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Bitcoin halving event

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BTC gaps up on the Sat morning start up, currently at 7394.

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So all this effort with posting charts and more charts on Bitcoin, is @Caseynotes invested in or trading Bitcoin?

Or is it merely a pastime hobby as he has nothing better to do and has far too much spare time on his side? 

I am trying to understand why spend all this effort and time posting on a specific asset if he has not either acquired Bitcoin physically, invested in Bitcoin or has/is trading Bitcoin? At the very least he is interested in doing any of these going forwards in the near future. 

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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.

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BTC looking unsettled and unsure of support at 7766, may be about to try lower.

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BTC still trapped between 7505 and 7674 looks like it wants to go lower but the support is strong.

image.thumb.png.39a808cec96e5a76e6f6fc8cb1e3313e.png

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BTC's attempt to push lower yesterday was caught by support at 7460 and price has bounced since though that bounce now looks weak and there is hidden divergence showing on macd.

image.thumb.png.d2cf77ac44d3dcc282c92c8b97a5c85c.png

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On the H4 and BTC is trying to breakout of this triangle, current price around 7928;

image.thumb.png.8da1980549edc39f8b076540995ef648.png

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H1 looking to hold gains while the daily looks up to possible future targets.

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H1 chart and bull flag support looks sound, retest of flag resistance next?

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BTC didn't go on to test the flag top but went down to test the spike top instead. Now back within the flag range.

H1 chart.

image.thumb.png.eca6dd677384036d22124a8aafe4b259.png

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BTC searching for support, trying to rally off 8440, currently 8500.

H1 chart;

image.thumb.png.920b983fd6afcf7b8f33128669130025.png

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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

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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!

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Oooch, BTC punches down to 8000 in it's usual lightening fast style, BTC charts do have a certain box type symmetry;

image.thumb.png.a9ecf755ce44b7e0a0439905918d7d18.png

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BTC pushes up to 8800, looks to be targeting recent resistance at 8913.

H1 chart;

image.thumb.png.aa8a64b22fa01e971bb6d5c7d8422126.png

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BTC gets a bounce off key support at 7424 and looks ahead to resistance at 7984, currently at 7795.

H4 chart;

image.thumb.png.bbb5bb74eac67b53ed6d17fb2bd6848a.png

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BTC currently ranging between 7560 and 7905 and has strong support just below at 7424. Looks like it's waiting for someone to give it a pump but which direction.

H4 chart;

image.thumb.png.eae94a8703b1f3131d84ff5d6bbed745.png

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BTC trying a early morning pump, just tackling resistance now, if it can clear this area there is a lot of clear space above.

H1 chart;

 image.thumb.png.2ba80fe7edf77a2a06e0af89db00eb97.png

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BTC pushing higher again into clear space. H1 chart;

image.thumb.png.1475dda24a0eeeac0f60781df877da11.png

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BTC 30 minute pump boosts price by $300. Now at 7937. H1 Chart;

image.thumb.png.86b027cc766c3984897e87c0eadfaecf.png

 

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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?

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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

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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?

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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

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Just backing away from the top of the range 8062 but still within striking distance. Currently at 7940.

H4 chart;

image.thumb.png.fa73d5c3ed11f7d78d4fdcb07a10f2f2.png

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Posted (edited)
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
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