Bitcoin Forum

https://bitcoinwisdom.com/markets/okcoin/btccny

Let's use BTC/CNY since we all know the current driver/s are trading that...

Just speculating based on its current run.  BTC/CNY is running of out of steam and could go back down anytime now.

It may go a bit lower at the moment, but not too much as I think next week we will make a jump to possibly $450. Just for the interest, what is your target low right now?

BTC/CNY 2600.  If it breaks clean past that, who knows.

Then do it and post screenshots for proof.  Put up or shut up.

You mad bro?

Still end of year weekend. I would not expect any steam for any side. Wait some days to decide

Yep...that is correct:

https://www.tradingview.com/x/fMIBJQzF/

Glittering gains to be made on impending correction down to to around 2400 CNY.....or probs $360 ish on USD exchanges.

Chinese Yuan is pegged to Dollar and other currencies. So shorting bitcoin/Yuan is the same as shorting bitcoin/dollar.

nah i don't buying it, this is a price correction and mostly meditation on the next move

it's like the market is waiting for it, i'm waiting the 500 mark to be broken, like it happened to the 300

Yeah... I guess we'll find out in the coming week.  The lower high is an indicator that the pump is over, at least for now and could be a good short to earn a little profit.

We just had more than 100% gains in a couple of months, I don't think correcting back to 80% and relaxing a bit there is running out of steam.

Short term it was overvalued, but with respect to the longer term it is still undervalued, so I still expect it to rise further in the coming months.

Then what about the holding force at around 400 can that be breaked easily ? I have never seen it getting broken from last few months. I don't think correction will lead below 400.

agree. IMO it will be a short-lived short. targeting $380... after that get ready for a rise.

I guess...  But we'll see.  It's really hard predicting these things.

You are spot on with CNY as the main driver. I hope you are right with your speculation as I'd love to get some sub 380 Euro coins before people go into panic buying mode for no reason (aka block reward halving).

Oh god lol hausuuahue post pics op or didint happen

Nah. I think $400-$410 is strong enough to not let the price fall below it. Dumps can happen at any time, it will just cause the price to go down slightly. Nothing significant.

Lower Highs

Big fucking M tops all over the shop

MA Sandwich (13/30) resolving Bearishly on Daily Chart

4Hr (and lower timeframes) MAs are all crossing down.


Take yer fucking pick quite frankly.

Notice that it is all the same Kool-Aid guzzling perma bulltards (Amph, RichardsNY, etc), who are refusing to read the writing on the wall. That in itself could be another bear indicator to add to the list.

BTCCNY markets is always short short short, and then the price jumped several times rather baffling, next is another short short short  ::) ::)

Would have been a good short if you have tons of coins and the balls the short those coins. Was about a 10 dollar drop and then a rebound of about 7-8 dollars of the drop since this post. I've been burned like no other trying to short so I'm gonna go ahead and say that I disagree, right now is a terrible time to short. Unless you are absolutely certain that prices are going sub 400, shorting is not worth the risk. Be a man, hold, and if the ship goes down in flames then so be it. I'd rather hold till the bitter end then to get burned shorting and miss the train. Just my 2c.

This is how markets go. 80% of the time, markets range, 20% of the time, they trend. That $10 drop was not the 'move down', but it was a lower low, and a lower high from the local top. That is the market turning and then retracing, and this is indeed the big fkn issue with shorting. When the market corrects to the downside, it tends to do so very abruptly, and best of luck of timing your trade perfectly for that. Shorting is much harder than going long, no doubt about it.

Right now would be a good short opportunity, as the chances of the market getting higher at this point in time are slim, and even if it does, there is the $436 top to place your Stop Loss behind. But even still, shorting now could mean a long wait, whilst 'they' swish coins around on the exchanges within a $10-$15 range, sucking in the n00bs on both sides of the trade, taking out their Stop Loss Orders etc... Many shorters will lose patience and exit their trades on scratch, or with a small loss/win, others with less fortunate market timing will have their trades stopped out.....but eventually, the big dumper trucks full of BTC will pull up outside the exchanges, just like they did last time, and the time before that, etc etc.

This is how markets go. 80% of the time, markets range, 20% of the time, they trend. That $10 drop was not the 'move down', but it was a lower low, and a lower high from the local top. That is the market turning and then retracing, and this is indeed the big fkn issue with shorting. When the market corrects to the downside, it tends to do so very abruptly, and best of luck of timing your trade perfectly for that. Shorting is much harder than going long, no doubt about it.

Right now would be a good short opportunity, as the chances of the market getting higher at this point in time are slim, and even if it does, there is the $436 top to place your Stop Loss behind. But even still, shorting now could mean a long wait, whilst 'they' swish coins around on the exchanges within a $10-$15 range, sucking in the n00bs on both sides of the trade, taking out their Stop Loss Orders etc... Many shorters will lose patience and exit their trades on scratch, or with a small loss/win, others with less fortunate market timing will have their trades stopped out.....but eventually, the big dumper trucks full of BTC will pull up outside the exchanges, just like they did last time, and the time before that, etc etc.


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You make a lot of sense.

Have buyers been lulled into a false sense of security considering the strong bitcoin we've had for the last couple months?  

IMO going long is easy in a bull market and shorting is easy in a bear market. Bitcoin is in a bull

i also think so, the trend is bullish now, but apparently there are still some bears here and there that want to shift the trend again

or they simply try to earn coins at every new range, in the run up...

Christ sakes..

It aint about 'choosing sides'. It is about trying to position yourself on the right side....

I think Bitcoin is good for a $5 rise here....Lots of shorters will have lots of Stop Orders just slightly North from here, and 'they' are going to trigger them, and empty the Market Orders into thier own front running short positions.

seems like a shot would work right now, but later in the year price should head back up after the halving

I didnt say you have to choose sides I said it works best once you identify the trend. Think of the trend as a river. In a bear market when you short the current is helping you. In a bull market when you go long the current is helping you. Figure out which way the river is flowing and let it help you. (and stop being abusive every time someone has a different opinion to you)

And if you are desperate to short, now is probably as good a time as any but I wouldnt think youll get fantastic return on it if it even works. I dont see it getting much below $400

Some quotes from you and me at Sunday.

Looks like I was right here. Bitstamp reached $451.02 as high of the day this week.

There is good support around $380. The price will not go below that level for long time unless there is very big bad news.

yes it is really really nice moment to go short with bitcoins, price changed 4 times in last 24 hours and it changes by 10-15$ each time, so it is good moment to sell/buy them all day, also these price changes happens like 5 times in month, so if someone want's to win money because of that then it's good moment to start

You can do both, you can invest for a short term with the bitcoin but also on a long term that is also a nice thing about the bitcoin.
The fact is that short can be good but it also depends on how long someone think short is, if you just wait for the halving and than cash out its a short term.
If I go invest for a long term what I already did, I think about 7-10 years from now.

If this is right.. then we should see loads of buy orders on the exchange after 2 months from now?

As for the CNY comment, they just might wait around for the actual halving when it takes place or the week before.

You never know what the value will be and that is the problem. I hope that more people will use Bitcoin in the future.
And the most important thing is that it will be also more worth. But you never know what will happen.

that is the whole point of speculation!
you speculate what the price of bitcoin is going to be based on technical analysis and many other things. then you make a move according to your speculation.

It could be good on to go short because the halving is coming this year, so it could be good but do not expect too much from the bitcoin itself.
The halving can let the price rise to make profit on a short period but it also can be bad for the bitcoin no one knows it right now.

Its really a good thing that there is a shorting of bitcoin as it will make the price higher and add the halving im pretty sure that bitcoin price double its amount.

You never know what the value will be. But you can see now that the value is rising very slowly and that is very good.
We all hope of course that the value will be more worth and that we can sell it later with some huge profit.

Just quoted this for laughing purposes.

If there is a short squeeze, the price will go higher.