Jump to content
Sign in to follow this  

Bitcoin on the move 15 min chart after a pause will it break high before end of weekend?

Recommended Posts

Bitcoin on the move 15 min chart after a pause will it break high before end of weekend?

Share this post


Link to post

I fully expect Bitcoin to hit $20,000 this week and certainly before Friday. The way Bitcoin behaves it could easily hit it in the next 24 - 48 hours. 

 

I am not too sure the agenda for the media when reporting about Bitcoin futures. Futures can be used as an effective hedging tool when looking from a risk management perspective. There will only be 21 million Bitcoin's mined. Therefore limited supply. This will be a factor in driving the price if it becomes accepted as a store of value. I think the physical purchases of Bitcoin will determine the price. The futures market may help to reduce the insane volatility and improve liquidity.

 

Lets see what this week brings. 

Share this post


Link to post

Excellent. Was reading up last night about bitcoin patterns of corrections. Based on last 3 years, we can expect a significant correction sometime between 4th -16th january. Past no indication of future etc. A correction would be welcome...its becoming quite costly to trade btc with multiple bets due to deposits needed.

Share this post


Link to post

Bitcoin looks to be respecting both the 100 sma (blue) and 200 sma (violet) as well as Fibonacci levels on corrections. A bar close above the 100 sma could see a move higher to test the highs while a bounce down off the 100 sma could see a test of the 50 fib level.

 

 

BTCUSDM151812.png

Share this post


Link to post

i think BTC will remain bullish until CME comes online. However, it is not possible to go long and I am sick and tired of this.

Share this post


Link to post

Bitcoin performs at its best when no one expects it. If it performed as per the books then every trader would be making millions on Bitcoin. This is where an ETF or tracker fund is a useful vehicle if one thinks that bitcoin's trend has a long way to go. I have made 150%+ on XBT Tracker One product in less than four weeks.

 

Bitcoin follows the rules of a long term trend but is writing its own new rule book for short term trends and how they behave if Bitcoin really is not a bubble. I have never seen anything like it and I cannot even think of what to compare it against in my lifetime. I have heard people mention Amazon but Amazon was a real company that was growing revenues. It is still growing now as it has some many opportunities in new countries.

 

Imagine if Bitcoin became a combination of a store of value that could be used to purchase goods! Gold is a store of value but you cannot use it to purchase a bluray movie or item from Amazon. There is more chance of Bitcoin being used to purchase items than gold. For example, recently two UK homes were sold for Bitcoin. Michelle Mone and her partner are selling flats in Dubai for Bitcoin only. You never hear about people selling real assets for gold only.

 

Bitcoin would be a monster of an asset if it truly became a store of value and currency that could be used to purchase other assets / items. 

 

Share this post


Link to post

Interesting about ETF, and, tracker fund. As for use of Bitcoin I think Japan is leading the way? 

Share this post


Link to post

Bitcoin ETFs could be very interesting, though remember it's a derivative of a derivative in an unregulated market. 

Share this post


Link to post

Caseynotes, it is. However, before I decided to invest I looked into XBT, the company behind the tracker fund, and realised how big they were. I invest in both the EUR fund and the SEK (Swedish Krona) funds. Both are up sometime like 151% and 163%. There is a difference because of the difference currencies. Also your pounds sterling buy you different amount of units in each fund. They also now offer both versions of EUR and SEK for Ether too. 

 

For the mainstream to get involved in Bitcoin I think it will take ETF's to really push the price up. Especially in Europe and the US.

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,868
    • Total Posts
      41,598
    • Total Members
      51,893
    Newest Member
    dfdfdf
    Joined 12/12/19 10:21
  • Posts

    • Hey @dmedin, our analysts did a piece on this yesterday you might be interested in.  https://www.ig.com/uk/news-and-trade-ideas/what-will-happen-to-the-premier-oil-share-price-after-the-electi-191210
    • They are expecting a good Christmas and will be opening a new robotic 🤖 warehouse in 2021.  So it looks good for a wee long.  🐮
    • When looking at these markets and the trading behaviour of the average retail trader it seems to me that many don't really understand the market they are trading, there are also psychological factors that influence decision making to the detriment of trading success. If you are not confident in your understanding of the market then you are solely dependent on technical analysis but TA is not a given, it can only play out if assisted by fundamental and macro factors, those factors currently point to bull continuation. So the US major indices are routinely hitting new all time highs, the retail trader thinks they need to sell the high in order to buy back lower (buy low sell high right) so the retail trader (the crowd) are constantly trying to pick the tops (and patting themselves on the back thinking they are being contrarian). The positioning data of IG clients tell us this is exactly what's happening. Every time price goes higher the sell position ratio increases, when price is falling in a down trend the buy position ratios go higher. So clearly this is all wrong, when price is continually rising you need to buy high and sell higher. You buy breakouts or pullbacks, you should not be looking to sell a bull trending market at all. So why do they do it? The market is too high (no it's not), it must be the bears turn (wait and see first), but I need to sell the highs, the saying says so (no, you're not an investor), the chart is looking 'toppy' (just no), the TA is pointing down (doesn't matter without fundy and macro assist). An understand of a market comes with experience, until it does stick with the basics and look for longs in an uptrend, don't try to second guess the market and end up constantly fighting against it.
×
×