Official Cryptocurrency Trading Thread

[revelations]

The fact that BTC has failed to make new highs with the past rallies, (x, b, 1) to me indicate further downside.

Thus, I still stand by my view that BTC will bottom out around the 5000$ figure

EDIT - could be 5400$, but probably 4950$

[SilverRex]

Crypto's looks like a solid 5 up and 3 down. next up move imminent?

[revelations]

Yea, another small bounce to a Fib level perhaps, but nothing more.

[SilverRex]

BTC

now that we got our up leg, the structure currently looks corrective. 5 up 3 down and now another 5 up. which unless BTC can suddenly thrust and break above 7800 imo. I am leaning towards this entire structure being some sort of ABC (large 3 wave up) which will then result in another down side drop back into the 5k range. While my over all bias remains that once bitcoin finds its last legs, the next rally will imo give us a new high. until then, I would use every drop as an opportunity to position once self.

if this leg up has legs, btc cannot break below 6636, if and when it does, its just another sign that this is just a large corrective move up and a retest of sub 5k will be in order. Nothing even stops btc hitting the 3k range and still remain in a very large degree bull market. keep your powders dry.

[SilverRex]

Ripple

thanks to the news that a Saudi bank is joining the network, it spiked this week and broke thru what appears to be a year long trend line. So far even with this breakout it has only produced 3 waves up. and until it gives us 5 waves up, still being cautionary optimistic. .285 must hold or risk another low

if ripple can just do all that I mention, then the prospect of revisiting the big 200 moving average and next significant resistance neckline around 0.50s will be the next stop imo

[SilverRex]

Ripple has doubled 100% in less than 10 days and has hit my targeted area above .50c expecting resistance in this area, converting a light position into LTC.

edit: it appears it wants to breakout from this major wedge line on first attempt. if it suddenly picks up steam next target zone will be in the 80s. I may unload half my holdings and wait for a pull back. or start moving into other under performing classess. My top holding is XRP, LTC and XLM

[msommers]

LTC? Man I remember picking that up around Christmas and it's down like 400% lol

[SilverRex]

Ripple is awfully bullish right now, breaking the wedge neckline in first attempt. it has to be a wave 3 of some kind. next big resistance is around 88c planning to take some position off the table.

[rx7boi]

Neat. I bought like $200 bucks worth of IOTA a while back but it went down so I lost most of it and transferred the rest into Ripple.

I figured I'd just let it sit while I forgot about it

[revelations]

BTC is apporaching a classic, bullish, TA pennant pattern.

[nzwasp]

https://medicinehatnews.com/news/loc...farm-official/

I find this hard to believe but this crypto farm that has two facilities one in Medicine hat and one in drumheller is mining 20 BTC a day, only consuming (at medicine hat site) 62MW of power per day and so far they have mined 3300 btc. So there power is costing between 10 - 15k per day and they are generating 200K of BTC per day on average. I thought bitcoin plants were deemed not profitable?

[O&G]

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https://medicinehatnews.com/news/loc...farm-official/

I find this hard to believe but this crypto farm that has two facilities one in Medicine hat and one in drumheller is mining 20 BTC a day, only consuming (at medicine hat site) 62MW of power per day and so far they have mined 3300 btc. So there power is costing between 10 - 15k per day and they are generating 200K of BTC per day on average. I thought bitcoin plants were deemed not profitable?

Power is priced per hour 62 mw is that per hour or just under 3 mw per hour?? Also you need to factor in sunk costs of equipement for payback.

[blownz]

I was just in Christina Lake BC and someone is building a bitcoin mining building there. Makes no sense to me but they have a lot of people working on it. It is way up a mountain so the land is cheap, but I can't imagine the power is really cheap out there but I really don't know.

[pheoxs]

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https://medicinehatnews.com/news/loc...farm-official/

I find this hard to believe but this crypto farm that has two facilities one in Medicine hat and one in drumheller is mining 20 BTC a day, only consuming (at medicine hat site) 62MW of power per day and so far they have mined 3300 btc. So there power is costing between 10 - 15k per day and they are generating 200K of BTC per day on average. I thought bitcoin plants were deemed not profitable?

Your forgetting the 10 million dollars in mining hardware that will constantly become outdated as more and newer ASICS are released. The Antminer s9i is coming out soon as well which will bring even more machines online

ASICS only have one purpose so the amount on the network never drops (short of some breaking) because they can’t be repurposed. It’s not like a GPU where someone will sell their farm and split up the cards to people that use them for gaming and the network hash drops

[speedog]

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Power is priced per hour 62 mw is that per hour or just under 3 mw per hour?? Also you need to factor in sunk costs of equipment for payback.

Regardless, at bitcoin's current value minus power costs they are grossing almost a million and a half per day.

[nzwasp]

The article says 62MW per day and they have already mined 3300 btc since they were opened so covered the cost already at today’s btc price

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Regardless, at bitcoin's current value minus power costs they are grossing almost a million and a half per day.

20 BTC per day x $10000 CAD for a bitcoin currently approx = $200k. Unsure where you got over a million from.

[speedog]

Brain fart.

[SilverRex]

Ripple

I suspect Ripple's recent correction should be coming to an end. it retraced to the 61% fib level and tagged the previous wave 3/4 range (text book so far), any lower I would question the legitimacy of this rally. otherwise I still think we should get one more rally above 80c to complete this wave 3 structure.

[SilverRex]

LTC

looks we also have a LD 5 up and 3 down. cant rule out one last drop below 56. first clue is to see it reclaim 59+, if count is correct, next wave (3) would be a powerful one

[SilverRex]

XRP

in the short term I think ripple is ready to rip wither wave (3) or C