$300 tonight, let's hope we stay above this time
If we slay that bear whale
ruh roh ... did u hear that everybody ?? there is a bear whale. everyone stay calm... we will get billyjoe to get the 'four punch raiders' to take him out with a quick and powerful 'chinese panic' flash dumps and right when he thinks is great moment hit him with the short squeeze. got it everyone ?? ok break. on 10. go.
LOL
Realistically I think the situation is that longs are way over extended at a ridiculous interest rate and if the price doesn't start to move upwards soon enough we will come crashing down. Just like how BJA spoke about a cascade of shorts going up, I think the tables have flipped.
Ever since BTC broke 300 I have had a bad feeling and it's getting worse and worse. I am continuing to buy, but i'm out of leverage till we figure out which way the market is going to go. Id rather jump in late than get burned.
The interst rates have jumped but only for the last 2 million or so that was borrowed. I'm still locked into my month long rate that is around .03 average. So there isn't enough longs with high rates that would close out and cause a cascading effect. If they decide to close out I'll be sure and scoop up some of their coins with my extra borrowed USD. And I know I'm not the only one willing to buy their coins.
I'm kicking myself that I didn't lock in some good long rates, and am now stuck with the FRR. I made enough profit from my previous 2 trades that it's not even a big deal, just annoying slightly that the cost of carry has essentially tripled. BFX doesn't do a very good job of explaining how reserving swap works and how to manage your loans--seems that it's a learned skill for the high rollers
The demand should bring some new USD in the near future, which will push the rates back down. But it may be awhile yet. Same thing happened on the short side last year if I remember correctly.
