Bitcoin Thread

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John Tempus said:
People are going to get massively punished soon.

Nearly $1billion in short positions in just the last 24hrs and counting on Bitmex.

I have never seen such a high position on Bitmex nevermind just a single 24hrs.

Also I am not sure where this site gets their numbers from -> https://blockchainwhispers.com/bitmex-position-calculator/ that most people seem to often look at but it is so inaccurate and just wrong.

Take a look here https://coinfarm.online/?tcs=1m , pulls live data from bitmex api. Completely different numbers and actually accurate.
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Am I reading you correctly in that you are predicting a short squeeze by the whales ? Or are you saying the whales know something is about to give and are shorting ?
 
Superman-7 said:
Are you *sure* it won't be in a single move? This is crypto! :sneaky:
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We are not certain of anything while we look at the lady in the red dress.

I am yet again impressed that it did not tank below $10k but the weekend is here which could bring crazy volatility.
 
John Tempus said:
We are not certain of anything while we look at the lady in the red dress.

I am yet again impressed that it did not tank below $10k but the weekend is here which could bring crazy volatility.
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Weekends have been extremely volatile of late, but it could very well pump after this 30% correction.
 
Countcrypto said:
Weekends have been extremely volatile of late, but it could very well pump after this 30% correction.
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Yup. The shorts have dropped drastically over night. Biggest portion of shorts were closed just before the recent funding round on Bitmex. Anyone sticking to very short term open enter/exit trades should be ok I would still not venture into any trades either direction right now lasting for hours nevermind over a day.

It would be extremely bullish if it already recovers after a 20% drop. It is safe to say that we have entered a new dimension of crypto crazy unpredictability beyond an hour.
 
John Tempus said:
Yup. The shorts have dropped drastically over night. Biggest portion of shorts were closed just before the recent funding round on Bitmex. Anyone sticking to very short term open enter/exit trades should be ok I would still not venture into any trades either direction right now lasting for hours nevermind over a day.

It would be extremely bullish if it already recovers after a 20% drop. It is safe to say that we have entered a new dimension of crypto crazy unpredictability beyond an hour.
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The drop at peak was over 30%. From above 13500 to almost 10k. But I was/am still expecting it to bleed some more.
 
John Tempus said:
People are going to get massively punished soon.

Nearly $1billion in short positions in just the last 24hrs and counting on Bitmex.

I have never seen such a high position on Bitmex nevermind just a single 24hrs.

Also I am not sure where this site gets their numbers from -> https://blockchainwhispers.com/bitmex-position-calculator/ that most people seem to often look at but it is so inaccurate and just wrong.

Take a look here https://coinfarm.online/?tcs=1m , pulls live data from bitmex api. Completely different numbers and actually accurate.
Click to expand...

Out of interest, how did the value increase by $1500 over the past 24 hours, when there there was so much in short positions?
 
There's really no point in attempting to predict what the BTC price will be in a week or a month. It's all really rather unpredictable unless there is a huge event (hacking of an exchange or a debt crisis perhaps). Just enjoy the ride!
 
The only pattern I find reliable currently is the ascending wedges. Flattish top and higher lows over at least a few hours. You can see them sort of forming after making a higher low. So after the 3rd hit at the top, I just crank up the leverage a bit and place a buy somewhere in those red bubbles.

For the bigger wedges over several days, can wait it out a while to see how far up it goes. Safer to take profit after a few % from the smaller ones. Pattern seems to work most of the time even if looking back months. My revised trading strategy is to wait for these patterns and then go with bigger/riskier trades. Otherwise I'm just range trading with smaller amounts.


EoueJwOL
 
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Fine and well for moving your lunch money around but the world isn't going to trust something with no fail safes. It will always be centrally controlled if it's mainstream.
 
Swa said:
Fine and well for moving your lunch money around but the world isn't going to trust something with no fail safes. It will always be centrally controlled if it's mainstream.
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It all depends on if our next worldwide financial crash hurt people more than the previous so its a matter of time that the ordinary man might start to put their trust in their own ability to identify what holds value and what doesnt.

If we had crypto in the 1930s great recession I can assure you the vast majority of people would have jumped on board leaving the banking system entirely. People in generally are too forgiving even when the system keeps failing them time and time again.
 
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