Bitcoin Thread

[SaiyanZ]

The Rand has strengthened a fair bit today. Went from R14.58 to R14.35. This is one of the ways you can get the short straw if trading on Luno. The price doesn't pump as much as it should and instead can go the other way because the Rand moved against the USD BTC price.

 

[John Tempus]

The Rand has strengthened a fair bit today. Went from R14.58 to R14.35. This is one of the ways you can get the short straw if trading on Luno. The price doesn't pump as much as it should and instead can go the other way because the Rand moved against the USD BTC price.

Luno for me is only useful to get an extra 2-10% ZAR cashout depending on the crazy ranges on the day out of your USD based BTC holdings.

I dont know how anyone can reliably bother trading on luno with the wide spreads and the low volume and premium prices, its like trading on a casino floor over there.

 

[SaiyanZ]

Luno for me is only useful to get an extra 2-10% ZAR cashout depending on the crazy ranges on the day out of your USD based BTC holdings.

I dont know how anyone can reliably bother trading on luno with the wide spreads and the low volume and premium prices, its like trading on a casino floor over there.

It used to be ok when the volume was good and if you were able to watch it the price. This was back from October 2017 to about June 2018. Afterwards the volume just died. Now there are some bots on there trading large amounts. Not easy for anyone to trade there.

 

[Temujin]

Hmmm.... For some odd reason, I'm expecting a pump soon

 

[SaiyanZ]

This was probably my unluckiest week of trading and the bad luck continues. I missed the three circled long and short entry points by $2 or less each time. At least managed to make two trades though. Longed from $5600 to $5800 and then shorted from $5840 to $5700 yesterday. Could have made a lot more with the 3 more fills.

 

[phly]

I think my luck is about to change this month - new day candle as well as new weekly candle - short squeeze maybe but I still think we are heading down and that this will be a bear dominated month. Ofcourse its easy to say this but only time will tell if my analysis is correct. Also today is the 6th ... trend change day - already dropped below the 50 and the 100 on the hourly...

Looking good so far - fingers crossed TA

 

[SaiyanZ]

I also think more likely down to around the $5k area, maybe even lower, before another crack or two at $5800. Yearly resistance is too much to break in one go so probably has to go down a bit first before another attempt.

Though Bitcoin has surprised everyone at times. That quick bounce yesterday from $5620 to $5780 surprised many. Especially since it had just done the same thing the day before. So I'm not too afraid of longing at $5600. Volatility is high so lot of opportunity to lock in profits.

There also seems to be a trendline, the blue one, but maybe I'm seeing things.

 

[Temujin]

Watch out for the (6200)6300 push

 

[TheAssister]

Why is ripple not doing well

 

[SaiyanZ]

Seems like a good time to short. Think it should go back to about $5670 at least.

 

[SaiyanZ]

Bitfinex shorts still high even with the pump. Pretty abnormal market behavior. Not many getting stopped or squeezed.

Though maybe shorts are no longer a decent indicator of the current market situation. That 6000btc of shorts which were closed on April 8 was done off-exchange. So it didn't affect or push up the BTC price at all when it was closed.

 

[John Tempus]

Why is ripple not doing well

If you watch closely it is really just BTC doing well. BTC dominance climbing in a week from 51% up to now approaching 56% shows that the only winner in the last month is BTC.

All the other noticeable coins are only seeing mild gains due to BTC USD$ value rising which is carrying the altcoins at the same time.

For XRP well all things considered it is close to a dead project the day Banks announced they will simply launch their own Stablecoins to conduct transfers. That scared everyone rightfully out of XRP because it is really the entire point for XRP to exist in the first place and if the big Banks have no intention of using XRP for their settlements then XRP is on a slow grind down to 0.

 

[TheAssister]

If you watch closely it is really just BTC doing well. BTC dominance climbing in a week from 51% up to now approaching 56% shows that the only winner in the last month is BTC.

All the other noticeable coins are only seeing mild gains due to BTC USD$ value rising which is carrying the altcoins at the same time.

For XRP well all things considered it is close to a dead project the day Banks announced they will simply launch their own Stablecoins to conduct transfers. That scared everyone rightfully out of XRP because it is really the entire point for XRP to exist in the first place and if the big Banks have no intention of using XRP for their settlements then XRP is on a slow grind down to 0.

Lol I'm holding on to XRP for no reason

 

[John Tempus]

Lol I'm holding on to XRP for no reason

Well for your sake I hope I am completely wrong so you can make a recovery/profit.

I just hope you did not buy into XRP at the $3+ levels because I cannot imagine a world where XRP ever see those levels again. yikes!

 

[TheAssister]

Well for your sake I hope I am completely wrong so you can make a recovery/profit.

I just hope you did not buy into XRP at the $3+ levels because I cannot imagine a world where XRP ever see those levels again. yikes!

Lol let's pray bro

 

[SaiyanZ]

If you watch closely it is really just BTC doing well. BTC dominance climbing in a week from 51% up to now approaching 56% shows that the only winner in the last month is BTC.

All the other noticeable coins are only seeing mild gains due to BTC USD$ value rising which is carrying the altcoins at the same time.

Eth also jumped up, even more than BTC. Went from $158 to $180 in a day. Don't think I'll ever trade it though. It moves slowly most of the time with sudden big moves. So too risky with leverage.

 

[John Tempus]

Eth also jumped up, even more than BTC. Went from $158 to $180 in a day. Don't think I'll ever trade it though. It moves slowly most of the time with sudden big moves. So too risky with leverage.

It was only recovering from dropping during the first wave of recent BTC rally. Look at the ETH/BTC price on 1 May was 0.0305 BTC/ETH and today it is at 0.0297 BTC/ETH so the only reason ETH saw a gain is because BTC/USD went up otherwise the last week ETH would have been down.

XRP is completely falling off the cliff. If not for BTC rallying then XRP would have seen more than 30% price drop by now sitting below $0.20. Without BTC pumping this year the altcoin market would have looked like a desert.

Yesterday it just played catchup, it still went up way less than it should have if it moved up just from BTC Rally. In the last month its clear ETH have overall ETH/BTC value drop but its USD value is up due to BTC/USD performing well enough to keep ETH and other losing altcoins USD value gaining slightly.

 

[Swa]

Interesting that when longs reached a high there was a big push. But now when shorts are at a high everyone is still expecting a push and trying to make it happen. I believe if the shorts are persistent enough they will decide the market. 70% more shorts over longs is a bear market, not a bull market.

 

[Swa]

Bitfinex shorts still high even with the pump. Pretty abnormal market behavior. Not many getting stopped or squeezed.

Though maybe shorts are no longer a decent indicator of the current market situation. That 6000btc of shorts which were closed on April 8 was done off-exchange. So it didn't affect or push up the BTC price at all when it was closed.

How does that work?

 

[SaiyanZ]

How does that work?

Apparently Bitfinex allows you to close your position with your own funds without it needing to be placed on the order book. Not off-exchange, just closed by yourself if you made enough profit on the position. Found this:

“[…] someone closed 5k #Bitcoin of shorts at $5,255 without hitting the order book (closed into his own account.) That’s $26,275,000 of shorts you can’t squeeze anymore.”

https://elevenews.com/2019/04/08/bi...-closed-on-bitfinex-exchange-records-20-drop/

and this:

https://support.bitfinex.com/hc/en-us/articles/213895189-What-does-it-mean-to-claim-my-position-