Bitcoin Thread

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Swa said:
Rumours of a long squeeze have been floating around for a few weeks now.
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Yeah with shorts near a low for the year, there was nothing to hinder the drop this time. Now they're going up again fast (5k BTC worth since we started dropping). So expect there to be bounce or squeeze at some point when everyone rushes to catch the bottom and close.

pW0YXmHn
 
Knyro said:
@SaiyanZ Nice call.

What was your reasoning behind a ~$5200 bounce? :unsure:
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Just the rough length of the flag pole ($6050 - $5700 = $350). So $5550 - $350 = $5200. Very rough estimate. It didn't quite get there but around $5300 is a decent buy when it has already fallen so much.

I'm all in now on Luno. Been waiting for this day for months and made over 6 figures equivalent in BTC tonight. Will watch what happens if/when it gets back to the $5770 region on Bitstamp. Then will know better whether to keep holding or sell.

Hard to say what will happen tomorrow. After this new 2018 low, will people waiting on the sidelines with cash come in or will people who have been holding offline start panicking and thus load their BTC on exchanges to sell? Though at least the market is open up again now for traders with $6k broken properly. Now the price can move more freely instead of dying on $6k each time. The last two months has been like watching paint dry.
 
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SaiyanZ said:
Just the rough length of the flag pole ($6050 - $5700 = $350). So $5550 - $350 = $5200. Very rough estimate. It didn't quite get there but around $5300 is a decent buy when it has already fallen so much.

I'm all in now on Luno. Been waiting for this day for months and made over 6 figures equivalent in BTC tonight. Will watch what happens if/when it gets back to the $5770 region on Bitstamp. Then will know better whether to keep holding or sell.
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Thanks. Calling it to within ~$100 is pretty damn accurate to me.

6 figures in one day!? Wow! Nice one! :cool:
 
Seems to have bottomed out for now and buyers are coming in at $5500. Fits in well with this parallel channel where it will probably stay for a while. The last big drop was almost identical in value,

AeDPrwsI
 
Luno seems to have lost it with less than a 1% margin. This is the most dangerous time to sell as you're unlikely to make anything from a trade.
 
6 figures - damn - I was correct in my analysis but I just watched it and did not have any trades going on. I was basically a spectator. But yea this is what most of us have been waiting for ... time to prepare to get in for the "long of a lifetime."
 
SaiyanZ said:
Just the rough length of the flag pole ($6050 - $5700 = $350). So $5550 - $350 = $5200. Very rough estimate. It didn't quite get there but around $5300 is a decent buy when it has already fallen so much.

I'm all in now on Luno. Been waiting for this day for months and made over 6 figures equivalent in BTC tonight. Will watch what happens if/when it gets back to the $5770 region on Bitstamp. Then will know better whether to keep holding or sell.

Hard to say what will happen tomorrow. After this new 2018 low, will people waiting on the sidelines with cash come in or will people who have been holding offline start panicking and thus load their BTC on exchanges to sell? Though at least the market is open up again now for traders with $6k broken properly. Now the price can move more freely instead of dying on $6k each time. The last two months has been like watching paint dry.
Click to expand...
 
My thoughts right now. Key resistance levels are around $5610, $5780 and $6080. I don't see us getting above $6080 anytime soon.

Big picture:

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Zoomed in:

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Bitifnex shorts also shows that about 5k BTC worth of shorts were opened at or near the current bottom. So it will be difficult to fall big again now and we could squeeze up.

z83OylQO
 
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COMPUTEK said:
Everyone is selling some BTC to buy BCH for the fork
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Not sure why though as BCH should drop by the value of the new coin when the fork happens.

Think this drop is more linked to fallout from the US stock market. The last week has been pretty poor. It's just the straw that broke the camels back.
 
Not sure how the Tether uncertainty is going to affect the market now. With it moving around so much, trendlines and supports/resistances on Bitfinex have less value than they normal do. It's also potentially the Tether movement that started this drop. Tether lost about 2% the day before we started falling.

My view is that the value was being manipulated to keep the BTC price on Bifinex high to maintain a bullish view for BTC. It worked in mid October but this time the other exchanges weren't fooled.

UNZX0yWP
 
We have a solid reversal candle here. Just needs to hold above $5400. I haven't traded today as it's easy to get caught out with a move like this which was bound to happen at some point. People who sold below R83k on Luno might not be able to get in again for cheaper unless it falls hard again. It's very easy to experience this sort of portfolio erosion after a large move.

qUK3UOFl
 
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The price seems to be holding for now. Can't really say what will happen.

One thing that does concern me after looking at someone else's chart (with the volume profiles on the side) is that there was very little volume done in the $4400 to $5600 region last year when the price went up. So it is an "empty space" sort of zone that the price can move more freely through. Just something to keep in mind.

9Aragz5i


Here's the chart:

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What's with people on Luno? The price drops and they put up an even higher and bigger buy wall.
 
Swa said:
What's with people on Luno? The price drops and they put up an even higher and bigger buy wall.
Click to expand...

That's just the bullish divergence because of the quick move down and up. Lots of people sold between R83k and R80k to buy back lower. Price bounced up back to R83k through empty space so all those that sold in this region will want to get back in with buyers far outnumbering sellers. People who bought in that region during the drop are unlikely to sell right now (unless the USD price falls again).

A similar thing happened on the USD exchanges which is why $5400 should be an ok support for now.

Fib levels have also changed with the new low:

SKM5fFKs
 
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Tether is moving again. I think it will be good for the market if it gets closer to $1 as the exchanges will move together making analysis more clear. Right now it's difficult to know whether to follow Bitfinex levels or Bitstamp levels.

Bitfinex dropped and bounce up to the previous yearly low of $5770 which would normally be the resistance. Though that is in Tether and not in USD. It's being compared to a price of $5770 6 months ago when Tether was $1 instead of 97c. Pretty messed up. Safest to focus mainly on Bitstamp whilst Tether moves as it is the "true" picture.

IqWjK61E
 
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