There's a definite bearish tone with BTC and ETH at the moment.:The market is sensing some further risk to the downside.
Looking at the huge moves up and down percentage wise it is clear that we are more in a casino. The biggest cryptocurrency markets are in China, and Chinese are known to be big gamblers. As long as cryptocurrency markets jump up and down in a surrealistic (and economically unexplainable) way I will stay out of it.
Getting filled on Kraken was an absolute nightmare. Trying to hit offers sub 300 and watching price trade $10 thru my orders and not getting filled. Had to use market orders and pay up FFS. Anyways, adding to longs average in low 300s.
You're a professional so that's understndable. Amateurs like me just make money both directions during the huge swings. Yes, Kraken is a bit broken, hope they find a solution soon. Nice one with than long @ 300. It should at the least test resistance again . There is risk it could go another 40 - 60 below the previous low. 220 ETH/EUR.
It has nothing to do with professional or not. It is about common sense. I have rules and conditions that define what I trade and what not. The fact that I never take margin calls, or losses bigger then the placed stops, confirms that this is the way to go for me. I am also convinced that at the actual prices of bitcoin I will beat the return in LT. Going from $1 to $2,000 was not so difficult. To have the same return in future, prices should go from $2,000 to $4,000,000 for 1 bitcoin. Maybe I will lose some monstrous profits, but I will also miss the monstrous losses. Besides that, I think size is a problem. I see a lot of transactions but most or smaller than 1 bitcoin in size if I am correct.
You can do well in life with a strong conviction, even when you're wrong. Most people probably can't determine if the stuff you say actually has merit but find your self conviction impressive. IMO, these are ideal conditions for intraday and swing traders. The solution for you is simple, if you don't like it, don't trade it and stay out of the crypto discussion if you don't have anything of value to add.
I don't like it but in a free country I can express my opinion. What you basically say is that only positive news can be posted. Those who don't like the actual cryptocurrency markets have the right to tell why they don't like it. It is not because you think there is no value to add that people should stay away here. The biggest problem with cryptocurrencies is that these markets are NOT regulated for as far as I know. In other words: if ever you lose a lot of money you can never go to court as there are no rules on which you can base a claim. Why do most regular markets have rules and organizations like the CFTC and the NFA? To protect the participants. And past has already proven that it is necessary. Another problem is that cryptocurrencies are irreversable. Outside of cryptocurrencies, most financial transactions are reversible. Many times you can get your money back if not satisfied. Another problem is volatility. Most people lose even money trading stocks, and these moves are slow, compared to the cryptocurrencies. If they can even not make money with slow stocks, how will they make money with very fast moving cryptocurrencies?
ETH / EUR @ 200-220 is the next buy level I'm interested in. I think we'll see a solid bull run from there. I'm full tilt on the short, using full margin. Traders like Mtrader must be shell shocked right now, wandering WTF is going on Lol.
@lovethetrade While I welcome the pullback, ETH/EUR < 220 may see ETH/EUR @ 150. That changes the dynamic. Anyways, bought more in the 290s here.
I'm solid @ 200-220. I'll be very surprised if it doesn't rally back to 300+ next week from that level. Edit: 250 could've been the bottom.