GBTC Short-Sell Update
Am in full-on degen mode now - haven't sold my short yet!
Guess $3,600 seemed like it should be about the point where the withdrawal from China got 'priced into the market' as they like to say in all the articles?
But wasn't sure if maybe there'd be some panic selling, or bubble deflation, or 'price correction' (another phrase that seems to be popular with the business journalists? 'Profit taking' seems to be another one
) ... and if so, how much there'd be?
Here's the price graph for Bitcoin from today - it looks like after the initial sell-off, there's been three points where a bunch of people have swooped in to buy?
So maybe a bit of a battle between the panic-seller/profit-takers and the traders/bargain-hunters - wonder if there's enough people who may still want to sell at like $3,400 or $3,300, for the price to possibly go down all the way to $3,200? Or maybe there's enough people who may be willing to pay $3,500 or $3,600, that this is as low as it's going to get?
There doesn't seem to be any way to measure how many of each there is either, to better be able to possibly tell if the price in the short-term may start going down again or if it'll keep going up and up - so guess that's what makes holding onto the short-sell so degen
Guess it's really pure gamble at this point ... yikes!!
Should probably just sell tomorrow, and not be greedy about any possible extra hundred or two - otherwise it may wind up costing me that much if the price winds up going the other way?
On the other hand, my bank wire arrived at the exchange a couple of days ago - so if the price does wind up dropping a little more, after selling my short may turn around and buy some Bitcoin!
Russia's supposed to be passing legislation that will make trading Bitcoin legal sometime before the end of the year, so that should open up a whole new market ... guess the price of Bitcoin should start to rise again after that happens?
Day 2 Updates
Will try to curb my degen, and sell my short (buy to cover) tomorrow
Last edited by TrustySam; 09-14-2017 at 10:37 PM.