The market is moving fast. Yesterday, I was thinking Bitcoin would bounce back so I bought in with half of my hedge money in an attempt to make a nice day trade. Well, that didn't work out. I was watching the market like a hawk and I noticed it had completely run out of steam and couldn't even breach $11500. I sold out my position early and took an $8 profit... lol. Lo and behold, I wake up in the morning and the market has crashed another $1000. Crisis averted.
Okay, so this is interesting, but you know what's more interesting? Steem is hardly crashing at all in the face of these devastating dips. It's happened twice in a row now; we might already be at the bottom. There's a lot of support at this level. I'm thinking about buying more Steem now, but at the same time I'm still not 100% sure, and in the past this has always been what got me into trouble: trying to catch the falling knife before receiving confirmation that it's hit the floor. The confirmation that I'm looking for is probably going to be around 30 or 32 cent Steem, unless of course we do crash lower in the near future.
Hard Fork 21
It would be insanely foolhardy to think that HF21 is going to go off without a hitch and investors will just come in droves to our blockchain. HF21 has to prove itself 10 times over. Steemit Inc is essentially telling the world,
"Yeah! We can change the platform how ever we want at any time."
How many crypto investors do you think that kind of attitude attracts? HF21 will have to produce real results before we gain any value from it. There will be no speculation.
In the mean time, I still have my flash crash limit orders up and running.
It's easy to get stuck in our own little bubbles. I've been engulfed in the cryptosphere for 18 months now, so I just assume everyone already knows how to do these things like set limit orders. Multiple people have asked for an explanation so here we go.
Login to Binance and navigate over to the Steem trading pair you want to set a buy order on. Binance has three pairs. Bitcoin, BNB, and Ethereum. If you were only going to pick one of them it should be Bitcoin, because that's the most popular with the best liquidity. It's also the one that flash crashed and I personally benefited from it.
Of course, that means you have to hold Bitcoin on Binance in order to set the trade up. The same is true for any of the other trading pairs, so just be aware that your holding the bag of an asset on a centralized exchange without control of the private keys.
https://www.binance.com/en/trade/STEEM_BTC
This is the BTC pairing. You can change to another one simply by modifying the 3 digit identifier at the end.
https://www.binance.com/en/trade/STEEM_BNB https://www.binance.com/en/trade/STEEM_ETH
Now that you are logged in and are holding BTC/BNB/ETH on Binance, the trading window should look something like this:
Obviously there is a lot going on here, and it can be complete information overload for new users. As potential flash-crash buyers, we are interested in the green liquidity. These buy orders are people who are trading the paired coin (Bitcoin) for Steem. It is this liquid Bitcoin that props up the value of Steem on Binance. If someone dumps Steem on the market in exchange for Bitcoin the price will flash crash.
Hit the button above that I've highlighted. It looks like this:
Pushing this button will show all the buy orders and let you scroll down to see the depth of the market.
Honestly, this is looking pretty bullish to me, and makes we want to buy Steem right now. People want to buy Steem at this price, and we can see there are well over 100,000 coins ready to be bought at this price (27 cents).
Remember that this is just one market, so you can check the BNB pair and the ETH pair, and there will also be liquidity there. Also remember that there are other exchanges. Bittrex has a BTC pair with Steem and many other exchanges have Steem as well. Steem is very popular on certain Asian exchanges that most of us don't even have access to.
In any case, scroll down the green liquidity window until you reach a flash crash point you want to buy at.
I upped my bid to 880 Satoshi (9.1 cents) as to overbid the 150,000 coin orders below it. However, if you think millions of coins might get dumped on the market, you might want to go much lower.
If you set up a buy order at 0.0000051 (5 cents per coin assuming $10300 Bitcoin) you'd get in above those buy orders for half a million coins.
Bitcoin liquidity on Coinbase is actually super volatile right now. I'm almost positive it is about to bounce back up. I'm going to buy at this 10k support and sell it some days later.
Happy Trading
Return from Setting Flash-Crash Limit Orders On Binance to edicted's Web3 Blog
