Bitcoin Thread - 2018

phly

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Seems to be setting up for another push later on. Question is double top or blow past the last 13k top . if we go past that then crazy as this may sound 20k is just round the corner. For abit of perspective - monthly chart.

Screen Shot 2019-07-10 at 12.08.19 PM.png
 

SaiyanZ

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I think short term we should see a pullback from around $13250/$13300 if it can get there. Think it's worth risking a short from around there with with a stop loss above $13400.



Edit: Meh, I shorted the wick at $13248 but played it safe and got stopped out at $13150 before the bigger dump. Hard to find the balance between greed and safety.
 
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Swa

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Tether selling off again. People seem to have chosen $13k as the cashing out point.
And there's my predicted dump. Tether just fell below $1 so expecting a lot of hurt.
 

John Tempus

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Every pump and dump cycle of BTC is crashing altcoin market more and more.

The altcoin market specifically talking about the top20 coins each time shows USD improvement when BTC goes up 5% then the moment BTC crash 2.5% the altcoin market sees a crash of double or more of that, rinse repeat.

This entire BTC bullrun pump and dump cycles seems more like an altcoin shakeout than anything else.

Even the slightest BTC pullback takes these altcoins below their previous lows before BTC even did a pump. The "top" altcoins at this rate would be completely dead if BTC does a runup to $20k and then a dump back to $15k if this pattern continues.
 

John Tempus

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I think short term we should see a pullback from around $13250/$13300 if it can get there. Think it's worth risking a short from around there with with a stop loss above $13400.



Edit: Meh, I shorted the wick at $13248 but played it safe and got stopped out at $13150 before the bigger dump. Hard to find the balance between greed and safety.
Depending on your leverage you could sell off lets say 80% of your position at the mentioned $13150, let the remaining 20% which should be your profit just ride and if there is no further dump then you could just close it at less profit or even. Thats the safest way to try ride your luck without risky the entire trade position.

You would have to be around manually to observe if you set trailing stops cause you need to be away its better to just get out as you did.
 

Swa

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Every pump and dump cycle of BTC is crashing altcoin market more and more.

The altcoin market specifically talking about the top20 coins each time shows USD improvement when BTC goes up 5% then the moment BTC crash 2.5% the altcoin market sees a crash of double or more of that, rinse repeat.

This entire BTC bullrun pump and dump cycles seems more like an altcoin shakeout than anything else.

Even the slightest BTC pullback takes these altcoins below their previous lows before BTC even did a pump. The "top" altcoins at this rate would be completely dead if BTC does a runup to $20k and then a dump back to $15k if this pattern continues.
Which makes me wonder what's going to happen to BTC when the altcoin market is properly dead and only a few coins survive. There's still people in this very thread who believe that both are doing good when it's really just smoke and mirrors.
 

SaiyanZ

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Depending on your leverage you could sell off lets say 80% of your position at the mentioned $13150, let the remaining 20% which should be your profit just ride and if there is no further dump then you could just close it at less profit or even. Thats the safest way to try ride your luck without risky the entire trade position.

You would have to be around manually to observe if you set trailing stops cause you need to be away its better to just get out as you did.
Yeah think I need to do something like that. Feels like I'm taking risks but not making the most of things when they go my way.

This was quite a dump. Thought it would bounce from $12400/$12600. Think this might drop more and bounce quickly from just below $12000. It's an easy way to fill big long positions with stops and liquidations if you're manipulating the price. It's happened a few times recently where we just drop below $10k and $11k and bounce quickly. These dumps usually come in pairs too so another one is due soon.

 

John Tempus

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BIT-COIN-EEEEEKTED

And this is why I hate these huge pumps, what goes up fast will come down even faster.
 

John Tempus

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You just know more than likely that is someone who kept adding to their long as the price crashed hoping to survive the bottom. Probably a person with more BTC than brains who FOMO'd in at late above 12.5k with something like 15-20x leverage.

Just imagine this was someone with a mere $500k initial long and then kept adding to the margin as the price crashed good ol martingale strategy backfiring as it always does haha.
 

SaiyanZ

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What a mess... haha. I'm just opening up a short and leaving it. Who knows how far this can go...
 

John Tempus

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If its not a full reversal back to sub 11k it means the recent pump after the previous $14k dump at least made some grounds and the next pump have a chance of match 14k or going above.

If this dumps right back down to sub $10k test all the last days pump got us nowhere and a few people stinking rich and MANY people broke.
 

Knyro

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You just know more than likely that is someone who kept adding to their long as the price crashed hoping to survive the bottom.

Just imagine this was someone with a mere $500k initial long and then kept adding to the margin as the price crashed good ol martingale strategy backfiring as it always does haha.
You know I just noticed something in regards to your post last night about the way Bitmex does things.

I usually stack orders for the day before my first one gets hit. But just now I tried to add a super low long limit order but it won't let me due to it being below my liquidation price. This plays into your thinking that bitmex wants these large liquidations to happen.

What's the problem if my current long gets liquidated as long as my even lower long ends up getting filled? Now I'm convinced they want to discourage people from abandoning bad trades and throw large amounts of money at them in order to try and save them instead, resulting in these ridiculous liquidations.
 

John Tempus

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You know I just noticed something in regards to your post last night about the way Bitmex does things.

I usually stack orders for the day before my first one gets hit. But just now I tried to add a super low long limit order but it won't let me due to it being below my liquidation price. This plays into your thinking that bitmex wants these large liquidations to happen.

What's the problem if my current long gets liquidated as long as my even lower long ends up getting filled? Now I'm convinced they want to discourage people from abandoning bad trades and throw large amounts of money at them in order to try and save them instead, resulting in these ridiculous liquidations.
Yup, the whole leveraged system and order placement is designed like this. They went out of their way to make as many possible market trades ie. fees for them as possible to occur.

In fact there will always be liquidations even if they didn't design it this way however they are literally mathematically running the exchange in such a way that they can at this point forecast just how much they would make each day based on big data purely from averaged out liquidations at market order.

The only way to game their system and avoid below liquidation notice is to place ALL your positions on the orderbook before the first one actually get bought up. So they are without question forcing this notice while clearly you are able to place any range of orders only before the first order is filled.

The worse part and why I would never ever trade $millions in single orders on bitmex or any of these platforms with leverage is that there is simple ZERO way anyone can prove or disprove that bitmex themself using all the data available to do isn't causing these liquidations. That fact alone is the scariest part sitting with big open positions for long durations, you have to mentally challenged doing that and somehow expecting long term to not get fkd.

They can legit make a killing on just trading fees but due to how easy it would be to counter trade the market as they see fit and the in house data they easily have available they can make 100x more by fking over the market within these trading periods.
 

phly

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I got wiped out - under-estimated the dump - but I had some few bucks on another exchange also margin trading. went into a long on it when price was quite high - as i was just using the bonus/signup fee and testing the exchange - but they have this system/option/switch to have deleverage on. meaning should the instrument you are trading fall lower in the opposite direction they automatically reduce your leverage down to avoid liquidation. So whilst on my mex account i'm watching by the sidelines, on that exchange I am still in my long - entry was 13k :laugh:
 

John Tempus

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I got wiped out - under-estimated the dump - but I had some few bucks on another exchange also margin trading. went into a long on it when price was quite high - as i was just using the bonus/signup fee and testing the exchange - but they have this system/option/switch to have deleverage on. meaning should the instrument you are trading fall lower in the opposite direction they automatically reduce your leverage down to avoid liquidation. So whilst on my mex account i'm watching by the sidelines, on that exchange I am still in my long - entry was 13k :laugh:
That doesn't make sense. How can they deleverage you if you are moving deeping into your margin, that would simply liquidate you faster o_0 however you can reduce leverage if you add the difference to the trade from your own funds. You cannot reduce a negative trading position leverage without adding any extra funds, that is simply mathematically impossible.

You only ever use your leverage actually when you are moving into negative trading position and when you are still in positive trading position it makes no sense to deleverage if you are winning.

Either you explained it wrong or something is seriously fkd with the platform you referred to.
 

Swa

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That doesn't make sense. How can they deleverage you if you are moving deeping into your margin, that would simply liquidate you faster o_0 however you can reduce leverage if you add the difference to the trade from your own funds. You cannot reduce a negative trading position leverage without adding any extra funds, that is simply mathematically impossible.

You only ever use your leverage actually when you are moving into negative trading position and when you are still in positive trading position it makes no sense to deleverage if you are winning.

Either you explained it wrong or something is seriously fkd with the platform you referred to.
Yeah it sounds more like gradual liquidation to me so your position holds out longer or you get out earlier if the price keeps moving against you.
 

John Tempus

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Yeah it sounds more like gradual liquidation to me so your position holds out longer or you get out earlier if the price keeps moving against you.
Or without him knowing it sounds like they deleveraged him while adding to his margin position funds automatically from his account.

But ye just getting magically deleveraged in a negative position without using any additional funding sounds like a straight up scam site, haha. If that was reality every tom dick and harry would just go there with max leverage and freely trade without a care in the world with the free deleveraging without costing them more funding.
 
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