Bitcoin Thread - 2018

GAD

Well-Known Member
Joined
Nov 9, 2014
Messages
332
Someone plz tell me a downwards spiral is on its way before we go to $30 000... I want back in
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
Before it goes and make new higher highs on it's way up to 100 000k.
Sure, the idea is for it to make ever increasing higher highs but there is much more profit in high and low swing trading than just a stupid pump followed by inevitable corrected stupid dump.

So the sooner we have a correction of 500-1500 to find the actual new bottom the better off we are to go back to $10k and above for the next legit leg up.

My own opinion seems to match the fairvalue the following site give for BTC at this moment in the same range. Better we go up slower with more consistent support than to have another repeat of 2018 total meltdown.

https://www.coinfairvalue.com
 

Countcrypto

Senior Member
Joined
Jan 20, 2018
Messages
543
Sure, the idea is for it to make ever increasing higher highs but there is much more profit in high and low swing trading than just a stupid pump followed by inevitable corrected stupid dump.

So the sooner we have a correction of 500-1500 to find the actual new bottom the better off we are to go back to $10k and above for the next legit leg up.

My own opinion seems to match the fairvalue the following site give for BTC at this moment in the same range. Better we go up slower with more consistent support than to have another repeat of 2018 total meltdown.

https://www.coinfairvalue.com
Agree.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
7,464
I expect it to top out around $9300/$9400 for now. Also a likely dump spot for correction is early tomorrow morning at the tip of the triangle. Target of around $7600 but it could go to $9300/$9400 first. This happens often with BTC pump and dump.

 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
I wish I understood what any of this meant.
SaiyanZ is simply showing that the big pump happened right before the price went north out of the drawn triangle where it approached the edge.

So working it backwards if there is a corrective dump that crosses back south through the edge of the triangle its likely to over correct hence his price estimation looking at the support levels going down.
 
  • Like
Reactions: GAD

carstensdj

Expert Member
Joined
Apr 13, 2011
Messages
2,297
I expect it to top out around $9300/$9400 for now. Also a likely dump spot for correction is early tomorrow morning at the tip of the triangle. Target of around $7600 but it could go to $9300/$9400 first. This happens often with BTC pump and dump.

SaiyanZ is simply showing that the big pump happened right before the price went north out of the drawn triangle where it approached the edge.

So working it backwards if there is a corrective dump that crosses back south through the edge of the triangle its likely to over correct hence his price estimation looking at the support levels going down.
Sorry if this is obvious or dumb but please explain to me, the following:
1) Am I right in assuming the PURPLE lines constitute the highs and lows for that period?
2) The BLUE descending line, I assume, is the pattern that the highs followed over that period?
3) The 2nd BLUE line, starting on the 19th (ascending). Where has that come from and what significance does it have in the overall scenario?
4) Why has the OP used those specific dates? Surely I could select a date range and make the line patterns look very different by moving the date range for a similar period, resulting in a different outlook?

Thanks in advance guys (and gals).
 
  • Like
Reactions: GAD

phly

Expert Member
Joined
Mar 13, 2013
Messages
1,215
Sorry if this is obvious or dumb but please explain to me, the following:
1) Am I right in assuming the PURPLE lines constitute the highs and lows for that period?
2) The BLUE descending line, I assume, is the pattern that the highs followed over that period?
3) The 2nd BLUE line, starting on the 19th (ascending). Where has that come from and what significance does it have in the overall scenario?
4) Why has the OP used those specific dates? Surely I could select a date range and make the line patterns look very different by moving the date range for a similar period, resulting in a different outlook?

Thanks in advance guys (and gals).
1 - Yes
2 - Yes
3 - It is a line showing the first higher high (resistance) and due to its elevation the probable high that the second touch would make to touch it again (I stand to be corrected)
4 - Dates have not be used specifically but rather due to the confluence of the pattern a date with high probability of a move happening presents itself. And should that happen then the fibs it can likely drop to and find support. And yes you can have a different outlook based on how you draw your lines of support and resistance as well as trendlines.
 

acidrain

Expert Member
Joined
Jan 7, 2007
Messages
4,745
3 - It is a line showing the first higher high (resistance) and due to its elevation the probable high that the second touch would make to touch it again (I stand to be corrected)
I would agree. To me that blue line has been drawn as a parallel to the purple line creating the channel which would signal resistance points along the channel.
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
Remember TA is speculative based on the current market conditions.

So not everyone will have the same outlook however the traders who adapt to market conditions the best will have the best outlook using their TA variables in order to confirm their trades.

Trading have some core facts under extreme conditions however for the other 90% of conditions its rather similar to playing poker where it is not always the guy with the best ability of counting outs or draw percentages vs stacksizes vs nash equilibrium who ends up winning vs a guy who is so adapt that they only play based on feel and circumstances.
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
Are you not entertained !!!!!!

The dumpening is happening $5 short of what I suspected, good thing I layered my shorts else I would have missed this but feels good. :)
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
How far do u see it going down?
Initially expect a complete retrace back to the 8000 pre pump and if it holds it might do another total rebounce. Remember we havn't had a big retrace since the 7000 price just shot up and then the 8000 that shot up. That was near $2000 combined pump with out a proper retrace for support.

But I think if the dump continues when people wake up in USA and add more volume probably 8100-8300 but eitherway probably going to be intense day.

These volatile market conditions is always open for complete whale fkening so it could all mean nothing the moment some dingleberry whale decide to throw money at the problem.
 
Last edited:

Countcrypto

Senior Member
Joined
Jan 20, 2018
Messages
543
Initially expect a complete retrace back to the 8000 pre pump and if it holds it might do another total rebounce. Remember we havn't had a big retrace since the 7000 price just shot up and then the 8000 that short up. That was near $2000 combined pump with out a proper retrace for support.

But I think if the dump continues when people wake up in USA and add more volume probably 8100-8300 but eitherway probably going to be intense day.

These volatile market conditions is always open for complete whale fkening so it could all mean nothing the moment some dingleberry whale decide to throw money at the problem.
It's not a violent dump (yet) by btc standards so I would think the 8400-8500 previous resistance might show significance, else agree it's going to be around 8k.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
7,464
The timing of this dump is perfect. Right above the tip of the triangle. It could bounce here at $8400/$8300 off the previous high though. I think it's still likely to smash through that intersection at $8060. Might take a couple more hours.

 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
2,361
In other news, the Rand is trying to give Bitcoin a go at how it is creeping up on R15 to the dollar.

yikes.
 
  • Like
Reactions: GAD
Top