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Bitcoin (BTCUSD)

  • #41
  • Feb 20, 2021 10:54pm Feb 20, 2021 10:54pm
Quoting TaoTrader
This is a Metatrader 4 view of Bitcoin on the daily chart when the Forex market closed on Friday. Notice the volatility. In situations like this, many technical analysis indicators will not work properly. The volatility is so high that it defies Elliot wave price points, which is one of the main indicators I use. This chart shows an external retracement of a Wave 2, which blows well past the 161.8 level. The 161.8 level is for a Wave 3 target, which in a volatile market would typically retrace at 161.8. You will notice it DID retrace at that exact...
Hello.
i am in a similar situation as you, due to the huge and fast volatility my system is unable to keep up with the tide.
it indicates possible turning points only late.
I'm a trend trader anyway.
  • #42
  • Feb 20, 2021 11:05pm Feb 20, 2021 11:05pm
Quoting tiborf71
{quote} Hello. i am in a similar situation as you, due to the huge and fast volatility my system is unable to keep up with the tide. it indicates possible turning points only late. I'm a trend trader anyway.
Agreed! I trade with the trend also which is why I use Elliot waves. When your technicals gets disrupted you just have to decide when you want to exit the trade. As a swing trader I would NOT exit this bitcoin trade in a long position. I've been long on Bitcoin since January 10th. Day trading is fine, but you don't really know what's happening unless you start with the longer time frames.
  • #43
  • Feb 20, 2021 11:31pm Feb 20, 2021 11:31pm
Quoting TaoTrader
{quote} Agreed! I trade with the trend also which is why I use Elliot waves. When your technicals gets disrupted you just have to decide when you want to exit the trade. As a swing trader I would NOT exit this bitcoin trade in a long position. I've been long on Bitcoin since January 10th. Day trading is fine, but you don't really know what's happening unless you start with the longer time frames.
Hi TaoTrader,

Do you see any possible correction on Bitcoin at 57000 level, may be till 46000-47000.
  • #44
  • Edited Feb 21, 2021 1:11am Feb 20, 2021 11:58pm | Edited Feb 21, 2021 1:11am
Quoting pundit78
{quote} Hi TaoTrader, Do you see any possible correction on Bitcoin at 57000 level, may be till 46000-47000.
Hello pundit78. I just looked at all the time frames for bitcoin on Metatrader, and from a technical perspective all my indicators are showing an overbought market. But you can't always view Bitcoin in a traditional sense when reading your chart. I've tried to do this for years and with the current price action it just fails. But to fully answer your question, the price has been correcting since hitting its high over 57000. I don't see the price going down that low, but my analysis is based on fundamentals at this point. I can't correctly interpret the technicals because the price action is too strong and volatile. I could see it going down to around 50000, but not lower than that. If it did that within the next week I would not be surprised. But I don't think anyone really knows what's going on right now. We're all in the dark, even billion dollar investors who say bitcoin is garbage. If you're trying to short this I would do it right now, and hopefully you can get a small profit. You might try a short trade for a day or two. Any more and your risk is too great. The 4hour, Daily, Weekly and monthly charts are all showing small corrections. I don't cloud my charts with a crazy amount of indicators, so I just looked at the candlestick patterns after I read your post, and I ran through a few other indicators I normally use. Short NOW for a day or two IF that's what you want. Don't try this any longer my friend its too much risk. I hope that helps!
  • #45
  • Feb 21, 2021 12:05am Feb 21, 2021 12:05am
I forgot to mention the Forex market is closed from where I'm located, its Saturday night here. So I can't see anything on Metatrader after yesterday afternoon. The price has increased around 1000 or so since the Forex market closed. So yes there is a correction, but very small. Be cautious with a short trade right now.
  • #46
  • Feb 21, 2021 12:08am Feb 21, 2021 12:08am
it should not be traded blindly as the traditional approach does not work.
you shouldn’t just trust that bitcoin is the future.
you have to invent something new.
  • #47
  • Feb 21, 2021 12:19am Feb 21, 2021 12:19am
Quoting tiborf71
it should not be traded blindly as the traditional approach does not work. you shouldn’t just trust that bitcoin is the future. you have to invent something new.
I can only speak for myself, but I think bitcoin is positioning itself to be the future. That's not to say it WILL be. As long as the technicals and fundamentals are suggesting long, it's proper risk to reward ratio. I apologize if I misunderstood the last line of your response......but I would say what bitcoin is doing right now IS new. It's doing something no market has ever seen. No one knows what's going to happen, but we are seeing what appears to be a global market shift into bitcoin funds. That by itself is very powerful.
  • #48
  • Feb 21, 2021 12:40am Feb 21, 2021 12:40am
Quoting TaoTrader
{quote} I can only speak for myself, but I think bitcoin is positioning itself to be the future. That's not to say it WILL be. As long as the technicals and fundamentals are suggesting long, it's proper risk to reward ratio. I apologize if I misunderstood the last line of your response......but I would say what bitcoin is doing right now IS new. It's doing something no market has ever seen. No one knows what's going to happen, but we are seeing what appears to be a global market shift into bitcoin funds. That by itself is very powerful.
I understand what you mean.
but personally, until I see a system in it, I will not trade with it.
it’s possible that I’m missing out on a great opportunity with that as well.
may.
  • #49
  • Feb 21, 2021 12:45am Feb 21, 2021 12:45am
Quoting tiborf71
{quote} I understand what you mean. but personally, until I see a system in it, I will not trade with it. it’s possible that I’m missing out on a great opportunity with that as well. may.
Fair enough. I partially agree with you. I guess I'm just willing to take the risk LOL
  • #50
  • Feb 21, 2021 1:24am Feb 21, 2021 1:24am
Quoting TaoTrader
{quote} Hello pundit78. I just looked at all the time frames for bitcoin on Metatrader, and from a technical perspective all my indicators are showing an overbought market. But you can't always view Bitcoin in a traditional sense when reading your chart. I've tried to do this for years and with the current price action it just fails. But to fully answer your question, the price has been correcting since hitting its high over 57000. I don't see the price going down that low, but my analysis is based on fundamentals at this point. I can't correctly...
Thanks TaoTrader for yor view on Bitcoin. Thats true, it may have small correction but on long tf its still bullish.
  • #51
  • Feb 21, 2021 1:48am Feb 21, 2021 1:48am
No problem! It will be interesting to see how long it takes for the mainstream investment world to get onboard. If the price continues to rise all year, and if more traditional investors keep coming in, by the end of the year bitcoin will likely be mainstream. I saw a few articles yesterday that said companies all over the world are being asked to justify the reasons they have no exposure to or investment in bitcoin. Traders are constantly asking the heads of their finance departments why they cannot trade bitcoin. Governments are hoarding massive amounts of bitcoin and others are starting to invest. The CEO of MicroStrategy said at one point he was buying $1000 in bitcoin every second. These are all indications that bitcoin is headed mainstream. Let's see what happens.....
  • #52
  • Feb 21, 2021 4:26am Feb 21, 2021 4:26am
.....and there's your new high with the price action up over $1000 the past hour. I'm off to bed. Happy trading!
  • #53
  • Feb 21, 2021 6:37am Feb 21, 2021 6:37am
All the Biggest Account holder started selling some portion of their BTC Holding's... Maybe there is a top near at this point..



<a href="

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Markets can remain irrational longer than you can remain solvent.
  • #54
  • Feb 21, 2021 12:06pm Feb 21, 2021 12:06pm
Quoting motiurbd
All the Biggest Account holder started selling some portion of their BTC Holding's... Maybe there is a top near at this point.. <a href=" {image}
Just saw this article which suggests the recent correction was due to activities with futures trading:

https://cointelegraph.com/news/a-bit...high-above-57k

Interesting chart you posted. Whales offloading their positions.......could be for a lot of reasons. If other Whales are buying what those Whales are selling it just goes right back to where it was
  • #55
  • Feb 21, 2021 1:24pm Feb 21, 2021 1:24pm
For those studying chart patterns as the price keeps breaking higher: Almost a quadruple bottom on the daily chart, then the price went straight up. Then looking at the monthly, going back to 2017, a triple bottom. The price has gone straight up. These patterns are clear signals to the upside. "The Candlestick Course" by Steve Nison illustrates these things nicely.
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  • #56
  • Feb 21, 2021 1:59pm Feb 21, 2021 1:59pm
Quoting TaoTrader
{quote} Hello pundit78. I just looked at all the time frames for bitcoin on Metatrader, and from a technical perspective all my indicators are showing an overbought market. But you can't always view Bitcoin in a traditional sense when reading your chart. I've tried to do this for years and with the current price action it just fails. But to fully answer your question, the price has been correcting since hitting its high over 57000. I don't see the price going down that low, but my analysis is based on fundamentals at this point. I can't correctly...
To the moon is the technical indicator best used for BTC

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  • #57
  • Feb 21, 2021 6:39pm Feb 21, 2021 6:39pm
Quoting EAforextrade
{quote} To the moon is the technical indicator best used for BTC {image}
Hahahaha agreed! Your chart is showing the same thing as mine. Nice triangle to illustrate the breakout! Where do you think the price is going this year? $100000 seems small now. I'm looking at $200000 or $300000 now. Like you said to the moon
  • #58
  • Feb 22, 2021 4:26am Feb 22, 2021 4:26am
Quoting sgkrishn
{image}{image}
My Buy Target finished. started selling from here.
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Never follow/blame others,Patience is the key skill for Succesfull trading.
  • #59
  • Feb 22, 2021 4:40am Feb 22, 2021 4:40am
Quoting sgkrishn
{quote} My Buy Target finished. started selling from here. {image}
Looks like there was a huge dump from the F2 mining pool in China. That's what I'm seeing online. Are you short scalping? That would work but if you're shorting for a day or longer you could be in trouble. The price will likely go back up very soon.
  • #60
  • Feb 22, 2021 6:14am Feb 22, 2021 6:14am
Quoting TaoTrader
{quote} Looks like there was a huge dump from the F2 mining pool in China. That's what I'm seeing online. Are you short scalping? That would work but if you're shorting for a day or longer you could be in trouble. The price will likely go back up very soon.
i don't know about that china dump. but before breaking the high am expecting a huge fall may be 44000 to 37000.
just a hunch don't need to follow me.
Never follow/blame others,Patience is the key skill for Succesfull trading.
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