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Bitcoin halving event

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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).

 

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1 hour ago, Caseynotes said:

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

i don't get it. 

How is there any basis in that price action? 

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2 minutes ago, cryptotrader said:

i don't get it. 

How is there any basis in that price action? 

That's what made me laugh in the first place but the first 40 days is a tight fit, god knows why he thought of doing it at all, it must be some weird new cult TA technique that when adopted by the many will become a self fulfilling prophesy (like most of the others), don't forget you saw it here first 😉 

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TA doesn't work with Crypto because the volumes are all fake and it's based on FOMO. 

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BTC climbs above 8312 H4 resistance level, currently at 8352.

H4 chart;

image.thumb.png.b766001280c445c46dad55530d849f2c.png

 

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Hi all - just a note that we've created a specific bitcoin halving events page which you can see here. This will likely be more for clients who are new to trading bitcoin with IG, or are newly interested in the bitcoin halving event which is likely to take place in May 2020. 

To make sure we've not been left out we have our own BTC log scale showing the cryptocurrency price over the last couple of halving events. ;) Over the next 18 months or so we will be putting out a number of interviews, videos, podcasts, and content pieces which may be more relevant to those on Community. I'll make sure to update you all.

1560426774449.png

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@JamesIG,

Great stuff. I just had a look and it is very good and much needed so well done.

I think there is still a lot of scepticism over Bitcoin and Cryptocurrencies in general so this is good timing. 

There has been a lot of negativity over this asset class on the IG Community and I think it stems from a lack of understanding, lack of knowledge and lack of appreciation of what is currently happening and the potential going forwards into the future and how this will be applied.

To be fair there has been some valid criticism but at times some of the negativity has been vague and there has been no real credible evidence or substance behind the negativity apart from that it is rubbish, junk, garbage and is going to zero. 

IG has offered its clients the ability to trade Bitcoin and other Cryptocurrencies for a while as have their competitors. There is a real market and asset class emerging here. 

Those who know me or follow me on the IG Community will know that I trade Cryptocurrencies but that I also invest via the XBT Provider One products. The reason why I invest is exactly because of the price appreciation and capital growth in relation to halving events and many other factors. IG offers me the ability to trade Bitcoin and other 'Alt Coins' but as a long term investment it is very compelling when you look at the profits and returns from inception (2009) to date. 

Again well done for setting this up. I think it was needed based on the views I was experiencing on the IG Community. 

 

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BTC just holding at minor resistance (10858)  but a break upward from here could lead to a retest of the recent high at 11219.

image.thumb.png.3210f7fad467495846d30bfd6f5de5f0.png

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Following on from yesterday's post, after some dithering came the retest and then a breakout.

image.thumb.png.112f2ccbb9fc3d23adc4148e80cbdd37.png

 

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Looking at the weekly BTC chart, very impressive. Added monthly pivot levels. Couldn't tell you where it's going though, or why 🙂

image.thumb.png.56e34bc8e3ccbce2e551e77b81699b23.png

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6 minutes ago, cryptotrader said:

are those about 11.2? to 15K?

11.2 also supported by Jan '18 levels. 

yeah, see revised pic below.

image.thumb.png.5101b0cb6ffaa2f1c8f4e21da3a57730.png

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BTC tests resistance at 11494 now expecting a test of support at 10738, current price 11200.

image.thumb.png.095db5717bc6b173b174680829d8e2a7.png

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BTC finds support at 10600 and recent resistance at 11173. Key support is 10281.

image.thumb.png.166070ce8fab1943adb31ec8d54c0d79.png

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What is the spread on Bitcoin? On my spread betting it’s 50, but looking at the other topic (crypto 10) and from forum replies it’s supposed to be lower. Why is there a discrepancy?

@JamesIG

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23 minutes ago, ha05230 said:

What is the spread on Bitcoin? On my spread betting it’s 50, but looking at the other topic (crypto 10) and from forum replies it’s supposed to be lower. Why is there a discrepancy?

@JamesIG

hey - spread (in the same way as for FX, futures and shares) are variable based on the underlying liquidity and any market volatility. At the moment I can see that BTC is 50, however earlier today it was 38. 

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BTC searching for support but may need to keep looking further down, 9370 and 8815 are potential candidates.

H4 chart;

image.thumb.png.63606d6c0155fd3d07ed9d0025af12ae.png

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BTC bounces back up off 9688 to 10160 on the 9am 1 hour candle.

image.thumb.png.c6dcc265e58237fc699654563cd1cb83.png

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6 minutes ago, Caseynotes said:

BTC bounces back up off 9688 to 10160 on the 9am 1 hour candle.

image.thumb.png.c6dcc265e58237fc699654563cd1cb83.png

Trading channel is too wide to work out accurate support and resistance level- is the bounce short covering? 10000 seems to be critical.

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9 minutes ago, FFS_Daytrader said:

Trading channel is too wide to work out accurate support and resistance level- is the bounce short covering? 10000 seems to be critical.

I think there was a lot of short covering as the move lost momentum in the 3 hourly candles after the pump down candle and the bears may try to have another go around here 10280.

image.thumb.png.06df01ead22fb7b0bdc744eaf4330921.png

 

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2 hours ago, Caseynotes said:

I think there was a lot of short covering as the move lost momentum in the 3 hourly candles after the pump down candle and the bears may try to have another go around here 10280.

image.thumb.png.06df01ead22fb7b0bdc744eaf4330921.png

 

BTC retesting the recent low, now at 9760.

H1 chart;

image.thumb.png.7e0e021b0ce8168c40bc04f477da359a.png

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17 minutes ago, TheGuru12 said:

https://www.zerohedge.com/news/2019-07-02/bitcoin-slumps-below-10k-cme-futures-interest-soars-record-high

 

People are clinging to hope, Whilst others are fighting to get to the exit. It's stuff like this that makes life exciting 😄 

Need I say any more...10000 level is as important as Back to the Future 1955 time continuum (all roads lead back there!)

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BTC trying to break up through resistance again.

H1 chart;

image.thumb.png.cbc447a6f05915cff20d15944d37f4d9.png

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Posted (edited)

Recent support at 11601 with resistance at 12033 which is the bottom edge of a key resistance zone. Waning momentum suggests time for a move lower unless the bulls can rally.

image.thumb.png.73cf862ded21aa63311c614a0160da83.png

Edited by Caseynotes

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As noted yesterday price did follow momentum down, support found at 10955 with recent resistance at 11246.

image.thumb.png.fbf35296f07707143b86a18efdf16274.png

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Just looking at the H4 and H1 charts and note BTC is responding remarkably precisely to this down trendline from the June high. 

image.thumb.png.71f6c0923c054ae38c0591df232c35f9.png

image.thumb.png.ed536f4a2f6054075148b2be4d4a968c.png

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