Never again will I use bitfinex data to make charts. BLX is an index used to get an average price for bitcoin across the market, Bitstamp charts are pretty damn close to BLX so from now on that's going to be my data. Last night I saw the false breakout and decided not to chase it, instead, I went out and had a bit too much to drink. I woke up this morning to a sea of red charts and thought WTF is going on? Well after digging for the answer, I came up with this: Bitfinex charts are misleading and will sucker people in leaving you holding the bag! As you can see from the chart, we didn't break anything! I'll update if anything changes, but for now $4250 is still my target for the bottom. FYI, cheap BTC is great for buying alts, so I don't expect them to follow. In fact, I expect them to go the opposite while only correcting when BTC makes big moves downward.
Hi Chewner, thx for your chart and sharing. The "sea of red charts" that you refer to , how is that plotted? I was under the impression that you plotted that manually, however your comment seems to suggest that it is some type of indicator or EA that plots automatically and if so what is it? I have similar targets using EW analysis and my main count and my alternate count both point to the $3000 to $5000 range before breaking ATH. From the weekly chart we can see BTC entire history and a clearer picture where we are in the wave sequence.
Well, thanks for you charts Mate and good luck trading.
UnknownUnicorn1597295
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@tuamen, nice chart man.
WaveRider1423
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@BagHolder11, Thanks bagholder, good luck with your trades.
cantbeTAYmed
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On both log and linear, on every exchange BTC has in fact borken the down trend. But, I'd like to know where you get your weed
tammy007
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@cantbeTAYmed, 0 Followers, 0 Charts, 0 Reputation is question a guy who is TOP Technical Analyst here...quite hilarious actually!
chewner
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@tammy007, I was literally going to same the exact same thing! lol
cantbeTAYmed
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@chewner, You got me. Let me make a chart real quick with a redrawn trend line to fit my bias
chewner
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@cantbeTAYmed, I'm sure your followers will appreciate it. Oh that's right, you don't have any!
cantbeTAYmed
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@chewner, Sometimes I sit and wonder, who? Who could possibly be the blind dumbass on the other side of my trades betting against obvious signals. I just want to say thank you to you and all your followers for answering that question. Im going to sleep well tonight knowing your money is what fills my orders.
tviewcrau
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@tammy007, appeal to authority is not an argument. A two year old could tell if a candle passes above a line, and it did.
Well, thanks for you charts Mate and good luck trading.