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Cryptocurrency |OT| Nothing from Money

B

Brandson

Member
I have about 16 fewer ETH than I did when trading this morning, having to buy back in at 217 for this news. Was still waiting around for a dip from the morning pump that never really materialized. Oh well. I still have a lot more ETH than I did when ETH was at 400, just not as much as I hoped to have.

In retrospect, the price movement starting yesterday may very well have been insiders buying up in advance of this news release. That could explain the peculiar trading patterns that weren't following any normal progression.
 
W

walking fiend

Member
Brandson said:
I have about 16 fewer ETH than I did when trading this morning, having to buy back in at 217 for this news. Was still waiting around for a dip from the morning pump that never really materialized. Oh well. I still have a lot more ETH than I did when ETH was at 400, just not as much as I hoped to have.

In retrospect, the price movement starting yesterday may very well have been insiders buying up in advance of this news release. That could explain the peculiar trading patterns that weren't following any normal progression.
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I have about the same ether as I have had since this morning: 0 haha

I missed the entry at $135 and since I don't enter the market unless I have a clear entry, I didn't buy anything. The rally lasted way longer than anything I expected. I am wondering if the whole market coming down was also part of a contrived move by insiders so they can stack up on coins once it hits a low, before the announcement... That's probably reaching way far out though :D
 
B

Brandson

Member
walking fiend said:
I have about the same ether as I have had since this morning: 0 haha

I missed the entry at $135 and since I don't enter the market unless I have a clear entry, I didn't buy anything. The rally lasted way longer than anything I expected. I am wondering if the whole market coming down was also part of a contrived move by insiders so they can stack up on coins once it hits a low, before the announcement... That's probably reaching way far out though :D
Click to expand...

Assuming you were holding ETH right now, how would you play this pump, which is obviously irrational, but nevertheless expected?

I'm up 26% total on the day, on paper, for now. I expect some of that to be clawed back if I keep holding.
 
C

CCS

Banned
GDAX seems to going down and up and down again.

Still, managed to make my first trades despite that. Only made $5, but mostly just wanted to get used to it so that's a win :p
 
W

walking fiend

Member
Brandson said:
Assuming you were holding ETH right now, how would you play this pump, which is obviously irrational, but nevertheless expected?

I'm up 18% total on the day, on paper, for now. I expect some of that to be clawed back if I keep holding.
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I'd be holding; the 1st reason I haven't seen an entry point is that there hasn't been an exit point yet haha I watch RSI, Woodies CCI and moving averages altogether and enter when all three sign an entry and exit when two sign an exit. Right now, I don't see any exit sign (except CCI being above 200, which in a strongly trending market is normal). My personal experience is that I gain more if I hold even if it means I will miss a local maximum, as more often than not a local minimum or maximum is just followed by another one before the pattern completely reverses

[I have my time unit set to 3 hrs which gives me predictable results]

edit: I don't know; probably in a month I'll look back at today and this all will seem as different as $10 and $15 were a couple of months ago, that is to say, I'll think oh, it wasn't really all that much different
 
C

CaptainZombie

Member
This is nuts I left work when it was at $230 and shoots to $270 for only to get back to $240. I don't think the EEA3 news has much to do with this, gotta be these whales taking advantage.
 
B

Brandson

Member
CaptainZombie said:
This is nuts I left work when it was at $230 and shoots to $270 for only to get back to $240. I don't think the EEA3 news has much to do with this, gotta be these whales taking advantage.
Click to expand...

Even whales can't pump this much volume. It's everyone who was waiting on the sidelines with fiat waiting to buy back in all buying back in at once. The order books have not yet had time to be updated with new sell orders to serve such demand, so the price goes through the roof as people do market buys. For example, looking at Gemini right now, a market buy of only around 900 ETH would take the price from 242 to 250. That's why when a few people decide to do market sells now, the price falls just as fast, and then rebounds fast. There's a temporary supply shortage on the exchanges. That won't last for long.
 
W

walking fiend

Member
CaptainZombie said:
This is nuts I left work when it was at $230 and shoots to $270 for only to get back to $240. I don't think the EEA3 news has much to do with this, gotta be these whales taking advantage.
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Pull backs are normal; it can't keep going up at a $60 per hour rate lol Even down to $220 would be normal. Hourly below 200 would be a concern.
 
C

CaptainZombie

Member
Brandson said:
Even whales can't pump this much volume. It's everyone who was waiting on the sidelines with fiat waiting to buy back in all buying back in at once. The order books have not yet time to be updated with new sell orders to serve such demand, so the price goes through the roof as people do market buys. For example, looking at Gemini right now, a market buy of only around 900 ETH would take the price from 242 to 250. That's why when a few people decide to do market sells now, the price falls just as fast, and then rebounds fast. There's a temporary supply shortage on the exchanges. That won't last for long.
Click to expand...

walking fiend said:
Pull backs are normal; it can't keep going up at a $60 per hour rate lol Even down to $220 would be normal. Hourly below 200 would be a concern.
Click to expand...

Yeah, I'm relearning the Cryptoworld since I've been out of it since 2013. It seems like a lot has changed since back then for sure. It is crazy just how volatile that this market can really be.

I've been wanting to jump back in, but now I don't even know when. I missed several opportunities at some really good prices, especially Sunday morning. I am a believer in Eth as a technology, would love to see it slowly rise but these crazy swings are crazy.
 
B

Brandson

Member
I guess I have to remember how to trade in a crypto bull market now. I think my strategy is: hold until there are 4-5 days of increasingly red MACD on the 1D charts, then switch to bear market mode, and if the price goes up 300%+ in less than a month, consider selling some or all. See any flaws in that strategy?

Note that the 1D MACD for today is still red, but it is the smallest it has been since June 19.
 
X

x3sphere

Member
I got back in at 215.90, although only as a short term trade. I think this will bounce to around 230ish at least

edit: exited at 230, possible further drop on BTC is the only thing that makes me worried about the price right now.
 
W

walking fiend

Member
Brandson said:
Unfortunately I was on the subway. Still holding. What's your read now?
Click to expand...
I'd hold now, would be concerned if it clears $205; trend reversal if it clears $190. Bouncing back -> Bullish market, start of wave 3, entry point.

I still believe BTC is driving Eth; that momentarily rise was because of the news
 
B

Brandson

Member
walking fiend said:
I'd hold now, would be concerned if it clears $205; trend reversal if it clears $190. Bouncing back -> Bullish market, start of wave 3, entry point.

I still believe BTC is driving Eth; that momentarily rise was because of the news
Click to expand...

Market is really not looking very confident right now. Decided to sell it. Looks like trading, not holding is still the way to go for now. Too bad. I hate having to babysit my ETH all the time. And that subway ride cost me big time, in lost profits. No actual loss though.
 
W

walking fiend

Member
Brandson said:
Market is really not looking very confident right now. Decided to sell it. Looks like trading, not holding is still the way to go for now. Too bad. I hate having to babysit my ETH all the time. And that subway ride cost me big time, in lost profits. No actual loss though.
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I guess will find out just about now; if it was a bear trap, it will go up from now; if the minor correction now was a bull trap, it will go down in the next half an hour or so. I'm still playing around with my $30, can't really predict this
 
X

x3sphere

Member
Hmm, seems this was the highest trading volume day on ETH ever - $2,890,960,000 in the past 24 hours.

Highest for any crypto, actually. Not even Bitcoin has done that much in a single day.

edit: I just jumped back in. Some heavy buys right now, and the ETH/BTC ratio is moving up. That, and it seems segwit2x signaling is going up for BTC - BIP91 is at 77%
 
A

Aztechnology

Member
NiiloPielinen said:
ETH getting closer to 250 USD.

Like aztechnology, I've noticed some buys that are way above the price that ETH is being sold at
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I've been riding it, but be ready to sell at a moments notice/set a conditional sell. The problem is, is there's no "safe" cashout, at least not on Bittrex. So even if you sell to BTC, if it crashes, it still is going to crash. You might be insulated a little, but damn. And then cashing out, or buying BTC just yields silly amounts of fees. Should I just move to a different exchange?
 
X

x3sphere

Member
Aztechnology said:
I've been riding it, but be ready to sell at a moments notice/set a conditional sell. The problem is, is there's no "safe" cashout, at least not on Bittrex. So even if you sell to BTC, if it crashes, it still is going to crash. You might be insulated a little, but damn. And then cashing out, or buying BTC just yields silly amounts of fees. Should I just move to a different exchange?
Click to expand...

If you are trading ETH then GDAX is good. No fees at all when using limit orders.
 
C

CaptainZombie

Member
NiiloPielinen said:
ETH getting closer to 250 USD.

Like aztechnology, I've noticed some buys that are way above the price that ETH is being sold at
Click to expand...

It is still the same as of this morning. I am seeing some buy orders above the current price. I stayed up late last night watching the charts in hopes we would dip back down, but it never happened. Price keeps fluctuating between $225-240 from late last night. Hoping for a $215 again so I can jump back in.
 
NiiloPielinen

NiiloPielinen

Member
CaptainZombie said:
It is still the same as of this morning. I am seeing some buy orders above the current price. I stayed up late last night watching the charts in hopes we would dip back down, but it never happened. Price keeps fluctuating between $225-240 from late last night. Hoping for a $215 again so I can jump back in.
Click to expand...

I keep watching coinbase/gdax price, and it was close to 213 EUR (245 USD) at one point. Now it is 196 EUR and seems to be going downwards.
 
B

Brandson

Member
To me, the overnight action looks like Asia repeating a copy of the irrational pump that happened yesterday. Could very well drop to 220 or lower. It depends on whether Bitcoin stays above 2300.
 
C

CaptainZombie

Member
Brandson said:
To me, the overnight action looks like Asia repeating a copy of the irrational pump that happened yesterday. Could very well drop to 220 or lower. It depends on whether Bitcoin stays above 2300.
Click to expand...

Plus I was reading up on that link about the bugs in BIP 91, one guy just reported on some issues about 30 minutes ago that can screw things up so we shall see how that goes.

Even the co-founder of Eth was interviewed saying the price of Eth has gotten out of control due to the ICOs, etc.
 
W

walking fiend

Member
walking fiend said:
BTC seems to be driving everything else (I assume because it is the least volatile of them all and has the largest market cap?), and it has formed a bowl; unless it can clear a daily $2400, I don't see it being safe
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Still believing in my outlook from yesterday; BTC holds the key and it hasn't cleared $2400. Alt-coins are merely BTC on steroid: up and downs are exaggerated on different orders of magnitude depending on the volatility of the coin. Right now, it looks bearish to me; there is more momentum for a collapse than a breakout in the next few hours; though each time it goes down, it comes to a swinger with a higher high, so I dunno :)
 
B

Brandson

Member
Could that have been the shortest bull market ever? It certainly feels like we're back in the bear market today already. ETH never re-tested anywhere from at least 205-190 after its run yesterday. Not sure what Bitcoin numbers those correspond to, but I would feel a lot more confident about a turnaround if the market had a strong positive reaction to hitting those levels. I imagine I'm not the one person who feels that way, so seeing at least 205 again seems likely.
 
W

walking fiend

Member
Brandson said:
Could that have been the shortest bull market ever? It certainly feels like we're back in the bear market today already. ETH never re-tested anywhere from at least 205-190 after its run yesterday. Not sure what Bitcoin numbers those correspond to, but I would feel a lot more confident about a turnaround if the market had a strong positive reaction to hitting those levels. I imagine I'm not the one person who feels that way, so seeing at least 205 again seems likely.
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I put my glorious $30 in short position last night (margin sold IOTA); the returns have been great so far lol

I am waiting for BTC to set a new hourly low to confirm this is indeed a bull trap and will short a larger sum of money. If it does fall, I expect it to test at least 100 DMA, maybe even 200DMA
 
C

CaptainZombie

Member
Now the red begins on coincap and coinmarketcap for quite a bit of the coins. Looks like the trend continues, Wednesday/Thursday-Sunday are days of bleeding in crypto this summer.
 
X

x3sphere

Member
NiiloPielinen said:
Isn't that no fee only when you are considered maker?
https://www.gdax.com/fees/ETH-USD

If I remember right (I'm new to GDAX as well) when you place limit order you have by default that setting enabled that if your order would make you a taker it is immediately cancelled?
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Yeah the option "Post only" prevents limit orders from being executed as taker. It is indeed enabled by default. So unless you turn that off, you will always be a maker when using limit orders
 
B

Brandson

Member
CaptainZombie said:
We just hit $209-210.....possibly not too far off from $200 by tomorrow at this rate.
Click to expand...

It's certainly possible. 200 could be a support level, but having been in the thick of the upswing yesterday morning, I think the support is really somewhere around 185-195.

Whether we get that far will depend on whether there is a lot of fiat waiting to come in from the EEA3 news, and whether the Bitcoin shenanigans get resolved. Since there is no regulation of Bitcoin mining operations, I would not put it past them at all to make it look like one thing will happen, only to change course at the last second, and then trade off that knowledge.

Edit: Last night ETH also got hung up around 210, so it might hang out there for a while today at least.
 
B

Brandson

Member
I can't be sure but it sort of looks like someone is trying to setup the ETH/BTC ratio to drop by dumping ETH and slowly pumping BTC at the same time. If the goal was ETH accumulation, selling a lot of either any minute now could drive the price into the floor.

I have both charts up on Cryptowatch and it sure looks synchronized to me, but in the opposite directions, taking turns dumping ETH and pumping BTC.
 
Clauss

Clauss

Member
As someone who is slightly out of the loop on current crypto-currency events, but has been a (presumably) satisfied user of Coinbase for many years, can someone ELI5 why there's a lot of negative buzz about them as of late?
 
C

CaptainZombie

Member
Brandson said:
It's certainly possible. 200 could be a support level, but having been in the thick of the upswing yesterday morning, I think the support is really somewhere around 185-195.

Whether we get that far will depend on whether there is a lot of fiat waiting to come in from the EEA3 news, and whether the Bitcoin shenanigans get resolved. Since there is no regulation of Bitcoin mining operations, I would not put it past them at all to make it look like one thing will happen, only to change course at the last second, and then trade off that knowledge.

Edit: Last night ETH also got hung up around 210, so it might hang out there for a while today at least.
Click to expand...

I noticed last night it hit about $212 for a few minutes and then shot back up to $225-$240 range. There seems to be a lot more multiple red candle sticks today, than green probably getting to 1-2 at a time and then a series of red. I'd love $185-195 range, but even if we can get to $200 I'd jump right back in which I still haven't since I feel we are going down now.

You do make some good points about the EEA3 news and Bitcoin issues, with manipulation it turns the market going in another direction. Crazy to think how much people will manipulate for their own gains.

Brandson said:
I can't be sure but it sort of looks like someone is trying to setup the ETH/BTC ratio to drop by dumping ETH and slowly pumping BTC at the same time. If the goal was ETH accumulation, selling a lot of either any minute now could drive the price into the floor.

I have both charts up on Cryptowatch and it sure looks synchronized to me, but in the opposite directions, taking turns dumping ETH and pumping BTC.
Click to expand...

From what you are seeing here, how far into the floor can you see the price drop considering what this person is doing with manipulating both.
 
B

Brandson

Member
Clauss said:
As someone who is slightly out of the loop on current crypto-currency events, but has been a (presumably) satisfied user of Coinbase for many years, can someone ELI5 why there's a lot of negative buzz about them as of late?
Click to expand...

Their service goes offline whenever there is too much trading volume, causing users to miss out on fast price movements. This is particularly frustrating for people trying to buy crypto during a short dip/crash, as Coinbase/GDAX is almost always unresponsive during the best opportunities to do that. There have also been other technical issues resulting in orders not trading as expected over there, but I believe they have been offering reimbursements for those particular problems as they come up. It's mainly the downtime issue that people rightly are upset about. I'm not a frequent Coinbase/GDAX user though so other people might have better answers for you.

Kraken also lags quite a lot under heavy load, but usually doesn't go down completely.

I'm probably going to move to Gemini soon.
 
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