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Attachments: Bitcoin Enthusiasts
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Bitcoin Enthusiasts

USD is approaching a supply zone. It's possible USD could experience a strong reversal upon entering this zone. It's also possible it could break through it and continue to climb higher. Time will tell.

It's important to note the gap. If USD reverses at the supply zone, then it's likely that gap will get filled some time in the near future. Such a scenario should give BTC more time to grow.

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You don't know because you don't ask.
Quoting here2there
USD is approaching a supply zone. It's possible USD could experience a strong reversal upon entering this zone. It's also possible it could break through it and continue to climb higher. Time will tell. It's important to note the gap. If USD reverses at the supply zone, then it's likely that gap will get filled some time in the near future. Such a scenario should give BTC more time to grow. {image}
Though all gaps not neccessary to fill but here likely it will as market not in a hurry and great turmoils ahead due pandemic, as so do maximum ranging possible! Usdx pa apparent.
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As Bitcoin continues to recover today.........

A few important points:

-You CANNOT trade Bitcoin just using technical analysis. You MUST combine it with fundamental analysis. If you are only trading on technicals, you would be better off sticking to Forex.

-If you do not understand Bitcoin's market position, its global scope, and how deeply it penetrates the financial world, you are better off not trading it.

-If you do not think Bitcoin is the future or if you do not believe in parabolic trends, you are better off not trading Bitcoin.

-If you do not believe in progression, the future, or new ways to conduct business, or if you are traditional in your view of finance, you are better off not trading Bitcoin.

-If you are a millennial, Bitcoin will likely come natural to you.

-If you are from an older generation, you may find you are resistant to Bitcoin.

-Most views on bitcoin result from ignorance. This means those uninformed about the inner workings of Bitcoin, and its penetration of the global market.

Final thought- If you simply have a negative view of Bitcoin, you are better off not trading it.

Stay tuned. Update coming tomorrow!
Quoting TaoTrader
As Bitcoin continues to recover today......... A few important points: -You CANNOT trade Bitcoin just using technical analysis. You MUST combine it with fundamental analysis. If you are only trading on technicals, you would be better off sticking to Forex. -If you do not understand Bitcoin's market position, its global scope, and how deeply it penetrates the financial world, you are better off not trading it. -If you do not think Bitcoin is the future or if you do not believe in parabolic trends, you are better off not trading Bitcoin. -If you do...
I agree that paying attention to fundamentals is far more critical when trading Bitcoin than in trading the Forex market. I am out of the Forex market for now. I see it as an utter mess. Crypto is easier to trade. Of course, it helps a lot that we are in a bull market. When the bull run is over and the bear returns, then I will likely go back to trading Forex.
You don't know because you don't ask.
Quoting here2there
{quote} I agree that paying attention to fundamentals is far more critical when trading Bitcoin than in trading the Forex market. I am out of the Forex market for now. I see it as an utter mess. Crypto is easier to trade. Of course, it helps a lot that we are in a bull market. When the bull run is over and the bear returns, then I will likely go back to trading Forex.
Don't give up on Forex it's still a great market! It's the largest market in the world in terms of trading volume, so you're bound to see a different market right now than with Crypto. Crypto returns are insane right now. You don't even need leverage, just hold forever
Quoting TaoTrader
{quote} Don't give up on Forex it's still a great market! It's the largest market in the world in terms of trading volume, so you're bound to see a different market right now than with Crypto. Crypto returns are insane right now. You don't even need leverage, just hold forever
The thing that concerns me about the crypto market at this time is the constant dumping that has been taking place lately. Loads of Bitcoin have been dumped. I don't know who is doing this but it is evident someone or some group of whales are intentionally suppressing Bitcoin and perhaps even trying to force a bear market. I wouldn't be surprised if the US government has something to do with this.
You don't know because you don't ask.
Quoting here2there
{quote} The thing that concerns me about the crypto market at this time is the constant dumping that has been taking place lately. Loads of Bitcoin have been dumped. I don't know who is doing this but it is evident someone or some group of whales are intentionally suppressing Bitcoin and perhaps even trying to force a bear market. I wouldn't be surprised if the US government has something to do with this.
I've been following the news related to dumping pretty closely. I don't see any mining pools doing this a lot except for F2 pool. The person I usually follow on youtube for this story is speculating that F2 pool is doing this possibly because China is shutting down mining operations in certain regions of the country. Which would explain the mass dumping. Or it could just be market manipulation. Futures, options, derivatives manipulation, etc..... As far as someone forcing a bear market, it seems highly unlikely that could happen right now. There are a lot of institutions, governments, and whales entering the bull market, and it would take something quite severe to force bitcoin into a bear market. We are seeing a massive adoption of bitcoin on a global scale as a means of payment and transaction, and as a general means of exchange. Whether it replaces currencies, gold, the dollar......that is too far in the future. But I think its clear a bear market is highly unlikely at this moment.......unless you are an uninformed trader or observer who just knows nothing at all about Bitcoin
Quoting TaoTrader
{quote} I've been following the news related to dumping pretty closely. I don't see any mining pools doing this a lot except for F2 pool. The person I usually follow on youtube for this story is speculating that F2 pool is doing this possibly because China is shutting down mining operations in certain regions of the country. Which would explain the mass dumping. Or it could just be market manipulation. Futures, options, derivatives manipulation, etc..... As far as someone forcing a bear market, it seems highly unlikely that could happen right now....
Well, I have been in this space since 2017. So I know quite a lot, and have experienced 'the pain' of the bear market. Lol

I hope you are right about the bear market scenario. I would like for this bull run to go on for at least another 6 months or more.
You don't know because you don't ask.
Quoting here2there
{quote} Well, I have been in this space since 2017. So I know quite a lot, and have experienced 'the pain' of the bear market. Lol I hope you are right about the bear market scenario. I would like for this bull run to go on for at least another 6 months or more.
Agreed. Let me just say this.......I wouldn't be surprised if Bitcoin goes above 2 or 3 hundred thousand this year. It should hit 100,000 easily, and it might hit that target in the next few months. Like I said, I prefer Forex, so I don't need Bitcoin. I'm a Forex junkie for life. I'm just fine without crypto. But you have got to be crazy not to invest in it right now if you have the money and want to invest in something with a high return.
Quoting TaoTrader
{quote} Agreed. Let me just say this.......I wouldn't be surprised if Bitcoin goes above 2 or 3 hundred thousand this year. It should hit 100,000 easily, and it might hit that target in the next few months.
Concur with you here, $100k is a no doubter this year. Makes it super tempting to lever up and really go all in, but every time I start thinking about it we take a pretty nasty dip. Luckily my fear of losing my position outweighs my greed. Getting stopped out on a dip and missing out on the inevitable run to 6 figures is a nightmare scenario. Just gotta HODL and keep stacking. Maybe trade in and out of some alts to scratch that trading itch.
Too much panic selling.
You don't know because you don't ask.
Quoting here2there
Too much panic selling.
And more dumping. It's actually increased the last few days.
4hr chart range trading since late last month. Technicals looking to break out of range. Which way is not yet confirmed. Fundamentals indicating strong buy, with moderate dumping still active. Prognosis.....leveraged traders stay cautious and use lower leverage. HODLers.......just do what you do LOL
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Quoting TaoTrader
4hr chart range trading since late last month. Technicals looking to break out of range. Which way is not yet confirmed. Fundamentals indicating strong buy, with moderate dumping still active. Prognosis.....leveraged traders stay cautious and use lower leverage. HODLers.......just do what you do LOL {image}
I think we could go down to 42k and lower. I am out of most of my positions. I don't trust this market at this time. We have gone up quite high. So it would make sense to see a deeper correction. It's possible BTC could even go below 40k, and worse case scenario, 19k.

More and more bears are starting to show up to ruin the party. If I miss out then I miss out. It's not worth the risk when there is potential opportunity for lower prices.
You don't know because you don't ask.
Quoting here2there
{quote} I think we could go down to 42k and lower. I am out of most of my positions. I don't trust this market at this time. We have gone up quite high. So it would make sense to see a deeper correction. It's possible BTC could even go below 40k, and worse case scenario, 19k. More and more bears are starting to show up to ruin the party. If I miss out then I miss out. It's not worth the risk when there is potential opportunity for lower prices.
Yep any market can go down that low there's just too many variables to consider. No one really knows we just have to wait and see. But I'm a firm believer in Bitcoin. I see it going straight up this year. The more it penetrates the global market the higher it will go. Doesn't matter if people keep selling. There won't be enough to keep it down.
Quoting TaoTrader
{quote} Yep any market can go down that low there's just too many variables to consider. No one really knows we just have to wait and see. But I'm a firm believer in Bitcoin. I see it going straight up this year. The more it penetrates the global market the higher it will go. Doesn't matter if people keep selling. There won't be enough to keep it down.
I agree. Ultimately, I believe it's going up. But we will see corrections along the way.
You don't know because you don't ask.
Price retracing to exactly the 38.2 Fib level on the 4hr. On its way back up now. My next target is between 57000 and 58000. If the price breaks this technical level things will be looking parabolic
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Approaching ATH of ~$58,3xx .... What'll you think she does if we break it? Keep going?
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Quoting cityRat
Approaching ATH of ~$58,3xx .... What'll you think she does if we break it? Keep going? {image}
I think it might go to 75000 before consolidating for a short period.
Pardon my (off topic) intrusion. Would someone point me to MT4 type platforms that do various crypto pairs? Brokers or exchanges that provide PC based package like MT4 would be great! At least I know how to navigate MT4 and somewhat familiar with Meta Editor. Thanks a bunch!
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