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

[JimboToronto]

Good morning Bitcoinland. Geeze it's 8:30AM. What's happening to me? I used to be an "up at the crack of noon" kind of guy. Now I'm keeping farmers' hours. It's the GF's fault. She drags me off to bed earlier and wakes me up earlier every day.

I see we've fired another volley in the Great Siege of $4k... currently $8005USD/$10625CAD. The battle rages on.

Go Bitcoin go.

Since we are on old humor mood:
FIAT stands for Fix It Again Tony.

Fix Or Repair Daily?

[stadus]

We are back to $8000 again, I was worried a bit when bitcoin stays longer below $8000, but no much selling this weekend, hoping for a bullish whole week again.

[Last of the V8s]

You were only supposed to blow the bloody doors off.

[Last of the V8s]

 Not perfect yet but  "it is within the freaked skin of camouflage that the art resides" (attrib. Ian Stephenson)

Glory be to god for dappled things

[ssmc2]

You were only supposed to blow the bloody doors off.

+1 the only true version of The Italian Job

[klaaas]

Good morning WO. Bitcoin @ $7,648

Waking up at the early morning still continues 🙂

RE-goodmorning 7710$

Good day around 8k  

[jojo69]

Uhm litecoin?

most profitabru

[VB1001]

Communiqué, G20 Finance Ministers and Central bank Governors Meeting, Fukoka.(Jun.8-9,2019)

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).

https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm

[JimboToronto]

It's so quiet around here I figured I'd better post a Chartbuddy for auld lang syne.

There was a time when WO doldrums were measured in consecutive Chartbuddies.

Coin
Explanation

[JayJuanGee]

Weekly close looks very ugly and points to a trend reversal.

We might revisit 6k range in the coming weeks/months.

We might and we might not, lol.

Im more on the bearish side right now.

65% going to 6k vs 35% going to 9k.

Im looking for a short entry here.

You still bearish, criptix?

Do you still assign a 65% chance that we will reach $6k before $9k?  or have your odds changed?  

Did you enter a short, and if so was there a stoploss that got triggered?  Should be running tight stop losses, no?  Any margin trading "experts" want to chime in, here?

[El duderino_]

via Imgflip Meme Generator

 

https://www.youtube.com/watch?v=nh_LLqAQKa0

[Speculatoross]

HELLO GUYS!

I'm not active a lot lately cause of boring real life stuff, but when i can i'm always here hiddenly lurking........
today i saw an interesting pm   so i'm just passing by seeing what's new on the WO........ so, 'sup?  


Bitcoin still alive?






Meanwhile glad to see the hat family has grown up, but after recent events can't understand why some fools are still walking alone....

CYALL SOON BOYS

EDIT: Just saw this random hello happened to be my post #1000, cool 

[El duderino_]

^
Maybe just in time to get your HAT 3D'ed

[fillippone]

HELLO GUYS!

I'm not active a lot lately cause of boring real life stuff, but when i can i'm always here hiddenly lurking........
today i saw an interesting pm  so i'm just passing by seeing what's new on the WO........ so, 'sup? 


Bitcoin still alive?






Meanwhile glad to see the hat family has grown up, but after recent events can't understand why some fools are still walking alone....

CYALL SOON BOYS

EDIT: Just saw this random hello happened to be my post #1000, cool 

I am afraid Bitcoin has died again just a couple of days:
last time on Jun 6th:
https://www.express.co.uk/finance/city/1136978/Stark-warning-for-crypto-fans-crv/amp

https://99bitcoins.com/bitcoin-obituaries/

[El duderino_]

https://twitter.com/APompliano/status/1138076082916220928

[Last of the V8s]

Hello hello
remember it wouldn't even die if the price was utter terrifying shit, nothing was going on and the blocks slowed down a hella lot
it gets ill
it recovers

[Last of the V8s]

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-June/017012.html
[bitcoin-dev] Transcripts from coredev.tech Amsterdam 2019 meeting

sup?

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-June/017023.html
[bitcoin-dev] Transcripts from Breaking Bitcoin 2019

Testers are out.

[fillippone]

HELLO GUYS!

I'm not active a lot lately cause of boring real life stuff, but when i can i'm always here hiddenly lurking........
today i saw an interesting pm   so i'm just passing by seeing what's new on the WO........ so, 'sup?  

^
Maybe just in time to get your HAT 3D'ed

Mic is referring to this, I think:
https://bitcointalk.org/index.php?topic=178336.msg49549748#msg49549748

[d_eddie]

Weekly close looks very ugly and points to a trend reversal.

We might revisit 6k range in the coming weeks/months.

We might and we might not, lol.

Im more on the bearish side right now.

65% going to 6k vs 35% going to 9k.

Im looking for a short entry here.

You still bearish, criptix?

Do you still assign a 65% chance that we will reach $6k before $9k?  or have your odds changed?  

Did you enter a short, and if so was there a stoploss that got triggered?  Should be running tight stop losses, no?  Any margin trading "experts" want to chime in, here?

I am no expert, and I only do small time margin trading as an aside.

Stop losses are necessary sometimes, but in my experience it's better to set loose (untight! Ask jbreher if in doubt) stop losses while keeping a hedging (opposing) position on another trade leg. This often allows me to cash a bit on both legs if there is jitter around the thresholds. In any case, as one position goes more and more into loss, the other goes more and more into gain. Ideally, they should more or less balance out. At the very least, this allows me time to think: I have a choice of cashing out a bit from one or swallowing a bit of loss from the other. When the direction is clear, it is possible to exit one leg gradually - or abruptly, whatever.

Depending on the exchange's policy, I might NOT be able to use the unrealized gains as margin if I don't "realize" them (cash them out). So I do my own research, or I might find my position liquidated even in the middle of huge paper gains. What really helps is keeping the leverage very low - ideally, under 1, which actually means no leverage at all. By doing so, if the losing position gets increasingly worse, I can at least cash out the other one and gain some breathing air.

Disclosure: I have such a setup at the moment. The short position bought me some tasty bacon, but the long position is suffering. I'm going to be liquidated if the price falls below 3k. Yes. My liquidation is well below 3k. That's what I mean by "underleveraging".

One fine day I'll jump back on the wagon and stop trading for good. Until that wagon day comes, I hope my confession is helpful.

[JayJuanGee]

Disclosure: I have such a setup at the moment. The short position bought me some tasty bacon, but the long position is suffering. I'm going to be liquidated if the price falls below 3k. Yes. My liquidation is well below 3k. That's what I mean by "underleveraging".

I am a little bit confused by this assertion.  I believe that I understand the setting up as low leverage that allows more BTC price movement before your would be forced out of the position; however, I am a little confused how longs would be unprofitable, currently with the recent price move up.

I am supposing that you entered your long and your short at BTC prices that were decently higher than today, such as in the $8,200 or higher arenas?

But if you had entered both a long and a short, yesterday-ish, at the time that criptix was asserting his bearishness, in the $7,600 price arena, then the long would be doing much better than the short, currently... right?   and if you enter with decently low leverage, then perhaps you could rest assured that you would not get liquidated out of your short position until $10k plus.. but at the same time, if BTC prices start to get close to $9k, you might want to manually close out of that short position rather than losing more and more as the BTC price might have decent chances to get close to forcing you to close your position.  

So, it seems that your perspective on strategy is going to be influenced quite decently by when you entered the position, you are likely going to have to spend a decent amount of time watching the market and even trying to assign odds to various BTC price directions on an ongoing basis in order to figure out whether the odds would be in your favor to close a losing position early or to re-establish your bets to figure out if your trading stash is growing or shrinking.

I do appreciate your stated approach, d_eddie, in which you are setting aside some of your profits from time to time (taking them off the table), but still I would imagine that sometimes there is going to be shrinkage of the trading stash and even internal questioning about whether the size of the trading stash is enough (temptations to get greedy by redeploying profits into the trading stash that previously had been stashed away).