Bitcoin Thread - 2018

John Tempus

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Whatever the whales do, they'll need a lot of funds to break through the $100 zone from $3580 to $3680. Massive resistance here from 1 month of trading and people holding longs for a while at a loss who just want to close at break even . If you zoom out, it looks a bit like a 1 month long descending triangle on the $3500/$3600 area.


Yup, I was near certain the drop today was going to lead down to possibly $3200 area but then it just instantly changed direction right back up from $3400. Its a long/short whale war, I think some guys with longs were pumping in millions to protect their longs when that shorting kicked in earlier today, I can only assume some people with millions in longs hedging over and over to keep the long direction holding possibly until they can get out at minimal loss or a slight win. This might determine if we will see a freefall afterwards.

These sudden pump and dumps is one of the biggest reasons why going above 15x leverage ~6.2% price change is not advised, just for safety. When we get massive liquidations it is usually people doing 25-30 or higher leverage and with the ranges in the pump and dump between 3-4% it seems to be prime spot to liquidate these kind of gambling traders.
 

Swa

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Luno turned bearish. What I was afraid of. Luckily I got in at R52,500 but still BTC has moved to high territory again and could dump, so it would be the same as buying at a high.
 

SaiyanZ

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The support structure is just holding on. So it should dump unless whales come in and pump it from $3550. However I will close as soon as in profit and watch again. If we see a quick bounce from around $3450 with no candle closing below $3500 then this should be a temporary reversal and we could go up to $4k+ in the next couple weeks.

If it just goes up from $3550 now then it's harder to tell the trend as we could still dump from anywhere.

 

John Tempus

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Yeh Im hoping for logical trend to play out today unlike yesterday. Closed my long at 3578 and shorted again. Im hoping we take another stab below $3500 and even retest $3400 on bitmex like yesterdays dump attempt.
 

balrog

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Maybe a dump (or slide?) back to $3100 incoming, maybe taking a month or 2, forming a double-bottom. Might grind upwards from there?

Guessing and speculation :)
 

OllieSA

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Luno turned bearish. What I was afraid of. Luckily I got in at R52,500 but still BTC has moved to high territory again and could dump, so it would be the same as buying at a high.
Luno is inexplicable at times. In general the moves copy the bigger exchanges, but at times it will be the inverse. Yesterday I noticed Bitstamp dipping down within a channel, while Luno went to the top of the channel.
 

Swa

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You guys think we're going to push down below the 200 week MA? Alts already have, BTC just barely above it.
Think the issue is with alts (ico's?) the market has finally realised most are scams. As Bitcoin is the major currency pair it just happens to be the one people are cashing out with dragging it down with the rest.
 

SaiyanZ

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I'm taking a risky long here. Price action is so slow and there's no sign of $3500 breaking. Also no panic when below $3600 on Bitfinex. If there are whales planning on pumping BTC, today seems like the best time to do it as they'll break through multiple resistances in one pump and get the liquidity around $3600.

A slow push up towards $3580 without any major dump will confirm that whales are at play.

 
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balrog

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I'm taking a risky long here. Price action is so slow and there's no sign of $3500 breaking. Also no panic when below $3600 on Bitfinex. If there are whales planning on pumping BTC, today seems like the best time to do it as they'll break through multiple resistances in one pump and get the liquidity around $3600.

A slow push up towards $3580 without any major dump will confirm that whales are at play.

I am quite surprised that the BTC price didn't dip on the news that the van Eck ETF proposal has been pulled for now. To be submitted later when the US Government starts up again. This must show some strength, that even on bad news, the price didn't dip....

One would think the Bears would have used the bad news to push the price down.. Let's hope they are now exhausted and taking a nap for a while :)
 

Swa

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What's interesting is that the Coindesk price is a lot closer to the Bitfinix price. Also longs are closing and shorts opening without putting much pressure on the price. So with it being on a low my money is on a big upwards move.
 

SaiyanZ

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I think I'm right about the imminent pump. Slow steady push up now then a little time below $3580 then pump to $3700. I will look to close around $3670.

 

SaiyanZ

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Taking a while for anything to happen. I closed and reopened my long. Bitfinex and Bitstamp is not 100% matched up regarding the resistances. Prime time for Bitifnex to pump is at midnight tonight UTC. So in about 7 hours, 2am our time.

 

John Tempus

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Like watching paint dry after an early attempt to breakout.

Gah, so boring.

The most volatile trading period of the day have been between 5-10pm our time so it is a surprisingly calm day today unless this cycle of volatility shifting to later timeframes out of the blue.
 

Swa

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I'm tired of these <$50 pumps and dumps. It's like they want people to buy or sell halfway through and then the momentum just stops.
 
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