https://www.youtube.com/watch?v=iH6a1iYQ0GA
Star Wars - The Throne Room

Gembitz! 6000 weee!

I just want to recall 2 of my "histroric" posts. The first is just before the turning point in Dec 12. The second is just before we broke the resistance at $4200.

Yes, it was scary indeed. The scariest part for me was that we fell too quickly from the annoying 6.4K below my main investment point at 4.6K. I felt pretty miserable then but also courageous and immediately I started to make plans how to buy. Anyway, I didn't hesitate each time when I got some money and immediately I bought bitcoins. I increased my sub 20 stash with 2 whole coins in these 3 months. Now I have to invest all my salary for 2 years to get 2 coins at these prices. I will continue to do it, no matter the price. Unfortunately, I had to pay in the last months taxes and insurances for $1K, so I wasn't able to buy more. Today I feel also miserable but for another reason. I attended a presentation by one of my students, who was in Sao Paolo, Brazil. He said, that a typical Uviversity salary is 10 times than my professor salary in Bulgaria. And Brazil is looked upon as a poor country. I am so sad that after 20 years of work my savings are equal to 10 months work in Brazil or any other country in the world in fact. Our country is the only in the world which pays the University professors less than the workers and teachers. I can't go to another country because there are no open positions in my speciality. So my only hope is to convert what is above my monthly expenses in Bitcoins. I drew a lesson from my mistakes in 2017 and I will hold long enough to achieve my goals. On one hand I regret for my lack of nerve back then, but on the other, this made me a strong hand. It may be helpful for some so I write in short my experience.

For starters, I lost my earnings from $700 to $1000 after the crash to $700 for 3 month in the winter of 2017. For an unexperienced trader 2 months is a lot of time, and finally I decided that Bitcoin will never return and sold. After that I thought Bitfinex will go bankrupt and I didn't buy until it was $2000. Then I made some small profit (and I sold bcash for $200) which was completely annihilated by the pump from my sell point $2700 to $4800. Again, 2 months of crashes in the Summer was too long to endure for me then. Next I entered at $4600 to see the drop to $3000 but this time I holded. When the day of the fork neared I panick sold and then they cancelled it so I bought at a higher position (thanks also to Kraken, which was broken and it didn't fulfill correctly the buy order). Finally, I panicked at 12K that the futures will put an end to the bull run and sold half of it. The same day the price went to 17K. I was in shock and somehow I rebought at some drop at $14K. In short: I was good enough to predict the day of the first peak to 17K, but not the hour. The difference was some 30-40%. The lesson is only one - no matter how good is one in trading, noone is so good that ALL his trades are successful. And one bad trade can annihilate 10 successfull trades. So, I will clench teeth and hold no matter what! I have endured more than a year of horrific crashes and I am ready to endure many more years, if this is the price I have to pay for my first $1 mil. I am still in the process of making a selling plan. As a starting point is to get at least 10x profit. But some coins should be kept for 100x also. Oh, well, this is a though problem

Each time we had a small drop, he was: 1000 weee, 2000 weee, 3000 weee, 4000 weee, 5000 weee.  

Nice bear trap! The last hope for shorters is ded!

This article explains clearly what happened with BFX. This reminds me of the exchange BTC-e, which was shut down suddenly by the USA government agencies, although it wasn't situated in USA. I think it was a Russian exchange with servers in Bulgaria. The customers have to wait years with little hope to get their money back. Again money laundering issues. I would not be surprised if one day the logos "Seized by FBI..." appear when you visit BFX page. There is a serious violation of USA laws, so that is a possibility. Some whales are aware of that and they started withdrawing BTC instead of fiat. Anyway, the bull run has been unleashed and the shutting down of BFX won't stop it!

https://www.bloomberg.com/news/articles/2019-05-03/ex-nfl-owner-is-said-to-have-ties-to-850-million-crypto-mystery

CNN report: WO gang spotted gathering for the 100K party.

This is exactly what happened in 2017, when Bfx stopped fiat withdrawal and the price went from 700-ish to 3000-ish. Btw, in 2017 starting with $700 we had almost 5 doublings 700-1400-2800-5600-11200-20 000. Starting with 3122, 5 doublings will bring us to 100k!: 3122-6244-12488-24976-49952-99904

It is not over yet. Shorters are on the rim of the abyss!

https://twitter.com/MrJozza

1 hour ago:


Bitfinex about to break $6k
• First 900 btc in shorts stopped out/called.
• 30,700 btc remaining.



"Majority of the Bitfinex #bitcoin margin calls will start to be liquidated above $5700!
This is assuming there is no funding. Pressure is on the bears right now"

Hilarious! 
https://www.youtube.com/watch?v=usO_6-RuCrg

Bitcoin - breaker of walls!


Edit. 6000 at Bfx!

Shorters waking up and calling BFx support:

This is how the shorters (total of $172,183,352 at Bfx) are seeing today's chart.

C'mon, you have to admit the genious of Messi! He is simply the GOAT! I am a fan of Barca since Stoichkov went there from my favourite Bulgarian team CSKA Sofia. Barca has always been the best in Spain and the winning of 8  La Liga's from 11 proves it. Real is more like Liverpool - a tournament team. Both teams have troubles winning the domestic championships, esp. Liverpool - 20 or more years! Of course, nothing is decided yet - Liverpool can score 3 goals in one half, so Barca better watch out!

All is set and ready for another 20% brutal short squeeze.

I am just curious how the sellers/shorters in Bitfinex are feeling these days. The numer and quantity of the shorts positions is high, and the longs are at the lowest since one year at least. Are these people still sane, or completely lost their mind and emotionally lost everything? For me all signs show that this exchange is dying. First, they put customer's money into the hands of Crypto Capital, which did the classic exit scam (the explanations of governments blocking the fiat didn't comfirm so far). Second, any attempt of withdrawing fiat looks doomed. The probability of getting your money after 5-6 weeks of 'pending' is close to 0. Third, just like Bitmain's never to be IPO, Bitfinex is planning IEO - to gather the tethers, provided that they are covered by 75% fiat?!?! And there is a lot more in that exchange that is not right. So, I ask myself the question - what kind of people continue to sell Bitcoins and all the shitcoins for USD/USDT? For me, these people prove once again that they are just addicted to trading and having lost their sound mind a long time ago. Many, many times so far they did exactly the opposite of what the well informed choice will tell. That by the way is the main reason, why the normal people fail with most of their trades. If you are certain that the price will go up/down based on logic, news, qualities of the Bitcoin,... well  exactly the opposite will happen because of these insane people. Their life journey is 'sell to minimize losses' till the end of the world, no matter how big their profit would be if they act by reason and wait to sell at the best time. But for this they need to be educated and have a faith in Bitcoin that it will be at least $6K some day. 3 months ago it looked like it will take forever, but here are we now - almost there. For us, the real investors it is clear that Bitcoin not only will return to $20K, but will go for $100K and beyond. All these weak minds/hands are just a handicap that will be devoured. After all, the profit of the patient and reasonable people must be at the expense of the loss of the weak. That's the way of the jungle and the free market!

It's not a new thing. It all started in Nov 2018, when Bfx introduced new fees. For amounts larger than $1mil (or smaller sums but with more than 1 withdrawal per month) the withdrawal fee became 3%, so immediately a gap of 3% was opened between Bfx and other exchanges. At the same time USDT/USD was 1.03 so that arbitrage (Btc/USD/USDT) in Bfx is impossible. Arbitrage between exchanges was possible but traders must took the risk of very slow withdrawal (in matter of weeks and months). The gap stayed until the last big pump to $5K, when gradually it dissapeared. Now that the withdrawal may even be impossible in Bfx if it is true that goverments are blocking the fiat, it becames pointless to try to make arbitrages.

If I recall correctly, in 2017 Bfx had also problems with the banks. Withdrawal of USD were delayed for months. Coincedence or not, but during that period the price went from $1000 to $3000. If people can get only USDT to trade it elsewhere, I don't see a reason to sell BTC at Bfx. But of course there were stupid people to sell at $3000 this year, so why not sell now, initiate a bank transfer and wait for the money to appear in your bank account... uhhm forever.

I'll try to summarize the last 4 months. The first important point was of course the recovery jump from $3100 (15 Dec 2018) to $4000 (Bitstamp prices everywhere). This suggested that the new bottom $3100 is either the final or it would be tested again. The fear of the second posssibility led to the gradual decline until 7 Feb 2019, which was the next even more important turning point. Then we had the higher low of $3350 and a jump to $3700. At this point the first possibility that we found the final bottom seemed more probable for the traders, and soon followed another breakout to $4100. After that another drop to $3700 area. But then followed what was the most important period IMO. From 7 Feb until 1 April the price was gradually increasing showing no sings of testing the bottom. Each time the price dropped in a matter of minutes it recovered again and again. This indicator clearly showed that way more people were waiting with fiat to buy at any small dip. Finally the $3800 and $4200 resistances fell and with several big and smaller jumps we got to $5600 (1-2 April 20% short squeeze was epic!).

Now, what can we expect? It seems quite probable that in the coming days or 2-3 weeks we are going to reclaim the old support at $6-6.4K.  The other less probable case for the next month  is to have a gradual declining price to $5K or in the worst scenario to $3.8K. It all depends on the buying strenght. I think that the sings of the recent quick recoveries show that the buying potential is much bigger than in 2018. This potential is enough to bring us back to $20K and beyond. The only problem is the psychological fear that the price above $10K is too high. You know, the average Joe is thinking: $10K is too late for me. See ripple it is only $0.30 now. All of my ignorant friends are thinking in this way.   They don't know about market cap or the real value of the Bitcoin   Fortunately, FOMO will overcome fear and after some battle we will see soon 5 digit prices! And when the halving comes, nobody will know what the real price should be. It will be worldwide news to have 20-30% jumps like 80-100K$ in 1 day. I can't wait to see that