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Latest weekly update is now live here: https://www.cryptoadvocate.net/post/bitcoin-weekly-update-01-12-2020Worth a read, but main takeaway is that spot and margin exchanges are telling different stories which paints a conflicting picture. Until $8,500 is gained on a closing basis, can't rule Bitcoin as out of the woods but as long as $7,700 holds on a closing basis I'm favoring longs into the halving. |
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Despite the major move yesterday, potentially setting up a daily sfp at the highs now.
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previously I have tested this bybit site, I think bybit will be a competitor to bitmex but I am still hesitant to save my funds there, still do not know the safety of their site, I get their airdrop for a few dollars in the form of bitcoin and I test their margin trading using free capital from them, I get profit, I tried to withdraw ETH there and it was processed well, but I left my account there and didn't trade anymore, honestly I like the free one to try it, but I still don't want to play there using my own capital, maybe one day I will try again when the traders there are already crowded
More and more traders are moving there |
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From my view I'm still seeing a bearish not only in structure but also signal. If the last candle from the second chart is anything to go on, it is showing a south move but I don't know if this will really happen or if it is going to change by another candle formed after that. Anyway, because of the new year, volatility might not be very strong for now until we have approached either the next month.
Could certainly see price go back to low 7's and still be bullish |
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Honestly, I am having a second thought to use Bybit since I am an avid Bitmex user since before. But, I am also having an experience of overloading too and thinking t switch at Binance. But since I bumped here and read about Bybit, maybe I'm gonna try some trading there with small amount first to try the site.
Does Bybit offers 2fa, for strong security?
Yes, of course. |
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In my opinion, Bybit is quite similar to other margin trading platforms, it is similar to Bitmex and Snapex, Binance, ... but it always lacks support bots for us to check. long or short command. At Bitmex we have our own website for statistics of orders and percentage in favor of Long or Short. So when playing margin at Bitmex, it will be easier for you to identify the trend because you have accurate and clear information. You can refer to this site: https://coinfarm.online/index.aspBecause of this utility, I still appreciate Bitmex. It is safer and we will definitely pay a little fee for that service. It's quite interesting statistics on-live. I spent some time for the long/short battle  Sorry for offtop About ByBit. Team's competition is not bad instrument for product PR. Imho if Bybit will make some more friendfull UI for traders (maybe Trailing or someone else) then it will be the killer feature for exchange They have trailing |
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Think we run to 7600, maybe 7800 then back down
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Will have another market update posted tonight, stay tuned
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Direct quote from the article:
"The daily mid-ranges from $8,200-8,250 which is confluent with the 0.705 fib level appear to be the last bullish support and where I'm personally looking to at least play a bounce. Below that and there's not much in the way of a full retrace and a re-test of former range lows at $7,600 and $7,400."
You're welcome
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And then this one popped out. Decide to trade based on my charts above? Do me a favor and register at Bybit which is currently offering up to $60 bonus for new sign-ups and is proving itself to be the best margin exchange out there I thought I am going to see a real technical analysis but yet it is just for referrals. Well, I did though $8k will be the bottom until now. At $7.8k many people are trying to wonder what is happening and some are getting scared that this might be the end. People are so petty. I share an analysis at 8.5k that says outlook is grim and straight out bearish if 8200's are lost. Here we are today at 7700 and if you had followed analysis you'd be in a very profitable short or saved btc to buy cheaper. And you disregard that because theres one referral link on the page? God forbid I hand out accurate trading advice and 1/1000 people who reads it clicks a referral link and I make a few bucks. |
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Anytime you get an ugly wick to the topside like that, decent chance lows get swept.
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I think China will have some more say in this before the halving happens, they can't just let bitcoin die like that and they can't afford it to go down neither right now. We have to things ahead of us, one is halving which should mathematically increase the price but we will yet to see that, the other is china getting into bitcoin after years of being against it.
Now, both of those things are quite the bull stuff that could increase the price of bitcoin but they are never in the charts, how could you put "china used to hate bitcoin but loves it" into any chart? That is just news that we have to deal with personally and can't see it on any chart but that doesn't mean it is not real and it won't affect the price. So, I assume there will be much better things going on soon.
Why? Large miners benefit by smaller miners throwing in the towel and capitulating. One man's misfortune is another's opportunity |
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I just test it and I like it. Bybit currently has 35% of the Bitmex volume on BTC and nearly 50% on the ETH/USD which is very good!
Sorry, how do you count? And what do you think all orders are real? Many equal orders can say more than any investigations Well, numbers are from their own sites. At least what Bitmex & Bybit are giving... Are the numbers manipulated, it's another story. Current Bitmex @ BTC: 24H Volume 1,383,153,078 USD Open Interest 821,992,112 USD Current Bybit @ BTC: 24hr Volume 470,111,901 Contracts Open Interest 172,149,044 Contract Value 1 USD You are great. Thanks  Do you self trust those volumes? I have nothing against ByBit but I saw so many 'excellent' exchanges with good UI and volumes ... Have anyone investigation or the same about founders, team, location etc? Or it should be made? That's my major concern too. Bybit has been heavily shilled in the last few months by some so called 'Pro traders' on Crypto Twitter. Judging from the exchange platform overview, It looks good, really good. But my concern goes beyond just UI/UX. I'm more concerned about the security of the exchange that would be in charge of my funds. I'll keep an eye on Bybit for now. I'm still using 2x leverage on Binance. Takes time to gain adoption. Bybit reputation has been growing quickly |
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