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Had the spike down to $3600. Closed short at $3601 and reopened again at $3613. This one I'll close around $3580. There was a fair amount of buying there in the last two days so it might be a temp support area.

h3LIQxQa


Edit: Targets already hit. Easy game. Not sure how high it can bounce now. Will look to short again around $3610.

qtzdSQil
 
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Bollenger Bands starting to converge/pinch on 4 hr chart - looks like the next few 4hr candles will produce a pretty big move. Up or Down? Hmmmm, will have to see.
 
balrog said:
Bollenger Bands starting to converge/pinch on 4 hr chart - looks like the next few 4hr candles will produce a pretty big move. Up or Down? Hmmmm, will have to see.
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Yeah it's winding up for something bigger. Range is tightening again around $3600.

Maybe I should stop my trading for now but my micro has been pretty spot on today. Got the tops and bottoms within $2 in three trades in the last few hours since the drop from $3630.
 
Come on, a move up to $3750.
Want to close some alts then you can go down again.
 
I updated the fractal as things happened a lot faster and it looks like we're close to the tipping point. If it plays out we should pump to $3760/$3800. I'm not going to go long here though. Much safer to wait and see what happens and if it does pump I'll short it from the top.

TeHX0ncl
 
Finally broke up. Got my short in near the top at $3760. Going to hold this for a little while before taking profit as I got in at a good price. Will maybe close around $3680 as there should be support/bounce from there and then get in short again after it bounces.

P3O04npE
 
saor said:
How you been enjoying trading on bitmex and making use of shorts & leverage? Glad you made the switch?
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Yeah it's much better being able to trade for profit in both directions as well as use some leverage to profit from small moves. It's a slow and steady grind. Up around 1BTC in the last month.
 
Two good days. Managed to get out of my short from 3616 at 23x leverage at 3575, got back in with long at 3608 for 20x leverage and riding the wave to victory sitting at 3720. Lets see where the next pileup on possible way back down kicks in.

I would fall asleep if I ever had to go 1:1 trading again. The most boring life of a trader without leverage.

If it can hold at/above $3700 over the weekend I suspect it would make a move for $4k in the new week again. Assuming there isn't a new funky dump right as it settles at $3700 which at this point is the more likely regular occurrence after every decent rally.

One thing is for sure this $100 pump put us in massive overbought territory so the best thing right now would be if the market stabilize for a bit at $3700 to get back under overbought territory and then make the next runup to $4k.
 
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John Tempus said:
Two good days. Managed to get out of my short from 3616 at 23x leverage at 3575, got back in with long at 3608 for 20x leverage and riding the wave to victory sitting at 3720. Lets see where the next pileup on possible way back down kicks in.

I would fall asleep if I ever had to go 1:1 trading again. The most boring life of a trader without leverage.

If it can hold at/above $3700 over the weekend I suspect it would make a move for $4k in the new week again. Assuming there isn't a new funky dump right as it settles at $3700 which at this point is the more likely regular occurrence after every decent rally.

One thing is for sure this $100 pump put us in massive overbought territory so the best thing right now would be if the market stabilize for a bit at $3700 to get back under overbought territory and then make the next runup to $4k.
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Yeah it seems to have stabilized just above $3700 for now. So I've set up a $10 trailing stop for my short from $3760. If it goes up $10 it will close but if it goes down my stop will move with the price until there is a $10 move up. Have made a fair bit more profit this way a few times.
 
Olright, I think we will be taking a dip south from $3700 within the next 1-2hrs. Not too sure how long or how deep but it wont be all bad if we can retest 3600 for hopefully one last time before never seeing it again.
 
Seems too soon to fall again now with the consolidation at $3600 for over week. I think we'll probably go sideways for a few days in this region with an attempt at $3800 and a big dump afterwards. Also feels bit risky trading now with the sideways and dead volume so I've closed my orders and will wait for the next move. Will short again at $3760+.

VZzzJOsv
 
Im shorting right on the hour in 3mins looks to be at about 3700, lets see how this plays out. haha.
 
<insert Joker voice> And we are off.

Will be great if it go down and test 3600 or even totally crash back to 3000 (very very unlikely but one can hope)

On the flipside it would suck tremendous ballz if it somehow makes a northbound dildo and break $4k.

Third world problems. :P
 
Many of the "experts" I follow on youtube are comparing the previous two 4year cycles of btc, and they say we must have a capitulation before we can see a bull market. Some predict a drop to 2800 before the turnaround, and could take as long as to the end of Q1. That will bring to a close the first leg of the 4 year cycle. Then about 2 or maybe even 3Qs of consolidation before leg one of a bull run.

The market has twice followed this pattern, and we seem to be doing it again very closely. Copy the previous two moves into the future chart of btc, we could see anything between 6000% to as high as 15000% increase over the next 2 to 3 years.
 
OMG, how I tried taking peoples money when I was trying to put up my mining rigs. Guys would say crypto is a scam, but when you show them the figures, 150% ROI in 36 months was not good enough for them. But all cool, some of them went and lost all their money in scams. One of my prospective investors shot me down, then took a bar and lost it in that crowd in Roodepoort. Now he is crying. Also, with the market the way it is, I'm glad I held off for the time I did. When BTC gets back up to around 7k, I can start making money on the mining. Also makes me aware of the cycles, and that I have 3 years to reap, and a year of struggle. Will be watching the space to see if the cycle does actually repeat again.

But I do know of some guys still mining just to launder money to abroad. Paying overheads in ZAR and leaving the results in wallets ready for liquidation to offshore FIAT when the price goes up.
 
abcab said:
But I do know of some guys still mining just to launder money to abroad. Paying overheads in ZAR and leaving the results in wallets ready for liquidation to offshore FIAT when the price goes up.
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That's nice.
 
Brace yourself. We might enter another day of mostly sideways and then another dump down to possibly previous low retest around $3150-$3200 unless something drastically change the direction today/tomorrow.

Short is remaining opening until I have any concept of the next direction for now its flatlining.

The latest dump is pretty weird, first time in forever that bitmex price is lower than Binance price, very odd situation.
 
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