BTC 20% loss eminent, be advised 12/26 9PM EST

UtahApocalypse said:
also why do you watch the Huobi and the as opposed to any of the others?
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Volume, velocity, and new market.

Its their money that is running the show right now

BTCChina and Gox take back seat at the moment.

Huobi calls the shots... the other exchanges are just trading on Huobi movements.


Huobi is averaging 100 BTC of transactions a minute right now.


The rest of the other exchanges combined aren't turning that much crypto.
 
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ETA:


This post was wrong... this was a bear trap... I'm holding.
 
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I bought the "wtf" last night at 22.15 and fell asleep on the couch

23.3 last


woot!


very shakey up here at the top... doubtless this is our last tier if not a bull trap. Be very cautious. If you hold here watch your screen.


Best of luck.


20 40 80 160 MA's on your 15 and 30m charts should serve you well.




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I assume long term holders are safe? I can't move fiat around fast enough to keep up with all of these ups and downs. I'm just waiting for the next bubble.

Out of curiosity, is there another crypto I can hedge with to stop losses and buy back cheap btc? It seems like ltc follows basically the same patterns, but I can deal with other cryptos if you think there's a safer one that won't dive with btc.
 
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Last night was just a bear trap... I'm back in.


Holding 22.15 LTC
 
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PaulConventionWV said:
What does exit long mean?
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Long really an overstatement...


see 4/13 - 4/16 , that's what comes after I say "exit long" :

http://bitcoincharts.com/charts/mtgoxUSD#rg60zig5-minzczsg2013-04-13zeg2013-04-20ztgSzm1g10zm2g25


You'll want to pull away from crypto 4 days worth of April time... This crash moving much slower. should be at least a week of December time out of crypto.


I'm going to wait to reenter @ the equiv to that low on 4/17 to affirm bottom.


Of course... I day trade the ups and downs... but when I say exit... that means keeping the bank or the weight of the hedge to the fiat side.
 
presence said:
Long really an overstatement...


see 4/13 - 4/16 , that's what comes after I say "exit long" :

http://bitcoincharts.com/charts/mtgoxUSD#rg60zig5-minzczsg2013-04-13zeg2013-04-20ztgSzm1g10zm2g25


You'll want to pull away from crypto 4 days worth of April time... This crash moving much slower. should be at least a week of December time out of crypto.


I'm going to wait to reenter @ the equiv to that low on 4/17 to affirm bottom.


Of course... I day trade the ups and downs... but when I say exit... that means keeping the bank or the weight of the hedge to the fiat side.
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Ok, gotcha. So if I want to sell at the top, do you think I should stay in LTC until then, or trade my LTC for BTC? I already gained about half a BTC thanks to your advice (could've been a whole BTC :( ).
 
PaulConventionWV said:
Ok, gotcha. So if I want to sell at the top, do you think I should stay in LTC until then, or trade my LTC for BTC? I already gained about half a BTC thanks to your advice (could've been a whole BTC :( ).
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You do math:

https://www.tradingview.com/e/hdotbNmz/


https://www.tradingview.com/e/fsgUpatU/

I suspect LTC/BTC will spike once more... at top of spike... switch to BTC... then ride to top of mountain... then fiat down.


If you miss spike... you should be able to get 80% of spike price a few hours later when it reverbs.
 
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Bit coin up to $960. So much for the 20% eminent drop. I hope people are not taking these predictions too seriously. The bid-ask spread on these illiquid instruments is very large, and is paid on every trade, whether one wants to believe it or not, even with limit orders. Daytrading these will inevitably reduce ones account to zero.
 
bw68 said:
The bid-ask spread on these illiquid instruments is very large
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Why do you say they are illiquid? There are a number of services that let you accept BTC and instantly get them converted to other currencies. Or buy them for other currencies. How is that illiquid?
 
For example right now on mtgox the bid is 990 and the ask is 1016. That is a 2.6% spread between the buyers and the sellers. That is the price you will pay to trade this. If you are lucky you will have a 50/50 chance of being right on any one trade. If you are right 50% of the time you will loss on average 2.6% on every trade. Some people like to say they don't pay the spread because they use limit orders, but that is not true because what happens is they occasionally have to "chase" the price until they are filled. It is always paid in one way or another.
 
bw68 said:
For example right now on mtgox the bid is 990 and the ask is 1016. That is a 2.6% spread between the buyers and the sellers. That is the price you will pay to trade this. If you are lucky you will have a 50/50 chance of being right on any one trade. If you are right 50% of the time you will loss on average 2.6% on every trade. Some people like to say they don't pay the spread because they use limit orders, but that is not true because what happens is they occasionally have to "chase" the price until they are filled. It is always paid in one way or another.
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I only like day-trading after a bubble pops because the dead cat bounces are where most of the money is made. But when I do play it, I'm using a single digit % of my net coin. The majority of my coins I hodl.
 
Maybe bitcoin has been doomed for the past few weeks. But it returned to almost $1000 when Zynga announced that it will be accepting bitcoin. Well, what can you say?​
 
bw68 said:
Bit coin up to $960. So much for the 20% eminent drop. I hope people are not taking these predictions too seriously. The bid-ask spread on these illiquid instruments is very large, and is paid on every trade, whether one wants to believe it or not, even with limit orders. Daytrading these will inevitably reduce ones account to zero.
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I believe he meant 40% imminent rise
 
BTC has been falling slowly all day. It is now 792. Does anyone have a recommendation when to buy back in?
 
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