Fontas

Bitcoin to continue bubble: Topping pattern impossible

Long
OKCOIN:BTCCNY   None
In past mid-term tops, OKcoin quarterlies futures premium was upwards of 5-7%, signalling bullish euphoria and overbought markets.

Currently, the premium stands at 1%, the approximate level at the 200 base and recent 300 bottom in November.

As such I believe the bearish doubt of the veracity of this ongoing bubble will carry us higher, at least until euphoria hits and we once again parabola, 5% premium and crash. Till then I am a confident bull.
Trade closed: target reached: Trade closed. Futures premium at 7% already, signalling euphoria. Disappointed it occured so early. Current price 2863CNY. Good profit.

Comments

Is there a reason you use Chinese charts with CNY volume? I thought it was well known that CNY volume was fake. I'm not necessarily saying the market isn't currently bullish, but you should show it on USD charts.
Reply
bldoge TERRA
Even if the CNY volumn includes robots, the real CNY volumn is way more than that of USD (10x at least). Have you ever traded in CNY? Buying or selling 100 BTC all at once won't move the price at all. No USD exchange can do that.
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bldoge bldoge
For this reason it's better to stick to the markets with highest volumns.
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Okcoin is also a really shady exchange...
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bldoge IvanLabrie
Much better than COINBASE which close my account without any notice after I have a vacation in Cuba.... I still have BTC there and they don't seem to have a plan to return my BTC...
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Coinbase is terrible, agreed...Kraken is the most decent one I've found, for serious trading at least.
The order types (can't set a stop loss as part of the entry, before first being IN the trade...this is beyond retarded) and the shady market makers at okcoin make it 'not ideal'.
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imo, 1/4ly futs premium decreasing has to do with expiration being very near, it's best to re-eval this when new 1/4ly contracts are available this week at settlement as the current 1/4ly contracts will become biweekly. Opening a 1/4ly position now is effectively almost the same as a biweekly.
Reply
IAmSatoshi IAmSatoshi
a fleshed out version of both of our ideas
Reply
Fontas IAmSatoshi
Yes. But primary purpose is to demonstrate the significance of bearish sentiment whilst price increases.
Reply
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