Bitcoin Thread

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yeah i know risky but opened at 7180 -- i only need it to go to like ~7k at 50x leverage. anything more is bonus

its a quick trade.... the fact that it hasnt bounce yet ---> means lower soon
 
saor said:
Shorting close to the end of a potential triple-bottom move.
Interesting.
Click to expand...

every bullish scenarios has failed to this point -- wave after wave of selling.

so yeah little hope for that triple bottom -- i mean bottom became double bottom became triple bottom if you catch my drift.
 
The Rand is out of sync this morning. It suddenly took off. Messing with my plans of buying cheap BTC on Luno.
 
broadone said:
https://www.tradingview.com/x/j8Zo1gHH/

How low can we go?

Went to around $6444 first week of April,
and $6040 first week of February,
otherwise in November we last saw these levels before the big run...
Click to expand...


how low you ask ---welll sub 5k is possible.

we all need to keep in mind this doesnt not trade like forex or stocks or commodities. there is ZERO reason for it to follow any of those chart patterns
 
I expect more down so I'm not going to rush in now. Main reason is that most people think that we are going to bounce here. The fact that we didn't already shows that the price is being held up by those buyers but we will run out of them soon. Hence I think drop to at least $6800 in the short term. Probably to $6500 in reality because I'm guessing most will have stops for their longs at $6800 or below which will trigger a dump.

2014 also paints a picture of what could happen:

SaiyanZ said:
npzBcamd
Click to expand...
 
also i forgot to mention --- what reason would anyone have to buy bitcoin at this price:whistle:

/still dont see a mass adopted use case...just saying. only one at the moment is use it for trading

just whales playing with their money when they are bored.
 
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SaiyanZ said:
2014 also paints a picture of what could happen:
Click to expand...
I think we might be further back (if we're comparing) - closer to the initial 200 MA touch around April. See a rebound up then possibly go lower (where you've highlighted).
 
comparing 2014 charts makes absolutely no sense ---> conditions have changed.

volume is definitely not the same - and trading is now available to millions more people since then
look

also i could have afforded to buy a bitcoin at $400 i cant afford it at $7000 -- that should tell you something immediately
 
Spiked for a second because it broke out of the smaller wedge. Came back in very quickly so probably stops triggering and no buyers.

w3HGHk6s


Edit: Broke out of both wedges now and is sitting on the big one. Will be interesting to see what happens. Another push to $7500 or down from here in a parallel channel? I made a small trade but am still in cash.

uzCp8oZ9
 
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Target of the bigger wedge hit but it seems to have found resistance at that area going across. There's now a few supports below so if it goes down it will probably do it slowly and we'll have another couple boring days of mostly sideways action.

bbIWQG7B
 
SaiyanZ said:
we'll have another couple boring days of mostly sideways action.
Click to expand...
Will be a good thing if it does - establish a (temporary?) bottom and calm down a bit - been very choppy the last while.
 
SaiyanZ said:
A small squeeze to about $7500 looks possible in the next couple days. Wouldn't bet on it because there is heavy resistance between $7300 an $7500 but there is a wedge forming here. This move would invalidate the bigger wedge though.

FGPzoDDG
Click to expand...

Forgot that I posted this. Ended up coming true. Also the bounce of around $7050 mentioned in the other post.

I've now tried to look for situations in the last few months where we spiked like this. Seems like spikes up like this with that sort of pennant afterwards resulted in the the price dropping shortly after. Though we've been mostly in a bear market this year so maybe that's why it fails. Maybe it will happen again.

yLu1f9oW
 
For the lolz and because I'm missing my coloring-in book.

(Daily)
XVqFYvX.png
 
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