Today we made a triple top at 4400 -- it looked like it was going to break into all-time high territory, then somebody on one exchange (Bitfinex) did a ~2000 BTC market sell order. Good example of how the bitcoin markets are still thin enough to be easily manipulated. What it accomplished was "painting" a 4H bearish engulfing candle, which most traders look at as...
Hopefully your long is already seeing healthy profit. Based on a fibonacci extension of the first 2017 bubble thrust to $3k and subsequent retrace, our optimistic target for this move is 7k by October. This would match the pattern of the 2013 bubble's second thrust, which topped out around the 2.618 extension area.
Cautious traders will scale out at each fib...
Bitcoin likes to consolidate in triangles big and small in reaction to aggressive moves in either direction. Triangles are continuation patterns, and thus tend to break out in the direction they were entered.
Hint: You can identify which direction the triangle was entered from based on the strength/weakness that precedes the movement that forms the base of the...
Goldman Sachs was promoting their target of 3.9k. I presume they are using the 1x fibonacci extension. I think it'll over shoot that and go to 5k, but we'll see. I'll start scaling out around 3.9k.
I closed my previous short and opened a long around 2050 as price bounced hard where the 50% fib overlapped an area of previous support. At the same time miners...
This chart that overlays an analysis (from wizsec) of how much hot/cold BTC Mt. Gox had in the years leading up to their closure, while they were in the process of having coins stolen. It shows that there was definitely an overlap in potential Mt. Gox theft activity, bot activity, and the mega bubble.
At the bottom of the same...
In crypto, history tends to repeat itself.
1. Scale in starting at .06 down to .035 with 25% of my BTC.
2. Scale out at .5 - .55
3. Grow my BTC stash by 3-4x
What makes this extended bear market plausible:
ICOs cashing out
It's happened before
Potential decoupling from BTC after scaling impasse resolves
We're approaching an historical convergence – between the active bull trendline and the current all-time-high. Price will either break through the bull trendline and initiate a bear trend, or it will bust through the yellow line to form a new all-time-high.
I've entertained the idea that Bitcoin might be over it's high-volatility days, and that may very well be...
Just a prediction. Reasoning:
1. 120k BTC supply is probably dead. The hacker is unlikely to move it and probably profited by shorting the crash.
2. That's one sick weekly wick. Looks a lot like the silk road bust wick. Shows a lot of strength.
3. Fundamentals are good. Scaling improvements seem to be making progress. And it looks like we dodged a bullet by...
This chart gives me a warm and fuzzy feeling. I hope it gives you one too. In the black since $333!
The general idea is that the value of bitcoin increases with adoption. So far the best indicator of that has been transaction volume. For a period of time we were way higher than the true value of bitcoin because of the Willy Bot scandal at Mt. Gox artificially...
Look for large volume coming in as price approaches 300-310. The red area is previous resistance turned likely support. It also coincides with the 61.8% retracement zone from the recent movement to 500. Bitcoin loves its retracements!
I'm just a hodler but if I were looking to add more, this is the zone I'd be waiting for -- with a target of around 800 (1.618 extension).