Goal: No Sell Bitcoin 2018

[slokor]

Back to 16k.
That's what I love about bitcoin - the recovery time is very short. And the bounce-back is usually to a point higher than it was previously.

[nate]

Originally Posted by Etycoon

How do you guys feel about todays pull back ?

I've only been watching consistently for a few month, but this is what happens every-time so far, Bitcoin get run up to a crazy number while all the Alt-coins go down, then people take their profits from the Bitcoin run up and exchange into Alts while they are down, Then Bitcoin dips sending the Alts back up and people take a profit on the Alts and exchange back into Bitcoin and send it back up to where it was at before. We will be back at 19k soon, the high we hit the other day.

If you have a Coinbase account you can do the same with ETH/BTC on GDAX.

[elmo]

Originally Posted by Etycoon

How do you guys feel about todays pull back ?

Its due to Bitcoin Cash being more profitable to mine currently

When the majority of miners head over to Bitcoin Cash, Bitcoin ends up getting 100-200K+ unconfirmed transactions which leads to huge fees / delays when using Bitcoin.

Hence the increase of ETH and Litecoin (up 35%) rally, as more people purchase these coins in order to send them in between exchanges with extremely low fees and without delays. This will continue to happen every time the profitability shifts, so that's why I've been personally increasing my ETH/LTC holdings. You can only buy BTC/ETH/LTC via Coinbase currently and when BTC has 200K+ backed up transactions and huge fees/delays to send coins, people will have to move ETH/LTC.

If you've ever moved BTC between wallets to exchanges, you may think its pretty fast and smooth. But give ETH/LTC a shot and you'll be surprised how much better it is. It takes seconds/minutes and pennies in fees. Its much more efficient to move ETH/LTC between exchanges.

Once Bitcoin mining becomes more profitable and the miners move back to BTC, the 200K+ unconfirmed transactions go through, fees go much lower and BTC price will go up as people move back into Bitcoin.

It occurs every time Bitcoin Cash becomes more profitable to mine.

Follow the trail of unconfirmed transactions: https://blockchain.info/unconfirmed-transactions

[duffrageous]

This is a great post here. Lots of info that explains what I observed, but I couldn't fully explain why it keeps happening. I think the initial trigger was the selloff at $17k. When BTC price stars to drop, miners switch to BCC and traders buy other alts. Litecoin got pumped hard because of its low price per coin in comparison to ETH on Coinbase. People are more comfortable buying a smaller valued coin with more upside. ETH has only gained 20% in a day two or three times since the spike in May.

[newjerseymax]

Well I did what any crypto newbie would do watching it last 24hrs after buying at $15k. I bought more when it hit $13,800 !!! LOL!!!

[elmo]

one of my favorites

[empirestate]

Buying back @ 7k

[yotano211]

Originally Posted by elmo

Its due to Bitcoin Cash being more profitable to mine currently

When the majority of miners head over to Bitcoin Cash, Bitcoin ends up getting 100-200K+ unconfirmed transactions which leads to huge fees / delays when using Bitcoin.

Hence the increase of ETH and Litecoin (up 35%) rally, as more people purchase these coins in order to send them in between exchanges with extremely low fees and without delays. This will continue to happen every time the profitability shifts, so that's why I've been personally increasing my ETH/LTC holdings. You can only buy BTC/ETH/LTC via Coinbase currently and when BTC has 200K+ backed up transactions and huge fees/delays to send coins, people will have to move ETH/LTC.

If you've ever moved BTC between wallets to exchanges, you may think its pretty fast and smooth. But give ETH/LTC a shot and you'll be surprised how much better it is. It takes seconds/minutes and pennies in fees. Its much more efficient to move ETH/LTC between exchanges.

Once Bitcoin mining becomes more profitable and the miners move back to BTC, the 200K+ unconfirmed transactions go through, fees go much lower and BTC price will go up as people move back into Bitcoin.

It occurs every time Bitcoin Cash becomes more profitable to mine.

Follow the trail of unconfirmed transactions: https://blockchain.info/unconfirmed-transactions

The price of ETH might be up but the difficultly rate seems to be more up than the price.

[elmo]

I saw that ETH was clogged up too. Could be why litecoin is up 50%

[yotano211]

Originally Posted by elmo

I saw that ETH was clogged up too. Could be why litecoin is up 50%

ETH hasnt been performing good lately. I am looking into getting out of it and into other coins, maybe bitcoin gold.

[aspkin]

Originally Posted by newjerseymax

Well I did what any crypto newbie would do watching it last 24hrs after buying at $15k. I bought more when it hit $13,800 !!! LOL!!!

I had buy orders at 13k .. .it didn't hit. :(

I should of been more optimistic.

[Play]

Originally Posted by aspkin

I had buy orders at 13k .. .it didn't hit. :(

I should of been more optimistic.

You should set it at around 0.2k more. Advice works both ways, with buy or sell orders.

I've seen on countless occasions it drop to i.e. 13.1k and jump back up, or hover around 13.9k before dropping... it doesn't quite always hit the round figure.

[duffrageous]

It hit 12.75k on bittrex last night:

https://bittrex.com/Market/Index?MarketName=USDT-BTC

I always set my buy and sell orders between .2 and .8. I never go to the whole number. Sometimes I'll even set it at .5. You have to remember there are thousands of other people doing what you're doing, so you minimize risk but reward is a bit smaller. It's worth the tradeoff for me. I just hold most of the time though.

[newjerseymax]

Originally Posted by aspkin

I had buy orders at 13k .. .it didn't hit. :(

I should of been more optimistic.

I was actually watching for more dips into 13k as I thought futures would make it more volatile. Maybe cause website crash? I was actually surprised to see it less volatile then days leading up to Sunday.

[newjerseymax]

What exchange are you using that allows you to place Buy Orders? I'm using coinbase for buying and blockfolio for tracking, however its all manual.

First day I had a duh moment when I realized trading is 24-7 :P

[nate]

Originally Posted by newjerseymax

What exchange are you using that allows you to place Buy Orders? I'm using coinbase for buying and blockfolio for tracking, however its all manual.

First day I had a duh moment when I realized trading is 24-7 :P

https://www.gdax.com

If you have a coinbase account your already setup to start trading on GDAX....

Go to BTC/USD and set up a limit order.

I set on up day before yesterday for ETH/BTC and sold my ETH for $500 and bought BTC @ $15.8k


To do the calculations you have to decide at what price you want to sell your BTC for ETH.... Lets just say you want to sell BTC when it hits 19k and you want to buy ETH at $460. Divide 460 by 19,000 = 0.0242105263

So you want to place a buy order at 0.02410000 Then adjust the ETH amount accordingly. You wont be buying them at those prices, you'll be buying them by that same price difference.

If you do it and buy USD instead you can sell BTC right at 19k... Buying... same thing...

It does seem as tho futures tamed the beast, I'm kind of disappointed... I liked losing my ass then making back double in a couple days time. Made it exciting.

[newjerseymax]

Originally Posted by nate

https://www.gdax.com

If you have a coinbase account your already setup to start trading on GDAX....

Go to BTC/USD and set up a limit order.

I set on up day before yesterday for ETH/BTC and sold my ETH for $500 and bought BTC @ $15.8k


To do the calculations you have to decide at what price you want to sell your BTC for ETH.... Lets just say you want to sell BTC when it hits 19k and you want to buy ETH at $460. Divide 460 by 19,000 = 0.0242105263

So you want to place a buy order at 0.02410000 Then adjust the ETH amount accordingly. You wont be buying them at those prices, you'll be buying them by that same price difference.

If you do it and buy USD instead you can sell BTC right at 19k... Buying... same thing...

It does seem as tho futures tamed the beast, I'm kind of disappointed... I liked losing my ass then making back double in a couple days time. Made it exciting.

Awesome!!!

Thanks so much!!!

Exactly what I needed.

[duffrageous]

Bitcoin has hit a resistance level at 17k for a few hours at least(there will probably be more volatility when the Asian market wakes up again) in the afternoon and evening. This means people are gonna be trading BTC for alts like Litecoin, sometimes Ethereum, and others all in the top 500 or so coins. Most of the volume will come from the top 10 coins today. You should continue to trade for alts until a little after a BTC dump or during a BTC pump to maximize your holdings. During a dump, people will try to find the alts that are still going up creating a temporary pump, but you should have your sell orders ready. If you can't trade for Tether USDT, you should trade for BTC and then for Tether dollars. Once the price stabilizes again, you should trade for alts, but you have to be prepared to dump them during the next BTC spike.

[Play]

Originally Posted by duffrageous

Bitcoin has hit a resistance level at 17k for a few hours at least(there will probably be more volatility when the Asian market wakes up again) in the afternoon and evening. This means people are gonna be trading BTC for alts like Litecoin, sometimes Ethereum, and others all in the top 500 or so coins. Most of the volume will come from the top 10 coins today. You should continue to trade for alts until a little after a BTC dump or during a BTC pump to maximize your holdings. During a dump, people will try to find the alts that are still going up creating a temporary pump, but you should have your sell orders ready. If you can't trade for Tether USDT, you should trade for BTC and then for Tether dollars. Once the price stabilizes again, you should trade for alts, but you have to be prepared to dump them during the next BTC spike.

You're encouraging people to sell BTC in the wrong thread - users on this thread are looking to hold for long term gains.

Furthermore, lots of bitcoin forks coming up this month and next (which always push price up) - http://cryptocurrencyfacts.com/2017/...rks-2017-2018/

The question here really comes down to if these forks/cryptos are authentic - time will tell.

[slokor]

Originally Posted by duffrageous

Bitcoin has hit a resistance level at 17k for a few hours at least(there will probably be more volatility when the Asian market wakes up again) in the afternoon and evening. This means people are gonna be trading BTC for alts like Litecoin, sometimes Ethereum, and others all in the top 500 or so coins. Most of the volume will come from the top 10 coins today. You should continue to trade for alts until a little after a BTC dump or during a BTC pump to maximize your holdings. During a dump, people will try to find the alts that are still going up creating a temporary pump, but you should have your sell orders ready. If you can't trade for Tether USDT, you should trade for BTC and then for Tether dollars. Once the price stabilizes again, you should trade for alts, but you have to be prepared to dump them during the next BTC spike.

Theres no way Im trading any of my bitcoin.
Ive been holding mine since mid 2016 and it has served me well doing so. Any kind of movement away to any altcoin is a gamble and I find the safest bet to have been and to still be bitcoin - for the long run.
When it hits 6 figures ill consider selling - although by that point I dont believe there will be any need to sell since bitcoin wallet will hopefully be fully integrated into online banking with all the major banks and ill be able to make purchases using bitcoin directly. Having banks utilize their online abilities in conjunction with the lightning network will make things super easy for bitcoin usage.

[duffrageous]

I couldn't add to my post before the site went down for a few minutes. I was gonna expand by saying alts have taken a beating since June/July in terms of growth compared to bitcoin. Bitcoin growth has outpaced alt growth nearly two to one. In terms of long-term strategy, it makes sense to just hold bitcoin now. But if you are looking for short term gains, you can trade BTC for USDT during the dips and buy back in or trade for alts(riskier but maximizes profits).

I actually lost 1/4 of my portfolio trading btc for alts the last 6 weeks trying to make some quick gains, but I wouldn't give that up because I've learned so much about all the alts and btc correlation.

[slokor]

Way too risky for my liking.
Ill avoid the drama and HODL my bitcoin for the long haul.