Bitcoin's Blowout Rally Exerts Pain as Record Shorts Get Burned

MrMuppet said:
@johnarb: To be very honest, all news pieces that come out of the US media are just useless. Really.

The problem is that people use volume numbers from western exchanges to make up reasons for market moves.
However, almost 80% of the entire BTC cash market is traded OTC in China so there are no real figures available.

The CME Hedgefund myth is just that...a myth. People might be playing on the CME but they are way to small to move anything. Nobody cares about the CME, just like nobody cares about the ADR of Deutsche Bank.

Zucc also doesn't matter because it is just another government controlled payment mechanism.

If you want to understand the "value" of this entire mess that is called Bitcoin, you have to look at China, capital controls and how OTC dealing is allowed for a few very wealthy individuals.

Forget everything that is coming out of the US for the moment. Until someone approves a big ETF...all the news out of the western finance world are just non events.

It will take a very long time until crypto adjusts to western standards. In the mean time there is a lot of money to be made.
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I've been in bitcoin (cryptos) since 2013 and I do agree there's lots of money to be made. China used to be the biggest thing for bitcoin and any small news (i.e. China ban) would cause a big move downward but China news has been a non-mover for a while now. When China made an announcement a few months ago regarding banning bitcoin-mining, it had no effect on the bitcoin price, I saw one post on Reddit with comments that China is non-relevant anymore, and no mention on Twitter crypto folks I follow.

If you believe the MSM on the China-US trade war causing the price upward moves, then that would be counter to your arguments of not following the news :). Crypto people on Reddit/Twitter don't buy into it.

I will agree to disagree on the reasons behind the bitcoin bull market since the beginning of this year...
 
maxinger said:
....
Those who shorted BTC futures on 27 Jun 19, European session must be extremely happy !!!
They could have earnt 1800 points (ie $9000) max per lot by day trading.
Important thing is to know how to read charts and recognize reversal pattern.

I don't trust the news.
We need to read news with a pinch of salt and
do our own analysis.
________________
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It's easy to make a perfect call in hindsight. It's easy to make perfect trades when you have nothing at risk.

On the bitcoin price thread, you were so brave to point out when bitcoin was at $8K level a month ago that you will be looking at short opportunities when bitcoin hits $10K. Based on your other post after that, you didn't really think it was going to go to $10K and was thinking it would go back on the downtrend to even suggest $1K is the price it should hit.

When bitcoin was at $10,750, I asked if you were short bitcoin, yet, and you weren't so brave anymore, in fact, you sounded scared to short bitcoin. I would be scared to short bitcoin, as well as the majority of traders, so it's quite normal, but don't come out here and say, yea, "shorts were so easy to put on during that parabolic move". Seriously, bro, anyone trying to step in front of a train has more guts than sense.

Just post your trades and of course not after they have perfectly happened, then you can boast all you want.
 
johnarb said:
It's easy to make a perfect call in hindsight. It's easy to make perfect trades when you have nothing at risk.

On the bitcoin price thread, you were so brave to point out when bitcoin was at $8K level a month ago that you will be looking at short opportunities when bitcoin hits $10K. Based on your other post after that, you didn't really think it was going to go to $10K and was thinking it would go back on the downtrend to even suggest $1K is the price it should hit.

When bitcoin was at $10,750, I asked if you were short bitcoin, yet, and you weren't so brave anymore, in fact, you sounded scared to short bitcoin. I would be scared to short bitcoin, as well as the majority of traders, so it's quite normal, but don't come out here and say, yea, "shorts were so easy to put on during that parabolic move". Seriously, bro, anyone trying to step in front of a train has more guts than sense.

Just post your trades and of course not after they have perfectly happened, then you can boast all you want.
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right mister. this is excellent hindsight.
nothing shameful about that.
No pity for those who failed to buy BTC at much earlier stage.
also no pity for those who missed yesterday signal to short.
Market will be merciless to those who don't know how to do proper technical analysis.
market will be merciless to anyhow short the market.
 
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