Lose all your capital fast, with MatTheCat and his TA 101A!

[MatTheCat]

[1713301238]

1713301238

[1713301238]

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[1713301238]

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[r0ach]

The June 26, 2016 r0ach market analysis:

https://bitcointalk.org/index.php?topic=1496372.msg15375907#msg15375907

[MatTheCat]

News just came in that PBOC have devalued the CNY against the USD. BTC started to turn, and just kept climbing, so I instinctively hit the break out long. If I was 'smart', I would have just scraped my short when I heard this news, and went long.....but that would have seemed too 'reactionary', but in the end, commonse sense prevailed...i think?





No real targets in mind yet. No Stop Loss set. What with all the Brexit palaver, the USD rising against everything, and then the PBOC coming out and devaluing their currency the most since August 2015....this may just fly. I am not saying that it will, but it might just...oh yeah...and then there is this 'Halving' event just a couple of weeks down the line.

[Ted E. Bare]

PRO TIP: Hold this time, or you will miss out on the new all time high. Good luck.

[r0ach]

PRO TIP: Hold this time, or you will miss out on the new all time high. Good luck.

Mat doesn't understand you can own BTC without being in a leveraged margin position.  It's even in the news as the best performing currency on the planet, what was it?  4 out of the 5 last years?  He would rather cash out to a collapsing British Pound though.

[MatTheCat]

PRO TIP: Hold this time, or you will miss out on the new all time high. Good luck.

pffft...'Hold BTC'?

No way. Not ever!

I can see that I should have set targets last night and kept them modest....VERY MODEST. Sure BTC turned on a sixpence on the PBOC news...but if anything, that was simply a reaction of existing market participants (after all, I bought into it as well). End of the day, if their was to be a surge in Chinese buying cos of PBOC devaluation of thioer currency, then it has already happened and thus already been (over)priced in.

So we had a rapid reversal, but in the absence of any real fundamental driver, BTC has just farted out....looks like it is headed away down into the $620s as I type......man..this is going to piss me off. Market just playing with bulls and bears at the moment.....I need to get a whole lot sharper at recognising market state....playing the 'range' game during monster trends and then get myself into 'trend' mode during the 'range'.

[notme]

Market state: consolidating after major rally.

The turning on a sixpence and rapid reversal you speak of look completely insignificant if you zoom out past the 15 minute charts.

Maybe you just need to do better at keeping the bigger picture in mind.

[MatTheCat]

Market state: consolidating after major rally.

The turning on a sixpence and rapid reversal you speak of look completely insignificant if you zoom out past the 15 minute charts.

Maybe you just need to do better at keeping the bigger picture in mind.

Yep...I was zoomed in on 60 min charts, when news of the PBOC hit, Bitcoin just reversed, so I jumped in long on connfirmation of W market structure...which turned out to be half way up the move....but I wasn't to know that, obviously. Anytime a significant move up or down starts, it does believe it or not, start with action on the LTF candles....but yeah....had I been keeping an eye on the bigger picture, then I would have thought nothing off this....Nothing out of the ordinary happening here for the time being.

Will see if this p.o.s can get a little higher and go upset some shorters, and allow me to get out of this long actually above where I bought in.

[Ibian]

Painful to watch, this is. Dumb, you be. 620, very much so.

[MatTheCat]

Painful to watch, this is. Dumb, you be. 620, very much so.

Will see how cocky you are when this p.o.s. is back down sub $500.


How many years have you sat blindly buying Bitcoin?

How many years have you sat underwater on your asset of choice?

You think you are actually gonna be smart enough to sell and take profits when the time is ripe (if that tiome hasn't indeed already come and gone)?

You gonna end up like that dutch shitcoin investor who posts on here....you are a cut of the same mould.

[r0ach]

Current chart for me:

[Wexlike]

Painful to watch, this is. Dumb, you be. 620, very much so.

Will see how cocky you are when this p.o.s. is back down sub $500.


How many years have you sat blindly buying Bitcoin?

How many years have you sat underwater on your asset of choice?

You think you are actually gonna be smart enough to sell and take profits when the time is ripe (if that tiome hasn't indeed already come and gone)?

You gonna end up like that dutch shitcoin investor who posts on here....you are a cut of the same mould.

Why don't you start trading altcoins ?

[MatTheCat]

Why don't you start trading altcoins ?

I might well do this come winter Dec/Jan.

Compared with Bitcoin, trading Altcoins are such a doddle 'if' u know what you are doing......wait for Shitcoin to crap out and spend a good few months scraping along the gutter, and then start to put in W bottoms. Then buy with an amount of BTC, that you are 100% totally prepared to lose if the trade doesn't work out, set orders to sell half on each double, and then sit back and do nothing......After sitting on sidelines (mostly cos I just cannot bring myself to believe these Shitcoins have any value whatsoever), watching a whole bunch of traders from a website I subscribe to make an absolute killing in Alt-coins doing just this, I trial ran this trading strategy with XCP, and VIA. Ended up with 300% of both trades....and for just once in my life, I felt like the 'smart money', buying at the bottom, and spoon feeding the market on the way up, until I had nothing left to sell, after which point I was out, and no longer interested in that market.....like stealing sweets from a baby, and just as immoral...but hey...that is the nature of trading. A zero sum game.

[MatTheCat]

Am thinking that Bitcoin can clamber up another $20-$30 bucks going forward, but if it does, I will be hunting short setups like a bloodhound.....my suspiscions are that Bitcoin will be saying hello again to around the low $500s, and possibly even into the $400s before too long such are the nature of big manufactured pumps in the absence of any substantial organic demand, driven by not much besides manipulation and public greed.

[r0ach]

Am thinking that Bitcoin can clamber up another $20-$30 bucks going forward, but if it does, I will be hunting short setups like a bloodhound.....my suspiscions are that Bitcoin will be saying hello again to around the low $500s, and possibly even into the $400s before too long

This is why nobody takes you seriously.  All you do is fantasize about where you want to take out a long then claim that's where the market will go.  None of these Mat fantasies has ever actually come true, but we get a new one every couple of days.  The stakes are always anted up a little each time where eventually you'll be saying the price will go below 0 and they'll pay you $200 for each coin you buy.  The last chart you posted was beyond stupidity.  A full retrace for halving? LOL yea sure Mat.

[MatTheCat]

Am thinking that Bitcoin can clamber up another $20-$30 bucks going forward, but if it does, I will be hunting short setups like a bloodhound.....my suspiscions are that Bitcoin will be saying hello again to around the low $500s, and possibly even into the $400s before too long

This is why nobody takes you seriously.  All you do is fantasize about where you want to take out a long then claim that's where the market will go.  None of these Mat fantasies has ever actually come true, but we get a new one every couple of days.  The stakes are always anted up a little each time where eventually you'll be saying the price will go below 0 and they'll pay you $200 for each coin you buy.  The last chart you posted was beyond stupidity.  A full retrace for halving? LOL yea sure Mat.

Halving is only 2 weeks away....(and I get more than a little concerned when the exchanges sned me Emails telling me to get ready for the Bitcoin Halving...reminds me of the bullion dealers whacking out special offers on kilo bars of silver back in 2011, @ $50 per Oz)

if Bitcoin Halving is anything like most fundamental events in other markets, then chances are, by the time the event arrives, the market has already priced in the event, and then some; which means counter-intutively enough, that the market does the opposite of what everyone expects. LTC pumped (and dumped) 1 month prior to it's halving. The last time around (2012), BTC done the exact same as that. Pumped, dumped, then slowly ranged for the rest of the year, gradually building up into a bull trend, that got going early 2013, and popped in April 2013.

Don't go presuming nothing. How many times have you seen hard and fast moves in Bitcoin in one direction, very shortly thereafter accompanied by proportionally hard n fast moves in the opposite direction. In fact, can you point to any previous BTC chart action, where this hasn't been the case. Sure, we have just had one of those hard n fast counter moves, but in my view, we have only had the first leg, and the Bearish AB=CD target, sez that Bitcoin could get down into sub $500 territory....I guess if it does, then that will make you (and many many others) a very sad Panda....still, u will always be able to cheer yourself up by posting a big bunch of cherry picked, cut n pasted Finex trades, showing how you sold the top and bought back the bottom all along.

[Ibian]

Painful to watch, this is. Dumb, you be. 620, very much so.

Will see how cocky you are when this p.o.s. is back down sub $500.


How many years have you sat blindly buying Bitcoin?

How many years have you sat underwater on your asset of choice?

You think you are actually gonna be smart enough to sell and take profits when the time is ripe (if that tiome hasn't indeed already come and gone)?

You gonna end up like that dutch shitcoin investor who posts on here....you are a cut of the same mould.

Welcome this, I would. Buy more, I would.

[MatTheCat]

Painful to watch, this is. Dumb, you be. 620, very much so.

Will see how cocky you are when this p.o.s. is back down sub $500.


How many years have you sat blindly buying Bitcoin?

How many years have you sat underwater on your asset of choice?

You think you are actually gonna be smart enough to sell and take profits when the time is ripe (if that tiome hasn't indeed already come and gone)?

You gonna end up like that dutch shitcoin investor who posts on here....you are a cut of the same mould.

Welcome this, I would. Buy more, I would.

U ever actually USE Bitcoin for it's intended purpose?

Been waiting on 3 hours on recent BTC transaction.

3 FKN HOURS AND NOT ONE CONFIRMATION!


Are you sure you should be sinking so much of your wealth into a flawed prototype crypto that is destined to fail one day?


Bitcoin, is fucking shit at doing what it is actually meant to do, and for this reason above all else, it's future is limited.

[Paashaas]

Thread started with:

Going to start a thread posting my own ideas and what is happening with BTC.

Ends with:

Are you sure you should be sinking so much of your wealth into a flawed prototype crypto that is destined to fail one day?

Bitcoin, is fucking shit at doing what it is actually meant to do, and for this reason above all else, it's future is limited.

What happend in that time? If you where trading ore just holding Bitcoin for so long and still not sitting in the green, you did something very wrong.

http://moneymorning.com/2016/06/28/investing-in-bitcoin-has-delivered-an-annual-return-of-82/

Dont tell me you didn't scooped up those nice sub $200 coins for an even higher %  

[MatTheCat]

What happend in that time? If you where trading ore just holding Bitcoin for so long and still not sitting in the green, you did something very wrong.

http://moneymorning.com/2016/06/28/investing-in-bitcoin-has-delivered-an-annual-return-of-82/

Dont tell me you didn't scooped up those nice sub $200 coins for an even higher %  

Trading is trading, and Bitcoin is Bitcoin and when I see shit like this:

https://blockchain.info/address/1NixsfeHKoj76fB6xMwa19tfcnEsGTxsGz (i.e. transaction made 3.5 hours ago, still not one confirmation)

...which I get ALL THE FUCKING TIME, indeed almost one third of all BTC transactions end up this way.......then it is clear to me that Bitcoin does not have a great future in front of it....REGARDLESS of how high 'they' may or may not pump it. I would rather stick needles in my eyes than make payments with Bitcoin....(unless there is no other alternative)


Bitcoin just doesn't fucking work very well and the major stakeholders in the project are unable/unwilling to come to an agreement that will fix this.....one day...it is all gonna just go 'püff'. Billions of USD of notional wealth, all tied up in a failing scracity algorithm that needs to go back to the drawing board......I hope I have moved on from BTC by the time that  occurs.