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Question of the Day: Have you ever been to an airshow?
Bitcoin Thread
- Thread starter Dan C
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SaiyanZ
Executive Member
A few BTC. I'm not into the double digits yet. Should get there if the price drops below $5k.
SaiyanZ
Executive Member
There's that support at $6300 holding it up again. High chance of falling apart like previously. Should know the next move in a few hours now.
There's also a few big buy orders on Luno. Quite strange with the Rand also strengthening a fair bit. Probably just people who sold at R110k and feel it's safe to get back in again. Or could be people who sold at a loss and don't want to miss any wave up.
Edit: There it goes. Happened slightly faster than my drawing. Should get rejected from $6300 now.
There's also a few big buy orders on Luno. Quite strange with the Rand also strengthening a fair bit. Probably just people who sold at R110k and feel it's safe to get back in again. Or could be people who sold at a loss and don't want to miss any wave up.
Edit: There it goes. Happened slightly faster than my drawing. Should get rejected from $6300 now.
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Tabac
Honorary Master
Ok. So a couple of 100k ... Cool.
SaiyanZ
Executive Member
Managed to get up above $6300 again after couple tries. It's up against the resistance zone now. Last flourish like before or new break upwards. The next hour will set the tone for the week. Whatever happens, I won't be buying here. Too much resistance overhead.
Edit: Close enough. The price is hard to see because it's behind my drawing.
Edit: Close enough. The price is hard to see because it's behind my drawing.
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SaiyanZ
Executive Member
That's some candle. Looks like we might have a bit of reversal here. More uptrend short term at least. Quite a surprise. Will ride this one up for as long as possible.
Trend indicator now showing big reversal sign too.
Trend indicator now showing big reversal sign too.
biometrics
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SaiyanZ
Executive Member
Seems like the $6415 fib is supporting it for now. There's also $6430, $6460 and $6485 which are important levels to watch. But as long as $6400 holds it's looking good after a pump like that. Once this zone is clear the next fib is only at $6600. The price reaction to the fibs are more apparent on the 1m chart.
What I'm surprised at is how the previous low of $6120 managed to hold after such a violent drop. Shorts got liquidated shortly afterwards at in the pink region at $6300+ which caused the big volume pump above $6500.
What I'm surprised at is how the previous low of $6120 managed to hold after such a violent drop. Shorts got liquidated shortly afterwards at in the pink region at $6300+ which caused the big volume pump above $6500.
SaiyanZ
Executive Member
So that was a well planned moved yesterday. It seems related to the large amount of buying we had the other day at $6300 (yellow bubble below). The price seems to be consolidating in a bull flag for now.
I'm willing to hold here for a for a few reasons:
- price went above $6500 so the $6400 resistance area is weakened.
- there was a lot of consolidation over the last couple days between $6300 and $6360 which should now be a decent support.
- you'd expect that whoever planned this move wouldn't do it for a mere 2%/3% gain.
I'll reconsider if the price heads back below $6300 but for now I think upwards should be the next move. Patience is the key. We could slide down towards $6300 and then see another $300 candle to $6600. That's sort of what I expect at some point.
Edit: These big dojis on the Heikin Ashi daily chart are also a fairly decent indicator of trend reversal. You don't always see it because sometimes the dump/pump might start very close to the opening time. If the price closes above around $6350 today we'll also have a green candle.
Using this chart is what has made me a the most money recently. It helps show when to hold cash or when to hold BTC for longer periods. Right now it says hold BTC. So I will trade if there is an opportunity to do so but I will get back into BTC at the end. When I see a reversal and then red candles, I stay in cash and still trade but always get back into cash afterwards.
I'm willing to hold here for a for a few reasons:
- price went above $6500 so the $6400 resistance area is weakened.
- there was a lot of consolidation over the last couple days between $6300 and $6360 which should now be a decent support.
- you'd expect that whoever planned this move wouldn't do it for a mere 2%/3% gain.
I'll reconsider if the price heads back below $6300 but for now I think upwards should be the next move. Patience is the key. We could slide down towards $6300 and then see another $300 candle to $6600. That's sort of what I expect at some point.
Edit: These big dojis on the Heikin Ashi daily chart are also a fairly decent indicator of trend reversal. You don't always see it because sometimes the dump/pump might start very close to the opening time. If the price closes above around $6350 today we'll also have a green candle.
Using this chart is what has made me a the most money recently. It helps show when to hold cash or when to hold BTC for longer periods. Right now it says hold BTC. So I will trade if there is an opportunity to do so but I will get back into BTC at the end. When I see a reversal and then red candles, I stay in cash and still trade but always get back into cash afterwards.
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SaiyanZ
Executive Member
These are the key levels to watch for support/resistance in the next few days.
Trend indicator had a good close on the daily as well. Now we just need the Rand to die again for the Luno price to creep upwards. The Rand should weaken a bit next week for sure as USA are planning on raising interest rates.
Trend indicator had a good close on the daily as well. Now we just need the Rand to die again for the Luno price to creep upwards. The Rand should weaken a bit next week for sure as USA are planning on raising interest rates.
Yup, price broken out of that sideways region again.
Lets see how far it moves.
Resistance at around $6800'ish?
Be interesting to see if this gets all the way up to major support, quite a key moment if it does.
Lets see how far it moves.
Resistance at around $6800'ish?
Be interesting to see if this gets all the way up to major support, quite a key moment if it does.
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SaiyanZ
Executive Member
Yeah, took off nicely from the $6640 support. There's a whole mess of fib resistance from $6765 to $6925. Sort of what we had in the $6400 to $6500 area so we could go sideways in that region or a while without much indication of the next move. Hard to say which levels are more important until it gets there.
Also something of note is that shorts have barely taken a knock with this move up. So people are not closing their positions as yet. If the price gets pushed up more they can get eventually get squeezed for a bigger move up. If that doesn't happen, people closing their shorts if the price drops over the next few days should hold the price up for a bit. So it's looking good for the bulls.
Edit: I'm still holding and will continue to do so until I see rejection from resistance or other reversal signs. Important to avoid the noise so that 3% profit can be turned into 10% profit. Right now I wouldn't even think about selling unless it breaks below $6600. If it does start to slip a bit it could easily bounce from $6640 or $6600 where many would panic sell and miss out on on the next wave up.
Also something of note is that shorts have barely taken a knock with this move up. So people are not closing their positions as yet. If the price gets pushed up more they can get eventually get squeezed for a bigger move up. If that doesn't happen, people closing their shorts if the price drops over the next few days should hold the price up for a bit. So it's looking good for the bulls.
Edit: I'm still holding and will continue to do so until I see rejection from resistance or other reversal signs. Important to avoid the noise so that 3% profit can be turned into 10% profit. Right now I wouldn't even think about selling unless it breaks below $6600. If it does start to slip a bit it could easily bounce from $6640 or $6600 where many would panic sell and miss out on on the next wave up.
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SaiyanZ
Executive Member
First attempt into the resistance zone was rejected quickly. If this happens a few times over the next day I'll take some profit here and look to get in again on a rebound.
2nd attempt fail but it's hanging in there:
There also seems to be some resistance at $6745. Possibly some old fib level or people with money who have chosen this level to sell at. $20 below the fib I have.
Edit 3: Volume has picked suddenly up in the last half an hour. Lots of selling now it seems so I've taken profit here. There is something going on now. Not sure what yet.
2nd attempt fail but it's hanging in there:
There also seems to be some resistance at $6745. Possibly some old fib level or people with money who have chosen this level to sell at. $20 below the fib I have.
Edit 3: Volume has picked suddenly up in the last half an hour. Lots of selling now it seems so I've taken profit here. There is something going on now. Not sure what yet.
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SaiyanZ
Executive Member
Yeah broke through for a few minutes but came back below. They might actually succeed getting through the first level as it's the weekend so the order book is going to be thinned out. Eventually we'll run out of sellers at $6765. Even if it breaks I think it's a bad place to be buying though as there's resistance levels close to each other all the way to $7k. So hard to say where it will turn in this zone.
There's also the whole Bitfinex vs Bitmex fight again. Bitfinex is pushing for higher prices. Bitmex is the one trying to push the price down. Futures closes on the 28th in a week and I still think Bitmex is going to try and push for sub $6k prices by then. Still a week to trade though. It just takes a couple days to dump $1000 so there's plenty of time. Plus USA is planning on raising interest rates on the 26th which may also cause people to sell BTC for USD next week.
There's also the whole Bitfinex vs Bitmex fight again. Bitfinex is pushing for higher prices. Bitmex is the one trying to push the price down. Futures closes on the 28th in a week and I still think Bitmex is going to try and push for sub $6k prices by then. Still a week to trade though. It just takes a couple days to dump $1000 so there's plenty of time. Plus USA is planning on raising interest rates on the 26th which may also cause people to sell BTC for USD next week.
SaiyanZ
Executive Member
Went through but came back from the 2nd level in the resistance zone around $6830. I think the only way to break this zone properly is with one big green candle than goes through the entire thing and pushes the price to $7k instantly. Like what happened the other day in the yellow bubble. Doubt this area will break with slow pushes and low volume.
SaiyanZ
Executive Member
Seems to be bouncing from the support. I'm going to wait for a 2nd pullback and watch the action then before buying again though. If it was a weekday I would have bought here. Market moves too slow on the weekend (first dumps/pumps are weak) so can easily get caught holding at a bad time.
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