Bitcoin Forum

Yep!

Just exited my leveraged long, and sold all my BTC on Kraken....when this happens on Stamp...

FUCKING RUN!

Spreading all this doom and gloom the last few days and you were leveraged long?!?

I stated my position on a MatTheCat 'reverse indicator' thread. But have now abandoned that trade idea and exited it at scratch.

Precisely how many BTC this Stamp whale has to dump is anyones guess...maybe he is done....or perhaps he is done for now, until the market recovers somewhat and more support builds.......either way....fuck dat shit.

Ah, the cockar0ach thread.

Sounds like you are running both shorts and longs at the same time. Must be very profitable for you.

Maybe you would be better of by stopping day trading, looks like it is too stressful for you.

Nope...

Had 5 trades in past fortnight....win some, lose some, but overall I am in profit.

But I can't be in any trade at the moment......how many more BTC does this Stamp whale have to dump and how quickly is he looking to dump them? I would only be guessing the answer to the question, but the answer to that question will determine which way BTC is going to go. So in summation, NO TRADE....Exited current trade at scratch.

leading is available on kraken or stamp?

stamp was hacked, no one is trusting that shitty exchange anymore, i'm lucky i didn't send them my id

i would trust more chinese exchange at this point

When was it hacked though?

That market action on Stamp didn't seem like a hacker to me (why stop at dropping the mkt just $10?). It seemed like someone with a big bundle of BTC to be converted to USD, but who also didn't want to crash the market, hence the steady drip of 100 BTC bullets into Bid Wall, as opposed to simply dropping a 2K BTC sell all at once. Had he done that, then this would have panicked investors much more than what we have seen and we may have had a little landslide, which wouldn't be good for any whale looking to cash out BTC into USD.

Question is, is the whale done? Or is he waiting for support to build so he can convert his next 2K BTC tranch into USD at more or less the same price as he dumped the last lot?

Despite not having the trade volume of the margin exchanges, Stamp remains the most solid, and the most liquid USD Bitcoin exchange around. It is both the Cash-in, and the Cash-out exchange of choice. But in this era of the CNY driven pumpage of Bitcoin, we are seeing Stamp take the lead primarily during Cash Out stints......whether we are about to see another Stamp Bear Whale selling fest, I really have no idea, but even seeing small hints of a whale with a whole of BTC on Stamp, makes me very nervous.

http://www.coindesk.com/unconfirmed-report-5-million-bitstamp-bitcoin-exchange/ (http://www.coindesk.com/unconfirmed-report-5-million-bitstamp-bitcoin-exchange/)

Stamp was hacked really bad: wallets compromised, servers compromised, users trust compromised. I really don't know how they got up again. After that I did not consider Stamp a good exchange. So whatever happens to it I don't care

Ok. So Bitstamp was hacked, and robbed. And their books may or may not be balanced today as a result.

However, that was then and his is now.

Earlier today, some way dumped around 2K BTC, by dropping little 100 BTC bundles in Ask Wall. This was not a hacker. This was somebody with BTC to sell on the main cash out exchange. The $64K question is, is that him done, or has he simply took the foot of the gas, in order not to tank the market and allow support to build?

Whatever the case is, the RISK IS ON, in trading BTC at the moment......so I am out.

Bitstamp wasn't hiding anything like other exchanges do when they are "hacked" and a lot coins are stolen. Bitstamp is very open and will pay all people back, if they haven't already. They have sufficient reserves and a good fee income to solve this.

OP; When do you plan to buy back?

this is clearly a sign of price consolidation, it's better to not trade now, you will get few penny unless you do massive leverage, i would wait for the next move before doing anything

this remind me of the 250 mark, all over again, prepare to broke the 500 mark

This reminds me of every post where its obvious the X is going to happen, but then suddenly the opposite happens.

I expect another spike up later today ;)

Perhaps.

But having seen what I just seen on Bitstamp, Bitcoin just seems a little too 'gamey' at the moment for my risk tolerance.

The West aint buying Bitcoin. China is buying Bitcoin, although how much they are actually buying is quite another matter, as the majority of the volume on these CNY exchanges is clearly and demonstrably, fabricated. Nothing more than HFT bots playing pass the parcel with 0% fees. So the market is up at the heights of a very large trading range, being pushed up by Chinese trading, which may or may not even be real, meanwhile, we have some Whale rock up to Stamp with a rather large quantity of Bitcoin to sell.......

.......I am swaying increasingly toward the notion that Bitcoin is being held/pushed up here, to be dumped into. If 'they' trigger another spike up, then 'woteva'. My congratulations go to all those who are long and take profits from it.

This market is just not be trusted at the moment. This won't be first time this week that the technicals were pointing at one likelihood, only for the complete opposite to happen.

Man, the risk is always out there. These are not regulated exchanges! they can do whatever they want with your money when you send some to them.
This is why I don't use them. I use Bitcoin where they value them for what they are.

Never heard about stamp. Is this a shorthand for the real name of the exchange?

Does not seem there is going to be a big dump either. Price is going a little bit down, but slowly, and hope it goes up again soon.

Oh there will be a huge dump already.
If you just look at the thousands of coins being loaded into their enumerated deposit addresses you know this thing is about to go down...
Just a matter of when people will hit the sell button.

The risk of this kinds of dumps is always out, maybe even more when they have mot happened yet. After all, the seller now has 2k bitcoin less to get rid off..

I wouldn't worry too much, only about being 100% in fiat.. Better to spread it a bit more.

yes.   if matthecat is dumping that is a CLEAR BUY signal. 

Yep....

If you had piled in when MatTheCat scratched his trade, you would be up right now, $2.64 per Bitcoin!

And how many did you manage to keep with your trading mentality? Or did you sell them when they dropped to 2.42 USD the week after?

In all seriousness, good buy moment you picked there, wish I was around back then, bit jealous of that price.
 

Wow look at the daily price movement - down a massive $1.49

SUCH DUMP - PANIC - SELL EVERYTHING

Nice try ;D

It is shorthand - "stamp" is Bitstamp (https://www.bitstamp.net/).

Edit: I'm sure Stamp was leading when this was first posted, but a couple of hours later Finex was back ahead, same with Huobi. Temporary glitch rather than dumpage. Panic long since over.

Actually. This selling took Stamp down by over $10 where it put in a new low. Then the whale stopped selling. Had he kept on selling, then the market would have naturally come down further still. The only person who could have possibly known how much more he was/is going to sell, or when he is going to sell it, is the whale himself. Finex followed Stamp by losing $7, with the CNY exchanges coming down an equivalent amount.

Generally, the CNY exchanges, with their massive volume always lead Bitcoin, but this time Stamp took the lead. With just 2.5K of solid selling pressure, Stamp persuaded Huobi to come down 30 CNY, clocking a massive 300K BTC in the process. So in total 3K of Stamp downside volume (including the Whales 2.5K), instigated 300K of Huobi downside volume. Eh wot!? How the fuck is that meant to make sense?

Since then...BTC has come back up, to a slightly lower level than where it was previously, with volume steadily decreasing all the time, at least on exchanges where we can trust that the volume is more or less genuine. Whether BTC goes up a bit more, or straight down from here is a guessing game. Take Stamp Whale out of the equation, and the charts suggest that BTC needs to retrace upwards a good bit more, but that all depends on what Stamp Whale wants to do next. I had to exit my position, as I didn't know how much Stamp Whale was gonna dump. I can't renter a long position here, because I still don't know how much more BTC Stamp Whale wants to dump. Might be a different story if Bitcoin had just put in a solid bottom way down the other end of the range, but fact is, we are right up the top of the range, where we have been brought on increasingly aneamic volume, apart from on the FAKE volume CNZ exchanges.

I don't care whether BTC goes up or down, I care about being on the right side of the trade and nothing more. But more important than that, is protecting my capital. My capital in USD or EUR that is, not in BTC. BTC is merely a means of increasingly my USD and EUR balance, and since I have stopped being such a fucking emotional lead n00b, and started focussing more on good trading principles, I am taking net profit from the market, slowly but surely. Look through my post history, plenty examples of winning trades that I took, which I posted in advance of them coming good. I abandoned my latest one and perhaps I will be proven wrong to have done that....but how much did I lose in doing so?.....a big fat FUCK ALL, and for me, that is the most important thing.

Respect to not losing money!

I'm just glad your back. Spec sub forum has been so boring, at least your posts are interesting.

you always have this situation that need only sell button press
but i think they are holding for now and maybe in month or two will be major dumping

Yes sorry Stamp is Bitstamp we call it this way and I always forget there can be people who are not used to it.
After this thread started I followed Bitstamp volume a little closer but I did not see much worth to be noticed.

This 2.5K was very interesting. You have to go right down to 1 min charts to see what was happening. Steady drip feed of BTC into Ask wall in 100 bundles. This resulted in Stamp putting in a new low against the grain of other exchange price action, but since the low, there hasn't been any more 'interesting' selling patterns on Stamp. But still...things like that put the spook in me. When Stamp has these little erratic falls or jumps and, they are usually quite ominous.

More interestingly, as the HFT bots on the CNY exchanges continue to churn out their huge misleading volume, volume on Finex remains fairly thin, interspersed with some large 500 BTC dumps. These 'sells' aren't shorters either. They are either margin long dumps, or hard BTC dumps. This is also very telling trade activity.

With all things considered, I am now short:

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

Edit: Since having taken the short and having posted this, I noticed another 2*100 BTC bombs getting dropped on Stamp....Finex followed the price action a few minutes later, with HUGE volume CNY exchanges chasing the 'paltry' volume USD sell-offs after that. I don't know about you guys, but I know what I have noticed in the recent past, when USD exchanges take the lead on downside action!

Someone has a big bag of BTC to sell at the moment and he wants to get as much USD for it as possible, but turn the BTC into USD, he most certainly is going to do.

Surprise! I warned you all and you all ignored me. Enjoy your losses.

Ahhhh!!!!  This is NOT happening.  I'm down about $15 after that epic dump.  Why didn't I listen???????

It seems OP was right about his feeling/analysis! Will be interesting to see if BTC will go down more or regain losses. I'm thinking we're in a bit of a bear market, so buckle up.

Ha!

HAHAHAHAHA!



BWHAHAHAHAHAHAHAHAHA!



FUCKING RESULT!!!

Nice! Did you close?

Yep....I had my exit automatically triggered whilst I slept and way too early as it turns out....but better to be cautious and take profits than greedy and risk having the whole thing come back on you....especially when playing with margin and even more so when being short on top of that.


Next Trade Idea:

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

Edit: Actually, bottom could be some way down below yet, depending on whose market action that BTC is going to conform with.

USD: https://www.tradingview.com/x/13C82bvh/

CNY: https://www.tradingview.com/x/l7BY44VD/

Link to this thread   ???

His posts always humours me and puts a smile on my face in the morning.
I have seen this price drop in the last 3 hours by twenty bucks.

It all comes down to what type of trader you are. If you just buy and hold you probably wouldn't care less about this 15 usd drop (atleast I don't, better for buying more cheap coins after pay day).

If you are a day trader, these type of drops are what make you money ofcourse, there it is quite significant.

Good job on your trade Madthecat, seems like you made the good call after all.

the buy point for me is going to be around $350/360

I think we will see that before we see $500 break.

bitcoin failed to take out the $465/500 top area 3 times now, the easiest path from here is down.

the support zone between $350 and $400 looks pretty solid though. It should once again provide the support, and as you correctly point out somewhere above $350 would be a good entry point, before the next leg up starts.

Can you say when this would happen. End of the month maybe?
It looks like it is holding at $431~ as it has not moved for the entire day from this price.

could take weeks, if it happens at all......

patience.

What? Bitcoin has sat at around $430 on anaemic trade volume for the past 24 hours, after a great big correction, and you think it is 'holding at $431'?

But anyhow...if Bitcoin really is being driven by Chinese investors, then on Feb 8th, Bitcoin has a major fundamental event. Chinese New Year, 8th feb 2016. I don't like to take these 'fundamental events' at face value, but if we take this at face value, then it would be a significant Bitcoin cash out event as Chinese everywhere (including those invested in Bitcoin) grab for cash to stick in little red envelopes and hand around their nearest n dearest. When their is a need for cash, I would imagine that for most people, the most high risk assets/investments would be first to get liquidated.

Probably quite a dangerous time to be long, although having said that, It wouldn't surprise me to see Bitcoin getting back up towards upper reaches of the range ~$450, but only so 'they' can offload more Bitcoins on USD exchanges at higher prices.......and then short the fuck out of this mofo. 'IF' Bitcoin is going to go sub $400, then it will likely be on the next major drive down. BTC spent a lot of time up in this range, and failing. I am hoping for a move back up to $450....cos that is where I want to be shorting. Whether I take long trade in an effort to ride the bus back up the hill, remains to be seen. Right now, there are no clear market signals for the immediate future in Bitcoin. Could rally back up towards resistance, may crash down and take out $400. Hence nobody is buying and nobody is selling and therefore, 'stable at $431'.

If this does Manage to break to the upside though it's going to be a big move

so far the big accounts that I watch (all accounts over 1000 BTC) are increasing their holdings very slightly during this dump, vs dumping themselves.

so, in summary, its the little guys panicking.

Currently BTC-e is leading the exchanges if we dont consider the china ones.  Usually finex and stamp are $10-$15 ahead of BTC-e i think its a good sign we'll be at $425- $430 in 24 hours again.

What do you mean with accounts? Random Bitcoin addresses that you follow with at least 1000BTC in it? These addresses don't necessarily belong to people, they can also be addresses that belong to exchanges or gambling sites, etc.

BTC-e, that over-manipulated exchange has no meaning whatsoever. I'd bet that the cryptsy hacking news and Hearn news plus the fabricated volume and the fake pump of China will take its toll this time. Market looked bearish already a week ago and went up for no reason (but manipulation). Prepare for sub 400 prices this weekend.

Normally, what people mean by the 'leading' exchange, is the exchange that 'leads' the price action. If the 'leading' exchange was where Bitcoin was traded at the highest price, then LocalBitcoins would be our market 'leader'


That is interesting. Where do you 'watch' these whale accounts?

Bitfinex got down and popped right through what I might have considered a good blind buy in spot, finally putting in some nice potential momentum divergence, that would be typical of a
'bottom'. However, spot has really failed to rebound much from this area, which in light of the shitstorm of negative news...isn't good. Bitstamp has also put in some horrendous market structure, with a great big huge confirmed bear M, ranging from the $470 top, right to where we are right now. Bitfinex is a ball hair away from doing the same....

However, as we all know, China controls Bitcoin, and the CNY markets are some way off from putting in the same über bearish structure as the USD exchanges....

Yet another test of the support zone $350-400 was due and is just playing out right now. The bears are throwing all but kitchen sink in an attempt to drive the price lower, but the support cluster looks very solid to me. Also, the quality of the bear news is somehow disputable: Cryptsy was badly ill for a long time (my first bad experience with them dates back to early 2014, and I suppose I was not only one in here having the funds stucked in limbo for 3 weeks or more), Mr. Hearn was very critical in the past two years, etc. So it all looks to me like the test of the mentioned support zone that should give a positive output.

Shit, looks like we will hit below 400$ just about now. I hope it will recover and stay above 400$ for a while.

Doubt it. Important support has been breached. I am not short, and wouldn't short right at this moment for fear of bounce back which could come at any time and without warning....but next technical support region is in $380s. If we get a good bounce, then I would be hunting shorts, along with thousands of others no doubt which is why this is gonna be tough to trade.

There is a whole cluster of support lines between $400 and $350 and one of them should stop the correction. This zone has been already tested twice from the upside and looks pretty solid. Also some late buyers will want to snatch few coins at discounted prices, so additional buys should pop up at $380 and lower.

Depends on what you call 'support'.

For me, support is ~ $385. I expect a bounce here. Infact, I am betting on it. After that, $366. In all likelihood, both will be breached in fullness of correction.

Edit: Due to lack of divergence on move down, I scrapped my $386 Blind buy in.....but it looks like a similar priced buy-in could be lining itself up.


Noticed some n00bs in other thread hop up n down about BTC being back up at $397 already "Buy now for last chance at sub $400".....twas the usual assortment of idiots. No way is 1x8 Gann growth sustainable for anything other than very short 'reactionary' time:

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


USD charts are über-bearish with big nasty dirty fucking bastard confirmed M, but never mind USD charts, China tells a different story, and it is China after all that tells the BTC story:

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


Don't think for a minute that we seen the lowest point for BTC prior to July 2016 Halving, but a good potential long 'swing trade' entry coming up I suspect.

Currently in this counter trend Long Trade. No leverage (yet). Will wait on more reassuring market structure b4 considering any of that.

https://www.tradingview.com/x/9WXs3M8R/

I see people blaming Mike Hearn and his ramblings for the dumps, but IMO it's all the work of the Chinese manipulators.
A week ago they painted the tape with the pump that seemed to break the triple top, encouraging bidders on western
exchanges to build up their bids, but now that the uptrend was obviously exhausted, they decided to dump (mainly not in China),
and perform the capital transfer out of mainland China with a profit, while it's still possible.
Oh, and daily MACD is very close to crossing to negative, so new longs should be carefully taken.

Atleast one intelligent answer...i second that and this will probably also happen.
I don't understand these panic threads at all.

Yep..when I witnessed that, and seen the way the utter bullshit volume generated by HFT bots with 0% fees (95% of it down at very bottom of 1Hr break out candle) followed by the Western Exchanges chasing the CNY up the chart, with all the theories about 'Chinese Investors Fleeing their stocks and/or Yuan', I realised what an utter croc of shit this whole market is. Fucking faeries tales plucked from the news to fit clear manipulated events.....or indeed, clear manipulated events timed to fit news events in order to give pump veneer of legitimacy.

China owns Bitcoin folks. They have co-opted it, and can and will do with it, what they will. For this reason, I think we can write off a new ATH being reached for a very long time, if at all, and expect lots and lots of volatility. Wild ramps followed by brutal corrections all the way up $1000 is my guess. No easy parabolic bull markets like BTC seen before.

it can be but they always wait for bad news to dump, so it will be more easy to drag off plenty of weak hands, and buy much cheaper, it's obvious that there is manipulation going on on the market

you see a bad news and two minutes later the market drop, very suspicious

but this is also the reaosn why chinnese will not let the price dump too far, because they own the mine activity, so don't expect stupid price like 200 or sub 300