This week will be fruitful to all bitcoin traders.
We will pull back a bit to $266 (a major support level seen before) to digest the sharp growth yesterday. And then we will stand firmly above $300 in the mid-week. We will finally touch $350 by the end of the week.
The waves we saw so far are impulsive than corrective. If you do wave counting, you will see it is far away from the ending phase. So buy on the dip and ride the winner.
BTW, don't touch litecoin, coz it is dying and it is just taking a free ride from bitcoin. Bitcoin is at the edge of mainstream acceptance, and it will enjoy this huge first comer advantage and wipe out the alt coins.
Told you that $266 is a major support. Entry point around $266 will be very nice for breakout believers. There's less that 2K worth of bids down to $266. You're dreaming if you think it will hold. The only buyers right now are people taking profits on their shorts. Those traders won't get back in until there is upward momentum. Agreed. Multi day correction incoming. |
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i dont see how we are getting out of the bear market:
The record volume on that 3d down bar is how  enough coins change hands and supply and demand get switched. |
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You don't get a run up like this without a correction folks. Markets do not move up/down forever.
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Closed my long. Opened small short. Expecting a correction, but not a lot.
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 I'm so shocked, I've never pulled a profit on leverage like this before
Yeah I'm tempted to take some profit here. Not bad going for just over 24 hours work.  Nice I'm up a shitload Went in at 230 20x leverage out at 254 back in at 246 still holding controlling about 800 contracts. There is another guy here who got in sub 200 with 3k contracts 20:1. He must be in heaven. Got in sub 200 on 3.3x margin on Finex, but with a lot of coinage. It's going to be a good month
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Did you just come to the bitcoin price tracking thread to push an altcoin. Wrong place, wrong time  Im not pushing anything just asking what you guys think ? I think you should be careful with shitcoins. Pump & dump only. They are a great way to lose bitcoins, which is what 98% of them are actually designed to do. |
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As much as are interested in investing in a high risk ETF. Remember WE are the price that any Bitcoin derivative is following. It will legitimize the markets greatly.
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Going to break 230$ in next hours? Support is growing fast. +5k btc to 210$ on finex now.  Yep, looks like the bottom is in. |
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looks like this pump is about to fail. There are almost no buys after the initial break through... People are using this to go short actually.
Let's see when we will test 200 again.
Standard bear trap. |
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Demand overtaking supply. Newsflash, all those buyers sub $200 are holding longer term. Especially after today. |
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Bearwhale being knocked down @ Finex Unless the price moves up it's all smoke and mirrors. We've been nibbling away those walls since last night. Eventually they will get moved up. Nibbling is for pussies. And this is the internet, so pussies will get shat on. Nibbling is the only way so that whales don't drop a shitload of coins into the rise... It might even be a dump bot that detects large orders/volume at certain price levels, hence the need for stealth. Best of luck to you. I hope it works. Hehe, I'm not actually doing the nibbling (but I did sub $200). Support is building strong. I'm pretty bullish atm. |
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Bearwhale being knocked down @ Finex Unless the price moves up it's all smoke and mirrors. We've been nibbling away those walls since last night. Eventually they will get moved up. Nibbling is for pussies. And this is the internet, so pussies will get shat on. Nibbling is the only way so that whales don't drop a shitload of coins into the rise... It might even be a dump bot that detects large orders/volume at certain price levels, hence the need for stealth. |
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Bearwhale being knocked down @ Finex Unless the price moves up it's all smoke and mirrors. We've been nibbling away those walls since last night. Eventually they will get moved up. |
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Bearwhale being knocked down @ Finex |
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I have no position at all, so whatever happens now doesn't affect me.
that being said, to me, bitcoin looks like a slow motion train wreck.
there are a tons of longs in the 70 to 120 ranges, who have not yet felt the heat, that time is coming, soon...... if they capitulate (and they will), this will get very nasty.
when would I go long BTC? if bitcoin is under $100 and winkle ETF is approved (the lower the better on approval notice). Do I think this will happen? maybe 5% chance imo.
Congratulations, you have earned troll status. |
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News flash, every market is insider traded. What do you think the marker makers on the floor of trading pits do? They can see the big orders coming in (they must make a market with these), and they see where all the stops are. |
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My take on recent market conditions
It is always important to keep a short, medium, and long term view of the markets when analyzing them in order to put the puzzle together of what market participants are doing. The information is there in the volume, candles and ticker if you know how to read it. With this information, you can build a picture of supply and demand based on facts, not speculation on what "might" be happening or what you heard on Twitter. The price action and volume does not lie. You must also understand that the market action today directly affects market action in the future. It is the same in markets as it is in physics: An action causes an equal and opposite reaction. If it doesn't, we must figure out the reason why which gives us additional clues as to what might happen in the coming hours, days, weeks and months.
Unless you were living under a rock, I don't need to tell you that we had a massive crash on record volume to $150, a price many thought we would never reach. With this in the recent background, it colors the interpretation of today's market. Over a three-day period, over 500,000 coins exchanged hands on Finex, and nearly 250,000 on Bitstamp. This is extremely significant. Keep in mind that no crash of this magnitude has ever taken place without at least a multi-day bounce in the other direction, because of this very fact--it greatly alters supply and demand in favor of demand.
Volume is relatively low now, but I attribute that to market indecision and the fact that so many coins (having changed hands during capitulation) are simply being held. Some are probably taking a break from the market, deciding what to do. Today we had a small increase in demand on the NYSE news, but not significant. I think it will take a few days for this news to settle in.
On the bear side
Bears are fighting heavy demand. The few large dump attempts made by the likely suspects have gotten us nowhere except for three retests of ~$200 on low volume that were rejected on higher volume. Fighting the market is a great way to lose money, so I think we will see this behavior get weaker and weaker as they run out of ammo selling against the increased demand at these prices.
On the bull side
Bulls are hungry, but can't go up because of the heavy supply area near $220. However when we do get a spike upwards and the path is clear, volume expands and eager buyers pile in. The longer we stay here and hug the top resistance line, taking bites out of the supply, the more traders will turn from bear to bull. Eventually, the orderbook will be thin enough to push up through.
Conclusion
Advantage to the bulls. The bears, knowing that they are outnumbered, are holding on by a thread with their large walls and bulging coin stashes they've accumulated from a year's worth of shorting. Once those are cleared out, the bulls will make a run for it. If we move past $220-$230 volume will expand greatly and we will finally leave this trading range behind.
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Hoping for ETF is like hoping for Litecoin on Gox. Totally irrelevant.
 haha, one of my friend's friend actually kept bitcoins on mt gox but had to leave the internet for several months and instructed my friend to use his account for buying heavily into ltc if ltc came to gox. I don't know if he was goxxed in the end or not, but that ltc going to gox story was fun. anyway, is there any date announced when the etf goes live? I don't think the market is expecting it, nor pricing it in as SEC approval is at least a year-long process. If we don't get it, meh. If we do, watch out! |
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