Bitcoin Thread

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phly said:
Lol is yobit even a serious exchange or just a chatterbox of a place. I recall being forced to go there to get some coin. that was not yet available on other exchanges. Everything about that site feels scammy. Even thier newsletters and announcements. I think they even support made up non existent forks of bitcoins.
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haha yobit is just a pump n dump exchange by design. They publish yobit coins that doesn't actually exist aside from them listing randomly named coins on their exchange. No wallet, no external movement, just magically created on the exchange. Then the usual "pump in 21 hours" emails follow, seriously the most braindead of "traders" hang out on that site. Oh and each time the magical coin gets brief pump and collapse down to 99% loss haha
 
There's those tests of $3920 and $3820 I mentioned could happen the other day. $3920 held a couple times but 3rd time tests usually break and it happened. Can go either way from here but up past $4040 where all the volume was is more difficult right now. There's double fib resistance around $3920 and double fib support around $3770.

It was also rejected at the $4135 fibs twice.

kkLwA0UK



I also started using trailing stops on my scalps now. Nets me less profit quite often but I will score on a big move. Trailing stops also seem quite useful for when the price is moving fast and you want to open a position. Can use it to open a short (once it's already in the area I want to short from) when the price is going up fast and I'm unsure where it's going to stop/pullback. More chance of shorting closer to the top of the move.
 
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Check this out. There is a perfect parallel channel lining up the tops and bottoms. Also this move is still very similar to the previous one. However there is also a large inverted head and shoulder and cup and handle pattern forming which points to around $5k. I'm more in favour of the bearish view so I'm layering shorts here unless the parallel channel and then $4400 gets broken convincingly.

fqmol2Gk



Edit: If the fractal is in play ,we go through that pink line at about 8pm tonight (SA time) back to around $3770.

aRwoILHr
 
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When I last checked only the daily looked bearish. Everything else was pointing to a move up. I still want us to go down though. Will see what happens in the next few days.

I did spot a CNBC post talking of us heading down so I guess it’s time to put down some longs as we will go up and hard.

Either way I am still not in a trade. Watching patiently.
 
$3900 double fib support was too strong for now. There were a few attempts to break through the pink line and it eventually broke but then $3900 held. Looks like shorts were just set up for a squeeze.

WVq4EMfz
 
my market makers ideology push to 4400 still ongoing. Requires so much discipline to not long this when it seems one has missed the bottom and want to jump in for the ride before its too late
Screen Shot 2018-12-24 at 8.39.02 AM.png

Update: I also scoured the web for other opinions and views and I reckon I am now more convinced than ever that perhaps I may not have missed the bottom. Sticking to my market maker analogy even if we touch 5k. But I have my full bear suit on. This recent run was just a bull trap and squeezing shorts. Then we dump. Curious to see how low if i'm right in my analysis.
 
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phly said:
Update: I also scoured the web for other opinions and views and I reckon I am now more convinced than ever that perhaps I may not have missed the bottom. Sticking to my market maker analogy even if we touch 5k. But I have my full bear suit on. This recent run was just a bull trap and squeezing shorts. Then we dump. Curious to see how low if i'm right in my analysis.
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I also think we are in for another hard one. This is just hype from the anniversary of the near $20k high and people coming into some year end bonuses. A lot of it was short squeezes anyway and not real intentional buys. Come January and people realise they've overspent there's going to be a lot of bear movement.
 
Yeah I'm short all the way until we get close to $3k again. Have to be more careful at new lows because price can bounce and take off quick. Might go up to $4600 still but will keep opening shorts along the way if it does because the overall trend is still bearish so there will always be pullbacks due to panic selling.

My strategy is a slow steady grind of profit. Main thing is not to lose anything by taking profit as much as possible. Rarely wait/go for a big move.
 
Solid dump and shorts closed for now. Expected $3980 and had my orders waiting to close at $3985. Hit it perfectly for once.

4UxWODBY


Don't want to be too aggressive with shorts in the shaded area between $3900 and $4050. There's potentially a lot of support in here so it might be difficult to fall through quickly and we also might have some quick bounces from this region. Anything above around $4050 I will start layering shorts (or if it dumps below $3900 because it will then be very difficult to climb past there again.)
 
One of the biggest long squeezes I've seen lately. Bulls not in as much control as was thought.
 
Swa said:
One of the biggest long squeezes I've seen lately. Bulls not in as much control as was thought.
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That’s the thing. Bulls were never in control in the first place. It was just made to look like they were to evoke not only certain emotions such as bull trend has began but to just mess up everyone. I’m hoping to see my 2900 level hit. Also if you look at the daily chart you will see a pattern repeating itself. Could have shorted if I was watching the charts. But Christmas is here and so is family.
 
Wild guess is we don't plummet straight away like a lot expect. Maybe another widening wedge? Shorting just below that red line (if it gets there) would be the safest/most profitable trade.
BcK05J0S
 
Crypto dump continues for those of us still watching charts... Stocks are bleeding out.
 
Haven't traded much recently as I'm on holiday and we're mainly getting bart moves. Looks like it can move big upwards soon to around $4600 on Bitstamp. There is a lot of similarity between the recent price action and the way we came down a month ago. Just in opposite directions. So no trade from me here for now as shorting seems a bit risky. If it goes up my value in USD goes up anyway because on Bitmex we're always holding BTC.

vWF9FOac
 
Not trading either. But one can’t help and sneak a peek into the charts and see what is going on. Wonder what the sentiment will be come January
 
Going down while longs are going up and shorts cancelling. Something is wrong with this picture. I hate these slow creeps. With clear moves you can gauge when it settles and is heading in the opposite direction but this can change direction at any time. Like a drunk behind a broken steering wheel.
 
OllieSA said:
Anyone here participating in Trace Mayer's Proof of Keys movement? https://www.proofofkeys.com/
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Nope but I guess it is a good idea if enough people participate to make sure exchanges are not acting as fractional reserves because this is basically asking users to do a bankrun on exchanges.

That said I am always in active positions so its a losing idea for me to move my coins from exchange just to prove a point.
 
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