I repeat it will strike USD60-70k according to Fundies, easy.Originally Posted by ;
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I repeat it will strike USD60-70k according to Fundies, easy.
Hi ,
Thank you for your topic. In addition, I see exactly what you say, that the bitcoin monster is currently rising like mad at unsustainable rates in comparison to some of the typical currencies. I see it coming to the 4H ema until it hits on 20k and flies to the moon. Cat, may I ask about the indior you use to check for divergence, can it be MACD 12 and 26 interval? Apologies for the query began my difficult and long journey to be a trader a couple of months ago.
Kind Regards,
Okay, therefore BTC has pushed just shy of $20,000 now!!
But just consider how far it has climbed above its 200 daily moving average, it is just nuts. It defies all logic for it to just continue climbing without at least a pullback from these levels. I am not wishing it, because I don't care what it does, since I am not holding Bitcoin, but by a pure TA perspective, this thing looks to be screaming to come down. Would anyone be buying it?
A nice fat doji closed out now, and observing a big, positive full candle on Saturday, this is quite interesting!
Update on Bitcoin viewed from a technical standpoint. 630 was the resistance I posted above, which it broke, but as moving averages never remain in 1 place for long, that is fine, and with Bitcoin a few hundred dollars here or there means small. I finally have an upper degree of resistance for your H2 time framework of 830, which I know I am late in pointing outside, but it's there nevertheless, therefore it is going to be very interesting for me to check whether BTC recognizes it , or simply blows through it. It should stop the price from going today at least.
What I'm really seeing though is this H2 100sma, since it's provided crucial support for quite some time now, sending the price back up on Nov 24th, 29th, 30th, 1st Dec,( just over it ), 3rd, ( a little over it, but to the pip about the 61.8% fib from the prior reduced) 9th and 10th ( again just above and very near the 61.8% fib back) and now in the current highs but another dip is due I think. There have been time frames to concentrate on and other moving averages, but it's the tf, and also the 100sma. In the event the price does soon drop down to this moving average, subsequently itn will either be bought back up, or , in case it breaks, the way will be open for it to drop down to the next big supporting moving average that's the H2 200ema that I currently possess at 13,860, that could, if if it gets there, be a fantastic buying opportunity.
Well, she's been falling and rallying a little. Then 15,400 or thereabouts is a amount of support that is strong that could send it back up, if it goes lower . Below that, and 15,000 is the H1 200ema that sent it back up when the price made contact with it.
I have possible resistance at 17,630 if it makes it back up to those levels within the following day or so.
I do not fully disagree with whatever you have stated, but just a few items:
TA can really work on BTC, and also the smaller time frames can be traded using the very same indiors and parameters one would use elsewhere, but it is very volatile that's for certain. As for the only egy that functions being buying on the dips, the exact same can be stated for any market in a strong uptrend, which BTC is in, thus there's nothing new there. Traders get burned most from trading against the trend, trying to pick tops and bottoms, so like I said above, I am not advoing that people sell, merely drawing on an observation based on how I see things developing according to my own method and experience trading other markets.
Yes, MAs of course proceed as time passes, but it doesn't stop the price reverting back to them. It always does. Maybe it will not, who knows?
The reason I began this thread is that I personally am seeing potential signs of fatigue right now. Time will show whether these are real or not.
I do not really find a complete crash, despite the name of the thread, back to zero or just a couple thousand for certain, though one never knows, however a return on 10,000 so is potential. I would be buying, and selling, however, intraday using exactly the method I use. However, buying into BTC with a big bet hoping for it to go to the moon at this level would for me be risky.
For people who are interested, the price is currently rising, and I have resistance now at around the 17,600-800 level in case it gets there.
Technical analysis do not quite work well there was just 1 trading egy thus far: buy on the dips and accumulate. You said price always goes back to 200 MA? It depends upon time price crossed this amount was a touch at $480 level and the previous time is crossed was $280 level, remember the MA moves upward too, now the 200MA reaches about $3900 level. I dont see price going that farther down, unless something astrophic happen, I discovered that 200MA moves about 800 pips up each month on the daily, in 1 year from now, this MA will be at $11K level, but what might be the price of BTC at that moment? Perhaps $50K? It will vanish by now. Look at SP500, the time price touched the 200MA was on NOV 2016, there was also 1 egy for it, buy on the dips, and by the dips, I mean small corrections. I've been burned several times by considering technicals, but because I understood the fundamentals supporting and I included in my daily routine, traders improved.
https://player.fm/featured/cyber-currency
As I said above, I am a pure techie, and I trade what I see regardless of what the pundits are saying or what an instrument is supposed to perform.
At this height above its 200 simple or exponential moving average on the Daily chart, diversion such as this is a powerful sell warning on anything you care to look at. I?m sure there are plenty of people still piling into Bitcoin even at these levels, this is the hype at this time among individuals with no investment or trading experience leaping in blind, but could any of you be buying into Bitcoin at these levels unless you were just trading the intraday movements?
For me, the odds of this coming, or at least, pulling back a couple million dollars from this level is really high if TA is not anything to go by. Then, and only then, is it safe to jump on the side that is long depending on where the support is.
I believe Bitcoin is going to be a USD1Trn market capitalisationin case the Gold Market, plus a risk-off asset class has a market capitalisation around USD7Trn.
This implies Bitcoin could reach in the range of USD60k - 70k each Bitcoin; also it'd probably well surpass any additional market bubble in history by a number of times.
I am waiting until then before shorting!
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