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.

Shauny2010 · 29-11-2017 6:49am

SkySter wrote: »

You're right. Jumped back in.

An expensive move, Bitcoin has risen $1000 to just under $11,000
Just HODL its all you need to do here

SkySter · 29-11-2017 7:56am

Shauny2010 wrote: »

An expensive move, Bitcoin has risen $1000 to just under $11,000
Just HODL its all you need to do here

In the overall scheme of things it was a small hit. But you're right. A lesson learned.

jobless · 29-11-2017 8:09am

SkySter wrote: »

You're right. Jumped back in.

Not often I'm right

... Just been following things a lot recently and wall Street is about to enter.. one firm testing their product this week with a view to opening second week in December, likes of JP Morgan saying they will offer it etc... There could literally be a wall of money coming... very hard to predict drops if it's the case

The One Doctor · 29-11-2017 8:38am

Woke up at 0530 to my phone alerts going mad, BTC at €9450. Thought I'd FOMO for once but something made me wait. Lo and behold the price dipped to €8830 as the Eurozone woke up at 0600. Happy days.

flashforward · 29-11-2017 3:11pm

OK looks like I was drastically wrong with my prediction. Instead of the 10-15% drop we have seen that rise in 1 day....

I sold my BTC when the exchange hit $9980.
And I have just bought into ETH and LTC with the proceeds.

Again as most people have said has proved true - HODLing is the best route.

BTC is uncomfortably high for me right now to buy back in. However I am likely very wrong and we will see $15k coin by Xmas at this rate.....

BorneTobyWilde · 29-11-2017 3:15pm

Does the price need to rise, so that there is enough currency to go around, if it was used more and more as a means of payment.

Shauny2010 · 29-11-2017 5:08pm

flashforward wrote: »

OK looks like I was drastically wrong with my prediction. Instead of the 10-15% drop we have seen that rise in 1 day....

I sold my BTC when the exchange hit $9980.
And I have just bought into ETH and LTC with the proceeds.

Again as most people have said has proved true - HODLing is the best route.

BTC is uncomfortably high for me right now to buy back in. However I am likely very wrong and we will see $15k coin by Xmas at this rate.....

Don`t beat yourself up, profit is profit. Bitcoin will not continue to climb in a straight line, people take profits, new money then enters the system and off it goes again.
You could HODL your cash for another while and see what happens. I have a feeling that one of these or maybe all are about to blow up.

Tether - now looks like a scam with no dollars to back it
Bitfinex - If Tether goes then so does Bitfinex
Bitfinex - gets hacked again
BitConnect - Certainly a pyramid scheme

If any of these happen then expect a crash.

ZeroThreat · 29-11-2017 7:25pm

Shauny2010 wrote: »

Don`t beat yourself up, profit is profit. Bitcoin will not continue to climb in a straight line, people take profits, new money then enters the system and off it goes again.
You could HODL your cash for another while and see what happens. I have a feeling that one of these or maybe all are about to blow up.

Tether - now looks like a scam with no dollars to back it
Bittrex - If Tether goes then so does Bittrex
Bittrex - gets hacked again
BitConnect - Certainly a pyramid scheme

If any of these happen then expect a crash.

Bittrex, or do you mean Bitfinex?

I think you may be overestimating the important of bitconnect.

Shauny2010 · 29-11-2017 7:28pm

ZeroThreat wrote: »

Bittrex, or do you mean Bitfinex?

I think you may be overestimating the important of bitconnect.

Yes Bitfinex, jezz I had bittrex in my head for some reason
Good catch

The One Doctor · 29-11-2017 7:44pm

That flash crash severely shook the market's confidence today. Glad I got out with a small profit. Back to LTC for me.

Lesson learned - greed is dangerous.

soirish · 30-11-2017 2:24pm

Good call OP!

SkySter · 30-11-2017 2:36pm

soirish wrote: »

Good call OP!

Indeed. I'd imagine the next "big even" and repeat will be at 15k given 11k was breached already.

discombobulate · 30-11-2017 2:59pm

soirish wrote: »

Good call OP!

It went nearly 15% over the 10k though and is still only 5% below 10k

Squozen · 30-11-2017 5:41pm

Yeah, yesterday was really the wrong day for me to say 'ah bugger it, I'll buy some Bitcoin'...

GreeBo · 30-11-2017 5:45pm

Squozen wrote: »

Yeah, yesterday was really the wrong day for me to say 'ah bugger it, I'll buy some Bitcoin'...

Only if you panic sell before the next bounce

annie.t · 30-11-2017 5:50pm

What are your thoughts folks about this dip? Severe or just correction?

Squozen · 30-11-2017 5:58pm

GreeBo wrote: »

Only if you panic sell before the next bounce

Oh, don't worry, I've been at this long enough to know I just need to bitch to my mates about the 'loss' I've made instead of selling.

SkySter · 30-11-2017 11:44pm

annie.t wrote: »

What are your thoughts folks about this dip? Severe or just correction?

I think this answer really depends at what point you bought in. One mans dip is another mans crash. Speaking personally I'd start getting concerned if BTC dropped below USD 5k. I'm hoping this won't happen given the huge numbers of new entrants to the market over the last few weeks. But there is clearly huge market manipulation going on and it is all pure gambling right now. We are not in a normal market and there are no rules. I look forward to the day when prices are driven by underlying best technology/potential but we're a long way from that right now.

annie.t · 01-12-2017 2:43pm

SkySter wrote: »

I think this answer really depends at what point you bought in. One mans dip is another mans crash. Speaking personally I'd start getting concerned if BTC dropped below USD 5k. I'm hoping this won't happen given the huge numbers of new entrants to the market over the last few weeks. But there is clearly huge market manipulation going on and it is all pure gambling right now. We are not in a normal market and there are no rules. I look forward to the day when prices are driven by underlying best technology/potential but we're a long way from that right now.

Im still in the profit. I got bit scared last night. Mc was dropping like crazy, support was at 275 billion which was tested and then next support was at 240. Today looks much better but need to stay tuned. Have been thru last 2 crashes but somehow they felt different as fuelled by fud. Or maybe i didnt know as much back then and had rose tinted glasses on

Wombatman · 01-12-2017 3:21pm

Made 1.5k off a 5k investment over the last month. Have cashed out all and plan to hold off now for a couple of weeks. Can't handle the volatility right now.

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

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