Bitcoin Thread

Snyper564

Snyper564

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SauRoNZA said:
Not quite sure if your comment means the dip is coming or do you expect it to bounce up again now?
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Def dip, for now. I might have to eat my words don't know if we going to see 9000s again for a while... Nature of btc, I guess
 
SauRoNZA

SauRoNZA

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Snyper564 said:
Def dip, for now. I might have to eat my words don't know if we going to see 9000s again for a while... Nature of btc, I guess
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Yeah I’m also of the opinion we’ll see a dip to 194,000 ZAR, just a question of how long.

Possibly even to 165,000ish but that is wishful thinking on my part...still have a stop limit there.
 
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John Tempus

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Snyper564 said:
Def dip, for now. I might have to eat my words don't know if we going to see 9000s again for a while... Nature of btc, I guess
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Right now the biggest problem for established coins is that there is quite a few 'scam' coins getting pumped to hell and back right now pulling the oxygen right out of BTC etc.

I wont be surprised with chainlink pumping like a wild hog right now that BTC sees its dominance drop below 60% for the first time in a very long time.

The question though once chainlink pump is exhausted and people dump we might see a huge spike up for the OG's like Bitcoin which at that point might have bottomed.

So I would suggest keep an eye on the pump coins and when that starts to go sideways and the dump kicks in I believe its a good indicator that it might be the bottom for BTC for now.

Defi and the coins attached to it is just trying to redo the ICO hysteria and we all know how that eventually turned out. Dog eat dog.
 
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4cer

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John Tempus said:
Right now the biggest problem for established coins is that there is quite a few 'scam' coins getting pumped to hell and back right now pulling the oxygen right out of BTC etc.

I wont be surprised with chainlink pumping like a wild hog right now that BTC sees its dominance drop below 60% for the first time in a very long time.

The question though once chainlink pump is exhausted and people dump we might see a huge spike up for the OG's like Bitcoin which at that point might have bottomed.

So I would suggest keep an eye on the pump coins and when that starts to go sideways and the dump kicks in I believe its a good indicator that it might be the bottom for BTC for now.

Defi and the coins attached to it is just trying to redo the ICO hysteria and we all know how that eventually turned out. Dog eat dog.
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Some of the smaller coins are also seeing pumps similar to what was starting to occur in 2017, I think we will see a big pump on the OG's when the "ICO V2" is over, timing it right could make you some decent returns. However betting on the smaller coins showing "700%" in a week, might seem nice, but will be risky.
 
Snyper564

Snyper564

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4cer said:
Some of the smaller coins are also seeing pumps similar to what was starting to occur in 2017, I think we will see a big pump on the OG's when the "ICO V2" is over, timing it right could make you some decent returns. However betting on the smaller coins showing "700%" in a week, might seem nice, but will be risky.
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It does feel like 2017 all over again. Some quick profits to be made if you not greedy
 
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John Tempus

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Everything is pointing bullish atm which is the primary thing that concerns me.

Usually in crypto when the crowd screams BUY the **** just falls through the floor.

I wouldn't bother to buy now and hold, I sense some sort of massive dump correction to happen when you least expect it so very short term scalping seems to be still the correct approach at least considering BTC.

The only thing in crypto thats been true so far consistently is that when the world of crypto feel euphoric about the price going up and up is exactly when the whales/others prime their reversal dump. I don't think we have seen that play out yet because as luck would have it on Bitmex for instance the long positions is remarkably not as over-leveraged as with prior pump and dump cycles which makes it very hard for liquidation triggers to run away properly.

Example, interest funding on Bitmex is at the baseline of 0.01% in favor of shorting but the long positions is over 80% of the orderbook. The fact the interest is at baseline with 4 to 1 long/short difference just shows that short positions is just under 4x higher leveraged than long positions which is quite rare.

On the flipside earlier today when that 11900 to 11450 dump occurred we saw Interest in favor of shorts sitting at nearly 0.1% so liquidation runoff on over leveraged long positions was properly executed by fatcats.
 
Snyper564

Snyper564

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John Tempus said:
Everything is pointing bullish atm which is the primary thing that concerns me.

Usually in crypto when the crowd screams BUY the **** just falls through the floor.

I wouldn't bother to buy now and hold, I sense some sort of massive dump correction to happen when you least expect it so very short term scalping seems to be still the correct approach at least considering BTC.

The only thing in crypto thats been true so far consistently is that when the world of crypto feel euphoric about the price going up and up is exactly when the whales/others prime their reversal dump. I don't think we have seen that play out yet because as luck would have it on Bitmex for instance the long positions is remarkably not as over-leveraged as with prior pump and dump cycles which makes it very hard for liquidation triggers to run away properly.

Example, interest funding on Bitmex is at the baseline of 0.01% in favor of shorting but the long positions is over 80% of the orderbook. The fact the interest is at baseline with 4 to 1 long/short difference just shows that short positions is just under 4x higher leveraged than long positions which is quite rare.

On the flipside earlier today when that 11900 to 11450 dump occurred we saw Interest in favor of shorts sitting at nearly 0.1% so liquidation runoff on over leveraged long positions was properly executed by fatcats.
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I do agree, this feels like nothing more than hype and this drop maybe not soon like I initially thought will occur. Just gotta make those quick profits loads of dips coming and get out quick - be greed here you you will lose.
 
Swa

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ETH also going down against BTC. There was a short spike but overall it's been going down for a week already only being propped up by BTC. This was bound to happen.
 
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John Tempus

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Looks like for some reason with the recent gold pump and now the gold dump, all commodities follow the same trend.

People are dumping out of everything into cash today or into something other than metals/securties.

If Gold dips below $1900 tomorrow I suspect a liquidation run will happen there is probably over leveraged people trading gold and $1900 is such a resistance line now. If that happens, god and all his friends be with the crypto world, it will get seriously ugly.
 
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John Tempus

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Gold is tanking even further.

GL to anyone who got in at the top of this pump, might take some real patience to recover if crypto dump as I expect it to in the next couple of hours.
 
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4cer said:
Someone done effed up ;-)

Eth is on a proper run, pulling BTC with it, trying to figure the best time to short, can go at 12k, but knowing BTC watch it bounce to 13k.
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When the market isn't going up with BTC leading I am nearly 100% certain its a pump with a big dump coming.

Not a single time in crypto history did the pump price hold for very long when altcoins pushed the market up and I don't see any reason why it would now be different.

With bs like link pumping 20% a day I am seeing a red week or month very soon.

I honestly believe we are in a massive DeFi bubble right now, this entire new rally started with the launch of DeFi and at some point just like with ICO's this DeFi bubble wont be able to hold up with excess debt on account and will implode. I just don't see any other outcome for this run.
 
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