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RE: important BTC update 21.09.17 - why you should hope for a fast freefall
Hello,
You got me as a follower from the link you left at haejin's last post. I have no crypto at this time since I've been waiting for a drop.
Do you think it's coming or will BTC shoot up?
I would say 75% chance for an above average drop, 25% for a complex correction which will break the resistance line in the end. The next 3 days will be very interesting
where have you cast your buy ladders ?
I don't have a ladder yet, because i don't want to have 20- 30 small buys. I am waiting it out, counting it, waiting for volume spikes and completion patterns. I will make an update on every new development I see ...
sounds sensible. I will look forward to the updates thanks
Thank you for your response.
Do you know of a method of making money either way?
there is no sure thing. My method is selling the crash, then buying low to hodl. But without elliott waves there is no other good way to determine when it is time to buy.
100% agree with that final statement. Also can't believe you got resteemed by @haejin! Freaking SWEET! Thanks for taking your time and sharing your EW analysis
I guess we are on the same train at this time.
I need a lot of patience you need to continue analysing the waves.
Thanks for the updates.
So you do convert to dollars and not some alternate crypto then? Converting bitcoin to say ETH is still a losing proposition I would imagine. Converting to cashola is "s'posed to be" a taxable event ...no?
Not sure if I understand you correctly here. I don't need to convert anything because I am holding my altcoins till the very end and I don't own any BTC anymore, because I converted the rest I had into steem.
To me the only "effective" way to "trade" BTC would be to convert to dollars at highs and convert dollars to BTC at tradable lows. Since ALL other cryptos (cept the flavor of the week that jumps 50%+ in 1 week like Litecoin did recently) follow the path of BTC you just end up losing your gain in the price of STEEM. If you sold the recent BTC high at $4500+ and converted to STEEM you paid close to 1.50...now STEEM is at sub $1. BTC down much less. I'd rather pay the small tax on the big gain by converting to dollars. What am I missing?
This basically what I always try to do, not just with cryptos. Buy low sell high. But for me is much easier to just trade my OTC where I can get into and out of a position in a split second if I want to. Assuring a much better price compared to buying the real thing which takes some time.
This is the difference investing to hodl and trading for quick bucks
So now you have me confused again. When you say you are trading "OTC" I am ass-ooming you are trading an OTC stock with an actual ticker symbol. What is the ticker?
If volumes start picking up in bitcoin then U.S. exchange traded bitcoin tracker that trades under the symbol GBTC will likely get S.E.C. approval for options trading. I once tried to see if the shares could be shorted and no shares were available to short. I doubt they ever will be being that bitcoin price can easily make $500+ price swings in an given 3 trading day period. But, keep watching GBTC. I actually post updates on it technically...including my first update in awhile today.
https://steemit.com/bitcoin/@joejustjoe/7-18-17-bitcoin-tracker-gbtc-new-short-entry-here-in-my-mythical-usd1000-trading-account
I thought it was brilliant that our local elliott wave guru siad it would be better to panic if you wanted what was best for your long term bitcoin holdings...as I said it myself in that GBTC update. ew-and-patterns gets my endorsement even before today however. he's been pretty spot on with bitcoin. I wish he would just stay put with his BTC prowess and stop playing with other crypto shit actually. :-)
As an investor I hate volatility of 2000+$ in a short time. As a trader of OTC BTC I love it!
What OTC bitcoin tracker should I look at to play BTC? For the record I wouldn't personally enter a position one way or the other based on today's GBTC close...but what are alternatives to GBTC? Tanks.
I personally like the bitstamp charts the most. Can't even explain why, but this is what I look at all the time
ETF is going to open the way to manipulate crypto prices just like they do on any commodity like silver gold. Bad for cryptos.
Bitcoin price is already manipulated by large volume buyers and sellers. It used to be that you could pretty much easily daytrade BTC on volume spikes at lows and highs. Not so much lately since the hedge funds took over. A compooter can dumpf on you ass at any given time. It all depends on the idiots determining the sell trigger.
I'm talking about a much deeper manipulation.
No such thing. Deeper manipulations are either signals by "the" market that price was waaaay off to the upside...or the downside. Once a bear marekt in BTC begins there won't be any coming back to highs until multi-year lows are made. Not sure that the $5K high will be taken out but BTC HODLers can at least rest assured that it "should be"...at somethime in the future. The future can start at BTC $1000 tho.