Bitcoin Thread

[SaiyanZ]

The key support area right now seems to be $5170 and then $5080. If it breaks below $5170 I think there will be a long squeeze and another of those $400 dumps. $5080/$5000 might hold but there should be enough long liquidations in the area by now to smash through those easily.

It could still go up but it's a telling sign I think that in 5 days the price can't get away from $5170 and is still hovering very close by.

 

[Swa]

I don't know where you see $5170 as the price has been hovering around $5300 for some time now. Also on the previous dumps from $5300 and $5450 it has gone straight through to $5000 or below with the only support being at $4950.

 

[phly]

5170 is a key area of support - well 5171 on my chart. Will try and do a proper analysis and post as things are quite interesting at the moment. Not in any trade as the pendulum could swing either way right now and I don't want to get caught on the wrong side of the market.

 

[phly]

So this is what I am seeing - not gut TA



A repeat of 2015 would make sense - hit the 50 MA on the weekly (5500 range) and dump all the way back down to 3k range - will also reveal the solidness of the crazy candle move up. find support on the 200 weekly and then moon.



However there is a golden cross on the daily in the next day or so - and thats a bullish sign that could push us up higher to the 5800 - 6000k region.



It's also interesting that in the next two days that we are expecting the golden cross on the daily - we may also have a 9 count on Tom Demark indicator - we are on count 7 today. A bleeding 9 perhaps and a reversal... that may push us down the fibs and test 50% of the move up - maybe meeting the 50 MA on the daily to test as support??

Either way we will find out soon enough what the market is thinking (48hrs max). Personally I am watching and only jumping for a ride once direction bias has been established.

 

[SaiyanZ]

BTC just keeps going. The fomo is real so it's impossible to say where we are going. I'm just trading with a fixed plan no matter what the price does. Waiting to short just below $5700 and long from about $5370, and do this as many times as possible. Have other accounts to trade with if the price moves out of this range.

My current strategy is several accounts, each covering roughly a $300 range. 10x leverage per trade with 0.5btc and I also immediately add another 0.5btc margin to each trade so my liquidation price is about 20% away. So fairly safe trades and it's paying off. Made about 2btc profit across 3 accounts in the last two weeks. Trading now seems to be 80% risk management and 20% trying to guess where the price is going. Having a backup plan to lock in profit with another account if a trade goes sour works really well.

If the price goes above $5700/$5800 and consolidates there (highly unlikely), I'll just make another account to trade that region. If it dumps back to $5000 I'll also make a fair bit as I have shorts layered already with 3 accounts between here and $5000.

 

[Jet-Fighter7700]

wonder how all those that said BTC is a fad, feel now,

also wonder how all the miners who brought rigs feel now?

when will people understand NOBODY can accurately predict BTC,
hell even Satoshi himself cant, its like gambling almost, except with a lot on the line.

 

[Swa]

10x leverage per trade with 0.5btc and I also immediately add another 0.5btc margin to each trade so my liquidation price is about 20% away.

How do you add a margin?

 

[phly]

I was so not ready for this pump. If anything I thought it was about time for some downside - Toying with 5600 now. Its like all the bears have been neutralized. One has to look really hard to see any red candles in the sea of dominating greens

 

[MidnightZA]

How do you add a margin?

I believe you click on the "margin" in the block where you see your position. A pop up will come up and give you the option to add margin

 

[Swa]

I was so not ready for this pump. If anything I thought it was about time for some downside - Toying with 5600 now. Its like all the bears have been neutralized. One has to look really hard to see any red candles in the sea of dominating greens

Don't be so quick. Previous 3 times for $5300 have been followed by a straight dump to $5000. One go for $5450 has been followed by $4950. Anything can still happen as this is FOMO.

 

[phly]

Don't be so quick. Previous 3 times for $5300 have been followed by a straight dump to $5000. One go for $5450 has been followed by $4950. Anything can still happen as this is FOMO.

thats what I am hoping - however mass movement mentality is dangerous too - who knows how high fomo will push this up to.

 

[Swa]

thats what I am hoping - however mass sheep mentality is dangerous too - who knows how high fomo will push this up to.

ftfy

 

[Swa]

I believe you click on the "margin" in the block where you see your position. A pop up will come up and give you the option to add margin

Oh thanks. Found it.

 

[SaiyanZ]

Looks like $5555.5 is going to be the meme price for a while. People are placing lots of orders there so it becomes support and resistance.

 

[SaiyanZ]

Managed to get the wick on Bitmex at $5370. Bitstamp never went that low and most of the trading is happening above the $5469 fib so will hold this long for now and look to sell just below $5600. There might be some resistance at $5529 now though.

 

[SaiyanZ]

That's a decent sized dump. Finally managed to close some shorts which have been waiting on the sidelines for a while and then caught the bottom at $4966. It will probably consolidate for a while now and maybe start to creep up a bit again.

 

[Swa]

 

[John Tempus]

The shakeup might not hold but its a panic dump right as Tether lawsuit news hit.

Funny thing it makes no sense other than trying to cause panic because if Tether is in trouble it would mean tether price should drop by offloading it into buying crypto so this dump right as tether news hit does not make any logic sense for that part.

 

[phly]

I was panicking thinking my short call was wrong but woke up to find my 5180 exit had hit so i'm a happy chap. I see us going up abit build confidence in people and have eyes all looking at 6k again then drop down to 4k range. Consolidate while giving alts a time to breathe and then start a proper run up to recent highs and even higher. In my opinion we are not visiting 6k just yet as everyone thinks.

Still sticking to this as it's playing out as expected. Got knocked down by the 50MA on the weekly and hoping to find support on the 200 MA on the weekly before bull run.

 

[gam3jaxx]

The shakeup might not hold but its a panic dump right as Tether lawsuit news hit.

Funny thing it makes no sense other than trying to cause panic because if Tether is in trouble it would mean tether price should drop by offloading it into buying crypto so this dump right as tether news hit does not make any logic sense for that part.

Oi unfortunately not the case issue is that tether was seen manipulating BTC price, but this is such old FUD shouldn't impact that much until case is over.