Yep. But it also seems there is no new money coming in really i.e. people investing cash from elsewhere.
-
Join the MyBroadband community
South Africa’s biggest forum. Discuss, discover, and connect with thousands of members.
-
Question of the Day: What's the most interesting small town you've visited in South Africa?
Bitcoin Thread
- Thread starter Dan C
- Start date
- Status
Yep. But it also seems there is no new money coming in really i.e. people investing cash from elsewhere.
John Tempus
Executive Member
- Joined
- Aug 8, 2017
- Messages
- 6,119
- Reaction score
- 5,625
Old money is leaving all tech markets though. It is not so specific to crypto. Somewhere someone is building a new island out of all the money being liquidated from the tech market globally.
SaiyanZ
Executive Member
Someone sold and shorted at $3850 just now on Bitfinex. 2k BTC of shorts. That's what the massive volume on there was.
Bitifinex shorts:
The wedge is still in play but it needs to stay above $3850 and start moving up soon or this will become a bear flag. With the wedge and the large volume just now it's possible that we have temporarily bottomed out.
Bitfinex:
Bitifinex shorts:
The wedge is still in play but it needs to stay above $3850 and start moving up soon or this will become a bear flag. With the wedge and the large volume just now it's possible that we have temporarily bottomed out.
Bitfinex:
John Tempus
Executive Member
- Joined
- Aug 8, 2017
- Messages
- 6,119
- Reaction score
- 5,625
We are still some way off from the true bottom. I wont even attempt to guestimate where that might be except that I don't see us in the $3k+ range hitting the bottom yet.
I base my own understanding on the fact that our $1k to $20k rise at 20x compared to the $100 to $1000 10x rise and fall back to $150 before recovery upwards above $1k.
That said the market volatility make for more profitable trading situations even if it keeps nose diving down to $1k at this point.
I base my own understanding on the fact that our $1k to $20k rise at 20x compared to the $100 to $1000 10x rise and fall back to $150 before recovery upwards above $1k.
That said the market volatility make for more profitable trading situations even if it keeps nose diving down to $1k at this point.
Old money is leaving all tech markets though. It is not so specific to crypto. Somewhere someone is building a new island out of all the money being liquidated from the tech market globally.
Although crypto currency is definitely the market leader in the drain...
John Tempus
Executive Member
- Joined
- Aug 8, 2017
- Messages
- 6,119
- Reaction score
- 5,625
Ye, it is all relative to the what you would see as the start of the time line.
If you only look at 2018 then yes Crypto is the overwhelming loser.
If you look at 2017-2018 then Crypto is the overwhelming market crushing winner. If you take 2017-now again Crypto is the overwhelming market crushing winner.
Stretch it back further from 2015-now and overall crypto beats every other market in overall gains.
The only poor souls is idiots who simply bought in at peak of 2017 and kept holding. These same kind of fools bought in at the peak of Gold price and kept holding and even with Gold they would have seen roughly 60% loss since the peak.
SaiyanZ
Executive Member
Small breakout but it needs volume on Bitfinex. Volume on Bitstamp was much better with the move up. Expect around $4000 on Bitfinex and around $3920 on Bitstamp.
Bitfinex:
Bitstamp:
Bitfinex:
Bitstamp:
It's all assumptions. In a perfect market a stock will continue to rise, so no matter what price you buy or sell at if you hold for 10+ years you will always make something. But investors are usually the ones earning very little unless you're one of the lucky ones to buy Capitec at R1 a share most stocks on average will just keep up with inflation. It's these small losses incurred by investors that give all traders a chance to earn money. Where the mistake is made with BTC is assuming that everyone is losing money now but it might well be that a lot of people are those that bought for $1. The only real losers so far for sure are those that bought at the high of R300k.
SaiyanZ
Executive Member
Yeah it needs to make up its mind soon. Also 25x leverage has me on the edge of my seat with these slow one-way moves with little bounce ($4000 to $3780 last night). Would have liquidated my position if I didn't trade small amounts and average buy in to lower the liquidation price. Going to switch to 10x leverage for more comfort.
phly
Expert Member
- Joined
- Mar 13, 2013
- Messages
- 2,097
- Reaction score
- 606
Look at that perfect hit, dropped as expected, broke resistance, touched fib as expected. Everything. Just wish I had money in the play - sigh
SaiyanZ
Executive Member
I liquidated my position a few hours ago with the dip to $3620 on Bitmex. High risk high reward. Hence why I'm sticking to max 10x leverage from now on. The drop from $4k to $sub $3700 was too much to handle with 25x leverage even with my averaging in strategy. In retrospect I could have allocated more margin but it felt safest to just let it liquidate instead of investing more.
The large wedge I mentioned the other day has formed now on Bitstamp but Bitfinex doesn't have the same pattern.
The large wedge I mentioned the other day has formed now on Bitstamp but Bitfinex doesn't have the same pattern.
SaiyanZ
Executive Member
Dumping hard straight through everything. Just saw an $8m long get liquidated on Bitmex at $3580. Seems like we're entering panic mode.
SaiyanZ
Executive Member
Yeah, and it bounced just after. Pretty painful what a few $ difference can do.
Found him on the Bitmex Twitter liquidation log:
https://twitter.com/BitmexRekt
SaiyanZ
Executive Member
I placed a few longs now. As long as it doesn't drop below $2900 I'm fine.
phly
Expert Member
- Joined
- Mar 13, 2013
- Messages
- 2,097
- Reaction score
- 606
Lol, I'm waiting for that same 2900 range to hit 2944 to be exact. Always leave room for shock where bitcoin is concerned. Who knows how low market makers are willing to push this.
- Status