Bitcoin Thread

Status
Not open for further replies.
We're seeing some of the lowest volume since November, down 5 times since the ATH.

How low will we go?
 
broadone said:
https://medium.com/@bitfinexed/unde...uld-disregard-fakeusd-prices-and-c0933c72e3e5

You’re simply trading USD accounting entries of a company that does not actually have legal ownership of those USD.
So, you may ask which exchanges have real banking and real USD?

Simple.

Bitstamp
Gemini
GDAX
Kraken

That’s it. That’s your USD volume. The rest of the exchanges that show “USD” trading are tantamount to Clarence Dollars.
Click to expand...

I agree you can't really count crypto to crypto volume. So eg. BTC trading volume for BTC/ETH pair is separate from BTC/USD trading volume. Though Coinmarketcap does show each pairing separately so that's not an issue.

Until proven otherwise USDT is like USD. So BTC/USDT volume is pretty much the same as BTC/USD volume for me. Coinmarketcap shows this as well.

So the article seems like FUD. Ultimately traders just care about what the price is doing. Graphs for USD exchanges and USDT exchanges look pretty similar. I will start worrying if/when they start drifting apart.
 
The Rand has had a bigger impact on Luno than the bitcoin price lately.
 
Looks like Tether has been "unofficially" confirmed as 100% backed by USD. So some good news to throw into the broth.

https://www.bloomberg.com/news/arti...ormer-fbi-director-s-law-firm-to-vet-finances

Tether Ltd., issuer of a digital currency, said its bank deposits of $2.55 billion were confirmed by the law firm co-founded by FBI director Louis Freeh as the company seeks to reassure investors that its cryptocurrency is backed by U.S. dollars.

Freeh Sporkin & Sullivan LLP didn’t conduct an official audit but had access to Tether’s accounts at two banks for weeks and released data on how much money the company held on a single day, June 1, Tether’s general counsel said in an interview. That amount is nearly equal to the value of all Tether digital coins in circulation that day, $2.54 billion, according to Tether executives who spoke to the law firm.

Those numbers should be close because Tether is designed as a 1-for-1 substitute for U.S. dollars -- a means of providing an easy way for crypto traders to swap into a stable digital currency. Tether has been dogged by speculation that the money isn’t actually there -- a concern that persisted among skeptics even after an accounting firm, Friedman LLP, did an analysis last year of Tether’s finances similar to this new review. The U.S. Commodity Futures Trading Commission subpoenaed Tether in December to investigate the situation, Bloomberg News reported in January.
Click to expand...

The pump at 3pm was because of this news.
 
Last edited:
broadone said:
If Tether isn't actually backed by real USD 1:1 as they claim, and no audit has been allowed to prove it, and they are being investigated in the US by the DOJ according to the news (not surprising), and it becomes known that it's all a lie, **** will hit the fan definitely for some and many people will lose money who are holding feathers I mean tethers.

Places like coinmarketcap (which everyone quotes) are including the tether pair in their market cap valuations so if tether crashes it will effect the entire crypto community in several negative ways; we'll have to wait and see...

Also, read the links I posted on the previous page etc...

Anyway let's get back to TA ;)
Click to expand...

Thanks, only saw later that this was explained in previous pages. Back to TA.
 
Looks like nothing much is happening yet. So best guess from me is probably sideways until we drop again. Seems like there is a bit of resistance overhead:

97KnaOkZ



What's also interesting is that people aren't shorting like they did back in April, even with all the resistance. Once bitten, twice shy. So there'll be no upwards spike coming from a short squeeze. Shorts have actually dropped in the last week after the two mini squeezes.

YmTKMdUJ


Edit: So what needs to happen for a new bull run is:

- BTC price starts dropping towards $6k
- People start panicking and we break $6k and move towards $5k fast.
- People start shorting like they did at the start of April because "the price has to keep dropping now"
- Then V shaped bottom with massive short squeeze to break $6k and then $7k over a couple days.

If we don't have something like the above then I think we will just keep trading around this region with a lot of sideways action.
 
Last edited:
Have been trying to look for similar patterns and fractals to the current price action but there isn't really anything. The BTC market is really slowing down these days. Look at the volatility we used to have a few months ago. I'm actually now starting to get bored following it on the side. If there some sort of pattern it would at least make things more interesting. Probably will need to wait a while for the price to start doing something predictable.

mg15dlgG
 
SaiyanZ said:
Have been trying to look for similar patterns and fractals to the current price action but there isn't really anything. The BTC market is really slowing down these days. Look at the volatility we used to have a few months ago. I'm actually now starting to get bored following it on the side. If there some sort of pattern it would at least make things more interesting. Probably will need to wait a while for the price to start doing something predictable.

mg15dlgG
Click to expand...

like i said....boring!!!;)
 
*SynergyX* said:
like i said....boring!!!;)
Click to expand...
Can't wait for alts to becomes less hinged to bitcoin. I'd much rather be trading alts than have the entire market waiting for bitcoin to do something. This market structure is infuriating at times.
 
Finally some action. It broke through the short term resistance. I think it will make a classic bear flag under it and drop to around $6300 soon.

ZjdVB39n
 
saor said:
Can't wait for alts to becomes less hinged to bitcoin. I'd much rather be trading alts than have the entire market waiting for bitcoin to do something. This market structure is infuriating at times.
Click to expand...


If you look closely there are alts that aren't so hinged to BTC.
For example, one of the more popular ones did over 15% gain yesterday (no not all at once) over a series of less than ten trades.

Seek and ye shall find...
 
SaiyanZ said:
It's still in the triangle. Looking back we didn't have massive drops after the previous triangles and given that it is at a fairly low price now I've gotten back in. Think it's a bit too soon for another big drop. Also found a fractal where a revisit of $6800 is possible. So will look to sell again if/when the price gets to around $6700.

Fractal:

ZSWWN2Pg
Click to expand...

Looking back it was fairly close. The small inverse bart about 2 days ago was confusing though.

hTEfQUeT
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X