Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[FractalUniverse]

bears probably didn't have their final say yet. so be cautious 

[Lauda]

You would think after almost three years of being involved in the cryptocurrency sphere, that I would know how to trade. But I still am quite clueless. I thought I did well yesterday. I managed to put of few trades together, where I sold higher and then would buy back lower. I didn't catch the absolute crests and troughs, but I did OK with the little bit that I was moving around. I then bought back last night, and left it at that, so I could sleep well at night with a few more satoshis than I had 24 hours ago. This morning, just before work, I saw the market shoot up from a low of almost 2800 USD to a little above $3300. I thought, surely this must be near the peak, so I sold a little bit of my BTC. Now it appears the rally has continued and I find myself stuck with a fiat balance on Gdax. I know that it is recommended not to seek trading advise in this space. However, I really am clueless what to do. Any recommendations? Here are my options.

1) Keep the fiat balance on GDAX, so that I can continue to play around with the market at my leisure, and have both a BTC balance and a fiat balance.
2) Transfer fiat to Paypal and pay off the credit card balance that I have for them. (Coinbase charges a big fee to do this though, and I could probably pay off my balance outright with fiat I already have in the bank anyway.)
3) Buy back your BTC, use this as perfect example that I suck at trading and transfer all my BTC back to cold storage so I can HODL.

Thanks in advance for the advice.  

Cut your losses, buy back Bitcoin and stop trading. The whole idea of these forced crashes is to flush people like you out. The 1% make more money, a few random traders and the rest just lose out.
I wonder if this is going to shoot back above $4k or not.

[jojo69]

Bitcoin does not obey central banks or nation sates.
They will obey bitcoin, or perish.
The age of the sovereign individual has begun.

somehow I rather doubt that...

but God Damn if I don't like the sound of it

[d_eddie]

bears probably didn't have their final say yet. so be cautious 

This. I am expecting a sssllllloooowww ramp up to 5k. This leg up has been too fast.  The volume was there, sure, but I'm wary. We might be in for more dumps - even a deep, sub-3000 plunge. The tree can be shaken again, so that fruits held by weak hands may fall down.

[jbreher]

You would think after almost three years of being involved in the cryptocurrency sphere, that I would know how to trade. But I still am quite clueless. I thought I did well yesterday. I managed to put of few trades together, where I sold higher and then would buy back lower. I didn't catch the absolute crests and troughs, but I did OK with the little bit that I was moving around. I then bought back last night, and left it at that, so I could sleep well at night with a few more satoshis than I had 24 hours ago. This morning, just before work, I saw the market shoot up from a low of almost 2800 USD to a little above $3300. I thought, surely this must be near the peak, so I sold a little bit of my BTC. Now it appears the rally has continued and I find myself stuck with a fiat balance on Gdax. I know that it is recommended not to seek trading advise in this space. However, I really am clueless what to do. Any recommendations? Here are my options.

1) Keep the fiat balance on GDAX, so that I can continue to play around with the market at my leisure, and have both a BTC balance and a fiat balance.
2) Transfer fiat to Paypal and pay off the credit card balance that I have for them. (Coinbase charges a big fee to do this though, and I could probably pay off my balance outright with fiat I already have in the bank anyway.)
3) Buy back your BTC, use this as perfect example that I suck at trading and transfer all my BTC back to cold storage so I can HODL.

Thanks in advance for the advice.  

I engage in periodic bouts of such swing trading. When I get caught holding a bag of stinky fiat, and no way to buy back in without a loss, I just stay in fiat. Options include:
- enter a limit buy at a strike price below your last sell and forget about it. It may execute in the future if the market dumps again (I have a ladder of open orders in the $1000 to $2500 range that may never execute)
- you'll need some fiat to pay the cap gains tax on your profits anyhoo - when april 15 rolls around, cancel your open orders if you need the dosh
- pull your money and have a fling. If you tie a bank account to GDAX, withdrawals are free. Yes, free.
And the number one answer:
- Buy some BCH. As $/BCH:$/BTC trends toward 1:1 you'll be back in profit.

Buying back in at a loss just feels like failure to me. Of course, I already hodl all the Bitcoin I'll ever need, and only trade a minuscule fraction thereof. Your mileage may vary.

[jbreher]

https://wex.nz/
@WEXnz 3 hours ago
https://wex.nz/news/1

WEX. Rising.

'wexnez' is even more fun to say than 'mountgox'. Make of that what you will.

[toknormal]

BTC trading ultra-technical. That sharp reversal occurred right on the uppermost boundary of the previous support range. So it's a technical correction. Nothing more and whoever went massively long at that point (JP Morgan) knew exactly what they were doing.

[YamashitaRen]

Nothing more and whoever went massively long at that point (JP Morgan) knew exactly what they were doing.

Only thing that makes me feel better about missing this bottom is that I wouldn't have had (didn't had) this technical analysis and would have ended buying like 1/8 of what my margin balance would have allowed me. 1/8 profit is like 0 profit when you compare it to 8/8 or even 4/8 profit...

@bones261
If you think bitcoin will go up, buy back.
If you think it will go down or are unsure, stay fiat.

I'm unsure (for now), I stay fiat and do quick trades with my margin balance.

[empowering]

Buying dip now ($3360 ish)  - probably for short term flip

(obvs keeping dry powder)

Flipped 50% (1 of 2) for quick trade take some profits (@ $3775 ish)


(PS - just a little margin day trading on side)

[bones261]

I engage in periodic bouts of such swing trading. When I get caught holding a bag of stinky fiat, and no way to buy back in without a loss, I just stay in fiat. Options include:
- enter a limit buy at a strike price below your last sell and forget about it. It may execute in the future if the market dumps again (I have a ladder of open orders in the $1000 to $2500 range that may never execute)

That sounds like a plan, but I'm so impatient. As an INTP, sticking to a decision is not my strong suit.  

- you'll need some fiat to pay the cap gains tax on your profits anyhoo - when april 15 rolls around, cancel your open orders if you need the dosh

No comment.  

- pull your money and have a fling. If you tie a bank account to GDAX, withdrawals are free. Yes, free.

I don't want my bank to know that I am fiddling around with BTC. Not sure what their policy is, but don't want to take chances, and have them close my account. That is why I have lately been using the Paypal route. Then I can transfer from Paypal to my bank and all my bank sees is that I got money from Paypal.

And the number one answer:
- Buy some BCH. As $/BCH:$/BTC trends toward 1:1 you'll be back in profit.

Another example of my crappy trading skills. I was speculating that the Bitcoin Cash whales would want to keep BCH more profitable than BTC, so I ended up using some spare satoshi on Bittrex, Yobit and Cryptopia to but BCH near the ALT   Don't worry Btc maximalists, the amount I spent was way less than.1 BTC. Now, I am patiently waiting for BCH to get profitable enough where it makes sense to actually rent hash at MMR. I'm not going to buy BCH outright anymore. It's way more fun to pay a miner at MMR and accumulate (or mine and dump) that way.

[bones261]

Cut your losses, buy back Bitcoin and stop trading. The whole idea of these forced crashes is to flush people like you out. The 1% make more money, a few random traders and the rest just lose out.
I wonder if this is going to shoot back above $4k or not.

Thanks for the honesty. You could have tried to put in a plug for Gunbot, but you didn't

@bones261
If you think bitcoin will go up, buy back.
If you think it will go down or are unsure, stay fiat.

I'm unsure (for now), I stay fiat and do quick trades with my margin balance.

As a INTP personality type, I'm always unsure. So keeping my fiat to do quick trades is definitely an option.

My partner is the jealous type. I value my life too much for that option.   Besides, many male hookers are methheads. That's just looking for trouble.

[empowering]

My partner is the jealous type. I value my life too much for that option. Besides, many male hookers are methheads. That's just looking for trouble.

Sounds like you already found it  

Though 1 or a few hundred meth heads having a go on your partner would turn most men into trouble lol.

(then some men like that kinda shit)

Did somebody say trouble?

[BlindMayorBitcorn]

You should never be afraid to try new things.

[Starving_Marvin]

I don't want my bank to know that I am fiddling around with BTC. Not sure what their policy is, but don't want to take chances, and have them close my account. That is why I have lately been using the Paypal route. Then I can transfer from Paypal to my bank and all my bank sees is that I got money from Paypal.

I'm not sure what you mean but selling BTC for paypal-money is very risky. Anyone can complain within 30 days and get their money back + keep the coins. Paypal-policy says that they can just take the money from you and give it to someone else.

[jbreher]

I don't want my bank to know that I am fiddling around with BTC. Not sure what their policy is, but don't want to take chances, and have them close my account. That is why I have lately been using the Paypal route. Then I can transfer from Paypal to my bank and all my bank sees is that I got money from Paypal.

I'm not sure what you mean but selling BTC for paypal-money is very risky. Anyone can complain within 30 days and get their money back + keep the coins. Paypal-policy says that they can just take the money from you and give it to someone else.

If you're worried about your exchange double-crossing you in that manner, you probably shouldn't be dealing with that particular exchange in the first place.

[600watt]

(...)
- Buy some BCH. As $/BCH:$/BTC trends toward 1:1 you'll be back in profit.
(...)

and I thought you were different.  

[empowering]

(...)
- Buy some BCH. As $/BCH:$/BTC trends toward 1:1 you'll be back in profit.
(...)

and I thought you were different.  

Our esteemed friend jbreher is quite enamoured with BCH

Good chap all in  all.

[jojo69]

You would think after almost three years of being involved in the cryptocurrency sphere, that I would know how to trade. But I still am quite clueless. .... Any recommendations?

Hey bones, what turned it around for me was one simple rule

DO...NOT...EXECUTE...LOSING...TRADES

You find yourself on the wrong side in a move? tough shit, just wait, it may take a while, but usually it will swing back in your favor, if not, tough shit, you lost, deal with it.

If you let your fear to control you and allow yourself to make losing trades you will be forever chasing it, and giving up a small percentage to the whales every goddamn time.

I only make winning trades, so I always have either extra BTC or extra fiat.  Obviously, we all feel better when we have extra BTC than the other way around, but the point is to always be up in SOMETHING, never down.

I sold a little too early this morning so I am currently waiting on the wrong side.  If we get another dump I will get back into extra BTC, if we never do I will just sit here and cry over my pile of extra fiat, #Bitcoinproblems

[Starving_Marvin]

I don't want my bank to know that I am fiddling around with BTC. Not sure what their policy is, but don't want to take chances, and have them close my account. That is why I have lately been using the Paypal route. Then I can transfer from Paypal to my bank and all my bank sees is that I got money from Paypal.

I'm not sure what you mean but selling BTC for paypal-money is very risky. Anyone can complain within 30 days and get their money back + keep the coins. Paypal-policy says that they can just take the money from you and give it to someone else.

If you're worried about your exchange double-crossing you in that manner, you probably shouldn't be dealing with that particular exchange in the first place.

What exchanges pay you with paypal money? Also I wouldn't trust Paypal with any larger sums. I once sold most of my vinyl records in a short period and paypal froze my account. I had to prove this and that to be able to be able to use my funds again. It took months and I was really broke (that's why I sold my vinyls) so I'm still quite pissed.

[BlindMayorBitcorn]

Hope they didn't get the Creedence at least.