Monday Afternoon (US Time), Where is this this big phucking 'announcement'?

[MatTheCat]

I have been reading rumours of a big game changing announcement due to be getting made Monday Afternoon, Eastern US time.

So I guess Monday afternoon has and almost gone in the eastern US and there has been no news release or statement of note regarding Bitcoin?


Although there are bullish indicators such as the pennant we have had right at the end of this rather sharp rise up (bullish in theory anyhow) and there is the bullish divergence between higher lows in BTC price and lower lows in the RSI, I have to say that the market is feeling kind of heavy right about now. Also the maxed out state of the Bitfinex longs doesn't fill me with hope for the immediate term. Leveraged traders aren't long term investors/holders. Leveraged traders are looking to make a quick buck from market momentum. Even if Bitcoin does have the prospect of new ATH in the coming months, big investors must surely be looking at the state of the leveraged long positions and thinking, "Like hell am I buying into that to have these fuckers cash out on my ass!"? If I was them, I would be looking to use my market clout to try and squeeze these longs out of their trades.

In a quandary as what to do. A text book correction from here would be to mid $500s. Fuck holding Bitcoins bought in mid $600s through a correction like that. I notice also that all the market 'weight' is coming through Stamp. If Stamp were to be magically erased from the market for a week I think Bitcoin would go right up from here.

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[RyNinDaCleM]

BFX just made the first spike up 

[Arghhh]

Stabilize at 550-650 for a month. Kill the margin traders.

[MatTheCat]

BFX just made the first spike up 

Won't go anywhere without Stamp and the only exchange that shifts Stamp is Huobi.

[Raystonn]

I have been reading rumours of a big game changing announcement due to be getting made Monday Afternoon, Eastern US time.

So I guess Monday afternoon has and almost gone in the eastern US and there has been no news release or statement of note regarding Bitcoin?


Although there are bullish indicators such as the pennant we have had right at the end of this rather sharp rise up (bullish in theory anyhow) and there is the bullish divergence between higher lows in BTC price and lower lows in the RSI, I have to say that the market is feeling kind of heavy right about now. Also the maxed out state of the Bitfinex longs doesn't fill me with hope for the immediate term. Leveraged traders aren't long term investors/holders. Leveraged traders are looking to make a quick buck from market momentum. Even if Bitcoin does have the prospect of new ATH in the coming months, big investors must surely be looking at the state of the leveraged long positions and thinking, "Like hell am I buying into that to have these fuckers cash out on my ass!"? If I was them, I would be looking to use my market clout to try and squeeze these longs out of their trades.

In a quandary as what to do. A text book correction from here would be to mid $500s. Fuck holding Bitcoins bought in mid $600s through a correction like that. I notice also that all the market 'weight' is coming through Stamp. If Stamp were to be magically erased from the market for a week I think Bitcoin would go right up from here.

Are you still long?

[MatTheCat]

Are you still long?

Yup.

[RandomPedestrianN9]

SELL SELL SELL!!!

[alexeft]

I have been reading rumours of a big game changing announcement due to be getting made Monday Afternoon, Eastern US time.

So I guess Monday afternoon has and almost gone in the eastern US and there has been no news release or statement of note regarding Bitcoin?


Although there are bullish indicators such as the pennant we have had right at the end of this rather sharp rise up (bullish in theory anyhow) and there is the bullish divergence between higher lows in BTC price and lower lows in the RSI, I have to say that the market is feeling kind of heavy right about now. Also the maxed out state of the Bitfinex longs doesn't fill me with hope for the immediate term. Leveraged traders aren't long term investors/holders. Leveraged traders are looking to make a quick buck from market momentum. Even if Bitcoin does have the prospect of new ATH in the coming months, big investors must surely be looking at the state of the leveraged long positions and thinking, "Like hell am I buying into that to have these fuckers cash out on my ass!"? If I was them, I would be looking to use my market clout to try and squeeze these longs out of their trades.

In a quandary as what to do. A text book correction from here would be to mid $500s. Fuck holding Bitcoins bought in mid $600s through a correction like that. I notice also that all the market 'weight' is coming through Stamp. If Stamp were to be magically erased from the market for a week I think Bitcoin would go right up from here.

What a remorse for going long!!! Don't be such a bear!!!

[oda.krell]

Are you still long?

Yup.

Good choice.

Whatever happens next won't hurt the holders more than it will hurt bears that get their timing even slightly wrong.

I'm usually not timid and don't like sitting out entire swings, but right now I'm pretty sure that what we're about to see will either be a continuation of the rally or what the kids like to call a bear trap.

Which is bullshit of course. A bear trap is just a profit opportunity for those who time it right. The name is solely there to account for the fact that timing is trickier. A lot trickier.

The only real bear case I see is a slow trickle down. Erosion of buying support, etc. And that takes time to develop, and you'd be able to pick it up early enough.

Quote me on this, if you want.

[hyphymikey]

Who would go out of their way to squeeze out the longs on margin, only to have the same amount or more open/re-open since the point of entry would be lower?

[MatTheCat]

Which is bullshit of course. A bear trap is just a profit opportunity for those who time it right. The name is solely there to account for the fact that timing is trickier. A lot trickier.

The only real bear case I see is a slow trickle down. Erosion of buying support, etc. And that takes time to develop, and you'd be able to pick it up early enough.

Quote me on this, if you want.

I kind of think that 'erosion of buying support is exactly what I am picking up at the moment. However, your other comment is also very valid speaking from my own experience. Three times have I bailed out near the upper reaches of this pennant, only to find that I either couldn't time the bottom or didn't trust myself to have timed the bottom well, and then found myself to have bought right back in near or even above where I sold in false break-out attempts/scenarios. In short, I have been losing money in my attempts thus far to avoid corrective action but be sure to be onboard for any upside break out action.

Who would go out of their way to squeeze out the longs on margin, only to have the same amount or more open/re-open since the point of entry would be lower?

If you have enough market clout and expertise, the squeezed out longs who are being forced to sell their Bitcoins may well end up selling the lionshare of them to you, before you take the weight of the market and allow it to rise again. That means the 'short squeezer' hits the bottom perfect as they have buying and selling power to ensure the market is pushed down to level where they are happy to accumulate panic sold margin called Bitcoins.

[Chalkbot]

I have been reading rumours of a big game changing announcement due to be getting made Monday Afternoon, Eastern US time.

Since I haven't seen anything like this, can I ask the source of these rumors?

[MatTheCat]

Since I haven't seen anything like this, can I ask the source of these rumors?

A few on this forum subsection, most notably Bittburger provided a link to his mates Facebook page, who is apparently a hotel manager in Miami, where a Bitcoin conference had taken place on Friday, with him having gleaned information which would supposedly come out Monday (today), which would result in present Bitcoin prices becoming a thing of the past.

[bitcoinsrus]

I was not aware of any rumors (of course you probably have more links to news articles then i do - i usually use coindesk, reddit, google news and slashdot) where did you hear the rumor?

edit - you answered chalkbot above me

[oda.krell]

Since I haven't seen anything like this, can I ask the source of these rumors?

A few on this forum subsection, most notably Bittburger provided a link to his mates Facebook page, who is apparently a hotel manager in Miami, where a Bitcoin conference had taken place on Friday, with him having gleaned information which would supposedly come out Monday (today), which would result in present Bitcoin prices becoming a thing of the past.

The mother of my sister's boyfriend once met a priest in Slovakia who had a friend who once heard her father say "Cena sa nikdy klesnúť" which supposedly means that we're going to reach $2000 next week.

And I'm not saying this lightly. I always trust the father of the friend of the mother of my sister's boyfriend, and so should you.

[spazzdla]

If you are going to believe what a random bunch of us say about BTC... you're gonna have a bad time.

Never believe anyone ever about anything, .

[Raystonn]

Since I haven't seen anything like this, can I ask the source of these rumors?

A few on this forum subsection, most notably Bittburger provided a link to his mates Facebook page, who is apparently a hotel manager in Miami, where a Bitcoin conference had taken place on Friday, with him having gleaned information which would supposedly come out Monday (today), which would result in present Bitcoin prices becoming a thing of the past.

The mother of my sister's boyfriend once met a priest in Slovakia who had a friend who once heard her father say "Cena sa nikdy klesnúť" which supposedly means that we're going to reach $2000 next week.

And I'm not saying this lightly. I always trust the father of the friend of the mother of my sister's boyfriend, and so should you.

Roger that.  I just instructed my trading desk to move our entire fixed income portfolio into Bitcoin as quickly as possible.  I have negotiated a mutually agreeable price with GHash.io, and funds are en route via bank wire.

[calmindifference]

Could it be this visa guy as compliance officer at Bitpay? As if compliance officer appointment is in some way exciting.

[MatTheCat]

If you are going to believe what a random bunch of us say about BTC... you're gonna have a bad time.

Never believe anyone ever about anything, .

I am Dundee United fan (Scottish football team).

Once upon a time, my mate met a bloke in a pub, who reckoned that his brother was engaged to a certain football players sister, and could confirm that this football player, 'David Goodwillie', had just agreed terms to sign an on loan deal with Dundee United. This was something that was rumoured at the time but considered to be generally beyond the realms of all likelihood.

The following week, David Goodwillie signed for Dundee United. Turns out that the bloke in the pub was telling the truth although we never actually believed him at the time.

Just saying.

[okthen]

If you are going to believe what a random bunch of us say about BTC... you're gonna have a bad time.

Never believe anyone ever about anything, .

No problem to believe.
Just don't risk too much on the information and it should be fine