Bitcoin Thread

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SaiyanZ said:
It's all relative. We only get dumps like this only once or twice a week these days.
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Still nothing unless you're scalping with huge amounts.

Funny thing with bitcoin this year. Volume across all exchanges is exponentially larger than last year but the price barely moves. Zipping up and down $500+ several times a day was the norm last year but now, this nonsense.
 
crypto bart at it again:sick:

actually have a H&S in play now --- neckline at around 8960
 
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Bart is everywhere.

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The daily chart is looking pretty bearish. Printing a bear flag on the support. Similar to those other two areas after we had gone up.

uEwS07w7


Edit: It's hanging around in the danger zone a bit too long. So I don't think it will bounce again from here a 4th (5th?) time. Probably $8800 by morning. Was thinking about getting in again at R120k on Luno but there is potential for another big move down.

B3mjXe9o
 
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SaiyanZ said:
Yeah it will be tough. Even if it gets past there I doubt it will break $9700. Will have to see how it plays out though this is what I think will happen for the next two weeks on a high level.

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That first move looks very similar:

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Finally going to touch the DMA50 and find support there?

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Sell volume is increasing. A couple 2k BTC buy walls on Bitfinex got smashed in the last hour. Even on Luno someone just sold over 18 BTC in one trade.

There has to be a retracement at some point today. Thought it would be at $8800 but bears are strong.

Edit: Profitable morning so far. Did two flips already. Looks like ascending wedge in a bear flag so expect another drop soon to around $8600.

C6BAx9CG
 
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SaiyanZ said:
Sell volume is increasing. A couple 2k BTC buy walls on Bitfinex got smashed in the last hour. Even on Luno someone just sold over 18 BTC in one trade.

There has to be a retracement at some point today. Thought it would be at $8800 but bears are strong.

Edit: Profitable morning so far. Did two flips already. Looks like ascending wedge in a bear flag so expect another drop soon to around $8600.

C6BAx9CG
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When do you think it will go up again? to $10k and higher?
 
Hxx said:
When do you think it will go up again? to $10k and higher?
Click to expand...

Nobody can really tell. Though I just look for the major patterns and trade off them. The price doesn't matter to me.

Something to note though. Specifically on the one hour chart, the RSI is way oversold. The last time it was at or near these levels was when we were at $6400/$6600. So it could spark some revival but nothing is certain.

Edit: Referring to this:

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SaiyanZ said:
Sell volume is increasing. A couple 2k BTC buy walls on Bitfinex got smashed in the last hour. Even on Luno someone just sold over 18 BTC in one trade.

There has to be a retracement at some point today. Thought it would be at $8800 but bears are strong.

Edit: Profitable morning so far. Did two flips already. Looks like ascending wedge in a bear flag so expect another drop soon to around $8600.

C6BAx9CG
Click to expand...

Got halfway there. There's lots of buyers coming in now at $8700. I think it could push to at least $8900 for a little while.

dTzdkl46


Edit: This is why I say a little up now. Looks like there is a descending wedge which will take it up to test the resistance.

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Luno is overreacting to the drop too. The USD price dropped $200 but Luno is down over R4500. It shouldn't be below R112.5k according to my calcs. If I had more cash I would be buying more but I already went in at R113k.
 
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