Bitcoin Thread

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Countcrypto said:
I assure you I do know the definition.



As per the long term graph I posted above the overall trend of Bitcoin is bullish and always has been if you consider it from the long term perspective. There's nothing "ridiculous" about looking at things from different perspectives. You don't have to like the perspective that chart offers, but that doesn't invalidate it or make it useless. Don't get so emotional. :p
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Your concept of bull run over full time frame is ridiculous.

By your defintion the Tesla stock price is right now still in a bull run also, have not read such a hilarious outlook on bull/bear run definitions in a long time. Gold price is in a perpetual 5000+ year bull run, same for silver. You have the most positive outlook on market conditions I am certain nothing can go wrong. ;-)

Every single asset will be in perpetual bull run according to your logic. Cashout now or stand to lose whatever you may have made because you do not seem to understand trading logic at all.

I am far from emotional been trading since 2011 before BTC even touched $2 and being in this since then just makes your purported outlook on BTC timeframe and your definitions just amateurs to the point I just need to let out a big ol chuckle.

Anyhow I wish you the best.
 
John Tempus said:
Your concept of bull run over full time frame is ridiculous. By your defintion the Tesla stock price is right now still in a bull run also, have not read such a hilarious outlook on bull/bear run definitions in a long time.

Every single asset will be in perpetual bull run according to your logic. Cashout now or stand to lose whatever you may have made because you do not seem to understand trading logic at all.

I am far from emotional been trading since 2011 before BTC even touched $2 and being in this since then just makes your purported outlook on BTC timeframe and your definitions just amateurs to the point I just need to let out a big ol chuckle.

Anyhow I wish you the best.
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Take a chill pill dude. I don't come here for drama. And no, very few asset classes show that parabolic trend that btc does over time, so you can't just replace Tesla stock price and get the same result.
 
Countcrypto said:
Take a chill pill dude. I don't come here for drama. And no, very few asset classes show that parabolic trend that btc does over time, so you can't just replace Tesla stock price and get the same result.
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Of course I can, Tesla stock price starting from 0 shows the exact curve. Same with Gold, same with Silver. Same with any asset that is currently trading over long enough time frame at exponential higher price. The asset ATH seems to be completely irrelevant according to your definition of perpetual bull run.

Any asset over long enough time frame starting from 0 and being exponentially above 0 will show the same curve.

Your starting point is the issue here and using absolute 0 will create your bias towards it being in a perma bull run period since inception ignoring any draw backs, corrections, you name it and it happened.
 
I think it's topped out temporarily just based on the recent funding on Bitmex. Open shorts are going to be a lot more difficult to squeeze now with the high funding that was paid in the last week to them. It's roughly a free 2% margin or around $200 move in liquidation price. Essentially bulls have to pump an extra $200 than a few days ago to squeeze the same shorts.

On the other side, open longs are also under pressure as they have lost based on a $200 move and their liquidations are $200 closer. So it's much easier to orchestrate a big long squeeze now than a short squeeze.

Also the last time long funding was similar (opposite direction) was on 10/11 May. Longs got paid that that that time and shorts were under pressure and got squeezed hard. So the Bitmex market is now sort of in the opposite situation it was back on 10/11 May.

HImFKmgR
 
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Countcrypto said:
Why not ? All currency/assets only have the value that people attribute to them. If people hold on to their BTC for dear life and don't want to part with it then whose to say it can't have massive value. Hence why I shrug off the use case of buying coffee/pizza etc with BTc just like you wouldn't shave off your Kruger rands to do the same.
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Because there's the other side, how much people are willing (and able) to pay which is really what determines prices. You can't hold on to your stock of bread claiming it's worth R100 when the market is only willing to pay R15 for one. You're only looking at one side and it's the wrong one.

Countcrypto said:
I fully understand the concept of a bull market. And if you take the entire time frame BTC has never actually left the technical definition of a bull market.
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That statement shows you have no idea what a bull market is and rather think it's an uptrend when that's not the real definition. Bitcoin has gone through bull trends and bear trends.

Countcrypto said:
Did you miss my post where I stated that BTC was actually not at all my interest in the space, and that I only follow it because it attracts people to the projects I actually care about ?
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Yes but that doesn't change that you're still too emotionally invested in it and the technology and not looking at it objectively. You should actually be wanting a neutral market as that's where you can make the most money.

Countcrypto said:
I assure you I do know the definition.



As per the long term graph I posted above the overall trend of Bitcoin is bullish and always has been if you consider it from the long term perspective. There's nothing "ridiculous" about looking at things from different perspectives. You don't have to like the perspective that chart offers, but that doesn't invalidate it or make it useless. Don't get so emotional. :p
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And again this reaffirms you don't know what a bull market is because it doesn't apply that way. In that way most stocks would be in a bull market because the general trend in usually up.
 
Countcrypto said:
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What's your point? You're cherry picking. It's only in hindsight you can point those out and there's many points in between where people thought it wasn't possible to go lower and then it did. It can still go to $1000 from here which will completely change your graph.

You realise you're also falling for the classic gambler's fallacy there? There are many stocks with the same trend and then they suddenly crash. You can't apply a chart in perpetuity to changing market conditions.
 
Nice $1000 dump. Bounced from the $8k which coincided with the support. Could go up again from here but I think $7700 is more likely first. Either way, I'm nicely hedged now, so up or down doesn't matter. I make profit either way.

bYzZWuBL
 
Good start to a Friday morning. Closed account short positions with 60%. Just going to watch the post dump before entering anymore positions. Likely looking for a long entry.
 
SaiyanZ said:
Nice $1000 dump. Bounced from the $8k which coincided with the support. Could go up again from here but I think $7700 is more likely first. Either way, I'm nicely hedged now, so up or down doesn't matter. I make profit either way.

bYzZWuBL
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You are a master in Crypto. I really admire your knowledge and foresight. Thanks for always sharing.
 
So I used Bitcoin payment option on takealot using Payfast. Confirmed immediately, set my fees slightly too high but still fees were around R50. Doesn't make sense unless making big purchases at the moment. Maybe future lightning network implementation will change that.
 
There's an extension called Moon that allows you to pay with Bitcoin using the lightning network on Amazon, has anyone used that?
 
anyone used the bitcoin atm's in ct to withdraw? What's the process and what rates do they use?
 
The weekly candle is closing in 40 mins and is a massive doji. It normally signals that we are close to trend reversal. Most of the volume in the last week happened around $8730 so it signifies that traders have sold/shorted a lot around that price and the buying couldn't push it up further. Bullish momentum has been stifled.

Uc8gxU1N


We also had similar candles around $3500 before the uptrend. If it is going to go up a lot more, it will probably take a few weeks to get the momentum going again.
 
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L10Yn said:
anyone used the bitcoin atm's in ct to withdraw? What's the process and what rates do they use?
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I've heard about one possibly in waterfront... not sure if it has been put in place yet though but I would assume that in order to use the atm, you would need to have one of their wallets with the coins in ( in order for instant transactions ).
 
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