Bitcoin Thread

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Luno traders have a hard time with the Rand fluctuating so much. It's 3% stronger since yesterday morning. So Luno BTC price should drop 3% on its own without any movement in the USD BTC price. Now with both drops combined it's over a 5% drop since yesterday morning.

So Luno price should drop more to around R107k tonight at the current exchange rate of around R12.50 and the USD price at $8200. Sell orders will slowly pile up at R109k from the people who realize this and the others doing arbitrage.
 
So no wedge but it will hit the top of the channel soon. Hard to say what will happen there. I think more likely down but it's been going down for over a day now so there's a chance of a break and a small pump to $8400.

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Fell to the bottom of the channel. Either bounce here or fall to $7900.

PHhGls5g
 
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SaiyanZ said:
Luno traders have a hard time with the Rand fluctuating so much. It's 3% stronger since yesterday morning. So Luno BTC price should drop 3% on its own without any movement in the USD BTC price. Now with both drops combined it's over a 5% drop since yesterday morning.

So Luno price should drop more to around R107k tonight at the current exchange rate of around R12.50 and the USD price at $8200. Sell orders will slowly pile up at R109k from the people who realize this and the others doing arbitrage.
Click to expand...

Respect!! I thought (hope) you were wrong.... I need btc to go up please....
 
weelzSA said:
So do you think it will go up from here - $7900 - or lower again?
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It made a lower low so that would indicate more down. Depends on how people react here. If we go sideways at around $7900 for a day then we could go up again. Otherwise next target is between $7500 and $7600.

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The key for going up is breaking back into the channel but it failed a few times already. So my best guess right now is a bear flag to $7600.

NtK6uZje
 
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This is happening quickly.
Wonder if we'll see that $7500 support hit today? A lot of selling going on...
 
This is bigger picture I see for the next few days. Not looking great for bulls. If the fractal were to continue it would follow something like the green line. We are currently in the yellow region from last time:

K8Xk0SkS
 
The guys who do TA. Those last few tiny candles on the hourly chart with spikes either way. That's a reversal pattern is it not?

Gtmgd1i8
 
SaiyanZ said:
The guys who do TA. Those last few tiny candles on the hourly chart with spikes either way. That's a reversal pattern is it not?

Gtmgd1i8
Click to expand...

first 2 are dojis -- which means indecision (bears and bulls tugging)'

the 3rd red one is a bearish shooting star -- but it needs confirmation on the next candle which it did not as the candle is still higher in the green if it closes lower then bearish confirmed.

the 4th one could be a bullish hammer -- but again the volume does not confirm it, hammers need high volume to be reliable.

60 minute at this point is not reliable - look at 3 ,4,6 hr charts
 
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