Bitcoin Thread

saor

saor

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*SynergyX* said:
caught a sweet long at 7610 yesterday night. perfect fib retrace and bounce.

hoping to see - around 8200-8400 - stop loss at evens. ;)
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Nice.
Be interesting to see if it goes up more today.
Good luck with the trade :).

MONKEY.png
 
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L10Yn

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I think we've cleared the big trendline going down. By my EW count I'm expecting us to go up to around $8400 then retrace a bit to around $7800 then run into the Big trendline on the log scale possibly
 
SaiyanZ

SaiyanZ

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L10Yn said:
I think we've cleared the big trendline going down. By my EW count I'm expecting us to go up to around $8400 then retrace a bit to around $7800 then run into the Big trendline on the log scale possibly
Click to expand...

I'll still be a bit suspect about this strong upward movement until we clear $10k convincingly and hold there for a couple weeks. We spent a long time around $7k and below where whales were selling. Volume when the price went up yesterday was large but not not enough for big players to get back in for cheap. Big players won't FOMO in and take losses. So I think the price jump was driven by the short squeeze and now we have FOMO from the average Joe taking over. This FOMO can end quickly if we start going down again.
 
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*SynergyX*

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L10Yn said:
I think we've cleared the big trendline going down. By my EW count I'm expecting us to go up to around $8400 then retrace a bit to around $7800 then run into the Big trendline on the log scale possibly
Click to expand...

what did that big green dildo do for your EW counts yesterday....:D
 
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L10Yn

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SaiyanZ said:
I'll still be a bit suspect about this strong upward movement until we clear $10k convincingly and hold there for a couple weeks. We spent a long time around $7k and below where whales were selling. Volume when the price went up yesterday was large but not not enough for big players to get back in for cheap. Big players won't FOMO in and take losses. So I think the price jump was driven by the short squeeze and now we have FOMO from the average Joe taking over. This FOMO can end quickly if we start going down again.
Click to expand...

Well as I have it I don't think there's much holding us back from hitting the log trendline. That's where it will get really interesting, if we break that best believe every TA expert with their 100s of thousands of followers will be posting about it. People who had saved up cash for if we hit that $6k and $4.8k levels will jump in with everything they have waiting. Once that happens I wonder how many of these whales would try fight it instead of enjoying a ride to the new ATH.

In a way it's also sort of what we had in December when crazy amounts of people were going long, we now had everyone thinking they knew about shorting.
 
SaiyanZ

SaiyanZ

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L10Yn said:
Well as I have it I don't think there's much holding us back from hitting the log trendline. That's where it will get really interesting, if we break that best believe every TA expert with their 100s of thousands of followers will be posting about it. People who had saved up cash for if we hit that $6k and $4.8k levels will jump in with everything they have waiting. Once that happens I wonder how many of these whales would try fight it instead of enjoying a ride to the new ATH.

In a way it's also sort of what we had in December when crazy amounts of people were going long, we now had everyone thinking they knew about shorting.
Click to expand...

Whatever happens we have an interesting few weeks ahead.

Something I've noticed is that both longs and shorts are down at this pricepoint. Seems people are unsure or willing to make a move. Bitfinex longs are back down to the same level when we hit $6.4k on 1 April. Shorts are even lower than back then.
 
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L10Yn

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L10Yn said:
Worked fine actually, I was in a long position
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Well rather I picked up some more at $7500 because it invalidated the other count which had us going much lower where I had money for buys waiting so could be argued it didn't work out well then.
 
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L10Yn

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SaiyanZ said:
Whatever happens we have an interesting few weeks ahead.

Something I've noticed is that both longs and shorts are down at this pricepoint. Seems people are unsure or willing to make a move. Bitfinex longs are back down to the same level when we hit $6.4k on 1 April. Shorts are even lower than back then.
Click to expand...

That uncertainty means the price probably won't be as volatile which is when Alts usually thrive
 
saor

saor

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Not sure this is the breakout we're all waiting for yet. There's still some room in that triangle. Back down to $7000 soon?

4hr chart...
4hr.png
 
SaiyanZ

SaiyanZ

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saor said:
Not sure this is the breakout we're all waiting for yet. There's still some room in that triangle. Back down to $7000 soon?

4hr chart...
View attachment 514719
Click to expand...

Dump back to test $8k coming soon I think. RSI went up to a higher level than when we dropped from $8200 but the price only went up to $8137. Bulls are trying to push but the price is being held by bears. If we don't go up to $8200 in the next hour then we will go down first.
 
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