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BTCUSD daily price action

  • #181
  • Aug 20, 2019 2:35am Aug 20, 2019 2:35am
Quoting TMR
{quote} Not unless the fundamentals change. {quote} “If you don't believe me or don't get it, I don't have time to try to convince you, sorry.” - Satoshi Nakamoto
Thanks for your generosity

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  • #182
  • Aug 20, 2019 3:07am Aug 20, 2019 3:07am
Quoting Harry6
Hi TMR, gd thread and........... with ADR of 800pp and spread 281pp =25%, explain plse while this is more exciting, profitable than XAUUSD ADR 2300pp and spread 30pp = 1%?????? {image} {image}
Harry what broker are you basing those calculations off? I forget the numbers, but when I calculated the BTC spread at IC Markets it wasn't any worse than their XAU pair.

I agree with you that we shouldn't be trading in markets with oversized spreads, but I don't think BTC qualifies as one. It's pretty darn liquid from what I've seen.

To answer your question about Gold vs Bitcoin... I don't see them being mutually exclusive. I trade them both for different reasons. My view is that the more markets you know how to trade, the bigger your trade selection will be.

Also if you don't own a stock of bitcoin (ie long term investment), trading BTC will be a good intro into cryptocurrencies... which might change your financial future.
  • #183
  • Aug 20, 2019 7:22am Aug 20, 2019 7:22am
I closed my BTC/USD long due to it hitting the upper channel, and was about 10 hours late, but oh well:
H1:
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When we hit the bottom of the channel I'm going long again.
  • #184
  • Aug 20, 2019 8:27am Aug 20, 2019 8:27am
BTC: Price: $10,664 | MCAP: $190.86 billion | 24-Hr Volume: $14.99 billion

Short-term trend: Bearish

Bitcoin's recent bounce from lows below $9,500 seems to have convinced some observers that a higher low is in place (or the correction from $13,880 has ended) and the cryptocurrency is set to resume the rally toward record highs before the year-end.

BTC fell 10.49% last week, strengthening the case for a deeper pullback put forward by the rejection above $12,000 two weeks ago.

There is a strong probability of BTC finding acceptance below $10,000 in the short-term.

That said, the rising wedge pattern would be invalidated if prices rise above $11,000 on the back of high volumes. The outlook, however, would turn bullish only if prices print a weekly (Sunday, UTC) close above $12,000.

Long-term trend: Bullish

Bitcoin snapped its five-month winning streak with moderate losses in July. 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
  • #185
  • Aug 20, 2019 9:28am Aug 20, 2019 9:28am
Quoting cityRat
I closed my BTC/USD long due to it hitting the upper channel, and was about 10 hours late, but oh well: H1:{image} When we hit the bottom of the channel I'm going long again.
Exiting at 666? Brave soul.
  • #186
  • Aug 20, 2019 9:41am Aug 20, 2019 9:41am
Reddits technical analysis on BTC:
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  • #187
  • Aug 20, 2019 12:44pm Aug 20, 2019 12:44pm
Short, 10.70 (price now 10.76 https://bitcoinity.org/markets)
Can you afford to take that chance?
  • #188
  • Aug 20, 2019 3:07pm Aug 20, 2019 3:07pm
Quoting auricforecas
I might drop other (FX) trades/trading even... I am really excited so far... I mean 0,5-1%+ moves on BTC.. 5 times already, without leverage.. and without so much drama/stall that eurusd has atm... Will keep all of you updated...
Anxious to hear how your thoughts evolve here. Certainly opportunities on the BTC variability.
  • #189
  • Aug 20, 2019 4:38pm Aug 20, 2019 4:38pm
Quoting auricforecas
Short, 10.70 (price now 10.76 https://bitcoinity.org/markets)
it hit, success, 6/6
Can you afford to take that chance?
  • #190
  • Aug 20, 2019 4:42pm Aug 20, 2019 4:42pm
Quoting auricforecas
{quote} it hit, success, 6/6
Niiiice, so whats your impression on trading crypto?
  • #191
  • Aug 20, 2019 4:48pm Aug 20, 2019 4:48pm
Quoting Hasher
{quote} Niiiice, so whats your impression on trading crypto?
Atm pretty much like this:
Inserted Video


4 trades left (6/10 done) in this series, to some conclusions... but if it continous to go this way... I might even drop eurusd trades, where atm we are in a stall (again), awaiting fed/powell speech/minutes... which is disturbing...
Can you afford to take that chance?
  • #192
  • Aug 20, 2019 6:37pm Aug 20, 2019 6:37pm
Quoting auricforecas
{quote} Atm pretty much like this: https://youtu.be/Y7IsZDuAVTA 4 trades left (6/10 done) in this series, to some conclusions... but if it continous to go this way... I might even drop eurusd trades, where atm we are in a stall (again), awaiting fed/powell speech/minutes... which is disturbing...
Wow you'd completely shift markets? That's pretty big!

Wish you the best of luck on your next 4 trades!
  • #193
  • Aug 21, 2019 5:15am Aug 21, 2019 5:15am
Bitcoin:

My price target for wave "Y" is 8201 $. Any other proposal ?

Sixer
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  • #194
  • Aug 21, 2019 8:35am Aug 21, 2019 8:35am
BTC: Price: $9,910 | MCAP: $179.42 billion | 24-Hr Volume: $17.49 billion

Bitcoin has dived out a rising wedge pattern, as expected. The breakdown seen in the 4-hour chart below indicates the bounce from the Aug. 15 low of $9,467 topped out at $10,956 on Monday and the sellers have regained control.

As per technical theory, the price seen at the beginning of a rising wedge formation becomes the minimum downside target once a breakdown is confirmed. So, a drop to the Aug. 15 low of $9,467 could be in play.

Supporting the bearish case are a below-50 reading on the relative strength index and a negative reading on the moving average convergence divergence (MACD) histogram.

As of now, BTC is trading just below the key support of $9,974. A 4-hour close below that level would only bolster the bearish setup.
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Money = Labour coupons
  • #195
  • Aug 21, 2019 9:46am Aug 21, 2019 9:46am
Hello again friends...looking at my one and only bitcoin trade it would appear that my original analysis (stated here) was correct:
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Price is now testing the last low and I will be very interested in seeing how this develops. I have moved my stop down to the most recent high to lock in the equivalent of 80 pips on a current count of 175 pips. So I now watch with interest the price action on the daily chart to see what the order flow might show me.
@xxxx§|[::::::::::::::::>
  • #196
  • Aug 21, 2019 9:55am Aug 21, 2019 9:55am
buy, tp at 10.20
Can you afford to take that chance?
  • #197
  • Aug 21, 2019 11:55am Aug 21, 2019 11:55am
Quoting auricforecas
buy, tp at 10.20
Nice entry!
  • #198
  • Aug 21, 2019 1:26pm Aug 21, 2019 1:26pm
Quoting Hasher
{quote} Wow you'd completely shift markets? That's pretty big! Wish you the best of luck on your next 4 trades!
I completely shifted to crypto (BTC) ~3 years ago. Hands down, best decision I ever made! Not only it's highly volatile, which makes making profits easier, it's also an asset that it's going into trillions by mkt cap in the next years. By accumulating your profits and keeping (at least part) in BTC, there's a 10x right there by doing nothing. Just keep them safe off the exchanges. My 2 satoshis
  • #199
  • Aug 21, 2019 2:21pm Aug 21, 2019 2:21pm
Welp... my model is busted:
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Gonna operate on the premise that 10K is pretty strong support, and will close out of the trade if it breaks. Still sticking with my long atm.
  • #200
  • Aug 21, 2019 2:46pm Aug 21, 2019 2:46pm
Quoting cityRat
Welp... my model is busted:{image} Gonna operate on the premise that 10K is pretty strong support, and will close out of the trade if it breaks. Still sticking with my long atm.
The mid to lower 9k range feels like the stronger support to me but a dip below 10k would certainly be telling.
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