Bitcoin Thread

[SaiyanZ]

Think a dump to about $3680 at least is still high probability. We approaching the high liquidity dump zone today just like previous times.

Zoomed in, seems to line up in about 8 to 12 hours from now:

 

[phly]

I for one i'm seeing a crazy drop to 1k sometime this year. Just dropping it here so that I have some reference once it happens. And I can say I told you so to "doubters".

For now the dance continues till the rug gets pulled

 

[Swa]

Crypto Kirby hit the nail on the head bitcoin moves to the beat of the google trends drum watch this video

This is 100% accurate. A bunch of articles popped up saying bots are readying for a major move up. People just started buying but it stopped after $100 when people realised it was a scam pump. There was no such thing and now they are readying for a major long squeeze as conditions for a forced short squeeze are being closed. If things work out like the charts are starting to show we may be seeing even 10:1 longs being liquidated by 6PM.

 

[Swa]

It was the same with the 10 year anniversary and the one year from the big high. It quickly ran out of steam and plunged back to $3300. I'm sticking to my gut this time and not buying.

 

[SaiyanZ]

I didn't expect the dump to take so long and it to go all the way to $4040. That was a surprise. I shorted at $3970 and held my shorts whilst it went up. Had my closing order at $3920 which got hit perfectly, then reshorted the bounce again at $3970 resistance area. All a good day's work. Will continue do small positions in this region until we leave it. Short $3970 and close $3920 and hold a larger short on the side for the big move.

Still only have shorts open. Will only think about longing again at $3800 or below.

 

[Swa]

Even more shorts closing and longs opening that temporarily halted it but it's still only trading in like a 1% area. Hoping for an epic one. Need the money as everything in the house seems to be breaking as once.

 

[Temujin]

I see the problem here... we're still in 2018 according to the title... no wonder

 

[SaiyanZ]

Open Interest on Bitmex is the highest I've ever seen it since I started trading there in November. Total value of open positions is about $590m. It was around $300m to $400m for the last few months.

So there's too many positions on both sides now and the next move will be massive because liquidations will be like a runaway train, triggering the next liquidation, then the next. We will probably keep going until about $250m of positions are liquidated/closed which is usually a $300 move at least.

 

[Swa]

Good. I'm waiting for $3600 levels and it can't come at a better time. It's also been hinting at going down the last few weeks ever since it failed to hold on to $4000.

 

[phly]

The fun has started ...

Question now is - how low do we go?

 

[SaiyanZ]

Took profit on a portion of my short at $3860. Caught that bottom perfectly on the support but still have a large short open. Think there might be a liquidation spike up to about $3950 again before the real dump starts so I'll be adding to my short just below $3950 if it spikes there. Or we could just drop in which case I'm not worried.

I'm not opening any longs above $3800. There is a support zone between $3750 and $3780. So I'll take a chance with a small long from $3780, whilst keeping my shorts open.

 

[SaiyanZ]

It spiked upwards as expected but happened very quickly so Bitmex didn't go above $3920. Not sure if it is dump time yet.

 

[SaiyanZ]

Taking forever for a proper move. Think it will still dump. Chance it will go through here in the next few hours.

Bitfinex shorts also dropped a fair bit, about 25% in the last week. History shows that the BTC price usually peaks when shorts are at a low. Like it is now.

 

[Countcrypto]

Well that pump was counter intuitive. Very little resistance up to 6k from here.

 

[phly]

View attachment 640688

 

[Countcrypto]

View attachment 640688

Short squeeze?

 

[phly]

I was in a long - and it hit take profit - at 4190 - Feel like crying in a corner for missing the whole move up.

 

[phly]

Short squeeze?

Most saying there was just vacuum there above 4k region so its easy to move that up to 6k even. Monthly candle closed bullish etc. Personally I am not buying it, my sentiments still remain to the downside but lets see how the next few hours unfold.

 

[Countcrypto]

Most saying there was just vacuum there above 4k region so its easy to move that up to 6k even. Monthly candle closed bullish etc. Personally I am not buying it, my sentiments still remain to the downside but lets see how the next few hours unfold.

The crypto market cap increased by 10 billion in minutes. There is little to no resistance to be found between 4200 and 6k but that's still a big investment that's come into the market.

 

[phly]

The crypto market cap increased by 10 billion in minutes. There is little to no resistance to be found between 4200 and 6k but that's still a big investment that's come into the market.

Its easy to drive prices when liquidity is so thin for whales. I'm willing to bet now all eyes are on 6k - Lets just say today and this week infact will be an interesting one.

PS we just touched 4900 and seem to be aiming higher - 4989 top - Imagine seeing 5k+ a 1000 dollar move in a day. This is indeed the wild wild west

Ohk we touched 5k even