Bitcoin Price Thread

bitcoin
cryptocurrency

#2859

@Avethist @airbaker

qntt


#2860

I agree with your thoughts to an extent. With the crypto market, at least with smaller altcoins, an overarching dynamic that you can use to your advantage is market cornering. Study to the point where you are confident in your position, and you feel that there is a fundamental basis for it, and that the market has yet to catch on (inherent undervaluation), in this case your best bet would be to accumulate before the herd. https://en.wikipedia.org/wiki/Cornering_the_market

The trick is maintaining that conviction in the face of detractors (deliberately constructed FUD, or just plain ignorance), this is why your psychology in the market is the #1 determinant of success. Everything else is secondary.


#2861

Wow. I really need to learn to use IDEX.


#2862

Good points, also remember you can use stop limit orders to go against market bias. That way if the market is against your trade you can still get something out of the move.


#2863

Yeah i hear you on that, I will read up on it shortly. There are projects out there right now that i believe are undervalued in terms of potential future growth (ICON being one), but I still believe regardless of that getting the balance between holding a project you genuinely believe in and knowing when to jump out and sit on the sidelines in the key to building future wealth.

I don’t believe icon will jump from where we are now to lets say $5, it’ll happen over some kind of extended run up…so sitting on the sides lines keeps what capital you have protected but with the opportunity still to make some returns on that capital maybe be best? Instead of going for broke and leaving it invested at time when there is a a lot of uncertainty in which way we are going to breakout.

Totally agree about market phycology. To make serious money in markets, more often than not your thinking has to be contrarian to what the majority are doing or saying. Think we are roughly in that area right now with ICON and the cryptocurrency market.

People are so quick to shoot it all down, but as iv’e said before…everyones always a non believer until it’s knocking on their front door. By which point the gain train has already left the station.


#2864

Guys watch this! That bottom trend line has never been broken! :open_mouth:


#2865

What will I believe to continue participating in this market? A multi-year macro level bull support trend line since the beginning of crypto trading that has been consistently respected or the opinions of crypto bears that have been in the market for about a year or less?

Choose wisely :rollsafe:


#2866


#2867

hes’ got a point, interesting ones and it matches with what many say that next movement up should be on Q1 2019 as mentioned here in this thread many times too.


#2868

Perhaps the point at which the fundamentals and technicals will mesh. I am not going to bet against this trend, but also not going to be investing more than I’m willing to lose :yin_yang:. If the technicals are held to be true the upside on even small investments will be massive over the coming years.

Bitcoin is still in a multi year bull run and has yet to be proven that it is not. A hard pill to swallow for many.


#2869

He seems full of himself… Did anyone say WOW? I didn’t, more like “hmm interesting”


#2870

Is anyone calling that a breakout… :joy:

I just move my lines and keep an evergrowing triangle pattern… keep PA in there to give bears that bottom breakout…one day… :wink:


#2871

Ya, depending on that supposed line is ignoring supposed ‘black swan’ events. Thats how traders and investors get their lunch taken in just about every market ever


#2872

What do you mean lee?


#2873

I mean people invest or trade based off self created probablity models. Because something hasnt happened yet, they relegate that factor to low probablity and therefore low risk, and then double down on what they think is highly probable. But then the suppsosed unprobable happens and someone ends up coughing up whatever profits they made and then some

Nasir taleb, a statistician would call this mental slip up fooled by randomness. Just because it hasn’t happened yet, people think its highly unlikely


#2874

Very good point!
Just because something has happened it doesn’t mean it never will, i guess it comes back to risk management. Maybe taking a position and then leaving some fiat or whatever on the side, to then have the power to take advantage of whatever outcome materialises. Instead of going so far down the rabbit hole you struggling to get back out of the financial state you put yourself in, i’m really starting to think alot clearer about all of this now.

This is a long term play, we all know that. So why risk getting rekt when you can take a more conservative approach adding respectable gains to your portfolio, whilst limiting the downside. Then when the next bull run eventually happens, you can be in a stronger position potentially to take advantage of that.

How do you see BTC playing out lee over the next week or so?


#2875

I think your guess is as good as mine. More boring sideways while we wait for a big move :smile:


#2876

Definitely legitimate points that are the angel on my shoulder. If we ever see a big exchange getting seized or going under (Binance or bitmex) a lot of the technicals would be thrown aside for a down move. Negative fundamentals seem to have more influence on the market than positive ones. But as @Leo_Beal stated its all about risk tolerance. I personally am not playing with a lot of money. I’ve invested just under $4200 of my own capital since entering crypto August 2017. I can live with losing it all. I don’t plan on investing a whole lot more into this space because my risk tolerance is pretty low with crypto. Some people are confident that crypto IS the future, but to me it’s simply an experiment.


#2877

Mack…I had you down as 6 figures at least buddy… :wink:

well its all fizzle and no pop…
Bitmex volume is fucking piss poor Mr Hayes has managed to pluck his goose early…like every other greedy fucking trading world wanker…sorry banker…
I think a lot of you are spending toooo much time wondering about shit and not actually reading price action…
A minute not spent on your trading system…Is a wasted minute…markets are in front of the curve…ie mine and yours thought process… trade whats in front of you …with a bit of fundamental.
NOBODY…has any fucking idea where the future is…
:surfing_man:
:beers:
:bitrocket:

I mean…the King just broke out my re extended triangle pattern already…this is getting ridiculous. :joy:


#2878

So how you trading this scraggy? I’ve been getting in and out for the past hour, just making some money on the smaller trades. Think i’m going to just sit on my hands for now, as i’m not going to fomo in just yet!

:joy: