The bid side on Huobi reached over 180 million CNY!  So IMO they just wait for a TA excuse to pump, with such large amount of fresh fiat 850$ becomes possible.  Did the bear turn bull !!!??? Never!!! But I can't ignore a fact. The normal behavior would be a correction, but with so much fresh fiat, I don't know... |
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THE PUMP FOLLOWS. Massive pump this one. COuld take us to $850.Im happy.HOLD!!!China Buying Sparks Bitcoin Surge http://www.wsj.com/articles/china-buying-sparks-bitcoin-surge-1464608221Paywall because of direct link. Google it to read. Copy paste of the article: Chinese investors are pumping up bitcoin again, sending prices up nearly 16% in the past four days just two years after the country that was at the center of a boom and bust in the crypto-currency. The four-day surge in bitcoin since Friday has added $1.2 billion in market capitalization for all bitcoin in circulation, according to data from blockchain.info. On Monday, prices moved up as high as $525.49 per bitcoin, though that’s still well below the all-time high of around $1,151 in November 2013. ENLARGE Chinese bitcoin exchanges have been operating despite past efforts by Beijing to curb trading in the currency, which is not subject to any central authority and which can be traded almost instantly across borders. Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin. The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns. In the past year, equities, bond and commodities markets in China have in turn seen massive surges of new investing, often followed by a collapse in prices as funds have moved elsewhere. “There’s a lot of hot money in China that has to go somewhere,” says Du Jin, chief marketing officer at Huobi. Huobi has seen a surge of new registrants in the past one month, he said. Expectations that new supply of the virtual currency will decrease next month could also be behind the latest price surge. The creation of bitcoin via a complicated computing process called “mining” gets more challenging over time, thanks to a mechanism which cuts the number of bitcoin that can be created in half every four years in order to limit supply. ENLARGE But industry participants also say a number of China-specific factors are also in play. Stories of scams in peer-to-peer financing have sent Chinese investors familiar with the most innovative forms of investing to bitcoin specifically, says Huobi’s Mr. Du. The bitcoin network, composed of traders around the globe accessing virtual platforms via their computers and the Internet, also allows a discreet way for a Chinese to move money beyond the country’s tightly-controlled borders. Bitcoin currently trades at a 7.2% premium when priced in Chinese yuan on mainland bitcoin exchanges compared to counterparts pricing the currency in U.S. dollars, according to industry tracker Bitcoinity.org. ENLARGE This premium in Chinese prices has persisted throughout the year, suggesting that demand from the country has accounted for much of bitcoin’s recent gains, says Zennon Kapron, founder of financial technology consultancy Kapronasia and author of a book on bitcoin. Investors are worried about the decreasing value of the yuan and “it seems that China is leading a lot of the movement,” he adds. “People are protecting their investments [by converting yuan into bitcoin].” The is a count from which a top of 850$ very soon could have been guesstimated, but IMO it's overly optimistic. So far the Chinese new fiat has topped, remains to be seen if more fresh Chinese fiat will enter. But the spike mobilized western bids, which are dumped upon. New accounts mean IMO weak hands, they didn't buy to hold for months, there is some quick profit for them to make and most will realize that profit. sentiment meter says we're due another leg up. I'll be honest, this looks like it could get to $850 Mainstream media is already hopping on board the halving supply band wagon. I think you are concentrating too much on organics. Yet, this price rise is speculative due to halving, China etc. The bid side on Huobi reached over 180 million CNY! So IMO they just wait for a TA excuse to pump, with such large amount of fresh fiat 850$ becomes possible. |
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Breakout denied!  |
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Dear bears
Thanx for the loading opportunity...
You are welcome, but these are not the real bears, they are Chinese traders who want to lock profits. |
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What happens if during the next day the price has an up or down swing of some 60$, say from 530$ early morning to 470$ later, who wins, or is the win split?
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THE PUMP FOLLOWS. Massive pump this one. COuld take us to $850.Im happy.HOLD!!!China Buying Sparks Bitcoin Surge http://www.wsj.com/articles/china-buying-sparks-bitcoin-surge-1464608221Paywall because of direct link. Google it to read. Copy paste of the article: Chinese investors are pumping up bitcoin again, sending prices up nearly 16% in the past four days just two years after the country that was at the center of a boom and bust in the crypto-currency. The four-day surge in bitcoin since Friday has added $1.2 billion in market capitalization for all bitcoin in circulation, according to data from blockchain.info. On Monday, prices moved up as high as $525.49 per bitcoin, though that’s still well below the all-time high of around $1,151 in November 2013. ENLARGE Chinese bitcoin exchanges have been operating despite past efforts by Beijing to curb trading in the currency, which is not subject to any central authority and which can be traded almost instantly across borders. Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin. The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns. In the past year, equities, bond and commodities markets in China have in turn seen massive surges of new investing, often followed by a collapse in prices as funds have moved elsewhere. “There’s a lot of hot money in China that has to go somewhere,” says Du Jin, chief marketing officer at Huobi. Huobi has seen a surge of new registrants in the past one month, he said. Expectations that new supply of the virtual currency will decrease next month could also be behind the latest price surge. The creation of bitcoin via a complicated computing process called “mining” gets more challenging over time, thanks to a mechanism which cuts the number of bitcoin that can be created in half every four years in order to limit supply. ENLARGE But industry participants also say a number of China-specific factors are also in play. Stories of scams in peer-to-peer financing have sent Chinese investors familiar with the most innovative forms of investing to bitcoin specifically, says Huobi’s Mr. Du. The bitcoin network, composed of traders around the globe accessing virtual platforms via their computers and the Internet, also allows a discreet way for a Chinese to move money beyond the country’s tightly-controlled borders. Bitcoin currently trades at a 7.2% premium when priced in Chinese yuan on mainland bitcoin exchanges compared to counterparts pricing the currency in U.S. dollars, according to industry tracker Bitcoinity.org. ENLARGE This premium in Chinese prices has persisted throughout the year, suggesting that demand from the country has accounted for much of bitcoin’s recent gains, says Zennon Kapron, founder of financial technology consultancy Kapronasia and author of a book on bitcoin. Investors are worried about the decreasing value of the yuan and “it seems that China is leading a lot of the movement,” he adds. “People are protecting their investments [by converting yuan into bitcoin].” The is a count from which a top of 850$ very soon could have been guesstimated, but IMO it's overly optimistic. So far the Chinese new fiat has topped, remains to be seen if more fresh Chinese fiat will enter. But the spike mobilized western bids, which are dumped upon. New accounts mean IMO weak hands, they didn't buy to hold for months, there is some quick profit for them to make and most will realize that profit. |
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I welcome all shorters at this point and I recommend 20x leverage while you're at it. Safe play and nothing could possibly go wrong. You could get rekt but big deal right. Go big or go home.
Permabull trying to use reverse psychology.  If I'm right and this was the top, it won't be worth taking a medium term short position for the next couple of weeks, just scalping should be worth. And don't forget to buy the bottom of the correction around 420$, again if I'm right about this being he top, it should rise to 680$ later this year. |
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The CNY devaluation explains why the CNY price rose much higher, OK.
For public interest, check Google trends, search bitcoin and the last 90 days, that was the source of the pic I posted earlier.
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The Chinese ran out of steam, while western exchanges were trying to catch up... |
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Fuck... the Chinese start pumping again despite the bearish divergences... made me close my short...  That was silly. China had no volume on that leg and neither did a lot of western exchanges. Bitfinex had decent volume though  . No, closing a small short from 541$ was the right decision, I'd do it again, it was a wash (I closed it as soon as I smelled a pump). What was silly is that I couldn't switch fast enough from the bear state of mind to the bull one, so I missed the pump. |
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For those who believe in a healthy bitcoin price rise, this is not. Public interest almost flat, except the Craig Wright story.  So it's just another Chinese pump, that may or not resume today. If it resumes, IMO next targets are 615$ and 680$, reachable during the next 2 - 3 days. |
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I have placed limit shorts from 550$ to 565$, now I am afraid the piglets on BFX are going to miss them... Ok, the hilarity index on this thread just leveraged up ... we can watch all the worst epic bears get rekt shorting the Smaug breakout of a lifetime. Disregard the silly permabulls... I wish had had kept my limit shorts there... Even with my short from 541$ I would have been in the green now. |
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Someone who sees how thin the bids are, and just wants to lock profits? |
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So what fundamental developments are causing this price increase?
Nothing that I heard of... Probably just TA based, there was a large pile of fiat on Huobi waiting for the big triangle to break in order to buy Buy BUY. Now that fiat is mostly exhausted, but western exchanges are trying to catch up and have entered FOMO mode.  |
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Fuck... the Chinese start pumping again despite the bearish divergences... made me close my short... |
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The piglets on BFX are smarter than the Chinese piglets, they didn't touch my limit shorts, shrug...
So I took a small short at 541$ and will increase my position on 15 min and 30 min PSAR bearish flips, at least that's my plan.
It is possible that this wasn't a local 3, but a local 5 (the 3 got suppressed by the big triangle, still 112$ from 360$ to 472$).
In such a case, the correction should be nice, and if 510$ support will be broken tomorrow, it should bottom around 470$.
I guess you will know, whether you know what you are doing or not, but as I have discovered, the odds of betting against the MAs are greatly reduced compared with taking trend following setups. If you took a short at $541 on Finex for example, where do you set your stop loss behind? There is no market structure to work with, and if enough short positions build up around topping areas, FU moves are always likely. Indeed, that is what the FU candle up to $453 on Finex no doubt was.....just the exchange shaking shorters out of their positions, and I suppose the smart trader could place his Short Entry, precisely where he expects the exchange to shake shorters out.....but what happens if the move up isn't an FU move at all, but a break out? We have had 3 very violent impulse moves up, that nobody was quite prepared for, who is to say 'they' won't engineer a fourth? Having a bias towards a correction here is one thing, but trying to short it is quite another....believe me....I am the absolute King of Shorting against the trend. ... ....and besides...if u got short at $541, didn't you take any profits as Finex dipped down into teens? I suspect the floor for Bitcoin will be put in here around $500. It is 'the Halving Pump'. Everyone knows Bitcoin is going to get pumped by the Chinese miners. I suspect that Bitcoiners and traders will be much more resilient in the face of downside than they normally would, and the Chinese Bitcoin cowboys, and other whales will be hanging around key support levels, putting in support from which to build the next phases of the pump......this just isn't a shorter's market at the moment. I didn't set a stop loss, for a small short at such overbought indicators, there is no need to. If I would have been awake at 7 am I would have been tempted to take profit, but in principle I prefer to build a position. If the floor will be around 500$ on BFX, then this was a local 3 and the local 5 is yet to come. If the floor will be around 470$ or lower, then it's possible this already was the local 5 and I'll get new shorting opportunities. |
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I have placed limit shorts from 550$ to 565$, now I am afraid the piglets on BFX are going to miss them... eek! Sure, we are in ridiculous nosebleed territory....but I wouldn't be placing any fucking limit shorts anywhere right now! Almost asking for as much trouble as going all in long with a market order right about now. The piglets on BFX are smarter than the Chinese piglets, they didn't touch my limit shorts, shrug... So I took a small short at 541$ and will increase my position on 15 min and 30 min PSAR bearish flips, at least that's my plan. It is possible that this wasn't a local 3, but a local 5 (the 3 got suppressed by the big triangle, still 112$ from 360$ to 472$). In such a case, the correction should be nice, and if 510$ support will be broken tomorrow, it should bottom around 470$. |
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Funny how things can change in just two weeks days.
FTFY. |
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