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Bitcoin Thread
- Thread starter Dan C
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Quintrix
Expert Member
GAD
Well-Known Member
And movement at last. But downwards....
SaiyanZ
Executive Member
In the past week almost every single dump recovered immediately. One fake dump after the other. Had another long wick to $6500 last night but it bounced instantly from there. Don't know who is buying or if it is just bots. All that's happening is stop losses are getting killed. Each time there are fewer traders left in the game wanting to trade this area. They should just let it dump instead and buy cheaper. Volume is very low everywhere. It needs to move out of this zone to get people trading again.
SaiyanZ
Executive Member
Luno has been odd recently. In the last few weeks there's been many more large orders than usual. In the past you're rarely ever see a buy/sell wall of 20BTC or more but now it's a daily occurrence. With the low daily volume these large orders make the price move even less than in the past.
It's probably a combination of all this sideways action in the USD market and new traders on Luno. If you were trading earlier in the year you'd know that putting down a few million rands at one price is only going to get you wrecked. Luno doesn't have enough liquidity in the order book to support such big orders if the USD price dumps fast by say 10%. So if these big traders want to get out in that situation, they wouldn't be able to without dumping the price a lot lower and taking a big hit. That or they'd have to gamble on waiting it out and hope for a recovery.
I haven't even placed a single order for a week now. Expect it to go lower but there's always a chance of a breakout with BTC, even if short-lived.
It's probably a combination of all this sideways action in the USD market and new traders on Luno. If you were trading earlier in the year you'd know that putting down a few million rands at one price is only going to get you wrecked. Luno doesn't have enough liquidity in the order book to support such big orders if the USD price dumps fast by say 10%. So if these big traders want to get out in that situation, they wouldn't be able to without dumping the price a lot lower and taking a big hit. That or they'd have to gamble on waiting it out and hope for a recovery.
I haven't even placed a single order for a week now. Expect it to go lower but there's always a chance of a breakout with BTC, even if short-lived.
SaiyanZ
Executive Member
Bitfinex volume today is interesting. It's extremely low. Coinbase and Bitstamp have higher volume. Usually Bitfinex is around 4x the volume of those exchanges.
SaiyanZ
Executive Member
Pretty large volume spike last night and move up but came back down very fast. Just like the spikes downwards bounced up immediately. Seems like stop loss hunting/clearing before the next big move.
Edit: I see this spike upwards only happened on Bitfinex. None of the other exchanges moved and Bitfinex is also now trading about $60 above the others.
Edit: I see this spike upwards only happened on Bitfinex. None of the other exchanges moved and Bitfinex is also now trading about $60 above the others.
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SaiyanZ
Executive Member
Market seems very dead. Safest thing to do right now is just wait. If long term holder, just hold. If trader, wait for the price to go above $6.9k/$7k before buying again. If the price is going to moon at some point better to not be greedy and sacrifice a potential 5% here instead of possibly getting burning by 20% if it dumps to $5k or lower.
SaiyanZ
Executive Member
Still in no trade zone for me. It's been mostly bouncing between the same fib levels for 4 whole days now. Any move above $6610 gets sold off fairly quickly. And gets bought up quickly around $6560.
SaiyanZ
Executive Member
Finally some movement. Only $100 but it's something. I'm not ready to get back in just yet. After all this time sideways it's pretty easy to have a false breakout. Plus recently the price takes the stairs up and the elevator down. Will wait to see it can get above $6900 and then consolidate to confirm bullish picture.
Bigger picture looking ok. Something of interest is that the last two days were the two lowest volume days on Bitfinex in the last year. I've read that the exchange has been having some issues recently where people are not getting their money when cashing out. Could just be FUD.
Bigger picture looking ok. Something of interest is that the last two days were the two lowest volume days on Bitfinex in the last year. I've read that the exchange has been having some issues recently where people are not getting their money when cashing out. Could just be FUD.
After all this sluggishness will likely go down to ~$6400 before picking up. People have been waiting to make some cash. Don't know what people were waiting for before buying but whatever it is if it's here it will be a biggish one. Expect towards ~$8000 soon. I don't want to be caught out again and miss out on another 20%.
Dunno, but I'd be weary of trading in this highlighted area until price either confirms breaking above long-term resistance or goes down.
SaiyanZ
Executive Member
Yeah for safe trade you'll want to wait for $6900 to break strongly before taking a position. Otherwise today's push is just another lower high. If $6900 breaks then we should make $7500+ easily I think. Just have to be patient afterwards. Everyone who's been waiting on the sidelines will start to come in again.
Still a lot to do though .I see it's only Bitfinex pushing right now. They're at $6700 which is $80 above Bitstamp.
We'll know soon though. Why I'm not buying yet. Sideways for a few weeks in June resulted in a massive dump. Made higher lows for few weeks just like we've been doing now. Then a triangle with lower highs also like now. Then dump.
Still a lot to do though .I see it's only Bitfinex pushing right now. They're at $6700 which is $80 above Bitstamp.
We'll know soon though. Why I'm not buying yet. Sideways for a few weeks in June resulted in a massive dump. Made higher lows for few weeks just like we've been doing now. Then a triangle with lower highs also like now. Then dump.
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lol
SaiyanZ
Executive Member
I'm not all bearish yet. We also had a similar sort of accumulation pattern at the last bottom. That time it broke upwards and eventually made it to $7400. So I still think this can go either way. So waiting for $6900 to break.
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