Topic: If $537 fails to hold........ - page 3. (Read 3541 times)

When I trade BTC and Altcoins, I do trade taking technicals into account, but i weigh fundamentals and general market confidence as being far more important since pretty much every form of currency is a confidence game.  My main use of technicals (it's best and only real use imo) is to look for a bottom, never to try and predict a top.  Then I trade knowing what my current profit is and the bottom it can possibly slide to.  I don't trade every single day like some people do, and don't buy anything that I wouldn't hold for at least a week, but I have also never lost money trading crypto.  Trading every day is how you get burned.

The market is honestly too manipulated by a single entity on Bitstamp also with low volume for me to be comfortable with to go into right now.  I was waiting for the momentum trade on actual fundamental changes.  I don't want to win or lose based entirely on one single guy on Bitstamp.  That's the equivalent of buying a lottery ticket.

Unless they have insider information that I don't know, the smart money would currently be out of BTC while waiting on buy signals unless they're holding a long position.

sorry,but the red Line is the acceleration in 2013
sorry,I made a mistake

I really don't have a phucking clue. I still can't say that Bitcoin is spooking me out on an intuitive level because it isn't. On an intuitive level, I still believe that higher highs (than $680) are ahead. I did however believe that we were going to go down a bit, but really thought that $550 would be the bottom. Now the bottom is $538, right on the long term support line, and let's face it, we just haven't seen the buying support that would suggest that this will be the final bottom. The likelihood is that we go down further from here and as soon as that long term trendline is breached, then Bitcoin goes into uncharted territory and will have to find a level of consolidation at some point before I could feel that I can trade it again. With the amount of fear going around at the moment regarding the rumoured 51% attack possibility and the FBI seized coins etc, who knows, if that trend line is breached ($537) then Bitcoin might go into a real freefall. The ground support trendline beneath it is currently somewhere in $100 range. Not saying that it would go right down to that, but where it might stop, and for how long, and what kind of rebound that we might get, is beyond my abilities to speculate on.

Not for me at the moment. I was fortunate enough to be wise enough to leave my $660 position at $645. I have since been in and out market on a few occasions, making small profits as I exited my position after I decided things weren't looking too clever. However, I hit the panic button on my last $555 trade and made a market sell at $449. Not so bad you may think, except that a lot of people must have hit the panic button at the same time, and I witnessed several hundred BTC selling into Bid wall taking spot down to $440 before my order was executed. Very very annoying. Fucking Bitstamp and their atrocious lack of trading options....I mean, at least give us a Stop Buy/Sell option Bitstamp u fucking inept cunts.

So in short, my answer towards Bitcoin is phuck knows m8! I have been playing the catching the falling knife game, but it has kept on falling and this time I got badly cut, so I am out for now and waiting on the market to grind out some kind of consolidatory pattern before I start lining up a plan of action again. If $538 turns out to be the final bottom for this correction, then that would make for a classic rising wedge scenario such as I outlined in some TA 101 that I put in oda.krell's TA thread, only my Rising Wedge had like $580 or something as the top of the second swing up, a full $100 short of what the actual second top swing will be should the rising wedge scenario play out. If the rising wedge scenario does come to fruition, then this is the bottom....but I aint risking nothing on that at this point in time.

Matt, what you think is going to happen at the end of the month when the 30k are sold. Personally I do not think it will cause that much of a price drop because I think the 650 to now already calculated the panic selling for this incident.

I do not think the buyer will dump on exchanges. What you think about this (and for July). Thanks

could you explain how you came to draw that 2013 trend line in red? why doesn't it touch the october bottom, seems to be deliberately placed in the wrong spot on the chart. the blue line seems pretty textbook. isn't that the one you claim is false? I'm a little confused by your chart.

Really?

And should that long term support be convincingly breached, at what price support would you be happy to go all in on a long Bitcoin position?

I made a post specifically to address this post:

This forum has the largest collection of dumb college educated people on earth

https://bitcointalksearch.org/topic/this-forum-has-the-largest-collection-of-dumb-college-educated-people-on-earth-652307

He is saying that you must agree with him that that random red line is infact the long term support, otherwise you are a noob that doesn't understand Bitcoin.

LOL @ Wanderfromthenorth!!! He is a n00000b! That doesn't understand Bitcoin!

Dude, what is that random red line?

If you draw a trend line from january the 6th 2013 to the bottom of the october crash you have a clear trend line that predicted the $340 bottom and the official trend reversal perfectly.
Simple as that.  
the red line is nothing at all.
What are you saying?

Ah! I see.

Ok, back on ignore with you methinks!

Yes the support is somewhere between 520, if we hold on that point we will see four figures in the next month!

no comment needed for those ad hominem accusation.
by,by
Edit:
If you draw a false trendline you will never see the breach
sorry, I made a mistake MatTheCat`s trendline is correct

Very well then Segeln you absolute grade A fucking halfwit roaster.

Show me the chart where the long term support trendline which I have drawn on and inserted into this thread is breached for a month?

I really am beginning to form a mental image of you being some kind of frustrated fucking foaming out the mouth vegetable.

You bandy the accusations about, noob this, noob that, noob doesn't understand, yet you continually reveal yourself to be completely fucking ignorant.




Ah....I forgot, your break even level was at $750...Ah, and now Bitcoin has gone and went in the opposite direction....ah, I see! Must be hard to take that, eh? Be even harder to take once that LONG FUCKING TERM SUPPORT LINE is broken though? Stimmt das oder, mein armer behinderter Deutscher Kumpel!?

Edit: If it is any consolation, I just lost a few hundred dollars with a panic market order. The ticker on Bitstamp read $549 when I decided to fold my $555 buy-in, but a whole bunch of others had the same idea as me at the very same time (not to mention the front running friends of the exchange no doubt) and by the time my trade went through, it registered at $540.07! The bottom of the market! What a fucking Jew of a thing to happen, eh wot?

https://www.tradingview.com/x/Og7Mytb7
there you see the rallyacceleration 2013 and ist breach april 2014.
Furthermore the Longterm (Primary) trendline since 2011.
In blue,just for you , the adjusted trendline 2013.You can not adjust trendlines so quick.

There are lots of short term events happening.  US dumping coin, and China messing with coin again.
But the future is only looking brighter and this is a chance to buy and hold coin once you think it has bottomed out.

Jerry

My guess is 425 to 450.......

Also, that point coincides with an important Fibo level







Let's just say that if we break that, RIP Bitcoin lol

it was broken in 2014,not 2013 as you suggested.And it was broken for about 1 Month time,you noob.And No low volume
I know you can stand beeing described as noob,because you overestimate yourself as always.
[/s]
sorry,I made a mistake

Hallo Segeln!

I get to read your post because someone else quoted it.

If you think that a long term trend line being breached by $5-$10 on low volume, renders that trendline being broken, then it is you that is the noob.

....and we never broke it on April 2013, we rebounded of it near perfectly.

yeah,absolute normal Fibo-Retracement-Level

about 101 $