Bitcoin Thread

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Was looking at the bigger picture this morning and there seems to be something important about this trendline. For almost 4 months it has been support and resistance very often. Most of the time, if we go below it becomes resistance and if we go above it becomes support. Maybe a coincidence but the price seems to be attracted to it.

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Just the last two months:

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Things have been fairly quiet recently. I bought the last dip.

There's a bit of volume/activity in the last half an hour. My best guess is jump to $6450 and then go sideways or drop.
 
Nice spike above $6500 earlier although I've just been in cash and watching. At least it shows that the market is not completely dead and that there are still some buyers.

The Rand has been strengthening steadily though, now below R13.20, so I'm a bit weary about getting back in on Luno. A Rand move below R13 could erode all short term gains and there's still a lot of resistance between $6500 and $6900.
 
SaiyanZ said:
The Rand has been strengthening steadily though, now below R13.20, so I'm a bit weary about getting back in on Luno. A Rand move below R13 could erode all short term gains and there's still a lot of resistance between $6500 and $6900.
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Yup - really needs to break out of this sideways region & into the $7000 range.

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Bring on the dip! Geez tired of waiting now...

What broker do you guys use to short BTC?
 
Thor said:
What broker do you guys use to short BTC?
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Bitfinex, tho you've waited right to the tail-end of this thing to start shorting. Rather just wait it out. If you were gonna short you'd have done it ages ago.
 
Shorting seems like a dangerous game in this market. I actually think that exchanges manufacture squeezes to stop people out of their shorts which generates loads of fees for them. It's an easy way for exchanges to make money when the volume is low like it has been for a couple months.
 
SaiyanZ said:
Shorting seems like a dangerous game in this market. I actually think that exchanges manufacture squeezes to stop people out of their shorts which generates loads of fees for them. It's an easy way for exchanges to make money when the volume is low like it has been for a couple months.
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Graph is a graph, different asset same game.

Seems logical to me to make money in both down and uptrends
 
SaiyanZ said:
Nice spike above $6500 earlier although I've just been in cash and watching.
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Still in cash?
I'm majority in BTC just waiting.
A little bit in cash.
Would prefer to see it break through that $6800'ish price first.
 
saor said:
Still in cash?
I'm majority in BTC just waiting.
A little bit in cash.
Would prefer to see it break through that $6800'ish price first.
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Yeah still all in cash. This is the first major run I've missed in a while. I had bought at the low $6150 (R86000 on Luno) back on Thursday but sold when we go rejected instantly from $6300 on Friday and dropped back below $6200. Was already in profit and didn't want to risk getting caught in a 10% drop.

So I've just been watching since then. Think I'll sit out of the market for a while and see how things progress. BTC is looking pretty much as good as it can at this stage. Though I'm not going to buy in now as we're just below the resistance. There was a lot of buying on the last drop to $6150 but it remains to be seen whether these are long term holders or whether they are just looking for 10% profit and will sell and dump again at $6800.

I also highlighted the drops and gains yesterday for perspective. We've had large drops in excess of 10% recently. So all it takes is just one of these to erode all gains. The few moves up that has made a lot of people bullish are small in comparison. Also saw someone post this last week: "It's better to be out of the market wishing you were in, instead of in the market wishing you were out".

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I'll probably look at getting back in again if we go up above $7k and come back to retest $6800 which then holds. Think that's the safest bet right now.
 
I see some big sell orders now on Bitfinex. About 2k BTC for sale at $6700. Price manipulation or real sell orders is the question.
 
If pushes and breaks 7750 best you not to be holding fiat;)

Edit: more like 7800
 
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