I am aware that BTC took a big dip, futures markets entered the picture, blah blah blah. There is clearly a new market for the currency revolving around futures, and trading in line with contracts. Personally I am not surprised if various futures investors are working in tandem with various BTC traders, predictably driving up prices. It would make sense to me....
I am one to believe that there are some new people in the mix who are collapsing the trend. They will sell off enough to initiate a downtrend, then keep it collapsing. With futures in the mix, there are some who will profit off of the collapsing price, even collaborate with those who send it down. (They can then collaborate on the price gain). Right now it's the...
Remember, we've got a lot of new neighbors in the neighborhood. New traders, new people with new, vested interests. A bottom is scary when you're holding, waiting for a burst, like before. Now, a bottom is a huge opportunity. Just look at what you accomplish, holding the prices down, and collapsing the market. It's 10% up each time we reach a new bottom....
BTC would have had an excellent recovery path today if it were not for the slew of political issues, south korea hack, bch debut on gdax, etc
As you can see, BTC's retracement aligns with fibs... predictable recorvery? Even the prior low point, after the last ATH follows along a fib ratio...
Markets don't fulfill wishes, they accidentally create fortunes. It been a difficult 24 hours due to south korea btc hack / 72M theft bch added to gdax bad press by bitcoin.com guy, puppet of r ver what else? oh, forgot only the CME coming aboard This perfect storm is stallling price hike we all see forthcoming. An awesome distraction. The last time BCH...
Last time we breached the 19K+ area we had a two day retracement, followed by a two day rise of 26%. What a great time to buy, today. I expect we get up to 20K+ on 12/22.
So what does it tell you when BTC refuses to retrace past 78% ? I would like to know as a newbie fib guy (so this is not deep advice, comprende?) It means that there are real pros in the water who know how to crash it, then buy it up at a deep discount. Buying the crash yields significant day trading profits on the way to 21K, as everyone predicts. You can see...
Looks like a penant forming, should break out of this triangle this afternoon/evening. Folks will see it forming and get trigger-happy. I Would prefer to see some more gain/crash taking place, for some continued day trading gains. However, people might be getting tired of the triangle condition (lowered resistance, increasing support), and collaborate to bid it...
There is too much fundamental attention on this market, people rescue falling prices too readily. I am betting it drops to 18,897 or thereabouts, as the lowest point to buy into this trend. It is headed up, as there is fundamental strength. Low screen I have my general trend drawn from a prior plunge, creates a nice on-trend pitchfork. Best buyin is around ...
This recent 7 day cycle resembles the last correction and recovery from last month. We operate at much greater scale now than then, with more volatility, but if their pattern rebuilds (2 down waves, one recovery period leading to next breakout, we have a few scenarios to plan for: 1. we retrace the 50% - 63% channel above (assuming an ATH around 19K, inching our...
I know many of you already do this, but as a day-trader, I must admit it is wise to hold, allow progress to take place, then pull away once the profit is available. I know, many of you already do this, so I am admitting it is a good idea. Wait a day or two, or at least until the market is showing bull signals. Then, jump back in. As a day-trader, it takes some...
This week has been strange, as we adapt to a new paradigm, futures running in the backroom. The chart keeps plenty of good volatility, despite public sentiment to the contrary. Holding BTC this week has been frustrating, because of a lack of breaks above 17.5K. I wanted to capture gains upwards of this, but as you can see, we may have a new paradigm, futures...
You can see where this pitchfork, stemming from the last downturn, trends upward, and intersects the 68% retracement, giving us a 25% burst around 15K+ (you can see the price here). This should spike on the way to 20K, once momentum strikes
Things will speed up once the public sees we are on track for 20k, this is the retracement needed to get there
hoping for a repeat of this violent action?
You can see early today, west coast USA (or late Asia session) that after an extended period of pricing standoff (battle between bear/bull) that the bulls took over and burst the price up, violently. Obviously, many fingers were on the buy button, and took the plunge once they saw MACD signal upward movement. Everyone must have piled in, after this extended test...
With this pitchfork defining a channel for growth, it is following it nicely. It's just that it is slower than the trend's SMA/mean. This pitchfork acts as a micro-trend, or trend-within-a-trend, steering upward. Since we continue to break thresholds I am less fascinated with fib retracements, damn the torpedoes.