JimMakos
Long

Bitcoin continues the dive. Will it come right up?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
659 6 3
http://goo.gl/0845Ps Bitcoin dives towards $450. That is a support level I would not go short though!

What about buying Bitcoin for $450 a piece?

1. I'd set a stop loss at either $400 or $350.
2. I'd wait for a confirmation in shorter timeframes (4h or 1h charts) or not!
3. I'd use 4h or 1h charts to trade out. If my trade gained $100 or $200, I would exit at least half of it.

But say we go short at $480. Where would we put the stop loss order?

See, following the trend is nice, yet remember to have a plan before you trade!
TERRRA
2 years ago
Why are you using a mtgox chart? This exchange is DEAD.
Reply
JimMakos TERRRA
2 years ago
Two reasons:

1. Whenever I click for a Bitcoin chart via TradingView's shortcuts, I get the MTGox chart.
2. Comparing the volume of the last 7 days between MTGox and Bitstamp at TradingView, I don't see why that exchange is considered dead, given the volume is almost the same if not bigger.
Reply
TERRRA JimMakos
2 years ago
The exchange is illiquid. Bitcoin withdrawals have been frozen, and previously fiat withdrawals were frozen. The people trading there are stuck there. They are just trading because they have nothing else to do with the funds stuck there and want to try to play a game to increase their imaginary funds incase they can get them. People have left their bots turned on. Bitstamp is a liquid exchange which actually has functioning deposits and withdrawals and is the market leader. Huobi has 0 fees so it's difficult to analyze Huobi's volume.
Reply
cezarone
2 years ago
Always use the stock exchange with the highest trading. Bitstamp or Huobi.
Reply
JimMakos cezarone
2 years ago
Highest trading = volume? Bitstamp doesn't seem more active than MTGox in volume terms. Never heard of Huobi and cannot find it in TradingView's options.
Reply
houbi is chinese: http://bitcoinwisdom.com/markets/huobi/btccny
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