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CRYPTOCURRENCIES


When Preparation Meets Opportunity


Bitcoin had come off 18% in about 5 hours and it was just before 8pm CET. As I pulled out my phone again to check on prices I saw they had stopped updating. I was ecstatic. The crypto market was coming apart at the seams. This was going to be the most memorable day of trading, perhaps with the exception of the Flash Crash on May 6, 2010. Every crash and all the market turmoil I had ever traded had prepared me for this day.


Everything was in place for a great session. Chaos, confusion, fear, despair, margin calls, forced liquidations and most exchanges down due to the immense selling pressure. The platforms simply could not process the amount of transactions that hit the tape. As I started calling brokers nobody picked up because no one knew where the market was trading at.


FX


Chart 1.1 Lamborghini license plate – DIDNT HODL


Every crash and all the market turmoil I had ever traded had prepared me for this day


I typed, “Bid//offer on 200 BTC, pls” and copied and pasted into all my Skype chats but was met with silence. Deafening silence.


I entered limit bids for 300 BTC in the 9,750 – 9,850 range and went to get some coffee. Te market had traded as high as 11,395 and as low as 9,250 before being 9,400 offered


when most exchanges crashed. When we opened up again I got filled and we quickly traded up to 9,900. Told the guys my target was 10,300. Two hours later I got flat for $125,000 profit as the market rallied to 10,350. Once you fully understand the market dynamics when a market capitulates on forced liquidation of overleveraged positions it will leave you longing for the next panic.


Day One My


first day trading Bitcoin Chart 1.2 October 12, 2017 – Bitcoin at $5,300


professionally was October 12, 2017 when the market blasted through $5,000. Chart 1.2 is my first ever annotated Bitcoin chart. Throughout this article are a bunch of annotated charts,


FX TRADER MAGAZINE October - December 2018 17


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