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11:55 am Saturday 17/02/2018

Looks like based on last years support and resistance arrows if the market now consolidates nicely over $10,600 it should go higher other wise next stop down will be the 20 MA and then failing that then it will be back below $10,000 and as low as $9,400. Enjoy !

Bitcoin heading up - just broke $11,000 up from nice consolidation over $10,600 as predicted

Bit Mega.png

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Based on previous pattern market will hold at MA area or head back down towards lower Bollinger Band - Support area. No worries. Upward trend line still intact.

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Have just added in a trend line from my 4 hour chart to the 2 hour chart just in case I need to switch because to a key Bollinger point for me just below $10,100 on the 2 hour chart is looking vulnerable. Otherwise no worries.bit mega x.png

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 Swapping $400 million of real money for virtual money makes more sense when looking at the weekly chart, scroll to see the Feb 9th post.

 

real1.PNG

 

 

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Bitcoin is back down in the 9300 region of past support and resistance, the daily chart also has the 200 MA at this level and the redrawn Fib (now from the high down to the low) at 23.6%. A clear break here could lead to a charge on down to retest that low at 5896.

 

BTCUSD(£)Daily.png

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True enough, the market is always uncertain, only the future can look at today with certainty. No point in trying to predict, so forget the 'hook' and wait for the 'reveal', and then react. For all we know we are looking at the start of a giant inverse head and shoulders pattern.

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What will be the big movers that gives crypto another much needed bump up. ETH futures would be good, and the technical aspects such as lightening on bitcoin or sharding. All time highs by June would nice nice but if I’m honest I don’t see it nearly as likely as I did I December.

 

However, this time last year BTC 20k was a ‘never in a million years’ concept. ETH 5k would be the dream ...

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Bitcoin will need something major and fundamental to turn that chart around. Bitcoin is being dropped as a payment system soon after take up as users find high transaction fees and slow speed and there is also the high energy consumption. 

 

https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

 

visa1.PNG

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- I have seen from your articles that you possibly have a more neutral to negative view on bitcoin. Would that be fair to say? If so can we maybe get who seems to be pro to have some sort of debate off? Start with a few statements and each has 100 words or less to formulate a reply. Like they have in city am on contrasting views (if you read it) ?

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lol, I think   will say he has debated this topic for an age and will refer you to his previous posts. Personally I just look at it from a traders perspective and am not so concerned with the bigger picture. I thought that particular article was interesting as it was the first I had seen that was not just a critique of bitcoin but of blockchain as well. 

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Here's a great video - the reason I link it is there's a tiny reference in it  to Quantum computing & what it might mean to Bitcoin 

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That looks interesting  though at over an hour long I think I'll watch over the weekend, in the meantime bitcoin is making another run up to the down trendline.

 

BTCUSD(£)H4.pngBTCUSD(£)Daily.png

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Low volume breakout past trendline stalls soon after at the 38.2 Fib level.

 

BTCUSD(£)H1.pngBTCUSD(£)Daily.png

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Big drop on the 1 hour chart seems to indicate a second rejection at the 11700 level and a search lower for support.

 

BTCUSD(£)H1.pngBTCUSD(£)Daily.png

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amazing that bitcoin spiked as well as the others

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my current chart FWIW                           Capture bit.PNG

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Odd, I wonder if that figure will stand on bitcoin? Dax only spiked 90 pip,  bitcoin 680 on the new platform. That is a lot of stops on shorts taken out.

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Down nearly 10% on the day, the big slide was on the 4 pm bar, but can't find that big spike up at 12 noon on any of the exchanges nor is anyone on twitter reporting it from other brokers.

 

Ah, I see IG didn't let it stand, the spike up has been removed from the new platform chart.

 

spk1.PNGBitcoin (USD)_20180307_18.41.png

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Bitcoin down through support and setting up for fourth straight down day as looks to the lower levels. Currently 8810.

 

 

BTCUSD(£)Daily.png

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