Bitcoin Thread

[SaiyanZ]

Any indication if we have bounced up for good or is this just a slight uptick before the last leg down.

The volume during the move to $4k last night was the biggest yet. So it could be. I thought $4450 would hold yesterday but it dumped and now it's back up again. The two moves from the triangles look very similar but these are bullish patterns which should serve as support. Hard to say as panic in the market seems to have set in. So a small dump turns into a big one once it gets below support. $4535 and $4450 are the levels to watch. If the price goes back to those levels and starts to hug them, then we'll likely go down again (but maybe not all the way to $4k)

Ignoring everything else, the target for that last triangle should be around $4800.

 

[balrog]

OK guys, it is safe to sell now, the price is gonna drop!!!

I just bough more BTC with fiat - price crash guaranteed in 3...2....1....!!!

PS: Keeping some Fiat aside for in case - LOL!

 

[Temujin]

OK guys, it is safe to sell now, the price is gonna drop!!!

I just bough more BTC with fiat - price crash guaranteed in 3...2....1....!!!

PS: Keeping some Fiat aside for in case - LOL!

As long as Voicy stays away, I'm sure we'll be fine... I actually think this whole thing was a direct result of the cold storage wallet being dusted off or something

 

[SaiyanZ]

I think this has a good chance of breaking upwards in the next couple hours. It's been pushing up against resistance for a few hours without any major dump. Above $4450 is bullish. I would only consider trading (selling) with a high volume break below $4450.

 

[phly]

Seems to be dumping which is good for us that missed the ride. now we can be alert and be prepared although hunting black friday deals has our hands pre-occupied

 

[SaiyanZ]

Yeah Luno already reacted and I wasn't watching. So too late to catch the move. There is a chance of it being a fakeout and reversing in the shaded area. Volume below $4450 is low so far, just wicks.

 

[SaiyanZ]

So it was a fakeout below $4450. Selling pressure died off as soon as we dropped below $4450 for about half an hour. If bears were in control we should have seen more sell volume as soon as the level broke. It bounced from the exact bottom of the shaded zone to the dollar. So the move up is still on as the upwards pressure continues.

 

[phly]

Watching it too

 

[Superman-7]

Hate to be 'that guy' but personally I believe bitcoin might be dying a little more every day. Hard to see it at #1 for very much longer. Would love for folks who bought at the top to get their money back..and they might yet. But eventually when all the speculation and hype has left the system, it'll come down like an anvil. Again, my opinion.

 

[SaiyanZ]

Still bouncing around in the last decent support zone. Has to break upwards soon as I don't think the market can handle another drop below the shaded area ($4380). We'll probably see a bigger dump if it does. It's equivalent to Bitfinex $4500 support.

Edit: I haven't been following Bitfinex today. Looking at it now, it looks a lot more bearish. It needs to get away from $4500 asap as breaking that level should result in a big dump. Possibly to around $4250 based on the pattern. So Bitstamp would be around $4120.

 

[Swa]

OK guys, it is safe to sell now, the price is gonna drop!!!

I just bough more BTC with fiat - price crash guaranteed in 3...2....1....!!!

PS: Keeping some Fiat aside for in case - LOL!

If it's any consolation it looks good actually. Dumps aren't a real indication as any big enough dump will break support. It bounced back to support levels pretty quickly however.

 

[phly]

I reckon we will see it drop down to the 4100/4200 levels and if more bearish then we wick down 3900's range on (bitmex) which is still a possibility as Bitcoin can be heartless and merciless when it comes to liquidating traders. So I basically want one more leg down aka dump then establish some kind of floor and head on up never to revisit these lows again

 

[SaiyanZ]

Yeah we broke upwards but volume is non existent. We'll only know that a bottom has been reached when there's a lot more buying on these moves up. Right now, people are patient so it will keep falling. The price couldn't even reach yesterday's high. I've sold now as it looks primed for a large dump.

I'd give it a 20% chance of bouncing off that line and continuing the uptrend.

If it gets there, Bitfinex is going to be pulled below $4500 like a magnet and is unlikely to bounce straight away like yesterday. That quick bounce from below $4500 yesterday was likely a test of the market by whales to see if there are bulls around.

 

[balrog]

Personally I wouldn't mind seeing $3200 as the final bottom. Can stock up there - I have fiat ready. But then I think it will be a slow upwards trend, starting to accelerate as we go. Probably taking 6 months to reach $10k and then going past ATH between June and December 2019...

 

[rietrot]

Yeah we broke upwards but volume is non existent. We'll only know that a bottom has been reached when there's a lot more buying on these moves up. Right now, people are patient so it will keep falling. The price couldn't even reach yesterday's high. I've sold now as it looks primed for a large dump.

I'd give it a 20% chance of bouncing off that line and continuing the uptrend.

If it gets there, Bitfinex is going to be pulled below $4500 like a magnet and is unlikely to bounce straight away like yesterday. That quick bounce from below $4500 yesterday was likely a test of the market by whales to see if there are bulls around.

That trend is still down, lower lows and lower highs. Your arrows showing it breaking up might be slightly too optimistic.

 

[4cer]

Its interesting when you watch the international markets and okes throw in 200 bitcoins Must be nice.

 

[John Tempus]

If the current sideways trading continous looks like we might be hitting new buy area on the 23/24th over the weekend. Weekends are notorious for pump or dumps so it might still drasticly deviate from the sideways movement come friday.

 

[SaiyanZ]

Bitstamp is below resistance and Bitfinex is just above. Once Bitfinex falls the dump will start.

Bitstamp:

Bitfinex:

 

[SaiyanZ]

Interest rates were just pushed up by 25 basis points. So Rand is strengthening. Hence the dump on Luno.

 

[SaiyanZ]

I've gotten back in again now. Too many buyers on Luno so it will be easy to miss the train when it leaves. There's also lots of buying below $4500 on Bitfinex. It made another higher low and quickly reversed out of that region. However there is not much follow through so there might be a lot of sideways before we eventually fall again. I'd rather hold onto my stack and watch though as I can always trade that move if/when it comes. Instead of waiting for lower whilst the price starts creeping upwards.