Bitcoin Thread

[JerryMungo]

well if you follow the thread...i do have 2 scenarios .. bounce before 6999(give or take a few $100 since you guys want to be difficult) and capitulate below that.

so i will be playing both.

those 9's and 0's will always be strong in resistance and support.

 

[SaiyanZ]

First wave up done. Easy 2% profit and I'm in cash again. Think it will go back down to $7300 and back up to around $7450. Big drop to $7100 around midnight tonight. If it does go more up from $7500, max I expect is $7650.

Edit: No drop yet. So possibility of a Bart when it hits that blue overhead resistance soon.

Edit2: Bounce off the resistance on both sides. Seems like $7480 region is holding it for now. As soon as that falls we Bart.

 

[SaiyanZ]

Seems like there's a possibility of a descending wedge forming here to take us down to about $7000 then give the thrust upwards.

 

[broadone]

https://www.tradingview.com/x/u1Xi2FlS/

We've hit a resistance line on the 1m chart for the bulls.

https://www.tradingview.com/x/FRngQpaa/

Another attempt in the mix...

 

[broadone]

https://www.tradingview.com/x/2sZbTfc8/

Channel bound...

 

[SaiyanZ]

https://www.tradingview.com/x/2sZbTfc8/

Channel bound...

That upper line is the resistance line drawn from the previous highs. I think most likely down from here in bart formation to $7300. Then bear flag at $7300 and down to the bottom of the wedge around $7200. My green squiggles just have to shift within the wedge to keep it valid.

 

[broadone]

Bulls pushed through that channel, now next channel on 1hr chart
https://www.tradingview.com/x/j1CdZG9z/

 

[broadone]

That upper line is the resistance line drawn from the previous highs. I think most likely down from here in bart formation to $7300. Then bear flag at $7300 and down to the bottom of the wedge around $7200. My green squiggles just have to shift within the wedge to keep it valid.

I'm happy to report no Bart for now.

I think mybb has created a new TA term :crylaugh:

 

[SaiyanZ]

I'm happy to report no Bart for now.

I think mybb has created a new TA term :crylaugh:

Given the low volume and drop back down after, I don't think it's cleared the resistance enough to make people buy. Taking just the last two highs it's touch and go.

If it breaks through properly there should be a decent spike on the volume bar. Nothing much yet.

 

[saor]

Here's a weekly chart for a change.

 

[broadone]

We've hit a support line from one month, and also 12 days ago, let's see if it holds -
https://www.tradingview.com/x/JtCaFydC/

I'm feeling bullish (mostly because I want to sell some that I've been holding).

 

[*SynergyX*]

closed some of my long position -->

keep abit open for some lulz...

/this is why it makes sense to layer buys/sells...cant expect a single round number all the time

 

[saor]

closed some of my long position -->

What long positions could you be closing at this price?
Or are these 1-5 minute chart long positions.

 

[*SynergyX*]

down -- no buyers coming in at 7600 at the moment and sell volume is increasing

but we due a bart as well...so lets see what sense of humor the whales have

stacking some buys now in case this doesn't hold -- 7.5 down to 7.0 get a good average price.

this one --
filled at 7.5,7.4,7.3 for average of 7.4 (had 7.2 and 7.1 waiting)

closed at 7.6

 

[SaiyanZ]

Trying to find another fractal to compare to. The only similar situation was at the end of March. Means we go to about $7650 max then make a new lower low with a steep drop.

 

[*SynergyX*]

selling has definitely paused -- but doesn't look like any bottom ive seen so.....

maybe a few day of relief in store

 

[broadone]

Volume slowing down now while people sleep, we're testing the trend line from the past few days, and even flirting with a golden cross on the 50 and 200 EMA...

 

[Kloofvreter]

What's a golden cross?

 

[saor]

selling has definitely paused -- but doesn't look like any bottom ive seen so.....

maybe a few day of relief in store

Depends which bottom. We've probably not seen the bottom of the primary downtrend since Dec. Obviously BTC could do anything but I'd imagine a solid test of some major support and then spend some time there condolidating, possibly even taking a quick dip lower and back up again. A nearly 200 day downtrend needs to really find bottom for a while.

What's a golden cross?

When a shorter moving average crosses a longer moving average.

● Moving averages are an average of the last X price candles.
● So the 50 day MA will be an average of the last 50 candles, and thus sit quite close to the candles & prices as it moves quickly in response to them.
● The longer 200 day MA will be an average of the last 200 candles, and thus move much slower and generally defines the median of the price over a long period of time; it' a good picture of the long term trend.

Once the shorter trend (50 day, yellow line above) crosses below or above the longer trend (the 200 day, red line above) it defines a significant change to the trend. Bitcoin has traded above it's daily 200 MA for a very long time, and only recently did it cross below the 200 MA. Where it crosses = a golden cross. You can see on the image above how once the price was under the 200 day MA red line, its stayed there and twice tried to come back up and failed.

 

[*SynergyX*]

selling has definitely paused -- but doesn't look like any bottom ive seen so.....

maybe a few day of relief in store

well bart is back---> and selling is back so pause was just that...a pause