Bitcoin Thread

[phly]

Thanks man. I also just moved all my BTC to Bitmex. Realized today that I can't trade both on Luno and Bitmex at the same time and I can make quick profit on Bitmex in both directions when the price is moving fast. So it's pointless keeping BTC on Luno when I could be using it to trade. Will be doing bigger trades on Bitmex (5% of balance). End of the Luno era for me.

wondered how people even managed trading on there with how rudimental that chart is.

 

[SaiyanZ]

wondered how people even managed trading on there with how rudimental that chart is.

The main way to make money on Luno is to be one of the first to trade a big move. Since you can watch the USD BTC prices move and because there aren't many watching Luno constantly, you can be the first to trade a move. The only Luno chart I used was the depth chart.

 

[Temujin]

wondered how people even managed trading on there with how rudimental that chart is.

I don't have issue with chart at all, my problem is volume... I think currently all their different countries operate as individual exchanges, need to lump them all together so when there is a 2/300$ move, it actually moves and isn't held up in buy/sell walls

 

[phly]

I skipped Luno ages ago and got used to TradingView charts trading on bittrex and never looked back. This was before Before everyone and their mother moved over to Binance due to high fees on bittrex and constant hanging or freezing.

 

[SaiyanZ]

Bitmex also seems to have issues when there's too much stuff going on. Got an error message: "Order not placed. The system is overloaded" during the drop we had just now. Missed a trade.

 

[phly]

Bitmex also seems to have issues when there's too much stuff going on. Got an error message: "Order not placed. The system is overloaded" during the drop we had just now. Missed a trade.

yea that happens quite frequently as well on bitmex. Market buys are the easiest way in but tthen you dont really get to choose what price you get in at. In other news ... we dumping it seems

 

[SaiyanZ]

As for BTC I can't really tell much where we're going now. No discernible patterns apart from the decent support in the shaded area as well as possible parallel channels.

My wild guess is we make a bullish wedge and then use it to get to $4k again. Will have to see how the price moves over the next couple days. At some point we will also need to shed some shorts as they keep climbing on Bitfinex. Hence there should be a short squeeze but impossible to say when.

In the meantime though it seems easy enough to trade on Bitmex when the price is stable. If the price moves away from my order I just buy in again at the next resistance to improve my entry price (this also improves my liquidation price) and then I move my closing position closer to the price.

Made over 0.2 BTC yesterday (25% return on entire capital) with lots of small trades whilst the price hovered around $3800.

 

[phly]

Saw a certain ludacris thought/idea out there posted regarding Bitcoins TA and curious to hear what you guys think. The guy states that we may drop to 1k range (1163) to be exact and the reason for this besides all the bearish outlook is to test that high because allegedly BTC did not test that support but has tested all other supports before going up leading to the last bull run. Thoughts anyone?

 

[SaiyanZ]

Saw a certain ludacris thought/idea out there posted regarding Bitcoins TA and curious to hear what you guys think. The guy states that we may drop to 1k range (1163) to be exact and the reason for this besides all the bearish outlook is to test that high because allegedly BTC did not test that support but has tested all other supports before going up leading to the last bull run. Thoughts anyone?

From a pure charting perspective it makes sense because trades have to be based on some info and this would be all people have if the price gets to those levels. Though the theory behind it doesn't as retesting levels and bouncing from them should only happen if there are mostly the same traders in the market. After 5 years I doubt that is the case. The theory is that people who sold there are waiting to buy again which is unlikely after so long. When looking at shorter timespans (a few months) this makes more sense as you generally have the same traders still around.

Anything is possible though. If you told people 6 months ago that we'd be at $3500 in November I doubt most would have believed it.

 

[phly]

From a pure charting perspective it makes sense because trades have to be based on some info and this would be all people have if the price gets to those levels. Though the theory behind it doesn't as retesting levels and bouncing from them should only happen if there are mostly the same traders in the market. After 5 years I doubt that is the case. The theory is that people who sold there are waiting to buy again which is unlikely after so long. When looking at shorter timespans (a few months) this makes more sense as you generally have the same traders still around.

Anything is possible though. If you told people 6 months ago that we'd be at $3500 in November I doubt most would have believed it.

Makes sense - thanks for the input/view

Bitcoin is feeling very bullish this morning but I am still seeing one more leg down somehow. Depends on some factors but we will soon know what BTC has decided.

 

[SaiyanZ]

BTC is looking a bit bullish right now. It looks like a bull flag which would take the price to around $4070 but there is overhead resistance. I was shorting all day from the $3970/$3980 region but cancelled my orders now. We could have a big move ($100+) in either direction in the next few hours. So a bit too high risk trading as it seems like a gamble. Going to wait and see what happens.

The wedge I posted earlier is still in play and is what I think will ultimately happen but you can never be sure. i.e. down first before more up.

Edit: Short closures are fueling the move up today. First move started with 1k BTC shorts being closed.

 

[SaiyanZ]

Broke upwards but stopped moving a bit early. Reason is because Bitfinex hasn't broken upwards yet. My plan is to short from $4060 upwards. The whole region from $4060 to $4150 will be tough to break on Bitstamp. So I expect the price to bounce off this area a few times even if it eventually breaks.

Bitstamp:

Bitfinex:

 

[phly]

was waiting for a move to inform my next play - now i am ready to long this to kingdom come.

* to the lil grasshopper that was eager, prepare your cash and when you see us find a bottom and not go below 3900 then I would suggest get in.

Update: I put my new money where my mouth is - Lets see how this unfolds. Willing to wager that I am right and we test or touch 4105 resistance.


Update 2 - looks like my laid out support got broken through and therefore it now becomes resistance. Ontop of that the 1hr, 4hr and Daily are all showing down wards movement. Previous 4hr candle is a shooting star indicating reversal in this case downwards. (sucks to see all this now in hindsight) So yea not looking too good for bulls unless they can pull a miracle but the odds are stacked against them.

 

[SaiyanZ]

These slow moves up or down for over an hour with no bounce are the worst. Never know where it's going to stop. I thought the $3940/$3960 region would provide more support but it just slid slowly through.

 

[phly]

These slow moves up or down for over an hour with no bounce are the worst. Never know where it's going to stop. I thought the $3940/$3960 region would provide more support but it just slid slowly through.

So the genius in me decided to long what now looks like consolidation that just slid down ever so slowly till I got nabbed and taught a lesson for diving all in recklessly. mxm. Stupid coin. Guess its true what they say - the house always wins.

 

[SaiyanZ]

So the genius in me decided to long what now looks like consolidation that just slid down ever so slowly till I got nabbed and taught a lesson for diving all in recklessly. mxm. Stupid coin. Guess its true what they say - the house always wins.

Could still bounce quickly after $4k breaks on Bitfinex. Has happened a few times recently. 8 out of the last 9 times it broke below $4k on Bitfinex there was a quick bounce back above. One time it dumped to $3800.

 

[phly]

was waiting for a move to inform my next play - now i am ready to long this to kingdom come.

* to the lil grasshopper that was eager, prepare your cash and when you see us find a bottom and not go below 3900 then I would suggest get in.

Update: I put my new money where my mouth is - Lets see how this unfolds. Willing to wager that I am right and we test or touch 4105 resistance.
View attachment 587712

Could still bounce quickly after $4k breaks on Bitfinex. Has happened a few times recently. 8 out of the last 9 times it broke below $4k on Bitfinex there was a quick bounce back above. One time it dumped to $3800.

Gut feels tells me downwards is the way we will go. But anything could happen. Will try and be patient and see what happens

 

[Splinter]

Not that I know much about bitcoin, but what I am seeing is everyone who holds bitcoin is trying to make money on little "bumps" as it slides down continuously. In other words, you all taking little gambles gainst each other.

 

[John Tempus]

Not that I know much about bitcoin, but what I am seeing is everyone who holds bitcoin is trying to make money on little "bumps" as it slides down continuously. In other words, you all taking little gambles gainst each other.

That is the nature of trading no matter if you go long or short.

Winners vs Losers.

For some reason some traders still think that everyone can be winners in the market and the profits the winners make just come from some magical market fairy, not from the losers.

 

[SaiyanZ]

Looks like a small wedge has formed over the last day. Has to break out in the next hour I think or it's not going to happen. Can't go too far below $3800.