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Question of the Day: Have you ever been to an airshow?
Bitcoin Thread
- Thread starter Dan C
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SaiyanZ
Executive Member
Support zone still holding ok. Needs to push towards $6600 again today otherwise I think tomorrow will be bad if it's still close to the support.
SaiyanZ
Executive Member
It's testing that $6300 area way too many times and can't get too far away. If we go back to $6350 now there's probably a big drop in store to about $5800.
SaiyanZ
Executive Member
Breaking below. Someone/some group also just bought thousands of BTC with hidden buy orders on Bitfinex between $6320 and $6350. 10k BTC volume on Bitfinex in the last 20 minutes.
TetherBreaking below. Someone/some group also just bought thousands of BTC with hidden buy orders on Bitfinex between $6320 and $6350. 10k BTC volume on Bitfinex in the last 20 minutes.
SaiyanZ
Executive Member
So the price hasn't dropped any further but shorts are near record levels and many are now sitting with Tether after having sold into big hidden orders yesterday. The situation seems primed for a squeeze up now.
Edit: More large hidden buy orders at $6395 now. Someone is loading up on Bitcoin.
Edit: More large hidden buy orders at $6395 now. Someone is loading up on Bitcoin.
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Where/how do you see hidden buy or sell orders? Is this on Bitfinex?
SaiyanZ
Executive Member
Yeah on Bitfinex. You have to see it happen live on the Bitfinex order book. It's when lots of people are selling/buying large amounts but there's no visible buy/sell order.
SaiyanZ
Executive Member
The problem I see developing with the market is that Bitmex has taken over as the highest volume BTC Exchange. It leads to the price being less volatile as there's more indecision with two large Exchanges instead of just one.
If you look at just Bitfinex then it seems that we will go up with a short squeeze. Though even if Bitfinex squeezes up, Bitmex might end up holding down the price if there is enough selling pressure there.
If you look at just Bitfinex then it seems that we will go up with a short squeeze. Though even if Bitfinex squeezes up, Bitmex might end up holding down the price if there is enough selling pressure there.
SaiyanZ
Executive Member
Shorts almost at the ATH, nearing 40k. Also there's still hidden buy orders, now at $6400. Apparently this also happened a week ago. Someone/some group have now bought around 20k BTC in the last week with big hidden orders.
Shorts:
Shorts:
Azg
Expert Member
Is it possible to do the same analysis on Bitmex i.e ratio of shorts vs longs? Or this is just possible on Bitfinex? I started practising on the Bitmex test account this weekend.
SaiyanZ
Executive Member
I tried to search for Bitmex short positions earlier today. Found some reddit posts which mentioned that things work differently at Bitmex as longs always equal shorts.
Also found this site now which monitors BTC longs and shorts. It's only the Bitfinex short and long data but there is a bit about Bitmex liquidations at the bottom.
https://datamish.com/d/000000004/btcusd?refresh=20s&orgId=1
Edit: After reading a bit more, it seems like Bitmex only deals with contracts and you never actually buy/sell the actual Bitcoin. Their current price is also based on a market index (based on Bitstamp and Gdax Bitcoin prices).
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Azg
Expert Member
Thanks.
SaiyanZ
Executive Member
The move up has started without even triggering many shorts yet and we're already at $6800. Shorts are still high with the price hitting $6800. This move is mostly real buying so far. So it can still go up a long way from here once stop losses start getting hit.
Luno price is also way out of sync for quite a while now. About R3k/R4k too low right now. Everyone still asleep and seems like any bots on Luno are not programmed to instant buy.
Luno price is also way out of sync for quite a while now. About R3k/R4k too low right now. Everyone still asleep and seems like any bots on Luno are not programmed to instant buy.
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What a trooper - awake at 4am to report on BTC
.I was tethered and luckily set a buy order just above that resistance line it broke through. Lets see how this price holds. Volume has been picking up.
SaiyanZ
Executive Member
What a trooper - awake at 4am to report on BTC
I was tethered and luckily set a buy order just above that resistance line it broke through. Lets see how this price holds. Volume has been picking up.
I think what's going to hold back big moves in future is Bitmex. This move up began with a 4k BTC buy on Bitfinex, which spiked the price $300, and it happened exactly when Bitmex went on maintenance. As soon as Bitmex came back online an hour later, we dropped back to $6700. The price was around $6800 pushing to $6900 just before then.
Since Bitmex uses Bitstamp and Gdax prices (https://www.bitmex.com/app/index/.BXBT), there must be big money on those exchanges to manipulate the price.
Ugh...and it's back into the zone after the freak event.
Everyone screaming 'manipulation' again today after the Bitmex thing.
SaiyanZ
Executive Member
Yeah I thought $6600 would hold. Now it's up in the air again though shorts are still high so a squeeze is still possible. I wasn't watching when it dropped just now so I missed out on trading the move down.
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