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Regular Contributor
Posts: 179
Registered: ‎28-11-2017

Re: Bitcoin

[ Edited ]

Going lower, IMO. I don’t think the sell off is done yet.

Frequent Contributor
Posts: 54
Registered: ‎21-12-2017

Re: Bitcoin

If it sells below 10000 then the best advice would be to not hold long positions. Could have panic selling.
Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

[ Edited ]

Still seeing HODL posts on twitter though where they bought who knows. Price now 10420 and attacking the recent low at  99661. Next support level below there is  89676.

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

10723 support level now turned resistance on retest, sellers still in control.

 

 

BTCUSD(£)H11701.png

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Very interesting poll on twitter. 'How far down before you bail', you might be shocked at the running score. 2,210 votes so far.

 

poll1.PNGpoll2.PNG

Frequent Contributor
Posts: 54
Registered: ‎21-12-2017

Re: Bitcoin

Yep that is the worry. If the trend changes just sell and wait. Sitting in cash is also a position.
Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Trader sentiment (retail); longs still hodling on though has dipped to 74% as the 99660 level breaks, price now at 95000.

 

sent1.PNG 

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

Those of you who have been involved in trading or investing in Bitcoin since the $1000 levels will know and have experienced many mammoth corrections. I think for those who are new to Bitcoin and co. may find it difficult to digest, sense panic, etc. However, we have been here many times before. Bitcoin could even go back down to $5000 but ultimately it is heading back upwards to $20,000.

 

Bitcoin and Crypto's need fresh new money to make new higher highs. To attract new investors and traders it needs these big price drops to encourage and entice them into a position where they buy! Some of those watching on the sidelines all around the world (yes thats right around the world) who feel like they missed out will be enticed to enter during the next leg up.

 

I may be wrong and this is just my opinion. For me the way to kill Bitcoin and Crypto's would be for all major countries around the world to ban cryptocurrencies. However, countries are looking at digital currencies (state backed) and therefore this is unlikely. Even if they ban trading cryptocurrencies it will not impact the amount of money being used to physically purchase Bitcoin and Crypto's. It is the physical purchasing of Bitcoin and Crypto's that is driving the price. The ban on trading crypto's is a bit of a red herring. Yes it can influence the price or have an impact but the physical purchase and selling is more meaningful for the price action behaviour.

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Recovery continues, yesterday sold off in London session, bought up in the US session then sold off again in the Asian to retest 10723 level (support turned resistance and now support again). Now being bought up in today's London session. A rollercoaster.

 

BTCUSD(£)H11801.png

 

 

 

 

Regular Contributor
Posts: 179
Registered: ‎28-11-2017

Re: Bitcoin

@Caseynotes do you have a position here? where did you buy in?

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

[ Edited ]

I don't know about Caseynotes but I have been spread betting Bitcoin USD (long position with x5 leverage) since the $2000 levels.

 

I have invested in both Bitcoin and Ether via XBT Provider One Tracker funds in SEK and EUR at $7500 and $700 levels.

 

I recently entered Ripple at $102.00 with a long position and have nearly doubled my money in 48 hours with x4 leverage via a spread betting position. 

 

I like spread betting as it is very tax efficient and profits are free from UK Income Tax and Capital Gains Tax. Also you have leverage available which helps maximise your profits.

Regular Contributor
Posts: 179
Registered: ‎28-11-2017

Re: Bitcoin

I'd never know how to really trade them, presumably its all on chart and pricing. I trade shares where I can assess and analyse a comany's worth, its ability to generate sales and turn them into profits. On what basis is one making these decisions on bitcoin, purely if one's expectation is bullish or bearish on the current price and future prospects I presume?

 

Is there news events to trade?

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

Rimmy2000,

 

News released can move the price substantially one way or the other based on whether it is positive or negative. However I make my trading decision on cryptocurrencies just like I do on commodities and micro and nano cap shares. I do so on price action and volume. I look at price behaviour. My experience over the years has taught me that the biggest profits are made on riding the strongest trends based on positive price action. 

 

My risk threshold is high hence why I am in the cryptocurrency, commodities and micro and nano cap space. I get the impression by reading your posts that you invest in more quality companies with sound balance sheets. I invest and trade purely on trends and price action. To me it does not matter what the turnover of the business is and how much or little profit it is making. Price action to me is 'key'. 

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Oh no, I don't ride rollercoasters. If you got in early great, but playing this market late is fraught with difficulties, high spreads, margin, wild swings. Happy to keep my capital tied up in more predictable markets, shame face but I even stopped playing gbpusd after brexit vote. 

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Takes a major dive this last hour clearing the 23.6 Fib (prior support) as well as the 10723 level. Now at 10489.

 

BTCUSD(£)H12201.png

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Up move reversed at the confluence of the 200 MA, trendline and resistance level from the 4 hour chart and now looking at the 23.6% Fib level for support.

 

1 hour chart.

 

BTCUSD(£)H1.png

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Bitcoin slides on news of trouble at Tokyo based exchange Coincheck, halts withdrawals.

 

 

https://www.zerohedge.com/news/2018-01-26/crypto-market-slides-popular-exchange-halts-withdrawals

 

 

btc2.PNG

 

 

 

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Follow up to last post. Over $400 million stolen from Coincheck exchange.

 

 

https://www.zerohedge.com/news/2018-01-26/over-400-million-stolen-hacked-japanese-cryptocurrency-exc...

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Bitcoin looks to be coiling in prep for a breakout. Symmetrical triangle, downward pressure by the 100 MA and upward pressure by trendline.

 

4 hour chart.

 

BTCUSD(£)H4.png

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Continuing it's downward path, now 9507 and looking at 9109.

 

 

BTCUSD(£)H4.png

Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Yesterday I replaced my Fib retracement with an extension from the high and find a touch and reverse on the 1 hour today, doesn't look like it's going to hold though. I have pointed out previous examples of Fib being used repeatedly on this asset.

 

4 and 1 hour charts.

 

 

 

BTCUSD(£)H4.pngBTCUSD(£)H1.png 

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

At this rate Bitcoin is heading for the $6,000 level and could even touch the late $5,900's. 

 

As I posted on a different discussion, this could lead to people piling into Cryptos as they perceive they are getting 'value'. This could be the trigger for the next monumental rally as the sellers then become buyers again and off we go. 

 

Rinse and Repeat cycle. This is profit optimisation and maximisation. You go long and make profits. You then go short and make profits. You then just keep repeating this and there is no need to day trade. This is more like 'Quarter Trading'. 

 

New Contributor
Posts: 2
Registered: ‎18-12-2017

Re: Bitcoin

RE :  7600 this morning. Has Bitcoin put in the 2018 bottom.?

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

The speed in such moves is crazy. Bitcoin is trading back at $9000 at the time of writing. I have never personally experienced volatility like this on any other asset I have either traded or invested in.

Occasional Contributor
Posts: 12
Registered: ‎09-01-2018

Re: Bitcoin

if the 23.6 fib proves to be resistance it could see bitcoin dropping to the 6k ranges.
Occasional Contributor
Posts: 12
Registered: ‎23-11-2017

Re: Bitcoin

Agreed - and despite my interest in blockchain technology, this is exactly why I won't be trading cryptos (not withstanding any criticisms of access/booking/platforms), but in my opinion with this sort of volatility unless one has a robust tested and systemised approach to trading, then it's pure speculative luck. I don't personally like that.

Regular Contributor
Posts: 210
Registered: ‎04-06-2016

Re: Bitcoin

maybe, previous support is now resistanceCapture bbvv.PNG

Highlighted
Esteemed Contributor
Posts: 2,277
Registered: ‎10-03-2016

Re: Bitcoin

Yes, this move up looks to be running out of steam.

 

 

BTCUSD(£)H1.png

Valued Contributor
Posts: 580
Registered: ‎24-07-2017

Re: Bitcoin

[ Edited ]

Steam ran out and vapour took over!

 

Smiley Happy