I'm happy we're going up of course.


But I'm happiest when I get to watch those shorters cover.


lets get this thing up antoher 15$ and we might see some people close out.

Lesson of the day for the guy who loaded that 5-6k btc short on finex.



Dont step in front of a chinese bus. You just dont know if it's going to stop

until the ETF kicks off, china runs the bitcoin price.

looks like someoen on finex is covering some shorts

1) we spent the entire weekend wondering how long the $30+ spreads could continue

--> we got our answer: We had to wait until Monday for USD to clear on the US side and massive amounts of technical buying ensued

2) we still wait to see if there is a short squeeze

--> obviously there is a ton of covering going on, but until people see shorts shaved down by 30-50% I dont believe the top will be in

3) Chinese buyers/traders will be ecstatic when they wake up this morning

--> US closed the spread, and they will use it as a signal that more technical buying can ensue. More fomo & bulls will march forward because of the fact that we closed the spread for them.


my conclusion: the top isnt in until the shorts clear out.

i think china breaks $400 tonight.


Once the shorts clear out, anything can happen.


USA closing the spread from 30-18$ is a huge technical buy for the chinese tonight.

spread is now 15$


careful, bulls!


If I owned that 6k short on finex, I would cover slowly if I was still trading with or against the price. If I wanted the bubble to pop, I would cover 50-70% of my position hoping to create a top.

pay no attention to it


China leads the market

I'd be surprised tomorrow if there is a serious pullback.


Because there's still going to be a lot of USD being confirmed and now ready to trade on the exchanges. And as long as China continues to trade at a 2-4% premium, there will be technical buying (be it arbitrage or value) by people.


Longer term (e.g. days to 2weeks) ahead, there will be a period of contraction or cool down. Our rise is parabolic and unsustainable. The real question is have we established a new higher low, and perhaps more importantly, will people who are underwater on their bitcoin investment be motivated to sell during a contraction out of fear that we will trend back to 220$ or $280? Or will sentiment be strong enough that they hold while the bots and manipulators attempt to rig price discovery?

not surprised that the top came in once that 7k in shorts covered on finex.


I think its pure gambling for people to be taking big positions right now. Too close to the auction, and anything can happen just like last time.


What if we see the coins moved to a finex hot wallet like the last auction?
What if a big investor publicly announces that htey purchased the coins?


Unless you are trading the trend for 2-5% gains here, you're just plain stupid and playing with fire.


edit: As long as the premium exists in China, i think its fine to trade the trend. If it evaporates, load up the shorts.

Also


People have been discussing/wondering why the price has seen such a dramatic climb the last week or so.


I dont believe it has anythign to do with a MMM scam that has 12k likes on facebook. The biggest clue is that China is leading, and they are trading at a premium. If you were an institutional investor where would you trade? If you were looking to plow 20million$ into bitcoins, why would you go to China unless you feel like yoru business contacts are 10000% rock solid? Again, China has been leading this run, and even if you're looking to plow through $10m into bitcoin, why would you buy at a premium once you start the bull run and cause gigantic spread?


No, you'd come back to the US and buy on gemini, coinbase, and finex. Or you wouldve went to bitpay and and purchased them offline. Or went to Barry Silbert.


Now, there can be family run investment vehicles retail buying. I think that's very possible, but none of those family run businesses would go to china. They would stay at coinbase/bitpay/finex/gemini.


So I kind of really really discredit the idea that this run has been caused by institutional investors coming into the marketplace. Not saying that they havent since, but most certainly that they did not start the pump.

So you'd be willing to pay 4-8% premium on every bitcoin just to mask the fact that you're an american buying on a chinese site?


lmao.

Orderbooks everywhere look so thin.


Can anyone who traded in 2013 talk to us about how they looked during the run-up?


I'm sure there are hidden sell and buy orders, but is the velocity of volume comparable to 2013?

a day like nov 20th 2013 when it was up +20%

so a lot of people were just market buying constantly




edit: okcoin just touched 2890

i dont even plan on selling until 3k....

very scary.


a near 100% retrace in about 15minutes

massive liquidations on okcoin futures.

massive.


no one is going to make money off this, not even the shorts that were open


a ton of liquidiations occured at teh 330/324$ price range it looks like.

this could get worse if a lot of these liquidations are not filled.

these futures over 3x are just never liquid enough.


this is horrible.

I dont mean to be incredulous, but the truth is that at the 355-380 level the past 2 days, we saw massive market sell dumps of over 2000 btc on finex and stamp.

And each time that happened, there was a retrace of 80-90% until today.


So i'm selling that this was a gigantic work by 1-2-3-4 whales, just doenst make sense.


People went massively long on futures on the way up, and even around 400.

Those people who gambled on 20x leverage got liquidated today once the price plunged below $324.

Brace for a shit ton more volatility heading into friday (okcoin settlements & clawbacks).


There is a lot of incentive for certain people to pump up the price to reduce the clawback % (and I'm specifically meaning not the traders). on friday we'll know the full extent of this 3000btc utterly rekt liquidation on okcoin.

We shouldve known that it was coming once those 80k &40k contract holders reduced or completely closed their position a few days before yesterday that the party was over and the downside was enormous heading into quarterlies. A lot of people got liquidated from $400-->$360.

ominous

massive massive margin calls on futures @ okcoin

Seriously, after the last 2 months, it seems like every +3% move upwards that breaks a certain technical level is seriously tested within 1 hr. Whoever is driving the price action loves to shake out people along the way. They like to see how good the support is after we make new highs. And a lot of the price action has totally been driven by China time. I mean, who the fuck is around in America trading at 2AM on Saturday to react to the dumps? Seriously?


China controls this entire market, and I'm a little worried because whoever is doing these shakeouts/dumps by now really knows how well the institutional trading bots on finex/okcoin/btcc behave.

Something has to happen for us to soar past previous ATH


Sure, the industry has matured, there are stronger products, better sentiment, but if people think we're just going to randomly 10x ourselves within a year, just because, they are stupid and wrong. That's not say i dont believe that we can reach or surpass previous ATH, I think in the immediate future it is possible, but 10x? lol.


There has to be a catalyst for a 10x pump within a reasonable timeframe.


there 1000% wont be a 10x pump based on technicals and charts. I'd bet everything on that.

it was a concentrated and coordinated dump in China.

margin call time.

460 range a lot of ppl will get seriously rekt

FOr those who bought on quarterlies the past week before yest are at risk of getting margin called at $458-462 range.

trade has been halted for about 10m


no news yet....


pray china doesnt do anything in the meantime.

hopefully nothing

https://twitter.com/bitfinex/status/745001290632171520