Bitcoin Thread

[John Tempus]

Most of the traffic is driven by BTC selloffs to buy BitcoinSV and in effect the BTC selloff is driving people out of every other coin that is pegged against BTC USD value essentially.

Take a look at the BTC dump vs BitcoinSV pump. Near perfect correlation.

I dont mind though, im a crypto fanatic not a bitcoin fanatic. Any coin that hits my TA targets I will enter and exit and BitcoinSV is giving me maximum gains right now.

I think we have a greater chance of testing $1k again than recovering first back to $10k. Seen and participated in the previous crash so this feels very familiar.

 

[phly]

A concur on the 1k theory - Its on my radar and completely not out of the picture. some key levels have to fold but like we have seen, anything can happen

I also believe we made a new yearly low for BTC at 33 - touched 3.2k on Mex. Meaning there is still some pain to be had as we haven't found a bottom as yet. Maybe 3k will hold. While Ethereum is now at $83. Who would have thought of this narrative. I would be wary of getting into any longs as bitcoin has shown time and time again - Its bottom always has a hidden bottom with another bottom inside of that bottom.

 

[SaiyanZ]

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.

View attachment 589516

Yeah I reduced my leverage even further now to 3x to move my liquidation price much lower. Bought those regions in the yellow bubbles on the way down as there could have been a bounce from any one of those. Each area did pose some resistance but there hasn't been any decent bounce yet. My order at $3325 also triggered as that was the target of the bear flag.

Will only buy again at $3k or below now, if it does get that low.

 

[SaiyanZ]

Seems like a bear flag with a target of around $3150. However we are at a yearly low so shorting here is very risky. There will be a short liquidation pump at some point with a $300+ move up which could also be enough to kickstart a slower move back to $4k+ (if it can get back above $3650) before another dump.

If it does dump towards $3150 today I think we will see a quick bounce.

 

[phly]

Quick Bounce happened. bird watching bitcoin continues

 

[SaiyanZ]

Yeah the target of the bear flag was roughly hit. It just took very long so it dumped from $60 higher making the target $60 higher. Buy volume was decent with the bounce and would have caught many by surprise. So good chance of $3420 holding and having another move or two up from here.

 

[Swa]

Ethereum miners still shutting down. I'm making 20% more than I did 2 weeks ago.

 

[SaiyanZ]

I can see it possibly making a bull flag here for another wave up tomorrow. Should fall from the shaded area around $3775/$3820. Just needs to get past $3670/$3690 first.

I've got my sell order just below $3750 for now.

Bitmex also has a funding rate where shorts pay longs or vice versa depending on current market conditions. Got paid over 2% on my position for just keeping my long open in the last 3 days.

https://www.bitmex.com/app/fundingHistory?start=0

Sort by XBTUSD. If negative it means shorts pay longs (a consequence of too many people wanting to short vs long).The rate changes every 8 hours.

This also means that people holding shorts are under pressure to close if the price doesn't fall because they're paying the funding fee which is eating away their trade the longer they hold it.

 

[SaiyanZ]

The bull flag got extended a bit too low. Can still move up from here I think. There is an uptrend forming over the last few days. The channel is pretty obvious if you leave out the two spikes out of it. $3470 is an important area to hold. It was also the previous bottom about two weeks ago which is why there was so much resistance there in the last few days.

 

[phly]

I am seeing things differently- I think we are going down... i want us to go down. The general consensus out there is we dip to $2900 range and then see things from there. Ignore all the lines if they are confusing but they tell a story from my view/perspective.

 

[SaiyanZ]

I am seeing things differently- I think we are going down... i want us to go down. The general consensus out there is we dip to $2900 range and then see things from there. Ignore all the lines if they are confusing but they tell a story from my view/perspective.View attachment 591056

I'm also looking to short soon for a sub $3k move but I think there could still be another move up first towards $3800.

The trend indicator on the daily is showing a shift in the trend.

 

[phly]

I'm also looking to short soon for a sub $3k move but I think there could still be another move up first towards $3800.

The trend indicator on the daily is showing a shift in the trend.

Redid my chart and kinda saw my mistake ... The current level seems to be holding on the 1hr and so yea I also now see a small wave up but 3800... dont see that yet unless we break previous 3630 on the next retest. which is more than possible if it breaks upward. I may actually play the move up with a trailing stop loss given the new info. will see next hourly candle

 

[Temujin]

I'm also looking to short soon for a sub $3k move but I think there could still be another move up first towards $3800.

The trend indicator on the daily is showing a shift in the trend.

Give me a bloody heart attack.... opened page and all I saw was red graph like that

 

[balrog]

What if 3100 was the bottom? hmmmmm

 

[Swa]

Interesting development is that UDST has largely recovered. A sub premium indicated a large amount of sellers wanting to get out of the market. It's within 0.5% now and even has a premium on some exchanges so buyers are entering the foray again.

 

[SaiyanZ]

Interesting development is that UDST has largely recovered. A sub premium indicated a large amount of sellers wanting to get out of the market. It's within 0.5% now and even has a premium on some exchanges so buyers are entering the foray again.

Where are you finding your Tether price? The one on Kraken (which I thought Bitfinex used) is 0.9932. But the implied rate on Bitfinex right now is very different at 0.9738. Around 2% lower. Got the Bitfinex rate by dividing the Bistamp and Bitfinex price currently ($3462/$3555).

 

[phly]

aaand we dropped! I should learn to always trust my instincts

 

[Swa]

Where are you finding your Tether price? The one on Kraken (which I thought Bitfinex used) is 0.9932. But the implied rate on Bitfinex right now is very different at 0.9738. Around 2% lower. Got the Bitfinex rate by dividing the Bistamp and Bitfinex price currently ($3462/$3555).

https://www.cryptocompare.com/coins/usdt/trades/USD
The buy and sell orders should give a complete picture. It dropped a bit again. I see what you mean with the BTC price. Have no idea what's going on.

 

[phly]

So we dropped down to support - curious to see if it holds - should it not then we may just see new lows which I have my fingers crossed for. The further BTC drops the more alts dump - shaking out chaff like projects and also making BTC "more affordable".

 

[Swa]

Finally reached my 1 BTC mark. Am now a true Bitcoin holder.

Now if only it was December 2017...