Bitcoin Thread

[JerryMungo]

We will all be retiring

https://i.ytimg.com/vi/6NXnZli1qZA/maxresdefault.jpg

Is that tweet still out there?

 

[SaiyanZ]

I still think we are in for a massive dump. Pattern is similar to previous top which dumped hard afterwards. Ideal time for dump is tomorrow morning to midday.

Zoomed in, expected it to go through these areas:

 

[Swa]

Only problem with that is that with every dump the bottom has been $9,400. We're seeing a narrowing range rather than a dump. Could have a big breakout ~23 September.

 

[SaiyanZ]

That narrowing range with lower highs is a common BTC dump pattern. It went sideways for about 2 months before the dump the last time. Hopefully we don't have 2 months of sideways before anything happens.

 

[Swa]

Yeah but only after completing. We still haven't seen the highs reaching their targets in the last month. All indications so far are that it's a bear trap that's zooming in to the Bakkt launch date.

 

[John Tempus]

Second big dump in last 7 days and it follows in lockstep with gold price also dumping.

Take from it what you want but these 2 are becoming very very correlated.

It does seem that bitcoin follows the gold trend so it might be that big whales or other holders are using gold as a direction indication as to the risk in staying in or getting out.

 

[John Tempus]

This is the most correlated gold/btc dump ive seen yet.

Take a look at timeframe 15mins before 10pm leading up to 10pm on the gold price and look at btc dump.

wtf thats insanely correlated, crazy.

Now lets see if there is a sudden recovery back above $1500 on gold if BTC will suddenly pump, haha.

 

[John Tempus]

Hahaha amazing.

So I looked at goldprice to see whenever it suddenly spikes up by $2+ and Longed BTC and 2 minutes later BTC price makes a scamwick pump.

Hilarious.

So now to see if it suddenly drops $2+ ill be shorting with tight take profit.

Wonder how long if long at all this will keep playing out.

Look at the goldprice 2 candle spikes from 1486 to just over 1488 at 02:00 to 02:02 GMT+2 , thats where I just figured hey lets have a laugh and act on it. 5mins later BTC price shot up across 5x 1minute candles.

 

[Thor]

 

[Swa]

No, Bitcoin Price Is Not in a 2018-Like ‘Descending Triangle’ of Doom

Bitcoin price analysts suggest that a descending triangle pattern is forming like the one that broke down from $6K, but is this really the case?

cointelegraph.com

 

[Tjoker]

Is that a reverse read and Shoulders forming over there?

 

[SaiyanZ]

BTC still sideways and I haven't opened or closed a trade for almost a week. Just holding a short because the medium timeframe looks bearish. Have decided not to trade this region anymore but still collecting ok interest from the short.

Only interesting thing in the market right now is ETH which suddenly starting pumping on the 14th. Normally ETH and BTC move together but ETH suddenly started moving up on it's own with a volume increase as well.

Just had a quick look at how they compared during the year. The only other time ETH moved like this and BTC went sideways for a few days, we had that big correction/dump of about 20%.

 

[Swa]

U.S. interest rates just been cut. Bakkt launch on Monday. It seems to still be aligned for another bull run.

 

[Temujin]

U.S. interest rates just been cut. Bakkt launch on Monday. It seems to still be aligned for another bull run.

$30k christmas

 

[Swa]

$30k christmas

Think $15k is the best we'll see short term.

 

[SaiyanZ]

I think about $9400 in the next day. Can never be sure though so I've closed around 70% of my short and will add to the short again at $10030 if it goes up.

 

[Temujin]

Never saw this coming /s

 

[L10Yn]

Anyone else feels Luno shoots themselves in the foot with their 1% fees? No one ever wants to make a trade there because of it and you regularly see like 60BTC walls on both the bid and ask sides.

 

[phly]

Anyone else feels Luno shoots themselves in the foot with their 1% fees? No one ever wants to make a trade there because of it and you regularly see like 60BTC walls on both the bid and ask sides.

I doubt real traders trade there - more used as a gateway as opposed to a place to trade.

 

[SaiyanZ]

That's the big dump/correction I've been waiting for for weeks. Have been expecting a big dump so I didn't open any longs for about 3 weeks until now. This went a bit further than I thought though. Thought that there would be a bounce at around $8900 to $9400/$9500 before the next move. So I closed shorts at $8900 and started longing from there. Looks like $8380 will be a good place to add to a long if it does a mini-dump before pumping again, which it usually does.

Will only short again at around $9400+. Never a good thing shorting after a big dump as BTC sometimes just pumps like nothing happened.