Bitcoin technical analysis

1700$ today

(it's not zcash or xrp thread ... )

I hate to take profits on such a great bull run on Bitcoin, but $1750 is a pretty strong round number and it looks like it might give some resistance.

Its never traded at these levels. Numbers are meaningless in a crazy bull market.

Why do you say that ? There is no resistance ahead, just your opinion vs Market.
Stop saying "I think it will turn here" . You should not think what it will do but follow the path. The only reason one shall adjust stoploss or cover or exit completely will be if the latest Higher Low will be broken. That's all. Why one would want to sell against Generals ? All these who try anticipate the fall of Bitcoin , as long as the trend remain bullish, are the prey. You as a 5 year kid try to beat a man of 30-50 years. Isn't that funny ? Everybody will laugh at you. That is the situation with traders in market.
If you sell @ $1750 then you do not trade supply&demand. You trade your opinion and that is gambling.
Gamblers are wiped out from Market, everbody know that.

I'm here on Forex Factory to learn, first and foremost. Second, I would like to meet and interact with traders. Third, if I can teach someone something I have learned, I think that is a good thing. I would never insult someone by calling them a kid, even if I disagreed with them. I could give lessons on English grammar which might be helpful, but some people have small egos and that might be insulting. I haven't seen much technical analysis on Bitcoin, especially lately. Isn't that the point of this thread? Right now, Bitcoin is in a parabolic trend which generally is not sustainable. Am I calling a top? No. Did I call a top? No. I simply said it was a good place to take profit. It was. Price dropped 75$ after I made my prediction. That is called forecasting, which is different from looking at the past and stating was has happened. I did not enter a sell position, I took profit on my buy positions. Using the logic that not making profit on every market move commits a person to being responsible for every single move in the entire market. That is not realistic. I have been using round numbers to trade with for some time. I learned that from some good people on Forex Factory. I even downloaded an indicator to draw custom girds like I have displayed here. I even learned to program MT4 (from other good people here on FF) and wrote my own custom level indicator. There are several threads here that discuss this trading strategy. Price even turned around just barely above 1675$, another round number.

Here's another prediction. When price hits 2000$, that will be another area of strong support and resistance. 25, 50, 75, 100 are used by the market very often. I could do a Gann fan analysis, fib extensions, or any number of ways I use to find support and resistance. I don't want to clutter my chart confusing people or waste my time if my analysis is not appreciated. Just because a currency is in a strong bull trend does not mean technical analysis is impossible.

Here is a little info off topic, but some might find it helpful. I am a programmer and first learned about Bitcoin in a tech blog. I think it is awesome for libertarians and those who wish to actually have control of their money. The blockchain is exploding and pretty much taking over financial transactions in the very near future. I've bought and sold Bitcoins for a little as 50$. I have long been a fan of bitcoins. It still has a scary infrastructure. I did lose money when Mt Gox went belly up. The reason it is exploding now is because it is inherently unstable. That has long been one of the problems with crypto-currency. I read a recent article stating a shocking 45% of crypto exchanges have gone bankrupt, taking the customers coins with them. This is a good reason to use personal wallets and not leave money on an exchange. My advice is if you are lucky enough to actually make money on bitcoin, take your profit.

BRN's are just that - and end with 0's.

For the traders who think you can't go broke taking profits, oh yes you can. Of course bitcoin has been parabolic for some time now, but until it even closes below the prior day's close or at least breaks below the prior day's low there is nothing to be that concerned about.

But what does have my attention is a daily TD Sell Sequential setting up - currently at bar# 11 of 13 with TD ROC looking like it is also getting ready to roll over (plus weekly already has a TD Seq completed) so maybe very shortly, days to a week probably at most, the top may be in hand:

J'ai rien compris ...
Is someone able to understand SunTrader ?
I used to listen andoseg/Venzen/NotKPMG, but since the fail of ": a deep correction may take place.", i ve no clue what to expect ...

I admit I also thought to sell to 1750 to buy lower, but I wonder if we will not outperform the altcoins ?

Hi friend
I can't see the immediate future... i see the big picture.
That's high up
Correction - maybe. just maybe.
SunTrader... hmm. counting days, point of confluence???

If you sell today at 1730 say...you may buy lower or buy higher. You'll kick your ass if the latter case

If you hold and just add few hundred... say once a week..lower or higher ...you'll be peaceful and happy guy without worry about hype, correction, Japanese, Koreans

Alt-coins play catch up. I diversified already. Because they are dirty cheap = more potential.
GL.

"Cheap" can always get cheaper. Nothing in this world is guaranteed. Nothing.

Rooster, I did not insulted you . It was an example, I was not referring to you personally but generally. The kid is the retail trader and the old man are the institutions.

Well, now you try to insult me but I'm not offended because I am aware that my English isn't perfect so it's ok for me

Mabe you should read my analysis starting from here . Then mabe you will understand where money were made and why there's no longer "much technical analysis on bitcoin thread".
I know this wasn't the reason why you took profit. some of us know and YOU know that too. You say that $1750 is a more strong resistance area than $1700 wich was ahead ? Be serious . At least don't try to think all readers are newbies.
You made your forecast on 09 May and this was the day when price reached $1700 . As a trader who base his decisions on round numbers ( psichological supply/demand zones) you shall know that 1500, 1600, 1700 ,1800 etc are stronger than 1550,1650,1750,1850 etc. It is more reccomended to take profit @ 1700$ than $1750 when the price is very close to this area. And you know that. Or shall know.


I am very sure nobody said "sell" on the post with the "deep correction may take place". Regarding my analysis I am confident I said to avoid selling and wait for correction to complete before any long, IF SO.
Below my post :

went short

I'm on the short side too. Check out my daily price updates: https://www.tradingview.com/chart/BT...ave-Structure/

Andoseg2, I appreciate you clearing up that you did not mean to insult me by using the word "you" when referring to a kid. You quoted me and then used the words "you" or "your" many times. I thought you were writing directly to me. When I posted, I did not use the word "you" or "your", hence I was not writing in the 2nd person and not writing directly to you. I am glad that you did not take insult. Let us move on and get back to technical analysis and trading.

One of the problems with Bitcoin is that each exchange has its own price. This is also a common problem with all other instruments in a decentralized market. I have found even price feeds from a centralized exchange can differ according to broker and timing. FXChoice, the broker I'm using for charting Bitcoin has recently moved their price feed to Coinbase. As seen on my chart I started using Tom Demarks Sequential analysis. I learned about this from looking at the analysis SunTrader did. I had never even heard of it before, so I really appreciate learning about it. I did a little research, downloaded several indicators and experimented with it. I'm still learning and my chart is a little different than his which might be a price feed problem and I am not using an official TD indicator.

On my chart, price clearly respects 1,000, 1,250, 1500, and 1750 more than 1100, 1200, etc. 25, 50 and 75 are always stronger SnR than 10,20 etc. That fact is very observable. I was able to draw a fib extension accurately to 1875 and here is how I did it. I took the high of 1250$ and divided by 2. That left 625. I added that to 1250 to get 1875. Easy, right? Of course, it is less impressive after the fact, but I did mention the fib extension on the 11th in addition to mentioning that I didn't feel like my further analysis was welcome on this thread. Another thing, on my chart price did break 1750 briefly on the 9th. I would actually argue that technical analysis is very important even in a strongly trending market. What goes up fast can come down just as quickly. Really, everyone has their own time frame for trading. Some are scalpers, some are mid-term traders, and some are long term traders. I lean more towards scalping. Each has its own merits that suits an individual and I don't think one is automatically better than another style.

Two main resistance clusters @BTCUSD:

With USD falling BTC is back moving up

WTF. Is this going to reach $2000?

Cause Not-KPMG told you :

Over 2k.

That's what I am talking about!

Who bought..?