Bitcoin Thread

[SaiyanZ]

Price levels to watch. $6560, $6610, $6666. I'm leaning more towards bearish after today's slow slide.

Edit: Rand also strengthening fast with Nene gone. Still a big buy wall on Luno. They in for a surprise.

 

[SaiyanZ]

Price action and reaction to fib levels is similar to a few days ago. So could do something like the green line to kickstart a bullish cycle. I'm not ready to trade yet though. A signal to buy would be a higher low above $6530 with some volume coming in.

Would prefer for it to dump towards $6300 and lower before buying because every push keeps failing.

 

[SaiyanZ]

The Bitfinex premium has increased even more today. Now they're $90/$100 above Bitstamp and Coinbase. Yesterday was around $80, and previous days was $50/$60.

 

[phly]

Kicking myself this morning. missed some good gains due to panic selling. Good part is my chart played out finally and we dumped as I have been anticipating for weeks. If only I had trusted my analysis

PS - what is the cure for panic selling syndrome?

 

[SaiyanZ]

Kicking myself this morning. missed some good gains due to panic selling. Good part is my chart played out finally and we dumped as I have been anticipating for weeks. If only I had trusted my analysis

PS - what is the cure for panic selling syndrome?

Don't worry. I don't think this drop is over yet. It was a clean $300 drop with no stop on the way down. Chances are that we only stopped dropping for a short while because someone placed a big order causing a chain reaction where others also started buying.

If you look at some of the major drops in the past, it's rarely ever a clean one and then a bounce. It usually stops for a little while then continues dropping. Don't catch the falling knife.

My alerts didn't go off this morning for some reason so I missed out on the first bounce on Luno from R95000. Too late to buy now as USD price seems to be setting up for another drop soon.

Edit: Could drop a lot further from here. Especially since we just made a 3 week low and broke downwards out of all the recent triangles that people have bee watching. So very likely to get some some sort of waterfall drop with two or maybe three falls before the price stabilizes for a while.

 

[phly]

Nah my biggest issue is I knew a drop was coming and I shorted BTC yesterday but then I panic sold and got out of my position so that I would be at breakeven and not sell at a loss. I had 1 buck in another account that I left to run and now thats 500%+ in profit. I need to have more faith and follow through with my analysis

 

[SaiyanZ]

Nah my biggest issue is I knew a drop was coming and I shorted BTC yesterday but then I panic sold and got out of my position so that I would be at breakeven and not sell at a loss. I had 1 buck in another account that I left to run and now thats 500%+ in profit. I need to have more faith and follow through with my analysis

Ah I see. I also used to panic sell very often. I still do it but only if the price breaks with volume below a key support. Panic buying is also bad. Once you lose enough or miss out on enough profits you'll start doing it less and focusing on your analysis and longer term trend.

There were plenty of people on Luno this morning panic buying because the price was cheaper than it's been for a few weeks. It's still happening. Now they have to sit and hope for recovery or sell at a loss if/when it dumps again. I just watched.

 

[SaiyanZ]

Main support right now is around $6240/$6250. Afterwards $6200 and $6100. Given how aggressively it fell I think it will go all the way to $6100 at least with maybe some minor bounces/sideways at these fib levels.

 

[Temujin]

Had some just under 6.3k 'just in case'... lower than I expected, but hey, not complaining

 

[SaiyanZ]

Zoomed in picture. That quick selloff at about $6350 tells me that we're not going to go up right now. Another move towards $6250 should break it. Already bounced from that region a couple times.

 

[phly]

Waiting patiently for my 600% at the red block at the bottom

 

[SaiyanZ]

Which exchange is that? It moved a lot lower than Bitfinex.

Looks like this downwards move was mainly driven by the US stock market. It lost about 5% today. If it is that sort of a market-wide correction then you'd think there wouldn't be a bounce as the US stock market has needed to correct for a while.

 

[SaiyanZ]

Tough decision to make now. That quick bounce from $6220 (on Bitfinex) is bullish. Bear flags normally move in a slight upwards trajectory (green lines) without rebounds like that. If we get another bounce from $6260 and these levels hold for a few hours, that would be a buy signal for me. Not for a long term hold but till around $6450. Doubt it will get above $6500 again easily.

 

[Swa]

Drop baby drop. Black Friday is coming.

 

[GAD]

https://mybroadband.co.za/forum/index.php?threads/981563/


I beg to differ. I would be optimistic and say its the mother of all currencies

 

[Damac10]

Usual click bait when markets dip. Where all the stock market is a ponzi articles?

 

[SaiyanZ]

Seemed to be a bit of accumulation yesterday with a small fakeout. Bounce is good now. If bulls want to turn it around, the target to break for a triple kill would be the one below. They have a day to get there. I think there will be an attempt to get there at least which is why I'm back in after just watching for two weeks.

Edit: This type of move has been common in the last month so it's not as long a shot as it seems:

Edit2: There seems to be a bit of activity of Bitfinex this morning. A bot is constantly buying small amounts.

 

[SaiyanZ]

Usual click bait when markets dip. Where all the stock market is a ponzi articles?

Yeah there were plenty of those type articles back in March and early April. Also in June if I remember correctly. Those times when the price actually stopped dropping and bottomed out.

 

[phly]

Which exchange is that? It moved a lot lower than Bitfinex.

Looks like this downwards move was mainly driven by the US stock market. It lost about 5% today. If it is that sort of a market-wide correction then you'd think there wouldn't be a bounce as the US stock market has needed to correct for a while.

Only seeing your reply today so apologies for the late answer - the exchange is bitmex

 

[Swa]

I got out at 95k, back in at 94k and back out at 95k. So built up a nice buffer together with when it was at a high. Nice when there's indecision on Luno. Now just waiting for another dip on Luno to take it towards 94k. For some reason a few people are feeling optimistic when it still doesn't look so good and Rand is going for a high again.