Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 8. (Read 85774 times)

Thats actually interesting, cheers

The rules of the Gann arcs are, that if price bursts right through a Gann Arc, then price will come right back down to retest that Gann arc, which Bitcoin certainly did. The Gann arc was applied by scaling the chart so that a 45° line represented average price from the period at the start of the Gann Square, to the ATH. The spike up to $250 is taken as the point of first resistance, hence the first arc is positioned on that high. It can be seen that Bitcoin shot right through the 2nd arc at around $250, and then again through the 3rd arc, finally failing at the 4th (green) arc, at around $1200. Since price had burst right through the 3rd arc, and also the 2nd arc, the rules of Gann state that these arcs should then be retested, which they both were in as spectacular fashion as they were taken out to the upside. I put this chart together in late 2015. It has since predicted the $780 top, and price is doing as it should on the current Gann arc, and is struggling to get through it, having been violently rejected on the first attempt. Most likely, (i.e. in terms of statistical probabilty) price will fail here once again, and Bitcoin will get whacked back down a bit and be forced to consolidate. If Bitcoin just burst right on through here however, then it can be expected that this arc will be retested somewhere down the line...........


.......with all that said, I still like Bitcoin up until at least $1500 before this pump is said and done.....will probs go a good bit higher as well.

Now we know what happened to MatTheMat:

Everyone has their own appetite for the risks involved in crypto. Personally I wouldn't be able to relax if 100% in bitcoin and so yes I also like precious metals. But still I couldn't sit on the side and not be part of what bitcoin is doing.

I don't think that type of analysis is really valid for something that has the cost of production double overnight.  Bitcoin is designed from the ground up as some type of money making scheme that has to rapidly increase in price or fail entirely.  The thing is always going to be resembling something like a 45 degree up angle or the price will be 0 with no real in-between.  Conventional TA doesn't apply to something like this.  You're either going to make money or lose all your money.

Anyway, I'm happy buying gold like $20 off the floor, but I have more silver:

You might have said the same thing the second time bitcoin reached about $250, following that small fractal spike at the beginning. But bitcoin did burst right through it. You might also have said the same thing when bitcoin reached $32 for the second time, but bitcoin did burst through it.

So here Bitcoin is again, for a 2nd test of the 4th Gann Arc, so I think it is worthwhile posting this chart again. Same message as last time, far more probability of Bitcoin failing here and reversing sharply, than there is of Bitcoin bursting right through.......With that said, I have no skin in the game and wouldn't have the stomach to have any skin in the game either, neither long nor short. That is one parabolic looking chart for a worthless digital token, yet a worthless digital token with more than it's fair share of zealots and manipulators.

Wouldn't put a time scale on it, bit far more probability that Bitcoin will sharply reverse here, than there is that Bitcoin will keep on ploughing up the chart. Wouldn't want to try and short this, cos Bitcoin is a raging bull atm, and there is always the chance that Bitcoin will keep popping just that little bit higher against the grain, but certainly not a buying point here.......and for anyone who says that it is, I could point them in the direction of loads of better (less risk, higher potential reward) trades than Bitcoin right now.

If I was looking to buy Bitcoin right now, I would be looking closely at the lower $900s, where there is quite strong support (and by 'strong' support, I mean strong relative to the total nosebleed territory that Bitcoin is in). If Bitcoin gets down to $900 in the midst of any kind of violent sell off, I would risk a bid at around $850, along the 61.8% retrace from the $750 - $1140 move.

Is bitcoin not going back to 900 or even 800 something this month? I want to buy some when my salary comes. I think it will. Maybe in hearts day?   

He's a narcissist.

I still like to follow markets, and Bitcoin is a market I have paid very close attention to.....

.....oddly, when one doesn't have a trade on, or have a litany of recent trades, whether they be wins or losses, the market also seems so much clearer.

MattD if you are out of the Bitcoin market, then why do you care?

Oh wait... closed your short yet?  

Dont give long term estimates in US dollars I recommend, it just swings back to the same argument of US debt unwinding.   This gives me no information on the commodity being discussed, bitcoin, silver or oil etc
Bitcoin might goto 10,000 and I still would be worse off then just paying off my house mortgage instead.  If we're talking 25 years which is fair then it cant really be estimated properly in just one country's currency.  If my mortgage was fixed rate in dollars then sure its all about dollar prices now and for the term of the fix but for alot of people thats not true and they will never consider it.  I still think bitcoin is about the small money people not big but maybe Im wrong

https://www.ft.com/content/4335d364-e7d4-11e6-893c-082c54a7f539


Bitcoin quite bullish now, the test being to establish itself above any double top scenario.    Im interested how many currencies have made new highs in Bitcoin, Egypt will be one of them after losing value by drastic amounts last year




I blame grandpa, most find that much cash a burden.  The smart thing is to share it around, act like a poor man who knows little on every decision.  Only build on your success not your guess

not according to this - https://www.reddit.com/r/pitchforkemporium/comments/5rbazn/ufscomeau_has_faked_the_trade_he_wsa_using_a_demo/dd7jn8a/

if any of it's real i don't have one shred of sympathy for the guy. what a total asshole. he could've parked 95% of his windfall and still made decent money if he was any good. he would also have discovered he was no good and still been fine.

Well, that will be that target hit, and it looks like BTC has a little pop in yet.....

.......I never took that trade, cos I am finished with trading Bitcoin, but if it was a real trade, I would have fkn missed it waiting on my buy in level..........(then next time the same setup came in, I would be tempted to jump right in on break out level, only for the market to do a U turn on my arse and wipe me out).

Demo account trade. But great read anyway.

Mat, this wouldn't happen to be you would it?

https://www.reddit.com/r/fscomeau/comments/5qj64l/well_this_is_it_going_allin_my_last_stand_my/

To me, it seems like they're either claiming you can't trade your way to fortune, or that your trades only have a 50/50 odds of hitting on a drawn out timeline.  Whatever conclusion they're trying to imply doesn't seem to have any logic to it due to reasons I stated above like asymmetric information distribution and differing ability to analyze said data.