Bitcoin Thread

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Something I've been thinking about doing is using two Bitmex accounts. Anyone here done that before?

Reason is because with one account, you can't have a long and short open at the same time as they cancel each other and close the position. With two accounts you can trade only shorts on one and only longs on the other and keep both positions in play without having to close all longs before being able to short.

There are sometimes opportunities to scalp some quick shorts but I still want to keep a long open (especially if still at a loss)
 
I have heard of some supposed top traders doing so and it works for them - kinda use the one to hedge the moves of the other. Infact for some season traders they almost always have multiple accounts.
 
phly said:
I have heard of some supposed top traders doing so and it works for them - kinda use the one to hedge the moves of the other. Infact for some season traders they almost always have multiple accounts.
Click to expand...

Yeah it will be a bit of a hedge at times. Main reason I want to do it is because I don't want to close positions at a loss in order to place orders in another direction. Because once closed, the loss is realized and it's easy to lose money this way by constantly chasing a trade.

Edit: Done! Account created and now just waiting for the BTC to be transferred. Split my stack into two. Just have to open the 2nd account in incognito mode.
 
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I think we're in that purple region now. So slight drop back to $3400/$3410 before pump attempt.

3xnaoP8N



Update based on today's data and if the pattern repeats. We do something like this and dump around 3pm tomorrow. If we go above $3550 then the trend/pattern is no longer valid:

DHsGATBA
 
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The pattern is still in play almost exactly. The purple region got extended a bit and the triangle is a bit larger but the right levels are being hit.

BDTWO99T



So shifting everything a little to the right, it can still drop but in a day or so through the red region:

uFKlOU6F
 
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It's in the dump zone and is struggling to get above the $3426 fib level again. I'm not shorting here though except for maybe a quick scalp. Have taken profit from the moves up and down and will wait it out with a long open as I don't see it dropping too far. If it drops below $3300 I'll just add more to my long. The next move up has the potential to be $400/$500 in a day and it will be easy to get trapped/liquidated shorting close to the bottom. Only question is whether the temp bottom is $3400 or $3300/$3200.


neVE6657
 
SaiyanZ said:
It's in the dump zone and is struggling to get above the $3426 fib level again.
Click to expand...
Hmm yeah, it's been kinda wedging down since last year...was hoping for a bigger break up some time soon but now it looks like a move up might be short lived if it doesn't break above resistance & right back down again to lower lows.

dailybtc.png
 
I think we're forming a bottom here (most likely temporary). It should have dumped already but there is upwards pressure again at the $3426 fib. So we should go up to retest $3450/$3460 at least. Could trigger a bigger move up if some big shorts get squeezed but I'll just trade the smaller moves for now.

JZJZzScy


Edit: Tron just pumped 35% in a few minutes. There's now a 100mill liquidation wall just pushing the price up.

Edit2: Tron 45% up. Still going.
 
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SaiyanZ said:
I think we're forming a bottom here (most likely temporary). It should have dumped already but there is upwards pressure again at the $3426 fib. So we should go up to retest $3450/$3460 at least. Could trigger a bigger move up if some big shorts get squeezed but I'll just trade the smaller moves for now.

JZJZzScy


Edit: Tron just pumped 35% in a few minutes. There's now a 100mill liquidation wall just pushing the price up.

Edit2: Tron 45% up. Still going.
Click to expand...

What's the reason for TRON pump?
Screen Shot 2019-02-04 at 11.45.35 AM.png
 
phly said:
What's the reason for TRON pump?
Click to expand...

I don't really follow altcoins but I'm sure someone will come up with an explanation. Once it got to about 20% the rest the move was purely shorts getting squeezed. Was amazing to watch live. A lot of people are screaming manipulation (those that got liquidated mostly).

This is one of the reasons I stick to trading BTC only. It's nearly impossible to manage risk with a 45% move in 10 minutes. Anyone using more than 3x leverage would have gotten liquidated. That move is like BTC going from $3400 to $5000 in 10 minutes.
 
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TRX pump is all connected to the BTT token trading.

They were pumping at the same time since TRX is the main coin for BTT token.

Anyhow I expect BTT token to pump for a while then crash like every other token.
 
Ah that makes sense. I reckon it has potential especially considering the connection with torrents and incentivizing that but yea i agree these initial rallies are not worth chasing. Much better to wait till it drops and only then get in and ride up the real rally. Does anyone have any idea what Bitcoin is thinking because I have been waiting for a pump and aged while still waiting. Got into a trade days ago and now i'm stuck inside a consolidation period.
 
BTC is making another small triangle here. This one is a bit more bearish as it is mostly below the initial consolidation in green. So it's more likely to break downwards but if it gets above $3426 and manages to hold there for at least an hour then we should start going up again.

23DDs6LC
 
Eish it's just sitting there dead in the water...
 
Usually the 6th of the month marks a new trend on BTC if the past is anything to go by. Lets see what happens tomorrow because this paint watching is becoming painful. I want to see an attempt at 4k. Just an attempt - to signal that things are about to get interesting.

Hope we sustain support on the .786 although that 3424 is proving to be a stubborn wall.
Screen Shot 2019-02-05 at 6.57.42 PM.png
 
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Whatever happens, I think it will go up a little first and but not more than $3500 for now. If it is a consolidation phase then it will also stay on the slow uptrend above $3400. I still have a long open from $3420.

ouuAwZHL
 
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