Is anyone else starting to become a bit worried? mod note in first post

Bought a good bit today, always double down with the DCA on dips like this.

Mentality has completely changed however. A year ago I’d sh1t myself seeing 5/10% drops. Now I’m just happy to see my wallet grow in BTC terms.

el diablo

unkel wrote: »

My favourite alt coin has been doing very well the last few weeks, massive gains not only against BTC, but also against USD

I don't have any BTC but if that happened, I might be tempted to sell some of my alt coin off and buy BTC to hold & forget

Ok, I'll bite. What is your favourite alt? :cool:

unkel

My favourite alt coin has been doing very well the last few weeks, massive gains not only against BTC, but also against USD

Arrival wrote: »

Hoping for a €4-5k BTC like many people online seemed to be anticipating, would be a handy dip

I don't have any BTC but if that happened, I might be tempted to sell some of my alt coin off and buy BTC to hold & forget

Many alt-coins are down 20-30% in the past week and Bitcoin is down 13%. I’m not saying it is unexpected and I am sure it will recover eventually, but at this scale it is a bit of a bloodbath I think.

Kickstart1.3

Hardly a bloodbath, +/-6% is a normal day here!
Don't know if there's a huge amount waiting to buy at 4-5k why not just buy now. If it falls to 4-5k then who's to say it'll not test 2.5k again. Anything is possible now since the hype and fanfare has fallen away.
Me personally I'll not be buying BTC, but rather one of the Alts that could give a much higher return

Arrival

Hoping for a €4-5k BTC like many people online seemed to be anticipating, would be a handy dip

https://www.gamblersanonymous.ie/

It is a bit of a blood bath at the moment ... any global leader available to talk about blockchain on TV? :-)

SauNewb

SauNewb wrote: »

I think Neo has a lot further to fall.

Will probably wait 2/3 days and see where it is at.

The whole market is red today. Don't think it will bounce back tomorrow.

All speculation.

Not looking good now, but I'm going to wait.
The Chinese coins increased much more than the rest of the market over the last few weeks. I'm sure they will drop back.

TheAnalyst_

Lex Luthor wrote: »

its been fairly bloody for a few days now, maybe a week
presents opportunity to accumulate more at the lower prices and cost average out

Lex Luthor

its been fairly bloody for a few days now, maybe a week
presents opportunity to accumulate more at the lower prices and cost average out

Christine Legarde has a speech on Friday about economy and is tipped to bring up crypto in it, will see if it has any bearing on pricing

SauNewb

Gerald Obedient Manicurist wrote: »

Taking profits ?

I think Neo has a lot further to fall.

Will probably wait 2/3 days and see where it is at.

The whole market is red today. Don't think it will bounce back tomorrow.

All speculation.

SauNewb wrote: »

Taking a short position on Neo.

It will be probably be $20 tomorrow - but I'm hoping the recent hype has died.

https://www.coindesk.com/china-is-poised-for-another-crypto-trading-crackdown-as-speculation-returns

Taking profits ?

JohnnyFlash

Why is volume so low for the past 5 days? Like it’s bizarrely quiet. Usual bit of wash trading, painting the tape, and some dudes ‘stacking sats’ but that’s about it.

SauNewb

Taking a short position on Neo.

It will be probably be $20 tomorrow - but I'm hoping the recent hype has died.

https://www.coindesk.com/china-is-poised-for-another-crypto-trading-crackdown-as-speculation-returns

stockshares

Just posting this in case it's relevant for some posters here.

Huobi are freezing US customer accounts from Nov 13th.

https://www.theblockcrypto.com/linked/45733/huobi-to-freeze-all-us-user-accounts-on-nov-13

makeorbrake wrote: »

Absolutely....far more tangible. If the crypto-media wanted to pin it on something - this would have been far more logical.

On this ... Just came across a chart showing the Bakkt volume spike clearly. The figures are still pretty low in absolute terms, but that is an impressive volume increase and shows there is rising interest.

Gerald Obedient Manicurist wrote: »

The naysayers will still slag me off for losing 45% on some purchases.

Bitcoin goes up, I buy.
Bitcoin goes down, I buy even more.

I don't think there's anyone slagging you off here, right? There's no one size fits all approach with this - it's different for everyone

unkel wrote: »

Well it's bound to do that if you keep feeding it funds every week

The naysayers will still slag me off for losing 45% on some purchases.

Bitcoin goes up, I buy.
Bitcoin goes down, I buy even more.

unkel

Gerald Obedient Manicurist wrote: »

My portfolio hit an all time high this week

Well it's bound to do that if you keep feeding it funds every week

My portfolio hit an all time high this week despite buying at 12k during my DCA’ing.

Will continue doing so for the foreseeable.

Bob24 wrote: »

Having said that it seems like this announcement wasn't random and will be bullish for blockchain (not bitcoin) in China. Apparently it was the headline of all national papers the following day and universities started to offer blockchain programs within a few hours after the speach.

Yes, I agree...I see this in the same way as the whole public discussion surrounding Libra brought crypto front and centre (despite Libra not being crypto). The chinese run a totalitarian shop but that doesn't mean to say they will be able to keep decentralised crypto under their thumb.

Bob24 wrote: »

Also interesting is that is part of this Bakkt numbers seem to have been picking up.

Absolutely....far more tangible. If the crypto-media wanted to pin it on something - this would have been far more logical.

makeorbrake wrote: »

The short squeeze scenario is very plausible. However, the first initial spike being 'genuine buyers' - i'm not so sure. It's over the space of minutes - that's not organic movement.

If it's coming from retail sources, then it requires a bit of planning (putting money on account).

The Chinese announcement - I guess it's possible that some got caught up with that but they are seriously misguided if they did. And then there are those that are taking solace from that alleged response. Figures for searches for Bitcoin on Wechat and Baidu are being presented on CryptoTwitter - but they don't point out that the uptick in searches was as a result of the uptick in price that was already underway!

I'm exactly where I've been with this for the last few months - bullish in the long term but this is a fake-out for me on the short term. Of course, it can be a fakeout and still build from here (it's climbing again as I write this). I may miss another moonshot but I'm content to sit this one out for now.

By "genuine buyers" I just mean buyers who willingly bought as opposed to be forced to (the ones of the short squeeze).

But yes, agree the Chinese announcement isn't necessarily the explanation and that if it is it was a misunderstanding of what Xi said.

Having said that it seems like this announcement wasn't random and will be bullish for blockchain (not bitcoin) in China. Apparently it was the headline of all national papers the following day and universities started to offer blockchain programs within a few hours after the speach.

Also interesting is that as part of this Bakkt numbers seem to have been picking up.

Bob24 wrote: »

The first spike was genuine buyers, but as Grumpypants was saying the second wave was mostly due to forced purchases caused by the resulting short squeeze.

The short squeeze scenario is very plausible. However, the first initial spike being 'genuine buyers' - i'm not so sure. It's over the space of minutes - that's not organic movement.

If it's coming from retail sources, then it requires a bit of planning (putting money on account).

The Chinese announcement - I guess it's possible that some got caught up with that but they are seriously misguided if they did. And then there are those that are taking solace from that alleged response. Figures for searches for Bitcoin on Wechat and Baidu are being presented on CryptoTwitter - but they don't point out that the uptick in searches was as a result of the uptick in price that was already underway!

I'm exactly where I've been with this for the last few months - bullish in the long term but this is a fake-out for me on the short term. Of course, it can be a fakeout and still build from here (it's climbing again as I write this). I may miss another moonshot but I'm content to sit this one out for now.

Arrival

JohnnyFlash wrote: »

Only 12. I still manage to know more about crypto than the rest of you put together though.

And bowel movement etiquette

JohnnyFlash

el diablo wrote: »

Thanks for your deep insight Johnny. Inspired by seventeen pints of Guinness no doubt.

Only 12. I still manage to know more about crypto than the rest of you put together though.

Watching Bitrekt, a serious amount of shorts lost thousands, even if they were very low leverage.

You'd hope that would keep shorts on the sidelines for now. Teach them a lesson.

makeorbrake wrote: »

I
This is just the crypto media trying to tack on a 'reason' after the fact.

Yep, in truth no one knows for sure what the original trigger really was - and at the end of the day it doesn’t really matter either.

makeorbrake wrote: »

It is encouraging though that there was some $$ to follow through after that initial move :-D

The first spike was genuine buyers, but as Grumpypants was saying the second wave was mostly due to forced purchases caused by the resulting short squeeze.

“The short squeeze that accompanying the first part of Bitcoin’s 16% rally from $7,450 to $8,600 resulted in the liquidation of $150 million shorts at BitMEX” - https://cointelegraph.com/news/bitcoin-price-soars-42-to-10-500-biggest-daily-gain-since-2011

Regardless of the cause this was a massive move! - I think I read somewhere it was the third highest daily gain in bitcoin’s lifetime!

Bob24 wrote: »

If this is the case Xi’s comment was misunderstood though. My understanding is that he meant something like “blockchain, not Bitcoin”.

It went up 1k in 10 minutes at the outset. Until such time as market cap grows, single actors or groups of actors can move this market.

The China thing - it was no harm that he mentioned blockchain. However, how was this news? We know that China is in the process of assembling a digital currency.
As regards an interpretation that this was a nod for Bitcoin - in the same way with Libra I don't think it will be any harm in the longer game. However, this is China we are talking about. Bitcoin is not a totalitarian tool - they won't want it.

This is just the crypto media trying to tack on a 'reason' after the fact.

It is encouraging though that there was some $$ to follow through after that initial move :-D

Grumpypants

Bob24 wrote: »

You can never know if explanations given after the fact are correct, but I think that one is plausible (certainly, the short squeeze aspect is more than likely what happened).

If this is the case Xi’s comment was misunderstood though. My understanding is that he meant something like “blockchain, not Bitcoin”.

He said blockchain alright but it is seen as a chance of loosening if the restrictions. It will prib be clarified in a few days as a "china's own coin" and tank the price again.