BTCUSD Bitcoin Must apologise for rubbish call yesterday and no follow up. Was expecting a period of light relief over the weekend. No such luck. The spike that came shortly after the match had finished was a big one and the ensuing rejection period flipped Bitcoin straight back down to the lows again and triggered a short from 7399 as it broke below here. If still short here can either close out again for 90 or so profit but ready to short again on a break below 7200 - it may only reach 7162 at first and try to rally back to 7200 but once this is broken below it should decline in stages back to 6615-6517 range. But in the nearer term Bitcoin is trying to rally again - it's still thin and treacherous and still cannot trust this counter-rally even though it can push higher again from here. There's a good spike off the lows today so it looks like another continuation pattern is forming now. But there is no upside here worth contemplating so far except for brave day traders who may wish to follow a break above 7350 on Bitfinex looking for 7467 and maybe 7540 at likely best before it comes off again. Otherwise we have to wait - again - for that probable break lower, when and if it eventually arrives. Patience. A virtue. This is the lesson of 2108. 2017's watchword was HODL. 2018's is PATIENCE. We have to learn it and adapt to change. Not what anyone really wants to hear. But it's true nonetheless
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Bitcoin is so boring but lame - cannot run far now but there could be a beartrap forming down here - just takes a school of whales to attack ona quiet Sunday to flip this higher and ping bear stops above and then collapse again.
Be very careful here - try to stay away from the cookie jar for now at least. This still looks vulnerable for sure, but bots and whales might just want to mess with bear heads a while longer and try try flip them out if possible.
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Bitcoin In the Doldrums Pretty calm before the next storm arrives - and it may only be a squall when it does - volumes so thin, no wind behind or even in front. Horrible bot infested waters. A break above the upper parallel should trigger longs looking for 7467 and maybe 7540 at likely best before it comes off again. But there is no interest evident and in its absence it has take the other alternive until buyers can be found again. The overall pattern is still negative - a break below 7200 here needed to turn aggressively bearish again. It may only reach 7162 at first and try to rally back to 7200 but once this is broken below it should decline in stages back to 6615-6517 range. Be careful today in thin conditions - need to volume come in behind us or get out again if it doesn't arrive. Don't hang around hoping - if it ain't there pretty damn quick then recognise it, accept and act. Otherwise relax and take time out and think about that word: 'ADAPT'
Can I ask you something? I’m new to crypto and trading. I just would like to know if bitcoin start dropping, does that affect other tokens and coins? Also if there is any type a token of coin that acts the opposite of bitcoin meaning when btc drops the other coin goes up in value? Like I said I’m just new to this so I’m trying to ask as many questions as I can just to learn. Thanks I’m advance for your responses!!
UnsungTraderTV
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@Ozbo1776, FYI many top authors on here get pounded with comments and PMs. So, others help out =)
In general, if BTC drops, everything drops because every other coin is heavily correlated to BTC. Exceptions are coins with current news events and other fundamental reasons to pump.
The second part of the question is more complex. There are cycles in this market where BTC rises, alts move up some or stay put, then alts rise while BTC stays put, ... it continues until a reverse. So, you need to be aware of "alt seasons" and "BTC seasons" (my terms) for when to trade into and out of alts -- depending on your strategy, style, and situation.
Personally, I have a long-term portfolio which is accumulation only -- I never sell any of these coins. Then, the second part is trading. When I amass a target amount in the trading portfolio, I move some to the long-term portfolio. I am a novice trader and this is how I attempt to protect my gains.
@ThankUKind, Will second that but will say those alts with good news and what not hold off the btc downtrend but finally do succumb to it in the end
Claykitesurfer
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@Ozbo1776, all other coins are Bitcoins bitches - when btc says down, they go down like a 5$ whore lol
Peymana71
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Great Work.
Hey guys we have a realtime btc analyse that help ypu learn and don't do wrong entry again.we made it 3 month aho and update it in realtime,till now all of predictions was correct and accure.
TradeClass
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I am thinking a lot more like yshashmi37.. but my derivative methods are totally whacked in comparison LOL
sovitt
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nice analysis thanks....
EIP-EverythingIsPlanned
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i like your analysis; my long term view is something like this