Bitcoin Thread

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Thor said:
Just not dipping hard enough yet.
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Just to ask a noob question:

I see this sentiment a lot, and a desire to hit $4.5k. Why? What is the certainty that once BTC hits that amount, there'll be any decent recovery?
 
PaddyTM said:
Just to ask a noob question:

I see this sentiment a lot, and a desire to hit $4.5k. Why? What is the certainty that once BTC hits that amount, there'll be any decent recovery?
Click to expand...

Generally what happens is, at $4.5k the price looks cheap, so people rush to buy BTC at what is perceived to be a good price. This includes the whales who buy a **** ton of it. The price then rises again back to the $6k - $7k mark and these guys sell off, making a decent profit. When something becomes cheap, the demand often increases for it.

That's how I understand it anyway...
 
PaddyTM said:
Just to ask a noob question:

I see this sentiment a lot, and a desire to hit $4.5k. Why? What is the certainty that once BTC hits that amount, there'll be any decent recovery?
Click to expand...

If we drop to $5k I don't think we'll get past $6k again anytime soon. Could even be years or never again if you take Gold in 2012 as an example. People have been buying at $6k and holding for 6 months now, expecting another bull run. Once we drop too far below there'll be a selloff as well as sell walls for a long time at $6k from big money wanting to get out at break even. The price will most likely bounce around below $6k and even go as low as $3k.

There are also people holding thousands of BTC long term who have been watching from the sidelines this entire last year. People who bought at $1000 and below and those who bought several years ago. When it starts to slip fast they will also join in and start selling to get something out of their investment, making the slide even worse.
 
Collapse has continued so I'm in cash for the foreseeable future. Think we will drop well below $6k this time around but I'll be monitoring it to see if things improve. I think this might be the start of a much bigger slide over the next month. It will take a while for people to get confident enough to buy and hold after this dump which is quite an extreme one when you consider that we've been moving sideways a lot for the last two month without many extreme moves in only one direction.
 
Stopped out of all alt trades.
Tethered up.

Depending how this goes, probably get back in here for the bounce and take it from there...
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saor said:
Stopped out of all alt trades.
Tethered up.

Depending how this goes, probably get back in here for the bounce and take it from there...
Click to expand...

That's also my next target. Buy at around $5100 and sell at $5900. Unless there is a strong triangle or wedge that forms before then.

Also have to watch shorts. They're still going up so at some point there's going to be a squeeze up unless they close.
 
Dreadfully sad that I've made the tough decision to sell...used to be a huge believer, but going to sell now, at least I have guaranteed profit now.
 
Whilst I think the price will go down there's just too many people jumping on the shorting bandwagon now. At some point this whole thing is going to explode and it all depends on when big money decides to do it.

MXjJvgPw
 
SaiyanZ said:
Whilst I think the price will go down there's just too many people jumping on the shorting bandwagon now. At some point this whole thing is going to explode and it all depends on when big money decides to do it.
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My ass gonna get stopped out if price jumps up again, cause I suspect it'll jump up then drop again and I'm stuck holding BTC. I'm trying not to micro manage stop losses and just set them with enough distance to allow the price to swing without triggering, tricky game tho .
 
The Rand vs Dollar has been quite unhelpful lately if trading on Luno. For the last few months the general direction has been the opposite of the BTC price. It made the dump on Luno smaller and the peak lower. Very annoying when you take a position and the Rand moves against your trade like clockwork.

y43zh296


Edit: Looking at the big picture, what I think will happen now:

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More info in my thread:

https://www.tradingview.com/chart/B...angle-Next-big-move-gives-direction-for-year/
 
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SaiyanZ said:
Whilst I think the price will go down there's just too many people jumping on the shorting bandwagon now. At some point this whole thing is going to explode and it all depends on when big money decides to do it.

MXjJvgPw
Click to expand...


why are we still counting on big money in this.....

BTC tech is going to be obsolete....and as the price continues to dip lower, "Store of Value" hogwash also gets washed away.
 
*SynergyX* said:
why are we still counting on big money in this.....

BTC tech is going to be obsolete....and as the price continues to dip lower, "Store of Value" hogwash also gets washed away.
Click to expand...

Big money can orchestrate a squeeze, then sell and leave everyone else hanging and watching the price fall afterwards. I was referring to people with big money moving the price, not investing. There is quick money that can be made by flipping BTC with a squeeze.

There's now 10k BTC worth of shorts (on Bitfinex) that have been opened from $7k and below. That's enough to push the price up a decent amount with a squeeze.
 
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There's a buy order that just went up for over 90 BTC on Luno. Someone putting down over R8mill. Should make things interesting if the price tanks.
 
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