Bitcoin Thread

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phly said:
I think with Binance if you verify yourself you get to have a 100 BTC withdrawal limit - thats why i even did it in the first place. Luno also has levels of verification that ups your transfer limits. - As for bitmex yea that works great and does not have the KYC limits. In any case my biggest worry is I sense there will be a lack of volatility once exchanges get regulated etc. And then we get paint drying movements like in forex. Regulation however will help in adoption of cryptos.
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I just trade across 10 binance accounts right now that gives me more than enough withdrawal limit across all 10 acocunts which is by far the lesser evil compared to KYC/AML verification with all 10 accounts if not more in the future.

I isolate specific coins into their own accounts. End of each month I generally try rebalance portfolio balances on each binance account to keep them roughly equal start of each month.
 
John Tempus said:
I just trade across 10 binance accounts right now that gives me more than enough withdrawal limit across all 10 acocunts which is by far the lesser evil compared to KYC/AML verification with all 10 accounts if not more in the future.

I isolate specific coins into their own accounts. End of each month I generally try rebalance portfolio balances on each binance account to keep them roughly equal start of each month.
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Yikes - sounds like such a mission. I only have one binance account and I find it enough for me. I did make it a point to try out kucoin, cryptopia, huobi, and a few others in that golden age when alt coins took ages to get to proper exchanges. I am planning to try out these new margin trading exchanges just as an alternative to bitmex.
 
phly said:
Yikes - sounds like such a mission. I only have one binance account and I find it enough for me. I did make it a point to try out kucoin, cryptopia, huobi, and a few others in that golden age when alt coins took ages to get to proper exchanges. I am planning to try out these new margin trading exchanges just as an alternative to bitmex.
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My Binance is managed with trading bots , manually it would be unmanageable for sure. I have a very very low risk trading strategy on Binance using coin/USDT. Long signals I enter the coin in question and any shorting I just move back to USDT.

On Bitmex I only trade manually and this is where I use a small trading balance but on average riskier trades along with potential of making profit on shorts. I do not trust the bitmex "system overloaded" situations when it comes to margin trading. I dont know how any bots with decent volume manage to avoid getting fkd by that on Bitmex.
 
SaiyanZ said:
You can short with 10% of your balance at 10x leverage on Bitmex. Then trade normally with the other 90%. This will be the same as locking in profits in USD. Though the 10x short risks being liquidated if the price keeps going up. So you would need to close it before liquidation (at a loss in BTC but you won't lose in USD) and reopen. It will be like you're trading BTC vs USD.

I don't do this though. Just trading for more BTC and being more aggressive with shorts than longs near the highs.
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That is the problem I have though as I'm always in one direction. Like with the $500 dump I would either wait or sell if I have any. So a 10x leverage on 10% of BTC is the same for me as trading the whole amount. I won't be going long again while in a short without first closing my short so any amount left over isn't really tradeable for me.
 
Swa said:
That is the problem I have though as I'm always in one direction. Like with the $500 dump I would either wait or sell if I have any. So a 10x leverage on 10% of BTC is the same for me as trading the whole amount. I won't be going long again while in a short without first closing my short so any amount left over isn't really tradeable for me.
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You need to just short the 10% at 10x and forget it exists. It's not a trade but a hedge which links your BTC moves to the USD. Just have to keep it at 10% of your BTC balance as you make or lose. Also have to close and reopen the short if price gets close to liquidation. Best to do such things when the exchange is quiet and going sideways and not leave it for the last minute.
 
Shorts on bitmex is more and more getting hammered with interest rates.

I suspect something within the next 7hrs will have to happen with interest rates for next pay in 7hrs sitting at 0.105% now.

In previous interest rates going over 0.1% we tend to see some fireworks go off before the payment is due so should be interesting.
 
SaiyanZ said:
You need to just short the 10% at 10x and forget it exists. It's not a trade but a hedge which links your BTC moves to the USD. Just have to keep it at 10% of your BTC balance as you make or lose. Also have to close and reopen the short if price gets close to liquidation. Best to do such things when the exchange is quiet and going sideways and not leave it for the last minute.
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Your strategy is a bit different than mine here. I'm thinking to perhaps do the big moves on Luno on my whole remaining balance and then keep around 10% on Bitmex to do the small moves and when the price changes quickly. Like with the 7% drop if I shorted at 25x I could have netted 175%. On 10% that's still 17.5% on my whole balance
 
my appetite for risks is way more than what I see here. But I do agree - the current setup on shorts is just killing those of us hoping to capitalize on a dump. If anything it is forcing those on shorts to close their trades right now it would have to be just because of the funding and what shorts are paying the longs. "system overload" is the main and only reason everyone wants out of mex. Its as if the system is rigged to ensure you the trader do not win no matter how right you may be or think you are. As if they trade against us...
 
Whole reason for the interest rate is that people close their positions causing the price to go in the opposite direction again and stabilise. But it's supposed to happen when the market moves in your favour. Currently shorts are open but it's still at a high so the system is causing an even bigger high or squeeze as they are closed. This is entriely artificial and it just fuels the fomo even more.
 
In all fairness the interest rate is there otherwise people will just open up a trade and prop it up to avoid liquidations to the point the market will just essentially stand still.

Also interest is charged cause the short is financing longs and vica versa on open positions and depending which way the percentage short/long leans determines which side pays which for borrowing money.
 
Above $6k for now. Took me by surprise breaking $6k so easily. Think the whole Tether devaluation a couple weeks ago is what made this possible. Bitfinex charts looked like they broke through resistance so the market and bots slowly traded based on the Bitfinex chart and its moving averages, pushing the price up. So here we are now.
 
Thor said:
Imagine that the bottom is in...
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Could be that $3k is the bottom. There is normally a pullback after first touch of big previous resistance/support though even in the past BTC chart. Will pullback around halfway to $4500 at some point I'd say even if $3k is the bottom.

Might take a while and could even spike up to $7k first. If $7k breaks and it stays there for a couple weeks then people will get more confidence in BTC and anything can happen.


I have some undewater shorts but I'm not too concerned. All liquidations at $7k or above so still another $1000 safe zone.
 
SaiyanZ said:
Could be that $3k is the bottom. There is normally a pullback after first touch of big previous resistance/support though even in the past BTC chart. Will pullback around halfway to $4500 at some point I'd say even if $3k is the bottom.

Might take a while and could even spike up to $7k first. If $7k breaks and it stays there for a couple weeks then people will get more confidence in BTC and anything can happen.


I have some undewater shorts but I'm not too concerned. All liquidations at $7k or above so still another $1000 safe zone.
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I am also underwater - liquidation at 8k. So even an ungodly $1000 candle would not take me out but I would love to see some more downside action. The amount they are milking me in funding fees is criminal. Now would be a good time to pull the rug when everyone is screaming bull run.
 
Those Bitfinex shorts still keep growing. Only thing that has me concerned as the behavior is not normal. Something has to give. Shorts started climbing when the Bitfinex price was $5300 and keeps going up as the BTC price goes up.

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Looking at the entire Bitfinex shorts history, the relationship is almost always inverse.

Nthsf6GD
 
Markets right now are either very manipulated or something sinister is going on behind the scenes - been saying none of this move up is "organic"- its as if prices are being propped up. perhaps thats why those longing are very few as they don't believe in this run up - also you dont long resistance until its clearly broken and similarly the shorts are increasingly confident that this move up is a fad and we are still headed down. Price action is bullish irrespective of sentiments. Soon enough all will be clear/ make sense.
 
I am somewhat certain that there is going to be a 10% correction anytime now once we settle briefly above $6k. A drop or even a single candle dump by $500-$600 down to $5400-$5500 wont surprise me.

Looking to open a big short pretty soon sometime later today.
 
phly said:
Markets right now are either very manipulated or something sinister is going on behind the scenes - been saying none of this move up is "organic"- its as if prices are being propped up. perhaps thats why those longing are very few as they don't believe in this run up - also you dont long resistance until its clearly broken and similarly the shorts are increasingly confident that this move up is a fad and we are still headed down. Price action is bullish irrespective of sentiments. Soon enough all will be clear/ make sense.
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I still think there is many many traders moving out of Bitfinex by buying BTC and moving it to another exchange. Some of these people moving it might be insta dumping into USD/USDT on new exchange whereas the others might be moving their BTC to hold longer term on their own wallets.

I do believe the entire price action is a result of Bitfinex and people cashing out via BTC from bitfinex.

Now an alternative sinister thing could be that Bitfinex themself is using their USDT to buy up BTC on their own exchange, move the BTC via private accounts or even to OTC markets and selling it for real USD. This could be the case if they are really not liquid at all and the only capital they have is USDT funny money. This of course is huge speculation but if Bitfinex is as dodgy as some people think then it is entirely in the realm of possibilities.

That said one thing thats interesting with every new high in the last 1-2 weeks the correction is between $200-$250 so if it plays out again and we peaked at $6085 on Bitmex then there could possibly be a dump today down to $5800-$5900 levels.
 
I'm waiting for a surprise correction like this. Back in September 2018, $1000 dump in a day. My orders are ready.

ugjxSwRk
 
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