BTC price dump made you sad? Check this guys who are in suicidal mode now!
As we all know today Bitcoin dumped from 1130 to 900 USD.
A lot of people who didnt have stop losses set lost some money.. But there were some enormous looses in the last days.
10 Million USD lost on shorting right before dump 01.05.2017
The top1 contract holder on OKCoin just got liquidated on a $10 million short position against bitcoin.
What is worst, few hours later we had this big dump - the guy (or probably a hedge fund) have set the short too early.
OKCoin BTCUSD Quarterly futures has liquidated a short position of 678 contracts ($67,800) at 1,041.13. Margin lost: $3,390@20x; $6,780@10x)
67k lost right now 01.06.2017
Obviously after todays shortage people dediced they should short more. This guy just lost almost 68k trying to stop next bitcoin raise. It shows how fast the trends can change.
Okay but life goes on..
Tips on current trading?
Current OKCoin BTCUSD long and short margin usage 5m |35.43%|31.33% 15m|37.39%|30.51% 1h |32.83%|33.43%
Means more people want to go long right now so we can expect a pump. Already price crossed 1k USD again.
I myself entered long position and its in profits now but you need to decide yourself what you do and on what timing.
OKC is the best spot for big moves but if you want to play it cool go for Bitmex or SimpleFX and use smaller leverages like x2 or x5.
OKC allows only x10 and x20 - this is a suicide if you dont know what you are doing.
I am not worried at all. I have been holding since I mined my coins. I held through the first time we went to $1300 and I held this time too. What is interesting though, is that I bought 1000 Dash back when bitcoin was in the 800 range and my Dash has nearly doubled.
Bitcoin will go back up. I am not worried about that.
nice one! sadly i have missed the DASH train.. but of course you cant enter all the trains - theres too many of them ;)
I actually purchased the Dashcoin in order to set up a node (monthly income). I have no plans to sell it.
In my book, the only bad investment would be paper currency. It always goes to zero - in every case - without exception!
Nobody loses anything until they sell right? Bitcoin always recover or even better!
Bitcoin 's rise made me depressed as I ahven'r succeeded in buying enough.
This bull run had to end... it was just a matter of (short term) time. That BTC's new floor seems to be around $900 is frickin' awesome. Hodl your damned coins people!
Interesting suggestions and observations.
Yesterday I was just checking out some historical Support and Resistance Zones, Moving Average Indicators, and Fibonacci Zones. At the time I made the post, BTC was just doing it's sky rocket delight. But it clearly showed signs of being overbought. I listed some zones to maybe keep in mind if considering buying. I'd be interested in what you thought since you seem to understand the crypto market better than I do. But in general, no reason to panic, it's a good thing to see BTC pullback to some normal Fib zones because it will bounce back up. Among other positives: it can invite more investors and help the other cryptos find a steady price. We'll see.
But for anyone interested in the Fibonacci zones to keep in mind, I marked some out on this post here: https://goo.gl/EBWHBI.
Fib Zone to keep an eye on: $801-$722. When price goes here, might be a good time to buy...
Cheers & Thank Yous @kingscrown!