Bitcoin Forum

Hi All

As a beginner trader I would like to know what the seasoned pro's out there think the trend will be like in the next 4-8 hours.

Currently BTC/USD 1080.00 @ 4:10 GMT 2+ on BitFinex

Just trying to learn and get insight into more experienced traders.

MG

People will make fun of you for this topic or in best case tell you 'LAWL LET ME LOOK INTO MY CRYSTAL BALL LOL'.

Nobody knows. General sentiment on the forum is 'to da moon'.

Experienced bitcoin traders agree:

1. Buy as much as you can afford to live without, as soon as humanly possible
2. Hold as long as you can

When the price is $10,000 per coin, you're really not going to care if you got it at 1080 or 1120.

Bitcoin is not a stock.  The sooner you figure that out and just buy and hold instead, the happier you will be.

Not talking long term, To Da Moon or Hold positions.

Talking Margin Trading hence Bitfinex.

Just asking experienced traders if they feel next 8 hours is bull or bear...

+1
And if you really want to learn, you just have to start trading.  But keep in mind that you will probably lose a lot at first.  Every new trader pays the market for these lessons.  Once you learn everything not to do, you can finally be successful.

However, trading on margin, even on something more stable than BTC, is a recipe for overpaying for those lessons.

+1

on bitfinex margin trading, don't panic if/when it goes down. Hold and make sure you won't get forced liquidated. You do this by setting your margin to 4:1 but only borrow 1 or 2 to 1. You have to calculate your carry costs (the interest you pay per day) as a percentage. The price movement has to be greater than that percentage to make money. (it has to, on average, be greater than that carry cost over the total time of your trade).
Try some trades. Try not to lose your shirt. But your super short term window (8 hours) is mostly likely a recipe for loosing. Why not think in terms of a 30 to 60 day window?

Or you could just listen to my advice (which will be echoed by hundreds on here), save yourself a LOT of money,  and realize that you can't daytrade bitcoins.

Sure you can, just never sell unless you are closing a position.

Oh, and a stop loss order.  Don't forget the stop.  :P

I wouldnt see what would be wrong with buying decent amount bitcoins then taking 20% out to play with daytrades

OP wants to trade on bitfinex.  He wouldn't even need to take 20% out.  Just be prepared to lose whatever he puts in his trading account.

8 hours - OP wants to catch some long lost sleep and wants to know whether to go to bed with USD or BTC.

Trying to predict Bitcoin when everybody is manipulating it :)

Want a Crystal Ball give Fontas 190 BTC and you get 24 hour pre-pump notice and a sell target :D

Honestly, it's looking sideways right now, with a larger than normal slice of uncertainty. When I sleep I go all in :)

I wouldn't leave on an order all night, but that's just me, I wouldn't be able to sleep!

I wouldn't do that either, I convert 100% of my trading stake into bitcoins, otherwise I couldn't sleep ;)

It is a long term sentiment. Short term - who the hell knows? And then - to da moon. We also draw different lines on logcharts that say just that.

Here is a pretty good thread from an experienced trader: https://bitcointalk.org/index.php?topic=60501.0

There aren't many here, and most don't openly share their trading strategies for what should be obvious reasons. This speculation forum is mostly just people being dumb and convincing other people to believe completely unfounded predictions. In fact, one of the most solid predictions I've ever seen in this forum was based on a dream that a member had. He basically had a dream that price was going to break out above $200 and it did shortly after.

That being said, there are a couple of solid traders on here, and there are a lot of people who understand the fundamentals behind bitcoin. You just have to weed out the crap.

Caution in the next several hours.

I agree with this.  The hardest part is getting through that first bubble and correction.  If you can do that without freaking out and selling at a loss, then having some patience, you'll probably do well!

+1 and who the fuck knows haha. and crystal ball thing too haha.

based on the 8 hour elliot waves, it is neutral trend, going to hit 1098 bitstamp, then will form 2 hr bearish wedge, and followed by side ways for 1 hr, followed by quick drop to 1080, followed by bullish wedge.