Bitcoin Thread

[SaiyanZ]

Made the bart about 12 hours later than expected. Currently on a support but should break soon because it came down so fast. Low today should be lower than $7250.

Also called the highs perfectly in the last two days which is indication of solid bear market. On Wednesday I said high would be between $7700 and $7750. High was $7725 before next trip down. Last night I said high would be $7650 before next dip. Hit that exactly to the dollar.

Think we should go up to retest the $7700 to $7750 region if it can clear the $7600 resistance. Expecting $7200 in the next couple days though.

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.

 

[broadone]

Well that dumped fast, almost at the bottom of the channel.

 

[broadone]

What's a golden cross?

When (if) we do see a confirmed and stable golden cross in the future, with volume, and definite signs of a bull market - I'm sure big money will be entering the market.

 

[*SynergyX*]

When (if) we do see a confirmed and stable golden cross in the future, with volume, and definite signs of a bull market - I'm sure big money will be entering the market.

this is a lagging indicator by nature ... and at the rate bitcoin moves it often too far behind to count for much

in layman's terms --> the move that caused the cross already happened but thats an oversimplification.

 

[MeNeZ]

Quite an interesting article, watched a few vids on youtube on the subject lately as well - U.S. Launches Criminal Probe into Bitcoin Price Manipulation
If true then TA just got a crapload more difficult

 

[broadone]

this is a lagging indicator by nature ... and at the rate bitcoin moves it often too far behind to count for much

That's why I mentioned volume, and definite bullish signs and confirmations.

 

[SaiyanZ]

Seeing another possibility now. If it can break the two overhead resistances and get through $7600 with a volume spike then the inverse head and shoulders indicates a trip to around $7800/$7900. We probably haven't hit the bottom yet though so we would go down after I think.

For now though my best guess is we are making a bear flag to go below $7250 unless we break $7480 again.

Edit: Also a triangle in there if it does this:

 

[SaiyanZ]

Quite an interesting article, watched a few vids on youtube on the subject lately as well - U.S. Launches Criminal Probe into Bitcoin Price Manipulation
If true then TA just got a crapload more difficult

The illicit tactics that the Justice Department is looking into include spoofing and wash trading -- forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said. In spoofing, a trader submits a spate of orders and then cancels them once prices move in a desired direction. Wash trades involve a cheater trading with herself to give a false impression of market demand that lures other to dive in too. Coins prosecutors are examining include Bitcoin and Ether, the people said.

This has always been the case with crypto. It does make things more unpredictable at times and can be annoying but I'm not sure if spoofing or wash trading is actually a criminal activity. With spoofing or wash trading the person is risking their capital or crypto and also pays fees like everyone else. Only difference between them and everyone else is that they have a lot more capital/crypto.

Also how do you prove this? If I want to buy 1000BTC and then change my mind and cancel my order am I then a criminal? People scalp trading with big volumes might seem like spoofing to others too.

 

[SaiyanZ]

Ascending wedge in a bear flag below the resistance. Conditions ripe for a drop.

Edit: Dropped to the next support. Think it should push through here to around $7250 at least to finish the flag.

 

[*SynergyX*]

new low this afternoon....:twisted:

them limit buys are waiting patiently

 

[SaiyanZ]

new low this afternoon....:twisted:

them limit buys are waiting patiently

I'm also waiting patiently. Want to get in and hold for the long term at around R90k. It might not get there because the Rand is weaker now compared to beginning of April. Need to start growing the BTC I have instead of just scalping for Rand growth.

Edit: That was a pretty quick inverse bart. Killing stops all around.

Edit2: Already through the resistance. Going to sit back and watch until things settle. Too much noise now.

 

[MeNeZ]

This has always been the case with crypto. It does make things more unpredictable at times and can be annoying but I'm not sure if spoofing or wash trading is actually a criminal activity. With spoofing or wash trading the person is risking their capital or crypto and also pays fees like everyone else. Only difference between them and everyone else is that they have a lot more capital/crypto.

Also how do you prove this? If I want to buy 1000BTC and then change my mind and cancel my order am I then a criminal? People scalp trading with big volumes might seem like spoofing to others too.

Good point but Im sure they will think of something or jump on the bandwagon at least.

I heard a while back that insider trading is not illegal with Crypto so I wonder what other stuff seasoned traders can exploit before things are made illegal..

 

[broadone]

Same channel for four days now
https://www.tradingview.com/x/gjPA2zaT/

 

[SaiyanZ]

Possibility of a new channel forming if it can't break and hold $7500 in the next two hours.

Edit: Wants to drop but there's some decent volume buys holding it up. Could be whales accumulating or closing shorts just above $7400.

 

[SaiyanZ]

So it stayed in that channel for a long time before breaking out. Looks like it made a triangle now and broke out but it needs another volume spike above $7600 to confirm it. Otherwise we still in the triangle and are going to drop.

 

[saor]

So it stayed in that channel for a long time before breaking out. Looks like it made a triangle now and broke out but it needs another volume spike above $7600 to confirm it. Otherwise we still in the triangle and are going to drop.

Yup.
Still waiting for a close above that line...

(4HR)

 

[SaiyanZ]

Looking back there should still be enough time to buy. These breakouts have been short-lived recently and for now the true bottom I see is between $6800 and $7000. So given that I will wait to buy.

Though the price action does show that we are close. Could also be because of futures contracts expiring yesterday. Noticed last night that the price was almost forced to stay above $7400 for several hours.

The interesting price action was yesterday evening. Volume was quite high and similar to the previous $200 drop. But big buyers ate it all up and kept the price above $7400 so it didn't drop much.

 

[Dimpie (JIGSAW)]

This used to be such a nice thread, but sorry to say all these graphs is ruining it for me.

 

[biometrics]

This used to be such a nice thread, but sorry to say all these graphs is ruining it for me.

Why?

 

[epah]

This used to be such a nice thread, but sorry to say all these graphs is ruining it for me.

These graphs make it much more clearer and understandable to me.

How would you like it to be done sir?