OK, call me paranoid, but anybody that has followed me for more than a minute knows I call the patterns early. I call the breaks early. I called the bottom early. I tend to panic early. Now, that being said, WTF is going on with the Bitcoin shorts the past few days or more? The Bitcoin price keeps plowing North but the short positions continue to climb. What? Nobody is going to cover? How much pain can these people take?
Or..... is there something more nefarious going on? We know, or at least I know, that the demand for BTC is HUGE worldwide. Do the exchanges have enough BTC to fill all of the orders or are they selling short to fill the buy orders hoping to cover later? I don't know. All I know is that if I was short a thousand dollars ago I would have covered so fast we would not even be talking about it.
I really am puzzled at to why the Bitcoin price continues to scream NORTH and yet there is no indication that anybody on the short side wants to cover. Are you that cock sure of your position that you will continue to take an ungodly amount of pain? I don't think so. I've been there and done that. Cut your loss and run is the order of the day.
But that does not appear to be what is happening. Bitcoin goes up, the open short positions go up. Bitcoin goes up, the open short positions go up. Rinse and repeat. This has been going on for quite some time.
My answer? I have removed ALL but about 10% of my long BTC position from the Exchange. If the shit is going to his the fan, I'll be dam if I'm going to stand in front of it.
I am STILL long, will remain long, and ALL but 10% of my Satoshi are safely tucked away under MY control.
If anybody has a good explanation of this situation I would love to hear it.
BBS Out!
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Here is a 1 hour view of the shorts. No significant attempt to cover. That's fine if this is their true belief, but from what I have read around here everybody is supposed to be some sort of disciplined professional trader that manages risk and all that bullshit. What it looks like is a bunch of undisciplined hacks that don't know what the Fck they are doing. That, or something else is going on.
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More bullshit.
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Followed by more bullshit on the short side.
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Uh Huh, and they still won't cover.
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And what do the short positions do?????? This fucking shit.
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I'm getting the fuck out of here. Later.....
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Apparently I have exceeded my 10K withdraw limit for the day/week whatever. I'll have to wait to get the last few thousand out.
At the last bullrun in Oct 2017 we had quite a similar correction like this time. Then they same happened like now, the last time the bulls push BTC from 7k to 20k within the next 4 weeks. So good luck for all the shorters, especially for them without SL.
My last short was at 8410, I get stopped out at 8540 (btw: 90 minutes later..). At this time I was pissed that it hit me but now I'm really happy that it happened.
Will never short again - learned my lesson.
And especially in a bull market it makes totally no sense.
BitcoinBearSlayer
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@schaffi2, Maybe that is it. I was buying off eBay under $200 and just sat on it. I tried to join Mt. Gox but they went belly up before my paper work went through. So I sat back and watched. After the peak I sold off some BTC and sat on the rest. Then I finally joined Coinbase so I could more easily buy BTC.
I never experienced this crazy shit. Had I been on the exchange back then I probably would have been saying the same thing. WTF is this????? lol
I love making money, but even to me this is crazy stupid.
schaffi2
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@BitcoinBearSlayer, and btw: today I finished my daytrader career forever. Why? - Because I'm a worse daytrader, mostly happy if I can compensate my losses with my wins, watching hours for hours to the monitor, having sleepless nights a.s.o. Now I put everything from the exchange to my ledger and from now on I will only HODL. One time a day or a week watching the value of the portfolio. If it increase = o.k. if it decrease = also o.k. Longterm it will increase. From now on I enjoy my life again because the last weeks have been very stressful and it would have been the better decision not to sell at 8.6 and hope for better prices.
BitcoinBearSlayer
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@schaffi2, Good for you. I remember those days back in 2008-2009 trading S&P futures. A lot of sleepless nights, a lot of stop running, etc. etc. etc. I finally had to walk away to keep my health. There is no competing against their computers. It's worse than a casino. I believe in Bitcoin long term and have done well to get my total costs well below where we are now. They could cut the price in half and they still couldn't touch me. I sleep much better now and won't worry anymore about the short term ups and downs. I suspect that as the price continues to climb a lot of early adopters will be in the same position and I say good for them. Peace of mind is one of the greatest rewards for taking the risk and getting in early.
michro11
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Spidey senses engaged... focused: I need to zoom out and share a bigger picture before I can dial it in. Our current day is an desperately ominous condition, both economically and politically. One that every central bank on the planet was aware of several years ago when they started seriously stacking gold and countries started to repatriate their physical gold from New York and London.. We are faced with a scenario where the FED will have no choice but to roll back rates to zero with maybe 3 drops before end of year and a deflationary period where were likely to see silver at 50, gold at 2500, oil at 30, NatGas buck1.46ish, within the next 18 months. Deutsche Bank is on the cusp of insolvency and will likely cause the tipping of the global economy.. maybe Italy, maybe Tesla bonds. America is faced with a 30 year spell of hyperinflation that will make the great depression look like sandbox play. To hell with charting 'price action' . There are WAY more variables at play; the very least is the end of this credit cycle. It seems so strange that SO many important variables are crossing at the same time.. I've never seen such a confluence and turbulence of energy. All things happening at the same time. Markets on the cusp of collapse. NO room anywhere in the world to slow the world of debt from running the show, let alone a full credit stop. Fractional reserve banking ... they are allowed to hold only one ounce of gold, but sell sell 400 ounces of paper gold (something like that). What happens when 400 people come looking for there ounce of gold with their paper promise ?
So ..... you get it. The top money gets it. There are two escapes when they shamefully liquidate the paper gold to the global masses and retain the physical product... (what fuckery) . I feel like there is something much bigger going on here ... Bittrex and Binance catering to America. There's an argument to be made for any indebted government to shamefully dump their national debt into crypto for the world to gobble up, before they dump it at the top and leave the citizens of the world to fight over whos going to pay the most for shit. I dunno... maybe bitcoin is at that same confluence where the currents and flows are all scattered in the turbulence of the confluence of bonds, metals, equities, crypto, global reserve currency, etc etc etc ....
BitcoinBearSlayer
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@michro11, Finally, someone who knows what's going on. Is there a support group for us? Or do we all have to grind it out alone? In this world of easy credit and non-stop selfies there is no wonder that only a small percentage of us even have the slightest clue as to what is going on. Every time I think "OK, maybe that have a grip on this" they prove me wrong.
We have been pushed over the cliff. This shit is getting REAL and it's getting REAL, REAL fast!!!
michro11
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Maybe Italy's threat to start using 'another currency' ..... Maybe an entity with a whole lot of BTC to burn and 'whos' done' with the bears ... running up behind them and 'using them uP if you will'
BitcoinBearSlayer
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@michro11, lol. I'm done poking the bears for now. I think some of their brains fell out the other side.
michro11
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Maybe Iran buying up BTC with some of what they have left ahead of America doing American stuff ?
My last short was at 8410, I get stopped out at 8540 (btw: 90 minutes later..). At this time I was pissed that it hit me but now I'm really happy that it happened.
Will never short again - learned my lesson.
And especially in a bull market it makes totally no sense.