Bitcoin: the bear market is over get used to it
Crypto investors that had the guts to hold through the turbulent times now can relax, the worse is behind them.
Congratulations on surviving this intense bear market, we tried to make you sell but you never let go.
As Bitcoin was making its bull break crypto bulls on reddit /biz tradingview and twitter were exhilarated.
The crowd cheered "This is it!" "The correction is over" "Bears must be crying now" "I would be so nervous if I was a bear".
Can't blame them, it is natural to be overly joyful when you feel relieved after a long period of pain/stress.
Bears got decimated, Bitcoin went above resistance in an impressive 3%/125$ move. Wow! What a victory for the bulls. But it does not stop here.
It not only broke resistance, it convincingly went above with high from exchanges that are definetly not wash trading or manipulating the markets, such as FCOIN that had a of 5 billion dollars that day the price went up.
If we look at exchanges that we were used to, their volumes are all dried up but this is because they have not yet adapted and are getting replaced by revolutionary decentralized trans-fee exchanges such as Coinbene FCoin and many others.
Take the example of Coinbase:
Yes we can see Coinbase volumes drying up clearly, the revolution of decentralized exchanges is happening!
Let's look at Bitstamp:
Dirty centralized easy to trace people that answer to government agencies that have the goal to protect the people and stop criminals.
This bull break reminds me of something... let me think...
(The numbers on cmc are 6%/6%)
Nah this is different, this time it's different.
If it is like last time... we also went to the log one, it's at ~4800 now.
Anything can happen with decentralized exchanges stopping evil regulators from preventing Bitcoin to go up.
Let's take a look at 2014.
Now look at 2019 again
If we go to that line now, that would be super lame. I would want to short but if we go there fast I'd have to use my regular broker for that due to these wonderful highly intelligent rules from the ESMA that prevented me from keeping money on my second Bitmex account (I need as much capital as I have with my brokers).
What a good job they did, that really reduces my risk.
Max leverage of 2 means you have to use alot of capital that you cannot use for something else too.
That line actually got tested 6 times and the price rejected it every time, so it's super relevant/strong.
What could happen is this, which means bears on Bitmex would lose all of their money throught funding even thought being right, so once again, thanks ESMA. They give me so much cancer.
Does Kraken have guarenteed stops? I would use them if I was sure my risk is not infinite.
Looking at monthly charts:
That's it I had it with these lines. Ok that's enough lines for today it's giving me a headache.
One last word to end this:
Anyway if price goes up we can always retry later...
It's probably going to spike, liquidate every one, and then dump instantly so no one has time to react haha big scam I love it.
It's always like this with Bitcoin...
I can't wait for it to die and move to the newt ponzi.
I know what is going on I knew this would happen but once again I can't do anything about it.
I have only 1 person to blame and it is myself. Oh wait no it's not.
It's all the ESMA fault. How happy I would be if I learned these guys got cancer or got run over.
This would be so easy if I was permitted to do whatever I want with my own money.
The pump before the dump. Was probably not an April's fool...
So awesome to be protected! My pnl went from 5% a week to snail mode I kept making losses and missing out as a direct consequence of my "protection".
The faster I try going because I am in denial about getting shot in the legs, the slower it goes.
Us poor people better know our place how dare we try to get our share of the pie?
If we close above it can be used as support (as you can see in 2014 a similar situtaion happened and the price bounced twice on it).
The only problem in crypto now is these shady exchanges Coinbene FCoin etc...
Makes it riskier. At least on Bitmex we can not lose more than what's on the site.
They still have problems thought, such as if you have your Bitcoin shorted *0 to not have any exposure you can't just place an order, you have to exit the position first.
There might be some opportunities with the return of volatility now that we broke out of consolidation. If the volatility drops again... Oh well plenty of opportunities with Indices FX Gold Oil or whatever you're into (don't be married to just 1 market).
Oh, by the way:
I heard plenty of stories of bears that made exponentional returns then lost it all.
So even if they wanted to keep going Arthur liquidation bot capitulated for them.
Sigh, so now the bulls are euphoric and celebrating. This will end well.
I keep a cool head and have been wanting to short since the bottom.
Always 2 steps ahead. Simple minds laugh at me for that.
Then even laughed at me for saying "watch out Tether can go crazy and push the price to litteraly anything, they control the market they could push Bitcoin price to 50 million".
I wonder if the person that mocked me for saying that got bitmex'ed when people kept shorting BTC past 6k because "it can't go much higher" (:
I hope he did, because it is what karma demands.
This bull market could end at any time. Most people "in for the long run" are unaware of this, because they cannot look at anything else than a 5 minutes chart.
Bitcoin retraced about halway to the top. If it approaches 9k I will not wait for a double top or momentum slowdown anymore, I will go short almost regardless, with a tight stop (can always re-enter later).
Tell me, what did Bitcoin price action look like in the last 2 months? Like a sustainable trending price action? Or like a massive sharp correction rally that wiped out the bears and will fall at any time and decimate the complacent bulls?
Thanks for playing.
- Mark Karpelès, master troll.
If a Twitter poll found that most retail traders planned to take profit by 10K, why wouldn't whales pull out before then?
I am looking for something like this to happen. Will short if it does Maybe I should buy a pullback before it goes higher.
Yes it would never go to full target if every one expects it.
Like the price stopped at 19800, 11200, 9200, 11780, 9900, 3150, etc... Maybe 8800 same story, or 9800. 10K never again.