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If it sells below 10000 then the best advice would be to not hold long positions. Could have panic selling.

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Still seeing HODL posts on twitter though where they bought who knows. Price now 10420 and attacking the recent low at  99661. Next support level below there is  89676.

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Very interesting poll on twitter. 'How far down before you bail', you might be shocked at the running score. 2,210 votes so far.

 

poll1.PNGpoll2.PNG

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Yep that is the worry. If the trend changes just sell and wait. Sitting in cash is also a position.

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Trader sentiment (retail); longs still hodling on though has dipped to 74% as the 99660 level breaks, price now at 95000.

 

sent1.PNG 

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Those of you who have been involved in trading or investing in Bitcoin since the $1000 levels will know and have experienced many mammoth corrections. I think for those who are new to Bitcoin and co. may find it difficult to digest, sense panic, etc. However, we have been here many times before. Bitcoin could even go back down to $5000 but ultimately it is heading back upwards to $20,000.

 

Bitcoin and Crypto's need fresh new money to make new higher highs. To attract new investors and traders it needs these big price drops to encourage and entice them into a position where they buy! Some of those watching on the sidelines all around the world (yes thats right around the world) who feel like they missed out will be enticed to enter during the next leg up.

 

I may be wrong and this is just my opinion. For me the way to kill Bitcoin and Crypto's would be for all major countries around the world to ban cryptocurrencies. However, countries are looking at digital currencies (state backed) and therefore this is unlikely. Even if they ban trading cryptocurrencies it will not impact the amount of money being used to physically purchase Bitcoin and Crypto's. It is the physical purchasing of Bitcoin and Crypto's that is driving the price. The ban on trading crypto's is a bit of a red herring. Yes it can influence the price or have an impact but the physical purchase and selling is more meaningful for the price action behaviour.

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Recovery continues, yesterday sold off in London session, bought up in the US session then sold off again in the Asian to retest 10723 level (support turned resistance and now support again). Now being bought up in today's London session. A rollercoaster.

 

BTCUSD(£)H11801.png

 

 

 

 

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I don't know about Caseynotes but I have been spread betting Bitcoin USD (long position with x5 leverage) since the $2000 levels.

 

I have invested in both Bitcoin and Ether via XBT Provider One Tracker funds in SEK and EUR at $7500 and $700 levels.

 

I recently entered Ripple at $102.00 with a long position and have nearly doubled my money in 48 hours with x4 leverage via a spread betting position. 

 

I like spread betting as it is very tax efficient and profits are free from UK Income Tax and Capital Gains Tax. Also you have leverage available which helps maximise your profits.

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I'd never know how to really trade them, presumably its all on chart and pricing. I trade shares where I can assess and analyse a comany's worth, its ability to generate sales and turn them into profits. On what basis is one making these decisions on bitcoin, purely if one's expectation is bullish or bearish on the current price and future prospects I presume?

 

Is there news events to trade?

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Rimmy2000,

 

News released can move the price substantially one way or the other based on whether it is positive or negative. However I make my trading decision on cryptocurrencies just like I do on commodities and micro and nano cap shares. I do so on price action and volume. I look at price behaviour. My experience over the years has taught me that the biggest profits are made on riding the strongest trends based on positive price action. 

 

My risk threshold is high hence why I am in the cryptocurrency, commodities and micro and nano cap space. I get the impression by reading your posts that you invest in more quality companies with sound balance sheets. I invest and trade purely on trends and price action. To me it does not matter what the turnover of the business is and how much or little profit it is making. Price action to me is 'key'. 

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Oh no, I don't ride rollercoasters. If you got in early great, but playing this market late is fraught with difficulties, high spreads, margin, wild swings. Happy to keep my capital tied up in more predictable markets, shame face but I even stopped playing gbpusd after brexit vote. 

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Takes a major dive this last hour clearing the 23.6 Fib (prior support) as well as the 10723 level. Now at 10489.

 

BTCUSD(£)H12201.png

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Up move reversed at the confluence of the 200 MA, trendline and resistance level from the 4 hour chart and now looking at the 23.6% Fib level for support.

 

1 hour chart.

 

BTCUSD(£)H1.png

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Bitcoin looks to be coiling in prep for a breakout. Symmetrical triangle, downward pressure by the 100 MA and upward pressure by trendline.

 

4 hour chart.

 

BTCUSD(£)H4.png

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Yesterday I replaced my Fib retracement with an extension from the high and find a touch and reverse on the 1 hour today, doesn't look like it's going to hold though. I have pointed out previous examples of Fib being used repeatedly on this asset.

 

4 and 1 hour charts.

 

 

 

BTCUSD(£)H4.pngBTCUSD(£)H1.png 

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At this rate Bitcoin is heading for the $6,000 level and could even touch the late $5,900's. 

 

As I posted on a different discussion, this could lead to people piling into Cryptos as they perceive they are getting 'value'. This could be the trigger for the next monumental rally as the sellers then become buyers again and off we go. 

 

Rinse and Repeat cycle. This is profit optimisation and maximisation. You go long and make profits. You then go short and make profits. You then just keep repeating this and there is no need to day trade. This is more like 'Quarter Trading'. 

 

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The speed in such moves is crazy. Bitcoin is trading back at $9000 at the time of writing. I have never personally experienced volatility like this on any other asset I have either traded or invested in.

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Agreed - and despite my interest in blockchain technology, this is exactly why I won't be trading cryptos (not withstanding any criticisms of access/booking/platforms), but in my opinion with this sort of volatility unless one has a robust tested and systemised approach to trading, then it's pure speculative luck. I don't personally like that.

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