Bitcoin Thread - 2018

Marcell1992

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AdrianH

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33 bucks now. I remember thinking when it was 11 that it was a fad.
I bought because I had some left over ETH on Binance after buying NEO. Didn't want the ETH so I bought BNB with the left over ETH. But yeah, decent returns on that purchase.
 

SaiyanZ

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Looks like it could break upwards with this pattern. Target of around $9k so a big move is possible. So got to be careful with shorts here. Volume has also been slowly dropping so it's going to move soon.

 

Swa

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Bitcoin the last few months has done everything people don't expect.
 

LD50

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Bitcoin the last few months has done everything people don't expect.
What did they expect from the crypto jewel?
I see Bitcoin as Hulk's equal and you and I on Hulks back going from laying patheticly on te sidewalk to going apeshit slapping helicopters out of the sky...and then back. Whatever you do just hold the feck on.
Cannot think of a better analogy
 

Tman*

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literally every video I see on Youtube says "expect a correction", but the price just keeps climbing lol

Either way Im selling @ R135 000 and Ill ride the wave and try to buy an again after this mysterious correction.
 

eg2505

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nobody can predict BTC it has a mind of its own, Im convinced its a few whales moving money around that cause these spikes/drops
as nobody has yet predicted accurately when it will rise/fall.

I mean its completly a free for all, no regulations
 

John Tempus

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nobody can predict BTC it has a mind of its own, Im convinced its a few whales moving money around that cause these spikes/drops
as nobody has yet predicted accurately when it will rise/fall.

I mean its completly a free for all, no regulations
They fkd with interest rates on longs on bitmex.

You can see the pump happened right within 30mins from long interest rates that were at 0.4% which usually means people start to load up on shorts to get paid interest rates and avoid paying long interest rate. In 4hrs the long interest rate is again sitting at 0.3% so what Ive noticed is that it will either be manipulated into the direction expected which is down to get out of longs or as they did with the last movement they traded into the shorts by pumping the market and liquidating the shorts. Whichever case the manipulators decide to take in 4 hrs the price will move violently up or down again but considering they just pumped the market over 10% I suspect the case for a big dump in 4hrs being more likely than pumping the market back to back.

Some big fat whales used this info, look at the short orderbook and decided a measily 100BTC will be able to liquidate and pump the price into a frenzy that will trigger a runaway effect.

Its unfortunate but with orderbooks being public knowledge and whales not needing that much btc to do these types of things it will be manipulation city until there is actually safety triggers on exchanges if price move within short timeframes above certain percentage just like any other real world exchange but since bitmex and most other exchanges have no safety on price movement the manipulation will be super easy for even the tiny whales.

Think of it like this.

Whale sees that shorts are loading up, interest paid for shorts is due inside 30-60mins.

Whale looks at orderbook and see that people are closing their longs to avoid interest so the orderbook to push price up drops considerably.

Whale calculate how much it would cost roughly to start liquidation runaway effect by looking at the shorts below current price. These same shorts are unlikely to close their position at the moment due to being in a loss position and they expect the price to drop due to long interest that is due shortly.

Whale now can get a good estimate what it would cost him to create a serious runaway effect to pump the price via liquidations of shorts.

Whale puts in his own shorts at whatever realistic price they determined in this case I guess it was from 8600-8900 range.

Whale now start to pump the price in segments aggressively since most people want to open shorts so that causes a chance for whale to keep bumping the price up higher and higher while people try fill their shorts for the interest paid soon.

All this can be done with 100BTC or even less so the notion of actual people needing 1000+ BTC to create such condition is far cry. On Bitmex with 100BTC @ 50x leverage you could right now create yet another pump of extreme proportions. Bitmex only allows 200BTC max exposure on a single account but they don't prevent multiple accounts so all you need to do is open 25 accounts with 4BTC on each @ 50x leverage gives you exposure of 5000BTC ~$44million to pump or dump the market. Childsplay for anyone who saved up or combined their bitcoin to manipulate the market at will.

I believe that every 5%+ pump or dump we have gone through is due to this manipulation strategy. Not a single pump or dump this year or perhaps ever have been organic. The price movement outside the pump and dumps is the closes to organic direction finding that I can think of.

What makes matters sort of worse is that manipulators are in fact affecting the TA forecasting when you look at TA to consider price movement. So in a way these manipulators are in fact creating the conditions that traders use to decide their trades and without really knowing it they are trading right into the hands of the manipulators. ****all anyone can do about it except hope they are somehow on the right side of the manipulation.

What I just described is the number one manipulation issue that crypto trading space have not bothered to fix cause fees during such volatility is juicy for exchanges so they really don't give a fk. This is also the leading cause these futures and BAKKT etc have little to no chance to ever pass because if all exchanges don't have an incentive to play by the same rules and there is always at least one exchange who just allow these pump and dump percentages then every other exchange will be prevented from moving on into legitimacy.
 
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John Tempus

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good idea to buy more ?

or wait for it to drop below 100k again ?
Never buy after a 5% pump, specially not 10% pump it usually ends up being the top before some sort of dump follows.. Wait for market to go through the post pump, dump correction.

If you just straight up want to buy in order to hold and not actively trade I guess look at the top price of ~$8956 rip out 3-5% from that price to re enter. Its a very mundane basic way of approaching things but buying post pump like this is risky unless you don't care about waiting for a dump correction to play out after buying near the top.


On a seperate note I think Bitmex trading engine is broken. More than once it would enter me at a price that my order was not put in at. Example: I got a standing order of 8750.5 , the price enters the order and then my active price turns into 8751.5 or 8748.5 , random junk. This is without me having any other positions filled prior.
 

SaiyanZ

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Shorts are going to get some amazing funding today on Bitmex. Higher than I've ever seen there. The move was probably mostly manipulation but it's happened so now we can only pick up the pieces. Assuming it doesn't make a higher high, the correction points would be the blue line or if lower, most likely the fibs. This can still easily go to $6700 and be the start of a bull run.

$10k should also be tough to crack after the last two months of just pushing but I thought the same of $5800 and it went past it after a couple attempts.



Something to also consider is whether the market can support a BTC price of over $10k right now. There are a lot of overnight millionaires and the only way to sustain such a price is for fresh money to keep coming in. If there is no fresh money coming in all the time then we will ultimately start a downtrend again which will snowball into one of those dumps like we had in 2018. Since once a downtrend starts, people should know better than to come into crypto.
 
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Tman*

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My sell order was executed @ R135 000, quite impressed seeing that we were at like R80 000 at the beginning of May 2019.
 
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