Bitcoin Thread

[Countcrypto]

Its easy to drive prices when liquidity is so thin for whales. I'm willing to bet now all eyes are on 6k - Lets just say today and this week infact will be an interesting one.

PS we just touched 4900 and seem to be aiming higher - 4989 top - Imagine seeing 5k+ a 1000 dollar move in a day. This is indeed the wild wild west

Ohk we touched 5k even

On which exchange? Well if btc gets some media from this move, we could see some fomo on top of the lack of resistance. Personally I have no position in btc as was waiting for a leg down before I bought. Accumulated ether at sub 100,and monero at 50 as well as Ada at 4 cents and Tron at 2 cents. So 2019 is good for me but I hope I don't regret getting some btc sub 4k.

 

[phly]

On Bitmex - top at 5144 - So yea we have already done $1000 dollar move in a day by those metrics. Never saw this coming - so I'll wait for the dust to settle and see what happens. Alts are probably dumping hard right now. So those may be hitting their supports all over the charts - I havent messed about with any alts for ages. Bitcoin is exciting enough

 

[Countcrypto]

On Bitmex - top at 5144 - So yea we have already done $1000 dollar move in a day by those metrics. Never saw this coming - so I'll wait for the dust to settle and see what happens. Alts are probably dumping hard right now. So those may be hitting their supports all over the charts - I havent messed about with any alts for ages. Bitcoin is exciting enough

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Alts are gliding through resistance that has hindered them for a while on the back of this move. Doing very nicely.

 

[Countcrypto]

For example of the ones I hold : Eos up 13%, Tron 14%,and XMR 12%. But this is the BTC thread so let me not derail.

 

[phly]

For example of the ones I hold : Eos up 13%, Tron 14%,and XMR 12%. But this is the BTC thread so let me not derail.

Just had a peep at coinmarketcap and yea most alts seem to be up as well following bitcoin upward trajectory.

 

[saor]

Jeez some alts dump hard when bitcoin does this.

 

[Countcrypto]

Jeez some alts dump hard when bitcoin does this.

Such as? Whole market is green.

 

[saor]

Such as? Whole market is green.

Not if you gauge an alts value relative to BTC. Obviously an alts USD value will be up because alts get their USD value by first converting to BTC, so if BTC is up then the USD value of the alt goes up. But that's not really a true reflection of it's value, as the point in trading alts is to increase it's value relative to BTC or whatever trading pair you're using. Thinking an alts value is up just because bitcoin is up is kinda meaningless.

 

[saor]

For example of the ones I hold : Eos up 13%, Tron 14%,and XMR 12%. But this is the BTC thread so let me not derail.

Yeah, all you're seeing is their USD value go up thanks to bitcoin. Look at the dialy EOS/BTC chart:

 

[Countcrypto]

Not if you gauge an alts value relative to BTC. Obviously an alts USD value will be up because alts get their USD value by first converting to BTC, so if BTC is up then the USD value of the alt goes up. But that's not really a true reflection of it's value, as the point in trading alts is to increase it's value relative to BTC or whatever trading pair you're using. Thinking an alts value is up just because bitcoin is up is kinda meaningless.

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Sorry not to be rude but what are you talking about? If one eos was worth 4 20 yesterday and today it is worth 4 dollars 50, what has bitcoing got to do with it?

If btc goes up and u convert your alts to btc and then to fiat, that doesn't affect the dollar value of your alts. Alternatively if alts strengthen relative to btc and u convert you neither gain nor lose versus fiat.

Most alts don't consider financial transactions as their use case, so until fiat crashes and btc is the one world currency why would u consider their value relative to btc?

 

[saor]

Most alts don't consider financial transactions as their use case, so until fiat crashes and btc is the one world currency why would u consider their value relative to btc?

How do you cash out your alt positions?
Are you trading alt/USD trading pairs?

 

[Countcrypto]

How do you cash out your alt positions?

Ether generally.

 

[saor]

Ether generally.

All my trades are alt/BTC because my aim is to increase BTC holdings, partly because all my trades are done using BTC trading pair. If I want to cash out EOS, I do so via BTC, so the EOS/BTC value is more important to me than the EOS/USD value.

 

[Countcrypto]

All my trades are alt/BTC because my aim is to increase BTC holdings, partly because all my trades are done using BTC trading pair. If I want to cash out EOS, I do so via BTC, so the EOS/BTC value is more important to me than the EOS/USD value.

Yes, but u do see how whether my intention is to convert it to fiat or hold it as btc/ether/peanuts the correlation to fiat is directly proportional.

 

[SaiyanZ]

Lost a fair bit today as my liquidation was at $4800 on Bitmex. Never expected a squeeze to go so far past $4600.

The last few months now look like the April and July 2018 bottoms. If so there should be another pump up to around $5400 at some point and $4620/$4660 should be the support zone. I'm going big with a long in that area with high leverage.

Edit:. The 0.236 fib seems to be the support after a big pump. Happened both in April and July. Equivalent is about $4666 now.

 

[phly]

In as much as I made like 200x profit - I can't believe i missed or lost out on 22% pump on mex. My take profit got hit and BTC then just took off - as if it sensed I was off the moon train. I will be kicking myself for days to come - but then again there will always be other opportunities.

 

[saor]

Yes, but u do see how whether my intention is to convert it to fiat or hold it as btc/ether/peanuts the correlation to fiat is directly proportional.

I'm not cashing out regularly. My aim with trading alts is to trade them against BTC in order to accumulate more BTC. Bitcoin I cash out when the USD/BTC price looks good. The USD value of my alt holdings is irrelevant to my trades though, because my goal isn't to accrue more USD, it's to get more BTC.

If I always have to go via BTC to cash out alts, then for me it makes more sense to trade them against BTC & to be converned with their BTC value than to worry about their USD value.

 

[Countcrypto]

I'm not cashing out regularly. My aim with trading alts is to trade them against BTC in order to accumulate more BTC. Bitcoin I cash out when the USD/BTC price looks good. The USD value of my alt holdings is irrelevant to my trades though, because my goal isn't to accrue more USD, it's to get more BTC.

If I always have to go via BTC to cash out alts, then for me it makes more sense to trade them against BTC & to be converned with their BTC value than to worry about their USD value.

For me having no position in crypto is sometimes beneficial and I don't trust any stable coins fully. Plus the Rand exchange rate adds variables of it's own. I have only "cashed out" a few times. I am cost average buying into projects I believe in like eos and xmr, and also believe having a higher potential growth than btc.

 

[SaiyanZ]

Expecting $4660 area to hold. If I manage to get in long there I will hold till about $5300. Going to risk a 100x long with 1/4 of my balance. Next support is at about $4400 but I don't think it will drop that low. If it does drop further though I will long from $4400 to $4800.

Edit: I'm in. Got the wick with 100x at $4666.5 with $400k. Might get rich or rekt in one trade. Going to hold onto it for a while.

 

[phly]

Expecting $4660 area to hold. If I manage to get in long there I will hold till about $5300. Going to risk a 100x long with 1/4 of my balance. Next support is at about $4400 but I don't think it will drop that low. If it does drop further though I will long from $4400 to $4800.

Edit: I'm in. Got the wick with 100x at $4666.5 with $400k. Might get rich or rekt in one trade. Going to hold onto it for a while.

Seems to be holding the 4650 region... doesn't look like it will waste much time before going higher. Everyones risk appetite going up. Should be an interesting week indeed. I went in with a long - the odds seem to be in my favour. Why not ride this all the way.