Bitcoin is on sale. I have been waiting for this to happen, finally day has arrived. For the HODL who just happen to buy at the top, do not despair, it has not broken the neckline on the Head and Shoulder patterns yet, and even though we are in a correction mode, the longer chart is still trending upwards. And perhaps it is time to buy some more.
I particularly would like to see it snap below the neckline shown in the graph. Why? It needs to flush out all the bears and have enough momentum to rip upwards and have them all cover their bets. You will only see this when the daily chart plots a nice buying tail; might be today being that day, but I still do not see this move down completing its capitulation.
Trade your own plan, due your own diligence. Feel free to comment, ask me questions, tell me if you disagree and why :) I'm happy to post any other technical analysis that might be of interest to you, just let me know.
Until my next post.
This last price drop of Bitcoin shows that the SegWit debate isn't over. Even if there have been many articles that say there is almost 90% network support for SegWit2x. But Bitcoin Core developers are not on the same page and beta of SegWit2x isn't out. Yet activation date is for 21st July.
Thank for sharing insight, not always keeping up with the news as I only follow what the chart says.
I'm rooting for all of the "buy the pullback!" hopefuls. Here's also "hoping" that if "panic" materializes you can all overcome the "fear" you will need to overcome in order to make your wishes come true! :-)
https://steemit.com/panic/@joejustjoe/in-the-land-of-the-cryptoids-fear-and-panic-are-better-than-greed-here-s-why
We're on the same boat Joe. Only the ones who got caught buying at top might be now feeling a bit ansy thinking if they should panic sell. Playing the long haul has its advantages and disadvantages nonetheless.
You forgot to add..."maybe>" at the very end of what you just wrote. I can understand pricing things based on the "worth" of the technology behind it. But I can't yet say I believe the "theory" that some guy named Shitoshi invented a new currency that wiped out the government industrial war complex that is the NATO nations. Shitaki is a god! ...and I wouldn't have blamed him a bit if in the year 2018 he reveals himself by coming out of hiding and says >>> "LOL Oh yeah maaayun! I cashed in every coin I had when the damn price was $1500...just before the move to $3000. Then I retired to one of 15 different places using the rapidly appreciating dollars I received. I was pissed at first...for missing the high. Whooa! Good to see the new marijuana laws in the United Staes doing some good but maaayun...were you guys nutso?!! LOL . Anyway.... now that bitcoin is back at $20 well shit...I might even throw a $million$ at it." :O I'll personally buy that rally "before" that rally begins simply becuz I can do it. Hope you follow my blog. :-)
True, in trading the only certain thing is that everything is uncertain. Maybe. LOL. You learn to be skeptical of everything, that is why I focus on the technicals 75%. The chart is your friend, and it doesn't lie unlike pumpers out there. Only thing is to read it correctly. The other 25% I even try to ignore. Great funny conspiracy theory you have about shitaki mushroom, I mean satoshi or whoever the hell he is :) Yes I tried to chase at one time, did buy near 2900 but realized it was a mistake, so I broke even on that trade and have been hunting lower. Hope your millions turn into billions my friend, remember me one day since I now am following your blog LOL -cheers and thanks for the interesting comment!
Yessir, those other guys don't love you. I actually love all of my followers. You can't lie to the ones you love. Don't ever forget that. :-)
LOL you crack me up Joe. I'm not here to find love, already married. Hope I am not offending anyone, but I see most popular posts are the ones promising every coin they 'invest' will turn them millionaires :) -cheers mate
informative, thx for sharing
thank-you
Take advantage to buy in dips.
The chart says, it may not go down more
Yep I had a buy order but didn't hit it.. looking for another entry but going in small first, dipping toes in the water cautiously :)
I would be interested in your view of ETH
Sure, glad you asked.
ETH: quick analysis on the 4-HR shows momentum starting to slowly pick-up on the RSI (see blue line on the graph below), with an extended price double bottom. There might be some consolidation here at the lows, but inorder to be into a safer zone, it needs to close above 220-230 area today. Otherwise things are not looking great, the overall chart shows bearish price-action no surprise. BTC moves in-sync with ETH even if their chart looks different (eg. at key moments, when you see one of them breaking out or breaking down, the other one will somehow follow)
Today probably is a great day to invest in BTC.
But as always I can't hold the fear of thinking that it will keep going lower.
By to time I finally make the move, it will be too high again.
One strategy that I do is to buy little at first, never go all in. This is you are planning to hold longer, not daytrading. You can always average up if the trend is in your favour, something not many people do. Add when your are green, add some more, and cut losses when you are losing. This advice not for everyone, plan your own trade :)
I agree , but I suppose day scale is not enouth for BTC. My view:
https://steemit.com/cryptocurrency/@park.bom/my-short-thoughts-on-btc-27-june-2017
#coinlife
https://www.tradingview.com/i/DmL8cY09/
Okay will look into it. Not an ichi trader, but will be happy to exchange views on your chart and compare notes. Won't be until later today though -cheers & followed
great ... same. Thx
or you can view live chart here:
https://www.tradingview.com/chart/BTCUSD/fmbeKd1q-BTC-USD-Comparing-notes-with-another-trader/
Comparing charts, your support line is at around 2400, mine a little lower 2350-2370. Close enough. My view is that BTC is still compression, you will see narrower ranges in the next couple of days, just like what your chart shows. I don't know what settings your ichi cloud is at, typically traders I see using it successfully tend to double the settings, also need to adjust it for 24/7 crypto trading. I will check out your blogs later in the day as I am in the middle of my real work :) cheers