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Showing content with the highest reputation on 27/04/19 in Posts

  1. 1 point
    Kudos to you for a very detailed analysis, thanks. I concur that Bitcoin is headed south, purely from the huge divergence on the daily chart.
  2. 1 point
    Like that new chart view withthe smaller one in bottomright. Good insight. Trump at it again 😂
  3. 0 points
    I don't trade Cryptos, my bias on them, as posted in the past, is that they are a pure mania (not just a bubble). I think the technology has merit in the search for non physical cash medium but until it become mainstream (i.e. adopted by sovereign nations and who knows maybe sometime in the future as a global currency - SciFi maybe...). Thus I think the current crop will die out to be replaced by something more serious. So much for that, now for a purely technical analysis view of Bitcoin. The rocket to the top is obvious and in a 1-5 wave pattern with a massive spike and drop. The journey down was just as dramatic until the market went horizontal in a long term consolidation pattern, which was broken to the downside in November after a few halfhearted attempts to revive the patient... The recent rally is, technically, at this point, a retrace EWT3-4 of a 5 wave return to the start point and likely oblivion. The rally is in A-B-C counter trend format and currently failing to break back through the key Resistance zone previously broken to the downside in November last year. A strong bearish rejection at the resistance zone with A-B-C completion and Neg Mom Div and other oscillators oversold tells the tale for me. Next stop, a retest of the previous support area and likely lower lows and so on and so on. Take care...
  4. 0 points
    First of all, Bitcoin is still holding above the $5,000 level which is extremely encouraging from a technical perspective. However, encouraging is all it is. From a long term perspective unless Bitcoin crosses around the $6,500 level and stays above it then it will still be in a long term downtrend. This $6,500 level will be crucial in the coming weeks and months. I personally think Bitcoin will tease us all and certainly cross the $6,000 level as that is what Bitcoin and Cryptocurrencies do and have done. Tease us. From a trading perspective, the volatility in Cryptocurrencies helps create some really good trading opportunities for short term traders, swing traders, trend followers, etc. Volatility is necessary and is what helps Bitcoin and Cryptocurrencies achieve such fantastic returns. Bitcoin even now outperforms other asset classes (even with such high volatility). Now no one knows what will happen to the Bitcoin price going forwards. Will it make new all time highs or will it continue in its long term downtrend? Has Bitcoin bottomed? No one knows for sure yet and we all will make assumptions including myself. That is fine and there is nothing wrong with that. It is the price action alone which will prove the assumption right or wrong and nothing else. Historical price action does not guarantee future price movements will behave in a certain way. Future is undecided and a new future can be created. There is no rule in trading that confirms that price must behave in a certain way based on historical movements. If it were that easy to predict future price movements based on historical price action and charts then trading would be so much easy and traders would make profits the majority of the time. Trading is extremely difficult and trading Cryptocurrencies and Bitcoin even more so due to the extreme volatility compared to other asset classes. What I would suggest to those who think Bitcoin is garbage, is going to zero, is going to make new lows, is going down, etc. (and they may be right as well - I simply do not know) is to short Bitcoin and profit from this price behaviour. If some are that convinced that Bitcoin's next major move is downwards then they must profit from this as a trader. Better still share the 'Short' Bitcoin trade with the IG Community so we can all see the profits being made from any potential downward price action in the future.
  5. 0 points
    Hi all, Just to give you some more information about why the decision has been made by IG to stop offering Cannabis stocks for share dealing clients: IG has become aware of various financial institutions performing reviews of the regulatory and political implications of offering Cannabis stocks in the UK with a recreational link, and because of this and IG's own internal review the stocks listed above are no longer appropriate for IG's risk appetite. Therefore there has been a business decision to take action as quickly as possible but within the legal allowances detailed in IG's Customer Agreement. Regarding why we can continue to offer these stocks on leverage accounts, the reason is that there is additional certainty with regards to derivatives referencing the underlying stocks, and as IG uses swaps to hedge our clients' leveraged trades with us, we will not be engaged in the physical trading of recreational linked cannabis stocks.