Bitcoin Bubble Burst !!!
Yeah its the best news and this is great for us all unless you get your investing advice from YouTube people who have never invested in their life before. Most people on youtube think think they are now investors because they have purchased a few crypto coins and earned some good profits.
The problem is that they have no idea about trading fundamentals. Most dont even use indicators such as RSI (Relative Strength Index), MA's (Moving Averages) or Bollinger Bands that's the minimum I use for a clutter free screen. Anyway I do like to watch a few of these guys videos for entertainment but I do think it's shocking that they tell people to just keep buying, holding etc and that their is no bubble.
I thought their was a bubble long ago but you gotta do what traders do and ride the TREND whatever way its trending, even in a bubble. The key is to get out at the correct times ie, when your indicators are hitting the correct zones. I don't even comment on these crazy videos because I used to get told I'm crazy especially in that youtube live channel something along the lines Bitcoin Trader, the guy that shows his practice account and asks for donations lol.
Anyway the reason I thought it was a bubble is because their is actually no real value, Bitcoins are not a currency, who uses them to trade for goods or services, the fees are too high, not a stable price : who wants to buy something today when bitcoins could go up an hour later and who wants to sell an actual product or service when bitcoins can crash a few mins later. It makes no sense. To add to that BIG TIME BANKERS have been invited into the game. You gotta play with them, not against them. They will always win. Then all the MAIN STREAM MEDIA giving them all the hype to get all the suckers in. I hope anyone reading this hasn't lost any money. The idea is buy whatever low and sell it high. Its simple economics.
Just because bitcoins bubble has burst though it doesn't mean they wont go back up. We just need to wait on the suckers selling their over priced coins to the bankers then when the bankers own them the price will rise again. Its all a fixed game.
I don't just trade cryptos, I just love them for the crazy vaullitility. I also trade real STOCKS, FX, BONDS, INDICES.
I also use a trading account for CFD that way I can BUY, SHORT SELL and GET OUT anytime I want.
REMEMBER BUY LOW, BUY LOW wait till we bottom out then stock up.
HAPPY TRADING PEOPLE
Don't forget to sell at the top.
I'm an Intra Trader I sell and buy the waves over and over...
Good advice though...
I just closed my SHORT SELL positions from last night and now reopened some SHORT SELLS with STOPS. While playing poker on pokerstars lol
Are you shorting BTC against USD?
Are you shorting Alts agains BTC or USD?
Im shorting Bitcoin Cash and RIPPLE against USD
but they could be about to regain, my STOPS will get me out if they do
Good strategy. I have a hard time shorting any cryptocurrency for some reason - usually only do long sales. I have had problems with the strategy of setting high/low bids because it seems like the coins end up going way past my sell orders or way below my buy orders.
I’m with @money-dreamer. I have an ethical dilemma against shorting due to the nature of selling someone something and placing a bet that it will soon decrease in value.
It's not an ethical dilemma for me. It's the same as going long - buying something and placing a bet that it will soon increase in value. How is shorting worse than going long? It just feels unnatural to me.
Another way to look at it, if you are shorting Bitcoin against USD, then your are going long on USD against Bitcoin and vice versa so it is essentially the same ethical barrier to break either way.
@money-dreamer the difference between going long and short selling (in any type of investing) is that in a long position the seller receives the current present value of an investment and no longer has a vested interest in the transaction. Shorting an investment is similar to selling a lemon of a car, where the seller not only maintains a vested interest in the transaction, but naturally believes that the buyer is overpaying for the investment to the point where, by definition, the seller is wagering that the buyer has purchased an investment of diminishing value.
Putting a face to every transaction, going long is a vote of confidence in something/someone’s future via influx of capital. Shorting is a bet against someone’s success.
Which exchange do you use to be able to short crypto?
Poloniex works. Other ones include Bitfinex (depending on location). Or, Bitshares offers a decentralized exchange that allows for margin trading.
Edit: well, short one crypto versus another.
sorry for late reply, I use a few sites.
You might be able to use them depending on your location
markets.com trade.com plus500.com
They are actually for REAL MARKET TRADING but also have CRYPTO SECTION
you cant trade all cryptos but you do have enough choice to make cash from them
Speaking of BURST, our overnite recommendation weathered the great Xmas Eve Crypto Hurricane, it's actually UP 18% today...
https://steemit.com/cryptocurrency/@harpooninvestor/altcoin-poopcoin-overnite-stratis-and-burst
ok looks like were still dropping to me, its part of the unwind. It goes down the same way it goes up. Do you have any Moving averages on your chart and every markets bubble bursts just like the stock market is due to do very soon, its all part of the money cycle. But after each crash they regain higher than the previous highs. Its not a bad thing you just need to stock up on your coins when it has totally bottomed out then ride it to the next pop. I just go with the trend and inta trade whatever I'm trading.