Bitcoin Thread

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Useful video for long term traders/investors:

[video=youtube;6SsLXz7uI30]https://www.youtube.com/watch?v=6SsLXz7uI30[/video]
 
News...

The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?

Backed by Microsoft and Starbucks, Intercontinental Exchange is launching a startup called Bakkt to make the cryptocurrency safe for your retirement fund, and maybe for retail, too.

Bitcoin could be on the verge of breaking through as a mainstream currency. At least that’s the goal of a startup that is soon to be launched by one of the most powerful players on Wall Street, with backing from some of America’s leading companies.

This morning the Intercontinental Exchange—the trading colossus that owns the New York Stock Exchange and other global marketplaces—announced that it is forming a new company called Bakkt. The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage.

http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/
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saor said:
News...
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Yeah I'm buying some BTC here, I think 7.4k is a decent price long term anyway. I've got a stash to buy if we hit $4.8k and then again for $3k. If we got down to 6k ranges again I don't see it holding
 
It made it to the tip of the long term triangle. Albeit through a different path. There should be good support here ($7300/$7400) coming from a few areas.

- On top of long term triangle
- Descending wedge from the last few days action which is now being retested
- Horizontal support from orice action in this area a couple weeks ago
- Weak hands have been shaken out of the market with this retracement.

I think for BTC to have any decent chance at breaking $9k this year, it has to go up now. It's highly unlikely that we bounce from $6k a 4th time. So the next couple days are key.

3IspRcoa


8hLL1s20
 
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Long term triangle. Descending wedge. Do you simply draw these lines on the graph to form a pattern? :crylaugh:

Capture+_2018-08-03-23-27-40.jpg
 
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Daily chart.
Price historically trends above & finds support on daily 50 MA, falls through on downtrends.
Been trading mostly below that line since Jan.
There again right now to test price support.

8WIgemX.png
 
Be interesting to see if this price holds and whether we see a green candle at close.
Daily chart (white line = 50MA)...

1qEVpUF.png
 
Moving up now from $6800/$6900 seems to be the last chance for any major price recovery this year. If it doesn't go up from here I will be in cash sitting back and watching for a while. We'll probably be falling to the $5k area and then the $3k area in a few months if we don't get away from $6k real fast. $3k will be the new $6k. Not a good scenario as volume will dry up and the price won't move as much afterwards.

I can see something like this being a real possibility if we go back to $6k.

rB8uxRVH


Gold bull market in 2012 had pretty much the same structure at the top which fell apart and the price has never got back to that $1550 level in 6 years which is equivalent to BTC $6k level now.

a2fMk93l



Edit:

Shorts have been going up pretty fast ever since we hit $7k a couple days ago. So a high possibility of a short squeeze if the price can be pushed into the $7300 area. Last chance for an upwards move I feel.

Red line is BTC price since it hit $7k. Green line is shorts.

R89hOXPq
 
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SaiyanZ said:
Moving up now from $6800/$6900 seems to be the last chance for any major price recovery this year.
Click to expand...
I'm still in BTC, if it falls through these levels I'll need to move to cash.

2bt.png


Weak divergence on the daily?
3btc.png
 
saor said:
Weak divergence on the daily?
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Yeah I don't like the look of the divergence (hidden bearish). It shows that the buying has been stronger on each wave up but was cut short by even bigger sell walls each time.
 
Short squeeze incoming. Still about 5k BTC of shorts left that were opened at $7050 and below. So the $6900 area should be a stronger support if we drop again and we could also just squeeze up now. Reason is people who shorted are now going to start panicking and closing their shorts on the slightest dip. That or they stand a chance of getting stopped out as the price increases.
uSIX3CHv


Those main support levels I drew several weeks ago were also fairly spot on. Although I didn't think we would go above $7700 at the time.

https://www.tradingview.com/chart/B...angle-Next-big-move-gives-direction-for-year/

btcw.jpg
 
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Heya guys I just have a quick question, I do manual trading and tinker with a bot etc but I would like to try buying/selling the dip as well. Do you have any tips? (Im referring to trade amounts and exchange fees etc.)

For example, If I start off with R1k and buy now (at $6480) - Should I wait for it to go up like $300 - R500 above $6480 and then sell? (then transfer money back into my Luno)
Apologies if this sounds obvious, I just want to get my ducks in a row before doing it.. :D
 
MeNeZ said:
For example, If I start off with R1k and buy now (at $6480) - Should I wait for it to go up like $300 - R500 above $6480 and then sell? (then transfer money back into my Luno)
Apologies if this sounds obvious, I just want to get my ducks in a row before doing it.. :D
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Generally speaking you want to stay in a trade for as long as it's profitable, so it wouldn't make sense to exit after it goes up a certain amount - rather stay in the trade and exit when it shows signs of going down again.

Unless you're day/swing trading in which case you'd exit sooner but your exit would be more defined by support/resistance and the region the price is trading in rather than arbitrary price increases.

As for cashing out... that's your call but you'll see bigger returns if you reinvest some of your earnings the next time round rather than just sticking to your original amount and cashing out all the profits. Can certainly do that if you want.
 
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saor said:
Generally speaking you want to stay in a trade for as long as it's profitable, so it wouldn't make sense to exit after it goes up a certain amount - rather stay in the trade and exit when it shows signs of going down again.

Unless you're day/swing trading in which case you'd exit sooner but your exit would be more defined by support/resistance and the region the price is trading in rather than arbitrary price increases.

As for cashing out... that's your call but you'll see bigger returns if you reinvest some of your earnings the next time round rather than just sticking to your original amount and cashing out all the profits. Can certainly do that if you want.
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Thanks, do you setup any alerts to monitor if it reaches a certain amount? I have a Tradingview account but its the free version and I havent fiddled with it much.
 
MeNeZ said:
Thanks, do you setup any alerts to monitor if it reaches a certain amount? I have a Tradingview account but its the free version and I havent fiddled with it much.
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I use it extensively for charts but have price alerts set up on Blockfolio on my phone.

Just as an example of the previous post:
Where price is trading within a region your buy/sells are quite well defined by the support/resistance at the bottom & top,
percent1.png

And if you bought the dip here and sold at some arbitrary amount when it increased, you'd miss out on the rest of the move up.
percent2.png
 
saor said:
I use it extensively for charts but have price alerts set up on Blockfolio on my phone.

Just as an example of the previous post:
Where price is trading within a region your buy/sells are quite well defined by the support/resistance at the bottom & top,
View attachment 543543

And if you bought the dip here and sold at some arbitrary amount when it increased, you'd miss out on the rest of the move up.
View attachment 543545
Click to expand...

Thank you, makes sense.
 
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