This are stressfull times for bitcoin. It was approaching usd-ATH and has already crossed old CNY ATH's when the PBOC decided to talk about bitcoin even though they had been quiet for 4 long years. The whole bear market. And the very same moment months of bull market were going to destroy all records, they decided to talk.
Though we have to say they haven't said anything specially bad. They just asked bitcoin exchanges to apply KYC/AWL regulations, to forbid and prevent wash trading & fake volumes, and to warn users of volatility/risk of crypto-assets and never promote it as a tool to avoid CNY devaluation.
So, so far, there's anything we should fear. No china ban to bitcoin. Not now, and probably not never.
Fundamentals haven't changed. Bitcoin is approaching a scalability solution, either through SegWit or trhough SegWit + block size increase. Megaupload2 and bitcache will be released this year, Lightning Network and payment channels will be a reality pretty soon, and one way or an other bitcoin will go through its setbacks.
It has proven to be a real medium to store value, as chinese have proven it empirically: they considered it stronger than their national currency and decided to buy into it.
Technichally we just bounced in a strong trendline that has been tested several times (this was the 9th), and daily candles show a shift in supply/demand indication dump si over.
Also the market crashed over 35% in just 3 days, almost 500 usd from top to bottom in okcoin quarterlies. A massive dump even bigger than the "pre-halving-hype" is over dump.
The market is screaming for a correction. A well due correction. Probably over 200 usd correction from 820 bottom.
I'm already in in this trade (you can check my entry points and scalping trades during this major dump in the related idea "potential buying targets").
Bought in at 1035 (10%), 960 (20%), 850 (30%) and 825 (40%).
Combined base price: 880 **Already scalped this trade few times, so real base price is even lower.
Margin used: X4
Targets: around 1000, though will be adjusted to situation. Paying attention to PBOC news and chinese exchangers.
Though we have to say they haven't said anything specially bad. They just asked bitcoin exchanges to apply KYC/AWL regulations, to forbid and prevent wash trading & fake volumes, and to warn users of volatility/risk of crypto-assets and never promote it as a tool to avoid CNY devaluation.
So, so far, there's anything we should fear. No china ban to bitcoin. Not now, and probably not never.
Fundamentals haven't changed. Bitcoin is approaching a scalability solution, either through SegWit or trhough SegWit + block size increase. Megaupload2 and bitcache will be released this year, Lightning Network and payment channels will be a reality pretty soon, and one way or an other bitcoin will go through its setbacks.
It has proven to be a real medium to store value, as chinese have proven it empirically: they considered it stronger than their national currency and decided to buy into it.
Technichally we just bounced in a strong trendline that has been tested several times (this was the 9th), and daily candles show a shift in supply/demand indication dump si over.
Also the market crashed over 35% in just 3 days, almost 500 usd from top to bottom in okcoin quarterlies. A massive dump even bigger than the "pre-halving-hype" is over dump.
The market is screaming for a correction. A well due correction. Probably over 200 usd correction from 820 bottom.
I'm already in in this trade (you can check my entry points and scalping trades during this major dump in the related idea "potential buying targets").
Bought in at 1035 (10%), 960 (20%), 850 (30%) and 825 (40%).
Combined base price: 880 **Already scalped this trade few times, so real base price is even lower.
Margin used: X4
Targets: around 1000, though will be adjusted to situation. Paying attention to PBOC news and chinese exchangers.
Comment:
Weaker dumps and strong and/or stronger buy-ups also suggest a shift in supply demand, and a probably correction.
Comment:
Comment:
Same pattern exported to okcoin quarterlies
Comment:
H&S proposed totally failed.
Currently just retested the trend-line.
I see this kida bearish, so currently reducing leverage pretty strongly.
Stop-loss under trend-line. We could go lower.
Currently just retested the trend-line.
I see this kida bearish, so currently reducing leverage pretty strongly.
Stop-loss under trend-line. We could go lower.
Comment:
We have to wait for the buy-up, to see if there is any and if it is strong.
I'll be ready for re-longing if there is bull strenght.
I'll be ready for re-longing if there is bull strenght.
Comment:
Luckily i deleveraged.
Now this sharp drop. We made a new low and crossed trend-line.
Watching carefully and ready to act.
Now this sharp drop. We made a new low and crossed trend-line.
Watching carefully and ready to act.
Trade closed: stop reached:
New entry point for leverage:
560-720
Setting buying orders on both bitfinex and quarterlies. Low low leverage and dollar cost average our new entry point.
560-720
Setting buying orders on both bitfinex and quarterlies. Low low leverage and dollar cost average our new entry point.
Comment:
Got filled several buy orders.
Ready to increase leverage.
Will post a new idea once my position is ready or sooner if i find time.
Ready to increase leverage.
Will post a new idea once my position is ready or sooner if i find time.
