I get up today ready to trade crypto heavily, and instead I walk straight into the
insane asylum! … the “Chuckleheads” did NADA last night in the Asian session,
and the “spirits” were let loose about 5 AM EST when suddenly the world
realized the U.K. is almost permanently locked down, risk is definitely “off”, the
next pandemic fear of a mutated virus [of course, what else?] is here, and
everybody is gonna die … SHTF, “Thelma & Louise” show up for BTCUSD, and
the bid/offer spread blows the hell out to over $250+ at one point … and while
some of you not paying attention think I’m doin’ crack or something, right after
that wonderful deal spread of 250, I captured seconds later a screenshot of the
Turnkey bid/offer at $150+ directly below.
Nothing to see here Sheeple, move along … and for the next 4 hours there was
nothing but instant fluctuating spreads of between $20 - $200, that changed in
less than a heartbeat, and anybody who pressed ANY BUY/SELL button was
instantly screwed … do I look retarded? [ehh, no comments please!] … and after
going through 3 waves of this shit with similar swings, suddenly the world
realizes the sun will come up tomorrow and we head straight up into the London
“Fix” [“oh, you got “fixed” alright”!] for almost 1500 dollars per BTC … and I’m
watching this and marveling at the speed at which people get separated from
their money … I’ve never seen any market this insane in my life! … and it’s like
in a dream where you’re running down a hall and the hall goes forever and you
can’t ever escape no matter how fast you run … and all along the way, you just
want to GTFO but you can’t … and in BTCUSD on days like this [range so far
today of about $2,260], when this stuff moves against anybody the wrong way, it’s
instant MAX pain PLUS a widening spread that makes the loss very, very painful
… and in the last 10 minutes as I write this, it’s straight down 400+ dollars and
showing no signs of stopping … oh wait, now almost 500 dollars … well, that
didn’t take long did it? … and a widened spread from about 10 bucks to 40 bucks
… and then immediately it’s 150+ dollars in seconds to screw the shorts … and
this is tame compared to earlier, where the trading algorithm unleashed buy
signals but the spread was $200+ … “sure, buy it! … what can possibly go wrong
here”?
When I came in today, the longer term algorithm position trader charts were
flashing the first major SELL SIGNAL since September when BTC was at $11,000
… so, the market didn’t really need any “mutant ninja turtle covid news” to get
stuffed, it was very, very, overbought in need of some kind of corrective action
… well, we certainly got that didn’t we? … too bad it was completely untradeable,
unless of course you want to spot the thieving HFT LP $200+ just to get in … as
for me, no thanks … and while it would be easy to blame Turnkey, it’s the same
EVERYWHERE! … there’s no place to hide in the insane asylum, where even the
closets have nutjobs hanging around in the dark corners … and what takes
3 ½ hours of a slow walk for price up the hill, takes only about 15 minutes to take
all away, with a widened spread to simply add to the pain … why? … cuz they
can! … and given the nature of the day, why not? … is BTCUSD supposed to only
go up thousands every day? … sure seems like a lot of traders think so! … well,
welcome to trading 101 in crypto dynamics!
If I had taken every buy signal today, I would have paid up over $1,000 per 1 lot
volume in widened spreads to get long … “that’s a whole lotta slippage mi amigo,
and you can count me out" … and while I don’t like sitting here at all watching
grass grow, I don’t like getting clipped by scumbag opportunist LP’s either
… only sane thing to do is wait … hopefully tomorrow’s trade is more sane with
a significantly better bid/offer spread … no trades in anything today, not even
the alt-coins … hell, they were worse than Bitcoin!
… outta here, onto tomorrow … I’m full steam ahead! … Onward & Upward!!
-vegas
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