so tonight was wild, the market just tanked out of nowhere in a matter of minutes. honestly, it caught everyone off guard. we all thought we were heading into a bull market, and that’s what we were hoping for, but this came out of the blue. it’s the crypto world after all, super volatile and always reacting to news.
I got totally wrecked with $SUI and $BTC this morning. totally forgot to set a stop-loss, which is crucial even if you feel confident about handling surprises like this.
I could've anticipated how far bitcoin was going to fall but I did not have it in mind with alts. I also had a small margin on Link that got partially liquidated and now I'm wondering whether to rebuy - it was on a DeFi platform. But I was thinking of selling about half an hour ago so maybe it's worth the wait too.
I don't think this is just influenced by the news. In technical analysis the price should be bearish within this week since it's already reach the top upper channel of the broadening pattern or the old trend started year 2021.
Look as at this image below I draw this since september and make a new screenshot just now.
As you can see, it rejects once it touches on the upper channel of the trend.
So the bias this week should be bearish. If there's recent news, then that's the fuel to suddenly make the market crash in just a few hours.
It was looking like it but wasn't too sure because it was bullish sign but it happened unexpectedly. This is surely a volatile market that you need to have a backup protection mechanism like SL. I wonder if a trader who is over confident without SL will come out of this surprise. For now, there is no need to jump in for a rebuy but to allow the market to take a direction. Price touching $101,750 from the top of $120k within two days is quite alarming. But it is having a spike right now back to $112k.
Whether you truly forgot or you're the type of trader who doesn't shy away from risk by not setting a stop loss when trading, this is a risky trade, as they won't compromise with someone forgetting to set a stop loss. An important lesson to be learned from this story is that anyone involved in trading must consistently set a stop loss/take profit order to limit losses on each trade.
Confidence can sometimes be deadly because trading requires discipline to limit losses, otherwise you could lose everything. I've experienced this myself, but I was fortunate enough to not have a large amount of capital, and the market can move so quickly in the opposite direction, requiring caution.
Those that understand cryptocurrency will not bolder themselves for the decreasing that happened suddenly, bitcoin is a volatility which some traders are aware for them to trade with caution because the price can increase higher today and start decreasing tomorrow for traders to take advantage of both either to sell to earn income or to buy and hold for another bullish season, my funds is not included because I saw this sign some months ago that makes me to reduce the amount of funds for trading, and when it happen few hours ago, i was convinced that bearish season is arrived because the price decrease to $112k to stop some traders to pause.
Altcoins are sensitive to crash when Bitcoin has correction and not only $SUI was suffered with this correction from Bitcoin. You can see the liquidation data from Coinglass as well as other websites.
https://www.coinglass.com/LiquidationData
You can see more than $16B was liquidated on the market in the last 24 hours, and the data shows how many money lost through market liquidations. If you hold your coins in Spot positions or in your non custodial wallets, your are well even there is loss, it is still smaller than what you lost by liquidations.
Market will recover after a crash but if you lost money in liquidations, you are done with about 70% or 80% money lost and can not get it back.
Theres likely most everyone got affected by it. Not only bticoin suffer a huge blow but especially the altcoin markets. As you can see, most of the alts are down if not 30% some are even more than 50%. Those numbers liquidated so far is the biggest one weve ever seen. But able to earn some from trading when it got dipped. But the system great!
Yes, I also got liquidated for some altcoins but my BTC future trading is safe
My BTC position was under $80k so that is not a problem for me
Some other altcoins are still in their position but I am ready for anything that happens. I place another position for some altcoins that I think can go down further.
Some altcoins already closed by themselves because I prepared SL but the close position still gave me profit
Be careful this weekend. The market is going crazy
I closed my position right after donald trump's tweet floating around, that tweet is like a bright red flag and I'm not gonna take any L so lucky me that I've closed all my position, the only lose I have is from my spot holding which honestly gonna recover eventually.
I've reopened my position again right now though so i'm hoping that there will be no news about retaliation from china because if that happens, another wave of dump is coming.
What a really bad day today is and it is a world mental health day, what a coincidence .
Stop loss is very important for high risk traders but not important for low risk traders. If you got liquidation with how bitcoin moved yesterday, you are a high risk trader and the reason you thought that stop loss is very important. It is better you use it next time.
But for me I will prefer to trade with just low leverage. People that use 5x were almost liquidated but not liquidated and the price of bitcoin increased back to almost half of where it was falling from.
For those that where not greedy and used to bitcoin weekly market benchmark movement in price you already expected what happened, when the price of bitcoin hit it all time high of 125k we should expect a sharp correction, when i saw that 102k price yesterday i know we are in a long run and many positions would have been liquidated by know unless that that have big amount for their position servicing to push their liquidation price down.
I guess some of us could have been liquidated, unexpectedly and trying to find the reason. But for now, the bleeding hasn't stop, this is weekend and supposedly the market should be quiet and resting.
But the opposite is happening, and obviously it has been triggered by someone who had his sell order all over the wall and there could be some panic. But in any case, there are a negative news again by the Trump administration.
https://finance.yahoo.com/news/bitcoin-down-5-5-114-210603822.html
And this news could also be aligning on what we see in our charts.
Since I wasn't holding any positions, I didn't experience any losses. I was just surprised this morning when I saw the market and notifications from Bitcoin and altcoin exchanges drop.
This is a dark weekend for traders, many must have been liquidated, so one must always be careful because actually when the market goes up, a decline is sure to follow and vice versa, always be prepared for this situation.
Yes of course the entire cryptocurrency market crashed for just a few minutes. And I posted a post on WO Thread https://bitcointalk.org/index.php?topic=178336.msg65906111#msg65906111 and within a short time the market was completely revived. Donald Trump imposed tariffs on China, and this forced some people to sell their Bitcoin.
Not only that, some people lost all their money who were UP in futures trading. Such a market crash scares the weak hands, the strong hands hold more Bitcoin and use it as a dip.
When the market is so calm, it's sometimes scary that some unexpected nightmare and crash would come. I'm sorry that you've got liquidated with those position of yours. This is the reason I don't do any futures anymore, I'm scared of being liquidated and that's why I mostly stay in the spot to retain myself in the position that I can still recover even if the market crashes unexpectedly, my coins are still intact and its value will just recover when the market gets healthier again. Every second is important when you position yourself in leverage because in split seconds, these huge crashes can happen that could liquidate your entire position.
Your liquidation storey is a sobering lesson about the undue risks of going in debt; we appreciate it. That can be quite false, the market peaceful peaceful can be an illusion only to crash down at any time. The decision to leave the futures trading and hold the original coin is founded on the high passion to maintain capital. Spot assets also allow one to have a safety net and in case the price plummets, you will not have totally lost the coins since you can always recover them provided you are still in possession of them.
How the market will react to leverage is absolutely terrifying, one move in price will be the difference between success and failure and one must keep an eye on it at all times. The primary concern should be capital protection and the manner in which you did it is quite comprehensible.
You are right and I see it too, but I see it looks like we will break that area and do a reversal to create a new ATH again with Octobull sentiment, because we already had 2 needles touching it at the previous time and then a correction, we should have been able to do very well last night and have a different scenario to before, but the news sentiment was bad and forced Bitcoin to be lowered because the trigger was bad for the market, this was also pushed For the bookies it seems, they did the same thing to liquidate long position holders, this is quite reasonable, because the decline was so cruel.
Look at how this graph works, we should have risen to the green area and gradually continued to rise until we managed to finish Q4 easily, but we have been in the blue zone for too long, and that is not a good thing, is this theory becoming obsolete? or are we still waiting for something to see Bitcoin enter the green and yellow areas?
I haven't liquidated because I don't do future trading. So my money isn't included in the last day's liquidations. But my portfolio has been dumped hard since I am holding a couple of coins, including Bitcoin as well. The main reason I can't use stop losses for my holdings is all of the holdings in my hardware wallet. Unfortunately my exchange wallet had zero USDT, which means I even failed to take advantage of the dump. One of my friends called me during the dump to buy something. But I had no funds in exchange, and I was far from my hardware wallet as well.
However, I am not concerned about the dump. Because I know this is part of crypto, and the market will recover within a week or so. Rather, if I had USDT in my wallet, probably I would invest more somewhere, either in Bitcoin or alts.
Only those who followed risk management remained safe. And one of the key points of which is to set a stop loss, which helped reduce losses on the last dump and thus saved the deposit. And for those whose deposits have been liquidated, there is a good opportunity to study risk management.