Bitcoin Thread

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*SynergyX* said:
watch 9300 now - bust through this and we away!! volume picking up
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The market is mad today. It seems easy to get duped into buying. I almost bought there as the price jumped $100 to $9375 for a second and went back down $100 immediately. We might go up but it looks too risky to trade. Games are being played.

We also overbought a bit since we came up from $8900 just 9 hours ago. I'll wait for the safer trade and buy when we oversold again.
 
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i just watching the flat top triangle on 30 & 60 min. if it breaks out im done for the day:o
and if it doesnt break .... will try again tomorrow ;)
the spike you saw to 375 hit the top of the triangle and retreated - thats the breakout zone
 
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This is what I've got. 2 resistance lines above and 3 possible support lines below. TA might not apply though because of the huge swings and clean order book.

wT3wGflL
 
^^Please do that cool thing you do with the lines on a 5 minute candle graph going back to this time last year?

:D
 
*SynergyX* said:
i just watching the flat top triangle on 30 & 60 min. if it breaks out im done for the day:o
and if it doesnt break .... will try again tomorrow ;)
the spike you saw to 375 hit the top of the triangle and retreated - thats the breakout zone
Click to expand...

and we have that break --- over 400 wam bam thank you man!!! gotta love them triangles

viva la BULL!!;)
 
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*SynergyX* said:
and we have that break --- over 400 wam bam thank you man!!! gotta love them triangles

viva la BULL!!;)
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Anyone can notice the top crypto's are tethered somewhat uniformly in that they make moves in unison with some exceptions based on actual news/events. Clearly to me the whales/institutional investors are trading them as a "fund of funds" type scenario. So based on what seems to me to be an obvious correlation, I started to notice instead of watching any specific coins etc you can fairly accurately predict market swings based on watching the total market cap. It's been bouncing off (close to) 425 bil and just broke it. Maybe time for a proper surge ?

In other news for the first time since starting in crypt all my long term hold coins (except for Tron) are now in profit.
 
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Countcrypto said:
Anyone can notice the top crypto's are tethered somewhat uniformly in that they make moves in unison with some exceptions based on actual news/events. Clearly to me the whales/institutional investors are trading them as a "fund of funds" type scenario. So based on what seems to me to be an obvious correlation, I started to notice instead of watching any specific coins etc you can fairly accurately predict market swings based on watching the total market cap. It's been bouncing off (close to) 425 bil and just broke it. Maybe time for a proper surge ?

In other news for the first time since starting in crypt all my long term hold coins (except for Tron) are now in profit.
Click to expand...

surge will come when we reach 10.5k - it will bring confidence back to the market.
could happen in next few days/weeks -- or few months. cant really tell. with events like this morning that is.
 
Countcrypto said:
Anyone can notice the top crypto's are tethered somewhat uniformly in that they make moves in unison with some exceptions based on actual news/events. Clearly to me the whales/institutional investors are trading them as a "fund of funds" type scenario. So based on what seems to me to be an obvious correlation, I started to notice instead of watching any specific coins etc you can fairly accurately predict market swings based on watching the total market cap. It's been bouncing off (close to) 425 bil and just broke it. Maybe time for a proper surge ?

In other news for the first time since starting in crypt all my long term hold coins (except for Tron) are now in profit.
Click to expand...

It's mainly because most alts can only be bought with BTC. So if BTC price goes up then the dollar price of alts also goes up automatically by the same amount.

eg.
- ETH is say worth 0.1 BTC.
- BTC is say worth $10000.
- So ETH is worth $1000.

You own 1 ETH. If the BTC price goes up 50% to $15000 then you still own 1 ETH and the exchange will still show the price as ETH = 0.1 BTC. So you can sell the 1 ETH now for 0.1 BTC = $1500. The $1500 price is quoted mostly but most alts need to be sold into BTC first, hence the link to BTC movements.
 
*SynergyX* said:
surge will come when we reach 10.5k - it will bring confidence back to the market.
could happen in next few days/weeks -- or few months. cant really tell. with events like this morning that is.
Click to expand...

Psychologically 10k surely will have the media announcing bitcoin is "back" que fomo. Not everyone is a autistic sperg like us crypto nerds.

I nearly bit through my own teeth the other day after the 1k spike in btc where Bruce Witfield, of 702 "the money show" brought up Bitcoin only to announce "but I wouldn't advise investing in it unless you really want to lose your money".

Only the second dumbest thing I've heard about bitcoin on 702 after Bongani "woke" Bingwa's description of it as a "pyramid scheme". The poor mans Eusebius Mckaiser (Marxist zombie).
 
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SaiyanZ said:
It's mainly because most alts can only be bought with BTC. So if BTC price goes up then the dollar price of alts also goes up automatically by the same amount.

eg.
- ETH is say worth 0.1 BTC.
- BTC is say worth $10000.
- So ETH is worth $1000.

You own 1 ETH. If the BTC price goes up 50% to $15000 then you still own 1 ETH and the exchange will still show the price as ETH = 0.1 BTC. So you can sell the 1 ETH now for 0.1 BTC = $1500. The $1500 price is quoted mostly but most alts need to be sold into BTC first, hence the link to BTC movements.
Click to expand...

Yes, the alt boom of late 2017, early this year saw ether go insane. Despite it being dysfunctional with this phenomena (buying into alts) in mind I bought in recently at 360 something and it's done nicely for me. Anyway this is the btc thread so let's not go off topic.
 
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SaiyanZ said:
It's mainly because most alts can only be bought with BTC. So if BTC price goes up then the dollar price of alts also goes up automatically by the same amount.
Click to expand...
Sometimes the BTC value of alts drops across the board, which I haven't quite made 100% sense of yet.
 
Just looking at the volume done when we had that massive spike up and down. It was about 9.5k BTC. So say 8k BTC was MtGox and the rest were other traders. Then we have another 8k BTC still to be dumped soon?

Or he could be selling in stages now. As I was writing this a 1k BTC buy wall on Bitfinex got eaten.

Edit: Also looking at the Bitfinex order book. There's only around 3k BTC of buy orders up to $500 below the price. So for someone to sell 8k BTC and the price only drop $500, it means there must have been other whale buy orders worth a few thousand BTC on the book within range. Maybe a few whales were trying to manipulate the price up and ended up getting more involved than they bargained for.

Edit2: Another buy wall just got sold into on Bitfinex. This time 2000BTC at $9400. Price still holding strong almost as if the whale games today never happened.
 
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Falling onto the from one resistance to the next like a waterfall now. Amazing that it actually does hit those lines almost perfectly. I drew some of these lines over 12 hours ago. So there are big traders seeing the same patterns, hence it actually working.

sRwY9J2Y
 
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SaiyanZ said:
Falling onto the from one resistance to the next like a waterfall now. Amazing that it actually does hit those lines almost perfectly. I drew some of these lines over 12 hours ago. So there are big traders seeing the same patterns, hence it actually working.

sRwY9J2Y
Click to expand...

bulls are too strong at the moment.. these are minor cool offs to wind up a pump.

i closed my long at 9.5 this morning - but i still expect we will see one more big green before a proper retrace.
The pattern continues, sideways consolidation and then one big pump. rinse and repeat.
bears are lurking very quietly though --- and i suspect they are on the other side of 9700
 
saor said:
Sometimes the BTC value of alts drops across the board, which I haven't quite made 100% sense of yet.
Click to expand...

the bot algos are all linked because of the alt/btc trading pairs. so they have to move in unison unless there are real human people trading them and not only the bots, that when you see the prices diverge.
 
My guess is that we play around in this channel for the next day and possibly bounce between $8800 and $8900 again.

x5PDcsk0



Looks like it's going down pretty fast and consistently now. Something to consider is that over 10k of BTC was just bought in the last day on Bitfinex between $8800 and $9400. Whales sold to whales. So they one holding BTC have the potential to dump this market hard if we get close to $8800 and stay there for too long.
 
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