GAD
Well-Known Member
Better explanation than that you wont get. Well said. Even I understand it much better now.
Thanx for the input
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Thanx for the input
Quintrix
Expert Member
So current price is buying at 102500 and selling at 102501.
If I put in a buy order for 102499 that is filled 10min later, I should not be paying fees and the same for a sell order at 102502. Is this correct or should i be further away from the current price?
If I put in a buy order for 102499 that is filled 10min later, I should not be paying fees and the same for a sell order at 102502. Is this correct or should i be further away from the current price?
SaiyanZ
Executive Member
The fight is still going on at the $6460 level. There is buying at that level but as soon as it breaks above, the volume just dies off. Everything still points to down unless a whale starts buying here. No signs of that yet. I think if they wanted to buy here and push the price up we would have seen some bigger volume and spikes upward.
Nope there are no fees since you are undercutting the buyers and sellers your order doesn't execute immediately. But it may not execute at all as they can keep adding orders at 102,500 and 102,501. If you put in a buy order at 102,500 or a sell order at 102,501 your order slots in line after the existing orders and will execute in that order. If new orders are placed they slot in after yours.
How far you are from the price doesn't matter, the order works the same at any distance.
SaiyanZ
Executive Member
There's the dump to $6200. We now have very strong divergence on the 1hr chart. So it's not likely to hang around $6200 for long. Either a move up in the next day back to around $6350 (then more sideways/down) or further downwards now below $6k to eliminate the divergence.
SaiyanZ
Executive Member
This is my high level mid term guess right now. Might take a bit longer or shorter but I think we have to hit these levels.
Edit: Looking at the action right now, I'm not seeing any volume below $6200. Buyers all away for the weekend or they have no plan to accumulate here. So more signs of further downwards.
Edit: Looking at the action right now, I'm not seeing any volume below $6200. Buyers all away for the weekend or they have no plan to accumulate here. So more signs of further downwards.
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SaiyanZ
Executive Member
It got pumped back to the previous retracement level of $6460. Seems like a rejection from there right now. This could be just a fake-out and further downwards can resume shortly. I don't see this being the start of a new bullish wave up to $7k and above. There was not much accumulation at the bottom. Very low volume.
Lol, twitter bot feed of shorts / margins getting rekt on Bitmex:
https://twitter.com/bitmexrekt?lang=en
And a testnet bitmex site where you can sign up and do simulated trading using live market data:
https://testnet.bitmex.com/app/trade/XBTUSD
https://twitter.com/bitmexrekt?lang=en
And a testnet bitmex site where you can sign up and do simulated trading using live market data:
https://testnet.bitmex.com/app/trade/XBTUSD
SaiyanZ
Executive Member
I don't follow Bitmex much but it seems like the volatility there with this last move was much more than everywhere else. Price spiked to $6570 there and went back down to $6300. Yet on Bitfinex it only spiked to $6460 and down to $6350. I always though Bitfinex was the wild one.
SaiyanZ
Executive Member
Not too much happening today so far. I can see maybe a wedge like this forming in the next couple days. Very likely if we drop to $6k in the next few hours.
Your understanding is 100%
SaiyanZ
Executive Member
Just had a false breakout. I was ready to buy if it beat previous high of around $6370. Though someone jumped the gun on Luno so it's no longer a good buy. They probably saved me some cash.
Edit: There's the breakdown. It's going to be tough to get back above $6300 from here. If it goes up it should fall from the bottom of the triangle again at around $6280. More likely to drop now to about $6000.
Edit: There's the breakdown. It's going to be tough to get back above $6300 from here. If it goes up it should fall from the bottom of the triangle again at around $6280. More likely to drop now to about $6000.
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SaiyanZ
Executive Member
There's this fractal now. Could finally dump today.
The price action yesterday was also quite strange. It was textbook rejection from a triangle (yellow regions) but it went back up a bit. Would have bet on it going down like the green arrow after hitting the bottom of the triangle if I was shorting. Day traders probably got wrecked.
The price action yesterday was also quite strange. It was textbook rejection from a triangle (yellow regions) but it went back up a bit. Would have bet on it going down like the green arrow after hitting the bottom of the triangle if I was shorting. Day traders probably got wrecked.
SaiyanZ
Executive Member
So not too much going on in the last couple days. It seems like Bitmex is trying to push the price down and Bitfinex is fighting it. Most of the move down from $7400 has been started by Bitmex (through Bitstamp). Bitmex futures closes on the last Friday of the month which is the 28th and their chosen direction seems to be down for this month. Futures closed at around $6300 last month.
So without looking at any charts, I would expect the price to drop or be lower than $6300 on around the 28th. Probably a good time to buy (vs now) for longer term holders and swing traders. Though something to be aware of is that we could also have two months of downtrend like in May/June and close even lower at the end of October.
This chart shows my theory. Yellow regions are when futures closed at the end of each month and the price always closed significantly higher or lower than the previous month. Blue regions are where the trend for the month was rejected. Hence why I think we are going down especially since Bitmex is driving the price down.
So without looking at any charts, I would expect the price to drop or be lower than $6300 on around the 28th. Probably a good time to buy (vs now) for longer term holders and swing traders. Though something to be aware of is that we could also have two months of downtrend like in May/June and close even lower at the end of October.
This chart shows my theory. Yellow regions are when futures closed at the end of each month and the price always closed significantly higher or lower than the previous month. Blue regions are where the trend for the month was rejected. Hence why I think we are going down especially since Bitmex is driving the price down.
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SaiyanZ
Executive Member
These two areas are the key resistance zones right now. The fib retracements of the wave down from $7400 and the wave up from $6120 are very close. So it makes it a lot harder to break through. Of course, this is assuming that $6120 is the temporary bottom and remains that way. If it breaks below, these levels will change.
Edit: It broke through the first resistance. You can also see that both $6430 and $6460 are important levels due to the volume that was required to pierce each level. Currently being supported here so I expect a bit of upwards possibly to the next resistance around $6620.
Trend indicator is looking good today as well showing that bearish momentum has slowed and bulls have taken over for now. So I'm in for now until things turns sour again.
Edit: It broke through the first resistance. You can also see that both $6430 and $6460 are important levels due to the volume that was required to pierce each level. Currently being supported here so I expect a bit of upwards possibly to the next resistance around $6620.
Trend indicator is looking good today as well showing that bearish momentum has slowed and bulls have taken over for now. So I'm in for now until things turns sour again.
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