Bitcoin Thread

[John Tempus]

GL, I think its days too early to buy back. Hope it works out for you.

 

[SaiyanZ]

GL, I think its days too early to buy back. Hope it works out for you.

Yeah it probably is so I'll watch and be ready to trade again as usual.

The market is very unpredicatble so we might spike upwards for a bit to kill shorts and liquidate leveraged positions on Bitmex. Shorts have had an easy life for over a week now. There is also a very obvious effort to keep the price above $4500 on Bitfinex which is my main reason to hold now.

 

[4cer]

Yeah it probably is so I'll watch and be ready to trade again as usual.

The market is very unpredicatble so we might spike upwards for a bit to kill shorts and liquidate leveraged positions on Bitmex. Shorts have had an easy life for over a week now. There is also a very obvious effort to keep the price above $4500 on Bitfinex which is my main reason to hold now.

I was also watching the charts and there were massive buys coming in to keep it above $4500

 

[Tweebeenvis]

You guys into any alts? I'm pretty much just BTC and and a little ETH at this stage...

 

[phly]

Everyone is waiting for alts to be pummeled to the ground before investing in them. They are all fairy dust for now but if you pick key ones then they will give you amazon kinda returns in the future. Adoption of the alt coin or its tech being the key factor.

 

[John Tempus]

You guys into any alts? I'm pretty much just BTC and and a little ETH at this stage...

I trade only USDT pairs on binance and some USD pairs on other exchanges. 80% of the time the other altcoins independent performance only happens during BTC buyzone. What I dont do at all is trading BTC as base currency against altcoins, its a fairly stupid idea that so many traders still hang onto.

 

[Tweebeenvis]

Don't trade much myself but will definitely buy more BTC if it hits $3k xD

 

[John Tempus]

Don't trade much myself but will definitely buy more BTC if it hits $3k xD

I am hoping the next spree of bullruns only start at $1k level. That would open up a lot of room for recovery and lots of room to profit from on its way back up. Worse thing that can happen now is a long duration in the 4-6k range before next slow recovery, that would create painful uncertainty.

In short, either we breakout quickly from the current downtrend or complete the current down trend all the way down to $1k before a breakout back upwards to $10k and beyond.

 

[SaiyanZ]

Seems like $4500 is the accumulation zone on Bitfinex. Anything sub $4500 is being bought up quickly. Breaking below it should have resulted in selloffs the last couple times but instead we had bullish price action. So whales are possibly loading up here for a pump. We could drop through it to about $4400 and then immediately pump to $4800+ at some point. I've seen moves like that a few times this year.

 

[RaptorSA]

Been watching a lot of opinions and "expert" analysis online, everyone's fancy charts and modelling etc. has been absolutely destroyed over that past few weeks/days.
Clearly it's impossible to predict with any kind of probability where the floor is going to be, even more so than usual.

Been pushing all my savings into my home loan so I can get rid of the damn thing in the next two years so my BTC "investment" is basically the only liquidity I have right now (assuming I don't touch my Home Loan account).
Decided to dump my coin this morning before I go below my buy-in rate from June last year. Not happy with it but at least I won't get trapped into a hodl position and I can buy-in again whenever I feel like it.

All this stuff is just based on "feelings" anyway... so my feelings are telling me to keep betting on a $3K floor, or when the floor is obvious, wherever that may be. Then maybe buy in again, if I'm lucky I'll end up with more coin. If not, I get to possibly ride a bull with whatever I buy again. Or so the thinking goes.

EDIT: Talking about "feelings". From all the videos I've seen online, for some reason this one sticks to my mind the most. It's a prediction/analysis based on the Elliot wave principle. Could of course be more BS but what do I know.

 

[phly]

trying to catch the bottom is basically knife catching and unless you are a magician it is not advised. I have learnt to wait patiently and let price dictate my trading. I don't have any large sum invested. lost everything ages ago when i was 100% noob. But even now at 50% noob i am still learning everyday. No one really know where the bottom is, we can only wait to see it happen then ride the wave up

 

[SaiyanZ]

Still bouncing around in the last decent support zone. Has to break upwards soon as I don't think the market can handle another drop below the shaded area ($4380). We'll probably see a bigger dump if it does. It's equivalent to Bitfinex $4500 support.

Edit: I haven't been following Bitfinex today. Looking at it now, it looks a lot more bearish. It needs to get away from $4500 asap as breaking that level should result in a big dump. Possibly to around $4250 based on the pattern. So Bitstamp would be around $4120.

This ultimately came true with the targets reached of $4250 (Bitfinex) and $4120 (Bitstamp). There was a few bounces from $4500 for a day which threw me off a bit as there is some accumulation going on and we will never know when the big pump will come. Hence why I got back in again. My strategy at the lows is to accumulate more BTC through trading and make sure I don't miss the pump upwards. I don't mind losing a few percent here so that I catch the bigger move upwards when it comes. It happened back in April when the price was moving around between $6400 and $6800 for over a week and then the move up caught everyone who was waiting for lower prices off guard.

Bitstamp:

Bitfinex:

 

[balrog]

You guys into any alts? I'm pretty much just BTC and and a little ETH at this stage...

I have a stack of alts

Masternode and staking coins that keep on growing:
STP - Stipend. A coin with real-world use (soon). A freelancing website where freelancers can be paid with crypto.
Oryxcoin - seems a bit dodgy - LOL! But growing nicely, so this is a high risk gamble.
Divi - nice project, their aim is to make crypto easy and accessible. Weekly developer updates and very active in marketing the project. They have lottery blocks once a week. So if you stake and hit a lottery block, you win quite a lot of coins. They also have a multi-tier masternode system.
Minexcoin/Minexbank - Currently get 27.6% interest over a quarter (3 month period) for parking your coins. Also other periods, but quarterly is the optimal one at the moment. They are on the cusp of releasing a Visa card that is accepted anywhere Visa is. You can buy a card with MNX tokens. You will be able to fund the card with MNX, BTC, ETH and possibly more down the line...

Interesting other alts:
CHI (Xaya.io ) - A token with it's own blockchain. It is a blockchain platform for decentralized games. One game in last stages of BETA (TreatFighter). Soccer Manager Crypto releasing in the next month or 2. 3rd unannounced game also being worked on. This is the team that release Huntercoin in 2014. The first blockchain based game. I obviously hope the Activision/Ubisofts of the world will one day pick this platform for their games . Will make me a multi-millionaire - LOL! Trading only on Liquid.com at the moment and not on Coinmarketcap yet.
CMCT (CrowdMachine project) - Build your own blockchain apps in a drag and drop environment without coding. Pretty awesome. They had some tokens stolen a while back, so the price is rock bottom and only trading at HitBTC at the moment (no deposits allowed anywhere). Also try their CodeAcademy - a fully detailed training course on how to build the apps - looks very professional.

Then the usual suspects, ETH, NEO, Cardano (ADA), ETP (Metaverse), ITC, IOTA, IOST, OMG, TAU etc etc....

Of course, non of the above is investment advice

 

[SaiyanZ]

The obvious move would be to short from this area. It's a bit too obvious though so I think there will be a counter move. Bears might get burnt in the next day or two.

 

[Tweebeenvis]

Still waiting for entry, the trick now is to not miss the moon rocket but get as much BTC as possible xD

 

[SaiyanZ]

Anyone here does leveraged trading? On which exchange?

Want to try my hand at it now that I have some experience trading and also some extra BTC to play with. Did some research on Bitmex. The contracts seem quite complex. I just want to be able to buy/short with leverage and be able to open and close my position on the fly. So like a normal trade, just with leverage.

I know that SynergyX guy used to trade with leverage but he's disappeared for several months.

 

[Swa]

I don't quite get leverage. You have to put up enough guarantee in any case so why not just trade with that then?

 

[John Tempus]

I don't quite get leverage. You have to put up enough guarantee in any case so why not just trade with that then?

Thats not how leverage trading work but I did not expect you to know this so not surprised.

With leverage trading positions for and against move in parallel. If I have $1000 on deposit with 100:1 leverage and I trade long and the price goes up 1% I would see a 100x benefit on the trade with just $1000 of actual deposit however if it drops 1% my full deposit would be wiped out. So no you don't actually have excessive locked up guarantee in place, thats not how it works. Leveraged trading is using "House money" traditionally which is why there tends to be many dodgy brokers who doesn't honor winners since they need to pay from their own pockets essentially. Most exchanges just use the term Margin Trading since it more clearly resemble the borrowing of funds from users on the exchange and lending it to the leverage trader(you). Even though you pay daily interest on these open positions on borrowed funds there is a chance that market conditions could flip so drasticly that you would only lose your actual funds on deposit and the lenders would take the brunt of the loss in shared losses.

Just use google to fill in the rest.

 

[phly]

The only trading I do is leveraged trading. You can use bitfinex which has very cool charts but the majority of folks are using bitmex. You can lose all your cash in a blink of an eye due to volatility especially if you use high margin such as 100x. However for some of us, its the only way we know how to live. Allow me to shamelessly plug in my refferal link for those that need to sign up on Bitmex. You get a reduction in trading fees for like 6 months last I checked.

Ref Link: https://www.bitmex.com/register/ElJUeh

If any other question you can shoot and i'll try assist to the best of my knowledge. Its quite easy once you get the hang of it. Issue is is at very volatile times the system hangs and you cannot open or close a position. However its the to go to exchange for leverage and margin trading

 

[saor]

Did some research on Bitmex. The contracts seem quite complex. I just want to be able to buy/short with leverage and be able to open and close my position on the fly. So like a normal trade, just with leverage.

You can paper-trade with Bitmex if you're interested:
https://testnet.bitmex.com/