Did anybody not see this coming? This is the first time I have actually traded BTC. I have held for a long time. So I decided to go with 2.5 margin at Bitfinex for about $108k. Bought positions on Saturday night. I rarely see a more obvious time to buy.
I guess losing my ass day trading stocks for a couple of years makes this a walk in the park. But the pent up buy pressure from last week and the lag of funds into Bitstamp was crazy bullish. Don't know what happens from here on out. I suspect we test the highs this month. Maybe this week.
But this last push was about as obvious as they come.
I went all in but chickened out of using margin, partly because bit stamp was having an issue and bitfinex was trading $3 over. Now I really regret it. Is it still safe? Should I wait until the next dip?
See my post above. It all depends on how fast the dips last. We are at the first real point of resistance - 229. If we don't dip from here, then its to 250. And then to 259.
So we might slow down the momentum, but as long as we have things like Coinbase saying early in the morning that it has reached it "buy" limit, I don't see how we go anywhere but up. I also suspect that not all the funds reached Bitstamp accounts today from incoming latent wires.
I think its a foregone conclusion that we test the highs, it just a matter if it's 2-3 days or 2-3 weeks. You pay more margin at 2-3 weeks, but you are still profitable if this happens.