Bitcoin Price Tracking & Discussion -- 2017

[JAKEPEAVY21]

If Bitcoin drops below 12,500 might be time to start making an emergency plan???

Back where we need to be

you love to waffle back and forth

[reigle9]

here we go

rock n roll

[swordsandtequila]

Stop loss orders can be very dangerous in a volatile market like BTC. It's good in the stock market WHEN things are pretty stable but it can be disastrous in a flash crash. Market manipulators know exactly where the majority of people have the stop loss levels, so they can easily move the stock lower, get the group to sell, then immediately pumped it back up. In a flash crash, you are shit out of luck because by the time your order gets filled, you've lost a shit load of value.

So you have a stop loss order for $10k. What happens if the manipulators flash crash BTC to $8k? Your order will be filled at $8k because you couldn't get in at $10k. They then pump it back up to $10k. You just lost 20% while you were sleeping. I suspect we are going to see a bunch of flash crashes followed by immediate run ups as people try to manipulate the price and weed out small timers.

You should google the dangers of stop loss orders.

Wouldn't a stop limit order take care of that scenario? Asking for a friend

[ans61201]

It's funny that people are worried about it "going as low" as 12.5k. Just a couple weeks ago at thxgiving everyone was amazed that it had hit 10k.
Monday could be a very exciting day

Yes!! How easily we forget that was an all time high about a week ago, or months ago on this forum everyone was crossing their fingers hoping to close the year out at 10k per coin. Buy and hold, and let the roller coaster go where it goes.

[ans61201]

As long as the order is in before shit gets real, you should be fine

Plenty of reddit articles of coinbase and Gemini not honoring sell orders while “offline for maintenance” hoping for the best but I think you’re giving a little too much credit for the exchanges in case of a crash/they “go offline for maintenance” they’ve shown to not handle the dips and high traffic days even remotely well.

It’s going to be an interesting ride.

[reigle9]

i'm not on reddit, and this isn't my area of expertise, but i've seen plenty of shit in the past that i do know that was on reddit and people took as gospel, that was complete nonsense

[shocka1212]

Plenty of reddit articles of coinbase and Gemini not honoring sell orders while “offline for maintenance” hoping for the best but I think you’re giving a little too much credit for the exchanges in case of a crash/they “go offline for maintenance” they’ve shown to not handle the dips and high traffic days even remotely well.

It’s going to be an interesting ride.

I think its a little more hype if anything... everyone expecting a crazy crash.. I think its going to stay steady round 15k

[TheMoneyShot]

you love to waffle back and forth

lol I just have an emergency number set always. What would you do if it was at 17k... and just dropped to 9,500?

If this thing ever has an EXTREME TILT... who knows if it will ever come back?

Everyone can say this is VOLATILE... but when does common sense come into play that a particular drop is too STEEP... and it might be a sign of something unfortunate?

[ace7550]

I think its a little more hype if anything... everyone expecting a crazy crash.. I think its going to stay steady round 15k

The media is all about bullsh*t hype. Constant articles about bitcoin bubbles or bitcoin to the moon. I hope you're right that it just stays steady. Either way I'm going to do what I always do. Hold bitcoin.

[shocka1212]

3 minutes in and were up 1k... they really got us with this Ponzi scheme..... clowns want us to be poor forever

[shocka1212]

gdax already downgraded service due to high volume.. everyone wants to join the party

[reigle9]

shocka da god

you have this shit down

[ace7550]

goddamn that was fast Shocka! You noted earlier that you had a stop/limit set at 10k. Do you have a take profit set too?

[shocka1212]

goddamn that was fast Shocka! You noted earlier that you had a stop/limit set at 10k. Do you have a take profit set too?

I got in real early.. I've only taken profit on alt coins which I've rolled into btc. not really looking to take profit until June (different capital gains tax)

[TheMoneyShot]

shocka da god

you have this shit down

goddamn that was fast Shocka! You noted earlier that you had a stop/limit set at 10k. Do you have a take profit set too?

Shocka the man. Going to hire him as my financial advisor.

[reigle9]

what did he do that was wrong?

[reigle9]

i'll turn on any of you muthafuckas in a second lol

[Mac4Lyfe]

Wouldn't a stop limit order take care of that scenario? Asking for a friend

Absolutely not. Which is why I'm telling you that it is very dangerous to rely on stop orders in the Stock Market and definitely in BTC. What I'm telling you is that a stop order will not get exercised quick enough in a flash crash. The stock or coin could go from $15,000 to $7,500 in an instance and your order would exercise at $7,500, NOT $10,000. So you sell at let's say $7,500, then the price goes back up to $10k or $15k and you are assed out. Google flash crashes. Everyday there's mini flash crashes in the stock market. It may or may not be easier to do with BTC. We shall see but I would not rely on stop orders.

[Mac4Lyfe]

As long as the order is in before shit gets real, you should be fine

I know what I'm doing.....

^^^^ You couldn't be more wrong... but since you know what you're doing, carry on.

[shocka1212]

^^^^ You couldn't be more wrong... but since you know what you're doing, carry on.

ok.

[ace7550]

Pretty sure Shocka is right. It all depends on the order. A stop loss and stop limit order are 2 different things. With a stop loss a market order is placed when a certain price point is hit. In this scenario you will immediately sell to the next buyer's limit order available. With a stop limit a limit order is placed when a certain price point gets hit. Depending on the limit price it may or may not get filled. Somewhat minor detail but could prove to be important in a crashing market.

[ans61201]

Pretty sure Shocka is right. It all depends on the order. A stop loss and stop limit order are 2 different things. With a stop loss a market order is placed when a certain price point is hit. In this scenario you will immediately sell to the next buyer's limit order available. With a stop limit a limit order is placed when a certain price point gets hit. Depending on the limit price it may or may not get filled. Somewhat minor detail but could prove to be important in a crashing market.

You kinda answered that yourself though. In an all out crash, is there going to be buyers for anyone anywhere near those prices?

[swordsandtequila]

Wouldn't a stop limit order take care of that scenario? Asking for a friend

Absolutely not. Which is why I'm telling you that it is very dangerous to rely on stop orders in the Stock Market and definitely in BTC. What I'm telling you is that a stop order will not get exercised quick enough in a flash crash. The stock or coin could go from $15,000 to $7,500 in an instance and your order would exercise at $7,500, NOT $10,000. So you sell at let's say $7,500, then the price goes back up to $10k or $15k and you are assed out. Google flash crashes. Everyday there's mini flash crashes in the stock market. It may or may not be easier to do with BTC. We shall see but I would not rely on stop orders.

I think you missed the "limit" part of my post. The whole point of a limit price is to set a range you're comfortable selling, anything less the trade isn't executed. At least the way I understand it. Please correct me if I'm wrong.

[raiders72001]

First CBOE futures contract expires Jan 17th at a gemini price of $15,800.

[ChuckyTheGoat]

Shocka the man. Going to hire him as my financial advisor.

Giddyup. Next Vegas trip...we sit down w/ Shocka and learn.

[ChuckyTheGoat]

Up to $16,100.

[raiders72001]

Bitcoin prices are day to day and dependent upon current news. If Bitcoin gets Lightning, expect another huge jump.

[Mac4Lyfe]

I think you missed the "limit" part of my post. The whole point of a limit price is to set a range you're comfortable selling, anything less the trade isn't executed. At least the way I understand it. Please correct me if I'm wrong.

Yes, I missed the Limit part of your post. Shocka was talking about a stop loss order. A stop limit offers zero protection in a flash crash. If your limit is $10k, you are shit out of luck while it blows past your limit and is selling much lower. You would be left holding at whatever level the stock is at with no chance of selling at a higher level.

Pretty sure Shocka is right. It all depends on the order. A stop loss and stop limit order are 2 different things. With a stop loss a market order is placed when a certain price point is hit. In this scenario you will immediately sell to the next buyer's limit order available. With a stop limit a limit order is placed when a certain price point gets hit. Depending on the limit price it may or may not get filled. Somewhat minor detail but could prove to be important in a crashing market.

Shocka specifically said that he has a $10k STOP LOSS order. I merely mentioned that a stop loss order would not protect him to sell at $10k. There could be a flash crash where he would end up selling for far, far less.
One way to reduce risk is through hedging options...

[ChuckyTheGoat]

https://www.coindesk.com/price/

What will this price be on Monday, 9am EST? If it's $17000...I'm gonna be hard as a rock.

[TheMoneyShot]

you love to waffle back and forth

We back in business JP. All smiles.

[TheMoneyShot]

https://www.coindesk.com/price/

What will this price be on Monday, 9am EST? If it's $17000...I'm gonna be hard as a rock.

I go soft when it's on the decline. Anything I can do to prevent it?

[JAKEPEAVY21]

We back in business JP. All smiles.

I'm getting rich or going down with the ship on this one...

[raiders72001]

All that green on coinmarketcap is a happy sight.

[achilleas 21]

big party again.where are the bubble boys now?

[ChuckyTheGoat]

I go soft when it's on the decline. Anything I can do to prevent it?

Shot...I don't know anything more than the average guy. But here's my basic "Buy Low...Sell Hi" principle:

1) If BtC shoots up 10%+ in one day...I pull out some profits. My USD$$ BALANCE will still be > than it was 24hours ago.
2) If BtC declines 10% in one day...I try to buy a little more. (Or I just Hold).