Cryptocurrency Trading

D

Drake2007

Expert Member
Joined
Oct 23, 2008
Messages
4,509
Reaction score
78
Location
jhb
I'm using Bitfinex at the moment which is quite involved.
At the moment Neo is hitting 60% to BTC, quite something,

How do you guys work out what price to buy and sell at?
Could we use this thread to exchange ideas and hints how to trade cryptocurrencies?


In this I picked the days start, the Orange line was my prediction for the Bitcoin Cash / Ethereum pair hitting 4.0, Green is what actually happened, sooner than I expected.
https://www.tradingview.com/x/0D3Bkohm
 
Last edited:
You're using coppock curves and **** so I'm assuming you know what you're doing :p.

NEO is about to hit some major resistance at 600000 SAT on the daily chart.
NEO.png

The previous retracement upon hitting resistance was about 15-20%:
retrace2.png

Just having a quick look at it I'd probably not buy right now as it's coming up to resistance and probably due to pull back a little before continuing up. Could probably set a buy order at a % similar to previously, but not as much to be safe, so around 11%. It might not fall back down past that green support line. Somewhere around here:
TRADE.png

That's completely ignoring a proper analysis and using other indicators :).
Just on that chart I wouldn't buy now or any time soon but I don't really follow NEO that much so no idea what they have in store etc.
 
Last edited:
saor said:
You're using coppock curves and **** so I'm assuming you know what you're doing :p.
Click to expand...
Haha, I'm thumbsucking it. The only one that kinda makes sense to me is TRIX, if it's curving up or flat buy, if it's curving down, sell. Or so I thought.
NEO is about to hit some major resistance at 600000 SAT on the daily chart.
View attachment 477890
Click to expand...
ok thats new to me SAT is saturation?

The previous retracement upon hitting resistance was about 15-20%:
View attachment 477892

Just having a quick look at it I'd probably not buy right now as it's coming up to resistance and probably due to pull back a little before continuing up. Could probably set a buy order at a % similar to previously, but not as much to be safe, so around 11%. It might not fall back down past that green support line. Somewhere around here:
View attachment 477894
Click to expand...
Oops I own some Neo. too late. it's at 68% BTC now.. Hold thumbs :)
 
Drake2007 said:
Haha, I'm thumbsucking it. The only one that kinda makes sense to me is TRIX, if it's curving up or flat buy, if it's curving down, sell. Or so I thought.

ok thats new to me SAT is saturation?
Click to expand...
SAT as in satoshis - the decimal values of bitcoin.

The indicators are nice & all, but you can get a lot from using trend-lines to determine support & resistance levels. This site has nice trading & charting info: https://www.investopedia.com/articles/technical/061801.asp. I'll usually start with the chart then refer to indicators like Moving Average, MACD, RSI & Bollinger Bands. I seldom venture beyond those indicators.
 
saor said:
SAT as in satoshis - the decimal values of bitcoin.

The indicators are nice & all, but you can get a lot from using trend-lines to determine support & resistance levels. This site has nice trading & charting info: https://www.investopedia.com/articles/technical/061801.asp. I'll usually start with the chart then refer to indicators like Moving Average, MACD, RSI & Bollinger Bands. I seldom venture beyond those indicators.
Click to expand...

Thanks, have been using investopedia, reading on MACD and Bollinger Bands now.

https://www.tradingview.com/x/5kyabWQz
Green is my thumbsuck.
Yellow is MA
Blue is BB
 
Last edited:
At this point I'd switch to the 1 hour chart. In the 1 hour there's 3 very likely pullback levels:

A.) To the green support
B.) To the 50-day moving average
C.) If a rather severe correction to the 100 or even 200 day moving average.

render.png

It could just stay where it is but I'm sure it'll go lower to those support lines :).

Edit:
The 30minute chart is also quite nice now - probably a more likely scenario than the 1 hour chart.
correction.png
 
Last edited:
Can also see the candles extending out beyond the bollinger bands. It can often be a good sign that something is over-bought and a correction is incoming. The opposite is also true: If the red candles extend out past the bottom of the bollinger bands it's not only a really nice place to buy, but also an indication that the asset is over-sold and likely to head upwards again.

bought.png
 
The thing with charts is that they work if enough people think that they work. It's like a circular reference because people will be acting on what the prediction says, which in turn makes the prediction come true.

Either way it's better than just trading blindly but I give much more weight to supply/demand when trading on an illiquid exchange.
 
There's something else going on, Neo is all over twitter maybe it's hype, some big announcement in a couple days.
Looks like China is backing it.
 
Drake2007 said:
There's something else going on, Neo is all over twitter maybe it's hype, some big announcement in a couple days.
Looks like China is backing it.
Click to expand...
There's still plenty time for that price to go down a bit. It'll be red shortly.
 
And that's the joy of using charts.
You set your buys and sells on the exchange and walk away - you don't need to sit with your finger on the trigger letting your emotions **** with you.

NEO.png
 
saor said:
And that's the joy of using charts.
You set your buys and sells on the exchange and walk away - you don't need to sit with your finger on the trigger letting your emotions **** with you.

View attachment 477928
Click to expand...

I agree with that. I'm on a steep learning curve as to what indicators fit my personality.

Am I reading these correct?
3 Day, Neo not looking good according to TRIX and MACD but the MA (yellow) has turned up
https://www.tradingview.com/x/1rPSLBU3

1Day, Neo is in a trough to go up
https://www.tradingview.com/x/PhOXGubo

6hour, Neo is rising steadily
https://www.tradingview.com/x/SKf3K0OJ

My prediction (green line) was way off. Though it doesn't look promising, it's still sitting at 10% over BTC and 6% over Eth for last 24 hours. If I wasn't all invested already I'd buy now.
 
Last edited:
Drake2007 said:
I agree with that. I'm on a steep learning curve as to what indicators fit my personality.
.
Click to expand...
The chart and it's candles should be your fundamental starting point - you should've seen that NEO price movement from the chart alone. Imo if your chart hasn't got trendlines etc. drawn in and you're starting with indicators you're going about it the wrong way. Having a screen with 5 fancy looking indicators doesn't mean **** if you're ignoring the patterns the chart is showing you.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X