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It's got about 6 more hours until it's directly below the kill zone. Whales like breaking through multiple resistances at once as the price is more likely to hold the new level afterwards. Right now there's fairly heavy resistance at $6415 and then $6460/$6480 (on Bitfinex).

 

saor

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Not to get too excited but price pushing up (and even a little past?) the long-term resistance.
upk.png

Quite a heavy region to get past tho...
regiot.png
 

SaiyanZ

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That's a candle:



Bitfinex is now sustaining a price of around $350 above the other exchanges. Good or bad, who knows. Either way it's a good time to hold. Broke through all major short term resistances.

Luno price is still around R4k behind at R98k. Should be closer to R102k but it might take a while for buyers to come and people to load funds.
 

SaiyanZ

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Bitfinex is on steroids. Other exchanges are moving up but a lot slower. There was a $1000 difference in price just now.

 

phly

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Mar 13, 2013
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Bitcoin and its foolishness! I was longing this but got taken out when it wicked down before it went crazy up. Dint expect it to go this high though
 

Sensorei

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It's all USD tether uncertainty panic. Tether dropped to 85c, which basically adds 15% to BTC:USDT value. Coinbase which is USD trading, not USDT only pumped to $6800.
 

saor

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It's all USD tether uncertainty panic. Tether dropped to 85c, which basically adds 15% to BTC:USDT value. Coinbase which is USD trading, not USDT only pumped to $6800.
Hectic.
Yeah looking at Tradingview now the USD pairings are very different to the Tether pairings...
(the bottom two are binance and bitfinex with Tether pairs)

tether.png
 
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