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BTCUSD daily price action

  • #101
  • Aug 11, 2019 4:48am Aug 11, 2019 4:48am
Bitcoin:

The correction pattern(s) are finished.

The future will show if the count as wave"iv" or wave "ii" is correct.

Sixer
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  • #102
  • Aug 11, 2019 5:10am Aug 11, 2019 5:10am
#BTCUSD / Daily & H4 / Two Ideas
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  • #103
  • Aug 11, 2019 1:50pm Aug 11, 2019 1:50pm
I am testing the SHORT on BTC/USD right now... like 0.5-1% down.
Can you afford to take that chance?
  • #104
  • Aug 11, 2019 3:26pm Aug 11, 2019 3:26pm
Quoting auricforecas
I am testing the SHORT on BTC/USD right now... like 0.5-1% down.
Wow, already? (at least at the lower end of the expected down) Moves are much better than eurusd... Just have to find a good broker, as I am asking in another thread... And if possible, the one that I can synchronise with TradeExplorer - TE (in profile) (to publish public BTC/USD or even maybe BTC/EUR as a TE)... eToro can not be linked to FF or I can not seem to find it listed...
Can you afford to take that chance?
  • #105
  • Aug 11, 2019 6:11pm Aug 11, 2019 6:11pm
Do any of you successfully scalp - intraday - on BTC? Seems very doable, although I haven't tried yet. If anyone does successfully do this - what's your method other than just following the PA waves?
  • #106
  • Aug 11, 2019 6:15pm Aug 11, 2019 6:15pm
Quoting Wisco04
Do any of you successfully scalp - intraday - on BTC? Seems very doable, although I haven't tried yet. If anyone does successfully do this - what's your method other than just following the PA waves?
Plot a 200 ma onto your chart and look it it from a top down approach

..see how price reacted on or near specific levels on which Time frame.....more specifically on lower TFs........
Good luck
4&1 All Time Profit: $37,496
  • #107
  • Aug 11, 2019 8:15pm Aug 11, 2019 8:15pm
Quoting Sixer
Bitcoin: The correction pattern(s) are finished. The future will show if the count as wave"iv" or wave "ii" is correct. Sixer {image}
Quoting Ayax.TSS
#BTCUSD / Daily & H4 / Two Ideas {image}{image}{image}{image}
You guys are really coming through with the wave analysis!

Ayax of the two ideas you proposed, I'm subscribed to Idea 2. Main reason is I can't see us breaching 10K with any kind of authority.
  • #108
  • Aug 12, 2019 12:58am Aug 12, 2019 12:58am
Here is an earlier Elliott count of Bitcoin from Guru A.Tiedje.

He considers the Bitcoin count as an impulse.

Sixer
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  • #109
  • Edited Aug 13, 2019 3:36am Aug 12, 2019 7:40am | Edited Aug 13, 2019 3:36am
Goldman Sachs said that its short-term target for bitcoin (BTC) is $13,971 and that investors should consider buying on any dips in the current scenario.

GS said that, based on its Elliott Wave analysis, BTC would find support around $11,094, and that there’s scope for a move higher to $12,916, then $13,971.

“Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” the note said.

Slide deck:
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File Type: pdf 421604963-Goldman-Sachs-slide-deck.pdf   1.9 MB | 810 downloads

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Money = Labour coupons
  • #110
  • Aug 12, 2019 8:16am Aug 12, 2019 8:16am
BTC: Price: $11,380 | MCAP: $203.42 billion | 24-Hr Volume: $14.12 billion

Short-term trend: Bearish

Bitcoin risks falling below $11,000 in the next 24 hours, having dived out of a four-day-long contracting triangle over the weekend.

The breakdown looks strong as it is backed by a surge in selling volumes, as seen in the hourly chart below. Further, the hourly line chart is reporting a bear flag breakdown, a continuation pattern, which often accelerates the preceding bearish move.

A break below $11,000 would expose the ascending (bullish) 5- and 10-week moving averages (MAs), currently located at $10,804 and $10,625, respectively.

The bearish case would weaken if prices rise above above the flag high of $11,589, in which case a rise to $12,000 could be on the cards.

Long-term trend: Bullish

Bitcoin snapped its five-month winning streak with moderate losses in July. More importantly, the cryptocurrency created an inside bar candle, a sign of consolidation or exhaustion following a stellar rally from April's low near $4,050.

Even so, the path of least resistance remains to the higher side as the bullish structure on the monthly chart is intact.

The falling channel breakout confirmed in April is still valid. The 5- and 10-month moving averages continue to trend north, indicating a bullish setup. The 3-day chart, the 50- and 200-candle moving averages (MAs) have produced a golden crossover, the first since Feb. 3, 2016.

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Money = Labour coupons
  • #111
  • Aug 12, 2019 9:39am Aug 12, 2019 9:39am
Hello Friends...here is an update on my very first (demo) BitCoin position:
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It would appear that buying has simply disappeared at the current level and that long positions are starting to stop out. There is a rising selling delta shown at the bottom of the chart indicating (to me) that the first of the sellers are profit takers, Again I am of the opinion that price will find buyers that may push price up to fill my second (pending) short but I don't see any demand at those levels for more buying...

Again this is just my opinion base only on trading experience and the limit tools I am able to use in this market. However, I do point out that my original short is now in positive territory...however small.
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  • #112
  • Aug 13, 2019 8:16am Aug 13, 2019 8:16am
BTC: Price: $11,250 | MCAP: $201 billion | 24-Hr Volume: $13.77 billion

Short-term trend: Bearish

Bitcoin has created a bearish lower high above $11,400 on the hourly chart, reinforcing the bearish view put forward by the range breakdown witnessed over the weekend and the bear flag breakdown confirmed yesterday.

The hourly chart relative strength index is reporting bearish conditions with a below-50 print. Further, the 5- and 10-day moving averages have produced a bearish crossover.

So, a drop below $11,000 looks likely. The bearish case would weaken if the bearish lower high on the hourly chart is invalidated with high volumes. That would open the doors to $12,000.

Long-term trend: Bullish

Bitcoin snapped its five-month winning streak with moderate losses in July. More importantly, BTC created an inside bar candle, a sign of consolidation or exhaustion following a stellar rally from April's low near $4,050.
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Money = Labour coupons
  • #113
  • Aug 13, 2019 9:08am Aug 13, 2019 9:08am
Bearish price movement continues...as nicely analyzed above by TMR. I would just add that order flow at this point appears weak and not committed (at least for now). What little there is, appears to be mostly all selling. Again, I suspect profit taking. My expectation would be for an acceleration of selling toward the July lows and if that holds, a range may be in our future...but if it fails we can look for the January lows to be in sight. with stops in between at the may lows...but that's looking WAY down the road. I think I'll be happy just to see the July lows come into play
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  • #114
  • Aug 13, 2019 10:44am Aug 13, 2019 10:44am
Quoting TMR
BTC: Price: $11,250 | MCAP: $201 billion | 24-Hr Volume: $13.77 billion Short-term trend: Bearish Bitcoin has created a bearish lower high above $11,400 on the hourly chart, reinforcing the bearish view put forward by the range breakdown witnessed over the weekend and the bear flag breakdown confirmed yesterday. The hourly chart relative strength index is reporting bearish conditions with a below-50 print. Further, the 5- and 10-day moving averages have produced a bearish crossover. So, a drop below $11,000 looks likely. The bearish case would weaken...
Nice short term call
  • #115
  • Aug 13, 2019 12:30pm Aug 13, 2019 12:30pm
Assuming the impulse count is still correct - are we in a subwave "ii" now.

Sixer
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  • #116
  • Aug 13, 2019 1:15pm Aug 13, 2019 1:15pm
Quoting auricforecas
I am testing the SHORT on BTC/USD right now... like 0.5-1% down.
Quoting auricforecas
Wow, already? (at least at the lower end of the expected down) Moves are much better than eurusd... Just have to find a good broker, as I am asking in another thread... And if possible, the one that I can synchronise with TradeExplorer - TE (in profile) (to publish public BTC/USD or even maybe BTC/EUR as a TE)... eToro can not be linked to FF or I can not seem to find it listed...
Ok, great, trade won, it surpasased the higher end (1%, see above post) of bet price change... You could argue that it moved 1% in the opposite dirrection (up) even sooner, but hey, I am glad both directions/traders could win, at least at this time Just maybe have to find better broker now, for spread... If I should bother really.. at those price changes... might not even need the leverage, so no need for some broker maybe, just good exchange...
Can you afford to take that chance?
  • #117
  • Aug 13, 2019 1:57pm Aug 13, 2019 1:57pm
So just looking over how much activity its getting vs the media and every joe schmoe who is a genius on bitcoin i think it'll just be a huge bubble But than again the US economy is a bubble bc everything on the DJ/Nq is 50x earning so thats really going to leave us with a few things physical assets and crypto. In a digital erra really anything can be considered an asset. Bitcoin will go to the moon without a doubt but i think the media. The talking bobble heads on cnbc are the biggest greasiest pigs promoting garbage and talking down crypto. Just remember shark tank kevin O'leary has a failing etf which he still promotes so dont believe everything everyone says. Im optimistic on crypto/bitcoin because Dogecoin is is/was valued at 1b$
  • #118
  • Aug 13, 2019 2:51pm Aug 13, 2019 2:51pm
Quoting chris56a
So just looking over how much activity its getting vs the media and every joe schmoe who is a genius on bitcoin i think it'll just be a huge bubble But than again the US economy is a bubble bc everything on the DJ/Nq is 50x earning so thats really going to leave us with a few things physical assets and crypto. In a digital erra really anything can be considered an asset. Bitcoin will go to the moon without a doubt but i think the media. The talking bobble heads on cnbc are the biggest greasiest pigs promoting garbage and talking down crypto. Just...
Yeah, it depends how you look at it, from what perspective and what timeframe... As they say.. "we are all dead longterm" And even if the assumption about bubble might be correct.. Why not ride it? Some argue that real estate is a bubble (still).. it just lasts longer than one lifetime so from his perspective is "always going up". Also some argue that the retirement/pensions plans are by definition a ponzi scheme, but they have been working "for quite some time" And I am sure you are all aware of the bubble talk in regard to national (debt based) currencies.. what they are about... About the bubbles, you have many good quotes (if you haven't watched or notice) in the Money Never Sleeps (aka Wall street 2) (2010) about bubbles... They say everything is a bubble, basically, but that bubbles are a good thing I think he (Oliver) mentions that google was found in the bubble... I will specially recommend, because not many people choose to watch (also) this option, but I would seriously recommend AUDIO COMMENTARY (by Oliver Stone)... "on DVD".. for example... The Oliver Stone has very good speeches about bubbles and all, while commenting the movie.. I bet if Oliver Stone would be making Wall Street 3.. in the future, I am sure bitcoin/crypto would play a rather important role
Can you afford to take that chance?
  • #119
  • Aug 13, 2019 3:12pm Aug 13, 2019 3:12pm
Quoting MzansiObi
{quote} That 200 ema is a beast my bro....more esp on the lower time frames for intra day scalps etc.....works wonders.....
Very true about 200 ema. We see how after struggling around 1hr ema 200 it gave up.
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And now price reached 4hr ema 200. Let's see how it will stand.
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  • #120
  • Aug 13, 2019 6:53pm Aug 13, 2019 6:53pm
Quoting yg10
{quote} Very true about 200 ema. We see how after struggling around 1hr ema 200 it gave up. {image} And now price reached 4hr ema 200. Let's see how it will stand. {image}
Great visual illustrations...that 4h hbounce depicts it quite well.
I'm in the red a couple of pips but will see if stops get taken out.....
4&1 All Time Profit: $37,496
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