I'm expecting a 10-15% rapid drop once we hit $10k

flashforward · 27-11-2017 2:30pm #1

Seriously thinking of putting in a sell order @ ~ $9980.
Then buy back in the coming days

Anyone else thinking the same?

drunkmonkey · 27-11-2017 2:35pm

Take your profits there's always another opportunity on a long enough timeline.
It's a pyramid scheme right now.

SkySter · 27-11-2017 2:51pm

flashforward wrote: »

Seriously thinking of putting in a sell order @ ~ $9980.
Then buy back in the coming days

Anyone else thinking the same?

Agree that a correction is due and I think bigger than you suggest.

I'm putting in a stop loss order tonight. Not yet sure at what level.

ZeroThreat · 27-11-2017 2:53pm

drunkmonkey wrote: »

Take your profits there's always another opportunity on a long enough timeline.
It's a pyramid scheme right now.

At work right now and I don't have my trezor on me. Lets hope the market doesn't correct quite yet.....

Selik · 27-11-2017 2:55pm

100% this will happen in some shape or form the whole market is driving this to 10k befoe Xmas or sooner and alot of people are planning on taking more profits then. Myself included ! Put your sell order at 9,900 if you wanna be on the safe side. There will still be a huge wall buyers at around 9k after any pullback.

privateBeavis · 27-11-2017 3:02pm

Can see the sell order steps at the round numbers on the exchanges:
e.g.: https://www.gdax.com/trade/BTC-USD

Not sure myself what to do probably just hold, haven't that much anyway!

ZeroThreat · 27-11-2017 3:08pm

privateBeavis wrote: »

Can see the sell order steps at the round numbers on the exchanges:
e.g.: https://www.gdax.com/trade/BTC-USD

Not sure myself what to do probably just hold, haven't that much anyway!

US is only waking up about now, so if something is going to happen, will it happen in the next few hours?

drunkmonkey · 27-11-2017 3:20pm

Haven't looked into it deeply but where's the last resistance somewhere between 4 and 5k? Snap back is possible when profit taking starts.
Sittings on it going long hoping the trend continues looks like a mugs game at this price level. Some great profits made by people in the last few weeks, don't be greedy be sensible right now.

You could guess bitcoin should have a market cap similar to apple then it has a long way to go up. €40k a bitcoin anyone? It's already bigger than Visa.

ZeroThreat · 27-11-2017 4:34pm

drunkmonkey wrote: »

Haven't looked into it deeply but where's the last resistance somewhere between 4 and 5k? Snap back is possible when profit taking starts.
Sittings on it going long hoping the trend continues looks like a mugs game at this price level. Some great profits made by people in the last few weeks, don't be greedy be sensible right now.

You could guess bitcoin should have a market cap similar to apple then it has a long way to go up. €40k a bitcoin anyone? It's already bigger than Visa.

besides bitcoin, the question also applies to the other major cryptos, is it prudent to cash out of ethereum and litecoin at this point?

With regard to NEO, I regard that as undervalued (considering its supposedly far more versatile than ethereum) so will be holding that for now.

SkySter · 27-11-2017 4:40pm

ZeroThreat wrote: »

besides bitcoin, the question also applies to the other major cryptos, is it prudent to cash out of ethereum and litecoin at this point?

With regard to NEO, I regard that as undervalued (considering its supposedly far more versatile than ethereum) so will be holding that for now.

I have a similar question re: NEO. I sold just before the news that wasn't news last week and with the boost in BTC I've no regrets. That was luck not judgement!

I am a NEO fan and will be buying back. As I said elsewhere I'm setting my stop loss on my BTC holdings tonight. If BTC keeps going I'll stay with it for now. If it drops back its likely NEO will drop too and there could be some cheap pickings to be had across all the Alts.

Shauny2010 · 27-11-2017 5:08pm

It seems to do this every time we are near a significant point. We traded 5K for a while as it kept hitting the sell orders until it eventually pushed on through. I suspect the same is happening here as people take profit at or just below the 10k mark.
But knowing Bitcoin once these sellers are gone and new money has entered it will push on to 15k

The One Doctor · 27-11-2017 5:10pm

Yeah I was thinking about this and liquidised the morning's LTC position just now. Was hoping for €135 profit this evening but took €77 now. Smaller profit now versus loss later? Easy decision.

Selik · 27-11-2017 6:01pm

Shauny2010 wrote:

It seems to do this every time we are near a significant point. We traded 5K for a while as it kept hitting the sell orders until it eventually pushed on through. I suspect the same is happening here as people take profit at or just below the 10k mark. But knowing Bitcoin once these sellers are gone and new money has entered it will push on to 15k

This also came up on the main BTC thread but this is a classic example of why assets such as bitcoin should never be traded in any other currency other than dollars.

snowstreams · 27-11-2017 6:29pm

SkySter wrote: »

I have a similar question re: NEO. I sold just before the news that wasn't news last week and with the boost in BTC I've no regrets. That was luck not judgement!

I am a NEO fan and will be buying back. As I said elsewhere I'm setting my stop loss on my BTC holdings tonight. If BTC keeps going I'll stay with it for now. If it drops back its likely NEO will drop too and there could be some cheap pickings to be had across all the Alts.

The last time BTC dropped, all the alts rose by about 20%. But that was probably more of a bounce back than anything.
I'm looking to see what alt might take a bounce after the 10k dip.
Could just be BCH mostly though.

wannabecraig · 27-11-2017 6:38pm

So if you have it on a wallet the idea is to upload to an exchange, sell for USD, then hold onto USD buy in at cheaper rates if/when it dips?

The One Doctor · 27-11-2017 8:20pm

snowstreams wrote: »

The last time BTC dropped, all the alts rose by about 20%.

I've just compared LTC to BTC over the last few BTC drops. LTC fell with BTC, not rose. Perhaps you're thinking of the smaller alts?

machiavellianme · 27-11-2017 8:41pm

The last drop was a bit different to be fair. All previous drops saw money flood from the market into fiat but they were mostly driven by fud.

discombobulate · 27-11-2017 9:55pm

A 10% drop back to $9000 wouldn't be too bad at all in fairness. I've tried to take profit and buy back in when dips happened for the last while and have been burned a couple of times so holding on for the foreseeable future

machiavellianme · 28-11-2017 8:43am

$9965 this morning according to coinmarketcap.com. We are getting close to that huge sell wall at 10k.

ZeroThreat · 28-11-2017 10:51am

Only had 50 ETC but now I'm kicking myself for selling it off just slightly above what I bought it for when I was reducing the number of alts in my portfolio.

Thargor · 28-11-2017 1:18pm

10k gone according to Coinmarketcap, pretty historic, I should have gone all in 6 months ago.

pro_gnostic_8 · 28-11-2017 1:41pm

Thargor wrote: »

10k gone according to Coinmarketcap, pretty historic,

Yes, indeed it is !
$10,000 is/was the biggest milestone of all. To breech it is a great significant day. The $10,000 level was widely considered to be "da moon" a couple of years ago, and yet here we are (or on the cusp of it, anyways).
Satoshi's little baby, my-oh-my how big you've grown!

drunkmonkey · 28-11-2017 1:49pm

Thargor wrote: »

10k gone according to Coinmarketcap, pretty historic, I should have gone all in 6 months ago.

Why hasn't it broke it on tradingview, day's high is 9915 USD/Bitcoin and it's meeting resistance.

Wombatman · 28-11-2017 1:58pm

drunkmonkey wrote: »

Why hasn't it broke it on tradingview, day's high is 9915 USD/Bitcoin and it's meeting resistance.

Not through on Coindesk or GDAX exchange.

GDAX showing a wall of sellers at $10K. Gonna take a while to breach that wall.

I will be lumping in again at about 10200.

pro_gnostic_8 · 28-11-2017 1:59pm

Yeah, the coinmarketcap price is deceptive. I believe their engine takes a basket of global exchange rates and averages it out ........... which can be misleading. E.G., the price in Zimbabwe is $17,000; Venezuela $14,000

machiavellianme · 28-11-2017 2:02pm

It's mostly Asian countries hovering around 10.1k due to the FX trades in their own currencies dragging the average above 10k on coinmarketcap. All the USD based exchanges seem to be between 9910 and 9980.

Wombatman · 28-11-2017 5:10pm

The lack of coordination in exchange pricing leaves them wide open to arbitrage.

DANNY2014 · 28-11-2017 5:59pm

Wombatman wrote: »

The lack of coordination in exchange pricing leaves them wide open to arbitrage.

Not just bitcoin have noticed this with a few of the alt coins too...

SkySter · 28-11-2017 9:16pm

Well my plan to set a stop loss order didn't work out. I wanted to do this in an Exchange that I had a Euro account in so that meant Kraken for me. However it seems Kraken has disabled stop loss orders since August for "performance reasons". Also at the moment I can't even get onto the Kraken site. Not happy.

Anyway I went and sold some of my Bitcoin in Coinbase for Euro instead. Felt like the right thing to do. Wait and see now if there is a pullback.

jobless · 29-11-2017 12:18am

SkySter wrote: »

Well my plan to set a stop loss order didn't work out. I wanted to do this in an Exchange that I had a Euro account in so that meant Kraken for me. However it seems Kraken has disabled stop loss orders since August for "performance reasons". Also at the moment I can't even get onto the Kraken site. Not happy.

Anyway I went and sold some of my Bitcoin in Coinbase for Euro instead. Felt like the right thing to do. Wait and see now if there is a pullback.

Might not be a pullback this time.. lots of vehicles about to open for wall Street money... could gobble up any weakness instantly

SkySter · 29-11-2017 6:38am

jobless wrote: »

Might not be a pullback this time.. lots of vehicles about to open for wall Street money... could gobble up any weakness instantly

You're right. Jumped back in.

I'm expecting a 10-15% rapid drop once we hit $10k

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