i got my $300 crash this morning. didn't catch $309, but stocked up on $350 bitcorns, yes i did, yes i did! so i got a little room to let this fall before i sell (gotta make sure we are not mooning first )
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hi, I invested a lot at the beginning of this year thinking bitcoin would have risen again as usual, I bought many btc when it was 830 and some after when it was 660. I waited for the pump but things are getting bad. I am wo4ried. I am 26 yo I am not rich and I invested a lot of my savings. I can live without, ok, but they were my savings. What should I do now? is this the end? Will bitcoin rise again at least until 830?
bolded for emphasis for those who say that "support and resistance is bullshit" hehe. OP, sorry for your position. commonly held belief around here is that these here bitcorns are gonna be worth millions of dollars someday, so you got nothin to worry about!
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I still don't get this dump..
Like why did we go from $590 last week to $309 without any big news?
the only news has been an overwhelming bear market. hell, not even sure this is the last margin call cascade we will see. that's what it looks like anyway. someone probably dumped 2k+ coins and triggered a bunch of stops and then triggered a bunch of margin calls.... But if it where just Margin calls that went off, why don't we recover? BTCE did recover -- from $309 it is now at $447, so only $18 below Stamp. that's a considerably recovery of the buy side considering how much was taken out by the cascade. if you mean "we" like the market? hehe, take a look around. this is a bear market. maybe we turn it around soon, maybe we dont. but i'm only looking at lagging indicators now, with no interest in catching "bottom" (aside from $100+ margin call moves)... keeping bids very far from bid/ask spread and will buy a strong upside breakout.
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a rather thin order book.
Why I'm wiring money in today. Not missing anymore of those massive BTCe sell-offs. The next ones will be when it counts. you may have missed it already -- had some action on BFX the other night too. then again, this bear market is ugly, so you may be right and we may be in for more margin call surprises!
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Probably it was really a mistake, there's no reason to do a sell order at that price on a single exchange.
why don't you read some of the responses in the thread before blathering on like this? of course there are reasons, and very good ones....
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there are often fat fingers on BTC-e. also the last dump to 100 and the litecoin dump was an error.
an "error"? no, it wasn't. iirc, it was something like an 8k BTC dump that triggered a massive string of margin liquidations. it was real, people got margin called, and those with bids in the $100s got filled. yeah, in a market like this, keep your bids low.
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I am thinking about why he didnt send to other exchanges too in order to sell at better price and instead dropped the price to 309 when other exchanges stayed above 460...
That makes me think it was a mistake or an error or something but who really knows...
he didnt dump to $309. i dont have the data, but my assumption from volume and price action is he dumped 1.5-2k coins, perhaps to $420-430 level, which triggered stops and margin calls, which handled the rest. by that time, he would have bids waiting below. cheap coins, baby.
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Maybe someone pushed the wrong button or he knows something we don't know? What is your theory?
possibly a fat finger, but more likely an intentional dump to trigger stops and calls into bids in the $300s which are now being sold off. that would be my guess. whales know that squeezing longs is most profitable right now. bulls are all but dead it seems....
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for all the talk of "short squeezes" on this forum, clearly the real danger from watching BFX and BTCE is leveraging long. we have seen these wipeouts before... and we will see them again, IMO.
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I still don't get this dump..
Like why did we go from $590 last week to $309 without any big news?
the only news has been an overwhelming bear market. hell, not even sure this is the last margin call cascade we will see. that's what it looks like anyway. someone probably dumped 2k+ coins and triggered a bunch of stops and then triggered a bunch of margin calls....
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giggity giggity!!! anyone else get filled on BTCE? flash crash bids for the win! sitting on $3xx coins right now. what a beautiful morning!!!
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this is very ugly. there are like... no buyers to be found anywhere. the bulls went on vacation for the summer..... hopefully. i'm just setting low flash crash bids at this point..... if there's a strong breakout to the upside, i'll jump in. but boy does this look ugly.
If you are doing Finex remember it is 10% from the trigger point. Normally, I'd say the trigger point is $451 which would bring you to about $406. However, with the margin maintenance adjusted and Finex being glitchy, it is tough to know exactly the trigger point. I picked a little above $415 and I may adjust it if we go within 10% of there without a flasher (flasher... sounds more fun than flash crash). not just margin calls (and trying to estimate the trigger for a cascade is wild speculation imo), but flash crash generally. i'm looking more at $420 on other exchanges = hopefully sub-400 on bitfinex.
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this is very ugly. there are like... no buyers to be found anywhere. the bulls went on vacation for the summer..... hopefully. i'm just setting low flash crash bids at this point..... if there's a strong breakout to the upside, i'll jump in. but boy does this look ugly.
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And this time LTC/USD says "so?".
LTC is Rock Bottom, one needs glasses if you can't see its downtrend has nearly stopped! At $5 it's a steal imho... this was sarcastic, i hope. $4 broken today, and looking to break it again after it bounced. looks like BTC might take the piss as well. let's watch.
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quadruple, quintuple, etc etc bottom? or we gonna finally break through down below? my money is on going downtown. maybe not today, but it's gonna happen soon, me thinks. good luck out there, bulls.
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Please stop posting bitfinex FUD. There's nothing wrong with bitfinex. I just shorted 1 btc with a market order and it instantly filled.
I am new to the platform. Do they have a tutorial on how to short bitcoin? That is, do I need bitcoin in order to short it? Or can I move some dollars to the margin trading platform and will be able to short it? Thank their leverage rules are changing to account for the fact that people are leveraging BTC to buy and vice versa. but yes, you can move dollars to your "trading wallet" and then margin sell to your heart's desire. your dollars act as margin collateral. good luck.
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I would not put any stock in this until someone slightly less trollish reports the same issue.
i saw 2-3 similar reports in the tradingview chat. someone asked if it was margin or exchange, and no one answered, but my impression is that they were all shorting, so maybe that is significant. isn't that new rule supposed to have gone in effect right around the time OP posted this? (8/18) maybe something to do with that. or maybe they are doing some "circuit breaking".... IMO if this is only happening to margin traders, my money is on that. they may be trying to control the supply (by limiting leverage), which is good because a flash crash is still very possible there....
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hmmm, so how about that 100% + retracement from that bounce yesterday? you guys can't possibly be feeling bullish after that!
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Although ma365 showed great support in April - this was the first time this ma was useful. So i'd not trust this curve until price reacts with it several times in a row.
i'd agree -- doesn't seem like enough data yet to draw much conclusion from it. are you still bearish, masterluc? it looks like there is a chance that reversal off $480 could be, but seems to lack strength to the upside now. leaning bearish myself for now.
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How can he then explain the Total sum of active swaps (USD)? 5 days ago it was 31mil$ now is 21mil$?
Some people may not have been wiped out... they might have pulled out seeing the storm coming. Simple evac. Even accounts that have been forced to sell their positions likely have not been wiped out but rather incurred losses on their positions. It would be reckless for bitfinex to wait until an account has zero equity to close a position as the closing of a position would likely cause the prices to drop somewhat further, potentially causing negative equity in the account. they never would wait until zero equity. the stated requirement at 2.5:1 was (still is? not sure) 13%. so you get liquidated when your equity is at that point, and likely end up with slightly less.
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