Jump to content

Bitcoin halving event


Recommended Posts

On 16/05/2019 at 07:14, Caseynotes said:

BTC double topped early this morning at around 8368 and has fallen hard down to support at 7850, currently trying to get back above 8000.

 image.thumb.png.8279491fc840ed1e1602ede2d0273137.png

Above is the double top pattern I pointed out on Thursday morning, as there seems a lot of confusion as to how these should play out lets take a closer look. 

The pattern is triggered as price moves below the neckline on the last leg down and the target is the measured move down equal to the top to the neckline. Note that once the target is reach the pattern has played out and does not automatically mean price will continue falling, here we see price continue in the original direction after the pattern has completed. This DOES NOT signify a triple top pattern as others would have you believe as the neckline has been corrupted but rather signifies a more determined attempt to break resistance.

image.thumb.png.4f9d2a091921ba66ad21965138c47282.png 

You're welcome.

Link to comment
Guest PandaFace
2 hours ago, Caseynotes said:

BTC in a big ramp up then a ramp back down again, supported at 8547 for the time being but a sound rejection of the attempt to move higher.

image.thumb.png.5fd2675b30b79f97ab23fadf6fab707c.png

Saw that happening in real time. What a move. Would have caught a few people out and popped those trailing stops!

Link to comment

Coining it?

                  Dull it aint. Bitcoin that is. 10% swings, often in a day. Pumping up the price and deflating it like a giant balloon. Price doubled in 3 months. But then again it did lose 70% of it's value in 2017. Definitely not a one way bet.  Stability is not the watchword with blockchain currencies. Plus there is little or no rhyme or reason for the swings. Even if there are fewer and less frequent coins being created. Volatility is blockchain's friend.  $10 000 BTC, (again?) why not? A $4000 BTC again why not?  Glad it's not vegetables or ice cream though. Though it is in China (certain veg) atm. New currencies... so do you trust the ledger?

  • Like 2
Link to comment

Currently stuck between 7886 and 8035 with key resistance a little higher at 8112. The smoothed RSI is still over 50 (green) but sloping down while the fast and slow RSI MAs have crossed down.

Always a joy to watch this when it's in a hyper state, it doesn't have much in the way of fundamental drivers rather sentimental and technical. Watching all through '17 and '18 the drivers were clear, the big push started on news big companies were starting trials of the potential for using bitcoin for payments, as the weeks went on more and more firms announced the same sending the chart parabolic. It wasn't til the end of '17 that the first trials started reporting back that bitcoin was slower and more expensive than the systems they were currently using, the chart turned, and as more and more firms announced the same and the abandonment of the trials price plummeted just as fast as it had risen.

Absolutely fascinating stuff, probably never see the like again 🙂 

image.thumb.png.f9297c87526038c9310bb06b93992416.png

Link to comment
15 minutes ago, cryptotrader said:

really flirting heavily with that 8k mark but last 5 sessions isn't holding.

turning point, or a little consolidation before the next leg up?

difficult to say with this one, it's stuck between 7500 and 8000 but the daily candles are growing so something's likely to pop soon.

Daily chart;

image.thumb.png.587c540efc9e50b07e6b0f47efc2b459.png

Link to comment
On 10/06/2019 at 14:24, 786Trader said:

Coining it?

                  Dull it aint. Bitcoin that is. 10% swings, often in a day. Pumping up the price and deflating it like a giant balloon. Price doubled in 3 months. But then again it did lose 70% of it's value in 2017. Definitely not a one way bet.  Stability is not the watchword with blockchain currencies. Plus there is little or no rhyme or reason for the swings. Even if there are fewer and less frequent coins being created. Volatility is blockchain's friend.  $10 000 BTC, (again?) why not? A $4000 BTC again why not?  Glad it's not vegetables or ice cream though. Though it is in China (certain veg) atm. New currencies... so do you trust the ledger?

Rumor on the straz is that there is another dump coming along. 70-80% fall in price in the next 3 months. What with volume stuffing going on across most if not all major exchanges. People are pumping ... to dump. Bitcoin is a massive contrarian indicator to the real economy and look what's happening with stocks, There has been a melt up over the last week in stocks and for good reason too!. 

Edited by TheGuru12
  • Like 1
Link to comment
14 minutes ago, TheGuru12 said:

Rumor on the straz is that there is another dump coming along. 70-80% fall in price in the next 3 months. What with volume stuffing going on across most if not all major exchanges. People are pumping ... to dump. Bitcoin is a massive contrarian indicator to the real economy and look what's happening with stocks, There has been a melt up over the last week in stocks and for good reason too!. 

I saw this from Crypto_Lord yesterday that made me laugh at first, then scratch my head ... (3 months).

 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • image.png

  • Posts

    • Hi @KoketsoIG, Thanks for investigating margin requirements in another thread. Could you kindly check with the relevant team what overnight credit (column swap bid in platform watchlists) was applied for short USD/TRY positions at the end of the trading day on Thu, March 14? WBR
    • Corn Elliott wave analysis   Function - Trend  Mode - Impulsive  Structure - Impulse Wave  Position - Wave 2 in progress Direction - Upwards for wave 3 Details -  A break below 434 means wave 2 is taking a lower leg for an expanding flat and could enter 423-415. Not much has changed since the last update.   In the intricate world of commodities trading, particularly in the realm of corn prices, the Elliott wave theory offers a compelling lens through which we can analyze recent movements and anticipate future trends. As of the time of crafting this analysis, corn prices have embarked on a retracement journey following a notable surge of over 12% witnessed between the dates of 26 February 2024 and 12 March 2024. Presently hovering below the $430 mark, indications suggest a continuation of this pullback trajectory, potentially dipping below the $420 threshold. However, amidst this temporary setback, glimmers of optimism emerge from the shadows, hinting at a forthcoming resurgence echoing the momentum initiated on 26 February, when prices bottomed out at $394.   To fully grasp the potential trajectory of corn prices, let's delve into the historical context provided by the Elliott wave theory. In April 2022, corn traded at a robust $814, albeit falling slightly shy of its peak in 2012 at $846. From this pinnacle, the price embarked on a tumultuous descent, plummeting to $394—a staggering 52% decline within approximately 22 months. Within this tumultuous period, the market completed three distinct swings, painting a picture of either an impulse or a simple A-B-C pattern.   Should the former scenario hold, the completion of the third wave suggest a forthcoming minor bullish correction, potentially manifesting as the fourth wave. Conversely, in the latter scenario, a bullish correction remains probable, if not an outright impulse upside. In either case, the prevailing sentiment leans towards a bullish reaction, with the path of least resistance indicating at least a three-wave bounce. This sentiment gains traction with the inception of sub-waves within the broader blue wave A, emanating from the $394 low.   Zooming into the H4 timeframe, we discern the intricate dance of waves unfolding before our eyes. The completion of wave 1 within the blue A wave sets the stage for the ongoing progression of wave 2, poised to carve its path within the 424-413 zone before pivoting upwards for wave 3. Uncertainties loom, as we await confirmation of wave 3's commencement, signaled by the breach of the $445 pinnacle.   In this tapestry of market dynamics, opportunities abound for astute traders poised to capitalize on the unfolding patterns. With the potential for blue wave A to ascend to lofty heights of $500, buying the dips will be the way to go. As we navigate the ebbs and flows of corn prices through the lens of Elliott wave analysis, we stand primed to seize the opportunities that lie ahead, armed with insights gleaned from a meticulous examination of market dynamics.     Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com
    • Thanks very much, @KoketsoIG. That's much better than I thought it might be.  Best wishes, Cate
×
×
  • Create New...
us