The Litepresence Report on Cryptocurrency

amonasro said:
Well, the Bitcoin market is pretty boring lately. Dragon Slayer shouldn't be used unless you're brave and want to run part B so there's not many people talking about it. Regardless of any personal opinion on alts, there is money to be made (or lost) in the altcoin markets now if you play the volatility right and have the extra time to learn how it all works. Pres is well-connected in the crypto community so his tips are usually legit. I would not recommend it to a beginner--if you ride the pumps too high (they resemble mini versions of crypto bubbles) there won't be any liquidity by the time you decide to sell, and the price gets knocked down by other traders within minutes.

I don't want to sound like an ad here, but Pres has been busy with Whitecoin and I've donated some time to promoting it as well. There is a strong community behind it getting the damn thing working and stable after the original dev abandoned it and its blockchain was attacked. These proof-of-stake coins are a bit of a challenge, it seems.
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It has been boring lately, but there is an impending decision to be made in the market, and it would be nice to be able to discuss where it's heading without relying exclusively on random ideas on Tradingview.com or elsewhere. The descending triangle that BTC has been in since its peak is about to come to and end and it doesn't look good right now. I have an idea of what is going on, but trying to act on my own would be foolhardy.
 
PaulConventionWV said:
It has been boring lately, but there is an impending decision to be made in the market, and it would be nice to be able to discuss where it's heading without relying exclusively on random ideas on Tradingview.com or elsewhere. The descending triangle that BTC has been in since its peak is about to come to and end and it doesn't look good right now. I have an idea of what is going on, but trying to act on my own would be foolhardy.
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Here's my take. Every time we go below 400 there is massive buy pressure. I think it is a trigger price for a lot of people, kind of like $60-80 was during last year's capitulation. Visiting $266 is not impossible but it's unlikely enough in my eyes that I will be holding my trading stash (not touching cold storage) barring some catastrophic event. The market has largely priced in China as these last few big drops have pretty much shaken the tree bare, transferring coins to stronger hands.
 
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Traders profitable in the past are now stretching to 'create' opportunities. Careful out there, sports fans!
 
nayjevin said:
Traders profitable in the past are now stretching to 'create' opportunities. Careful out there, sports fans!
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It looks like it was a winning strategy if you had a time machine to go back 2 months, but yeah, I personally wouldn't try it. Short selling on margin sounds way too scary and crypto is so unpredictable.
 
PaulConventionWV said:
Oh, so you're talking about just selling instead of holding. I was talking about margin selling. What's so dangerous about it?
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Basically it leverages what you have. You can leverage 2.5x, so if you have $100 in there you can actually trade with $250 by borrowing from the liquidity swaps other people put up.

If you play your cards right, you can make a ton of money. If things don't go in the direction you wanted, then the margin call comes in and you can lose your ass because now you might owe more than what you actually put into the account. The finer details I'm not sure.

In my example above, when shorting on margin, it may be the $150 difference that you get to play with and buying is the full $250. Not sure on that.

I'm just not a fan of borrowing money from others in that way. When I take out a 0% loan advance or borrow from family they aren't gonna margin call on me, heh. I have time to correct any mistakes I made or just slowly pay back what I owe.

Watch that video above and see if margin trading is a risk you are willing to try. Can always start with a tiny amount that u can afford to lose.
 
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Paladin69 said:
Basically it leverages what you have. You can leverage 2.5x, so if you have $100 in there you can actually trade with $250 by borrowing from the liquidity swaps other people put up.

If you play your cards right, you can make a ton of money. If things don't go in the direction you wanted, then the margin call comes in and you can lose your ass because now you might owe more than what you actually put into the account. The finer details I'm not sure.

In my example above, when shorting on margin, it may be the $150 difference that you get to play with and buying is the full $250. Not sure on that.

I'm just not a fan of borrowing money from others in that way. When I take out a 0% loan advance or borrow from family they aren't gonna margin call on me, heh. I have time to correct any mistakes I made or just slowly pay back what I owe.

Watch that video above and see if margin trading is a risk you are willing to try. Can always start with a tiny amount that u can afford to lose.
Click to expand...

Now that you mention, it I do have available funds in my bitfinex account of over twice what I put in there. I don't think I'll be using quite that much, though. I have the same policy as you on borrowing money.
 
Just got my first short position in BTC. Set the stop order at just above the downward trendline and waiting for the bottom now.
 
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