Bitcoin Thread

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Countcrypto said:
I am bemused at people who remain forever bearish or bullish. The volume and lack of volatility suggests the bearish trend is done.
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For me the chart just doesn't look right yet. Almost all major retracements find themselves moving sideways along the bottom before heading up again. These sideways moves often last for over 2 months. Obviously bitcoin could do what it wants and defy the majority of ways in which downtrends tend to end in sideways consolidation, but until I see such consolidation or confirmed price moves against the December trend I've got no reason to think the trend is over or reversed yet. Be interesting to see what the next few days bring.

DGB:
dgb.png

ETH:
eth.png

BTC, not showing a well-formed bottom yet:
btc.png
 
. The price can't move on it's own. It needs buyers and sellers.
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Agree. It has short supply of either right now hence it's hardly moving.

Plenty of people had to have bought above 9k for it to get close to 10k.
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Agree. Plenty bought.

Plenty of people had to have sold below 8k for it to get to 7k.
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Agree. Plenty sold. And there's the rub. The volume suggest the supply of those people is running out. The objective and rational assumption now would be that if the price is going to move its likely to come from people buying rather than kamikazi selling for the sake of it.
 
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Check this out. The number one viewed charter on the BTC Tradingview section also spotted the same fractal I posted above. He just flattened it out so that the similarity is more apparent.

https://www.tradingview.com/chart/B...actal-trying-to-make-sense-of-whats-going-on/

Pic:

43FSDMez
 
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saor said:
For me the chart just doesn't look right yet. Almost all major retracements find themselves moving sideways along the bottom before heading up again. These sideways moves often last for over 2 months. Obviously bitcoin could do what it wants and defy the majority of ways in which downtrends tend to end in sideways consolidation, but until I see such consolidation or confirmed price moves against the December trend I've got no reason to think the trend is over or reversed yet. Be interesting to see what the next few days bring.

DGB:
View attachment 527073

ETH:
View attachment 527075

BTC, not showing a well-formed bottom yet:
View attachment 527077
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Yes, I'm not claiming it's boom time. I'm just saying needlessly bearish sentiments are unfounded and there's just no steam for the thing to drop drastically as some are claiming. It will follow the path of least resistance which for now seems sideways.

As for the bottom it can be argued it's showing a potentially bullish triple bottom.
 
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So with all going on do we think it still going to go down below $7k or is around $7200 the low?

Trying to work out when I buy in again. Been waiting for 2 weeks but it doesn’t seem it is going to get there anytime soon.
 
weelzSA said:
So with all going on do we think it still going to go down below $7k or is around $7200 the low?

Trying to work out when I buy in again. Been waiting for 2 weeks but it doesn’t seem it is going to get there anytime soon.
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The volume isn't even a drip, it's a vapour at this point. It might not even come down to 7200 at this rate.
 
One ok indicator to show whether we are close to the bottom is the number of shorts. Currently people aren't shorting like they did in the week before the Feb 6th and April 12th pumps. So there's no rocket fuel from a short squeeze to start a bullish cycle. Shorts need to start increasing quickly I think before we see the next big move up. Those shorting need have their stops hit and then also feel forced to buy afterwards to make up losses.

UrITEbbE
 
SaiyanZ said:
One ok indicator to show whether we are close to the bottom is the number of shorts. Currently people aren't shorting like they did in the week before the Feb 6th and April 12th pumps. So there's no rocket fuel from a short squeeze to start a bullish cycle. Shorts need to start increasing quickly I think before we see the next big move up. Those shorting need have their stops hit and then also feel forced to buy afterwards to make up losses.

UrITEbbE
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I couldn't begin to fathom who would want to short BTC at this price action. What high risk for potentially low reward.
 
Countcrypto said:
I couldn't begin to fathom who would want to short BTC at this price action. What high risk for potentially low reward.
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Yeah I wouldn't short it. There are people who do short at the lows though as you can see on the chart. Shorts grew to an all time high during the two weeks at the start of April when the price was trading at low levels below $7k which we had not seen for 5 months.

The drop below $7k on 6th Feb doesn't really count too much as the price went from $7k down to $6k and back to $7k over a period of 4 hours. The few that managed to buy there are unlikely to have held for the next two months to be the same people selling/shorting at the start of April.
 
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i just have one question -- all this talk about fractals ---> what creates such a repeating pattern if it is that?

/and no i will not believe we are in the matrix

P:S my 6th of Joon speculative trade is in the money:D
 
*SynergyX* said:
i just have one question -- all this talk about fractals ---> what creates such a repeating pattern if it is that?

/and no i will not believe we are in the matrix

P:S my 6th of Joon speculative trade is in the money:D
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I think it's because we have the same people/bots in the market who will act in a similar manner together as a whole when the same situation comes by again. If the reaction is not similar then people/bots are either acting irrationally or the situation is different because of some other external factor like news/developments.
 
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i highly doubt that many people act in the exact same way repeatedly. if that were the case we would have lots more lambos on the road.

what is inferred by these fractals is that the market is algo driven, code executed in a loop and people arent trading enough to negate the loop.
 
*SynergyX* said:
i highly doubt that many people act in the exact same way repeatedly. if that were the case we would have lots more lambos on the road.

what is inferred by these fractals is that the market is algo driven, code executed in a loop and people arent trading enough to negate the loop.
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Most trading is bots
 
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saor said:
Yeah, but the general patterns existed long before bots.

See:
http://stockcharts.com/freecharts/historical/marketindexes.html

Concepts like support & resistance etc. were around pre 1900's, the graphical charts we now use really just put on display what was already a pattern in the market, and those patterns became even more deeply entrenched and influential once they were visual.
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I wasn't disputing that, just said it's all algo driven.
 
Thor said:
I wasn't disputing that, just said it's all algo driven.
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Sorry I meant to post that as a general response to chart patterns.
Ended up picking on you...bad habit.
 
My magic ball says we do this. The longer we take to go down, the lower we go.

2GsHs2vB


The above is based off the March fractal. My path down might be a bit too steep. Main thing is the levels to be retested.

NoSmiXYT
 
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Unless china lifts ban(just rumors atm) but, adds more fuel to a 'ban to push price down so we can buy for cheaper then unban and moon' tinfoil hat theory:whistle:
 
Somehow I think EOS will be the catalyst that starts the next bull run.
2017 was due to ICOs (Eth smart contracts)
2018 will be Airdrops, ICOs without the regulatory drag.

EOS Mainnet Launch: The Next joint call at 0100 UTC (3AM here) may yield a “GO” decision. If a “GO” decision is made a joint statement will be drafted and released with instructions.

EOS Price and Chart
 
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