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Question: When will we see a new ATH?
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25441871 times)
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Retina
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April 22, 2019, 09:15:56 AM
Last edit: April 23, 2019, 05:08:17 AM by Retina

Bitcoin: Too Much Time At Resistance Means Strength?

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Quote
"Bitcoin is a short! It's going back to 3500!!! Go to Bitmex and leverage everything you own right now!". Sound familiar? If you have been on the internet since Bitcoin's first attempt to retrace off the 5400 high, it should sound very familiar. It is the general consensus among the herd. In fact I have seen this sentiment posted on my comment forums regularly. Want more statistical proof? Just take a look at the Bitcoin short interest. And with the recent double top formation, I would not be surprised if this sentiment heightens even further.

I will be the first to say that I do not buy into resistance areas, I prefer to buy into support areas. Since the beginning of April, Bitcoin's short squeeze has pushed the price into a major resistance area that I have been pointing out to our followers countless times. The 5200 to 5800 area is a proportional resistance zone relative to the 6K level. From my perspective, the current resistance increases the likelihood of a retrace of lower levels, BUT that does not mean it will go there. Even with the current double top formation attempting to establish itself.

Here is what you need to realize: Price is lingering at a resistance. Weak markets, even temporarily weak DO NOT LINGER at resistance levels, they sell off quickly. The amount of time that Bitcoin has been fluctuating above 5K is about TWO WEEKS, all while short interest is biased to the high side. Not a good recipe for a short in my opinion. All these leveraged shorts piling in, yet no major supports are breaking. The 4930 to 5K area, is still nicely intact. Obviously the buying pressure continues to absorb the aggressive supply.

This was a very similar situation that we faced at the 4130 resistance area . If another short squeeze takes place (which can happen out of nowhere) price can easily see 6K which presents the next obstacle for this market. The fact that the general consensus is extremely bearish further adds to the argument in favor of higher prices rather than a deep retrace. The crowd is usually wrong (which is the foundation of most forex broker's business models).

In summary, there are NO absolutes in market timing. Good technical analysis presents possibilities and probabilities, not precision. And good perspective comes from considering variables that are not visible on a chart. Without this basic understanding of market mechanics, it is very easy to be conditioned by the irrational sentiment of the herd. Our objective is to detect structural changes around potential turning points in order to get a read on how likely forced order flow is to come next (short squeeze or long liquidations). And at the moment, AS LONG AS price can stay above the 4930 level, the chances of squeezing to 6K are still a reasonable possibility, even in the face of a major resistance zone (yes it is confusing and conflicting, but that is the market).

And with this being the case, I still stick to my plan which is to WAIT for a qualifying structural support. Would I like to see 4500? Sure, but the market does NOT care about what I like. The 4930 to 5K area is the active support area we are watching for a swing trade long, but it all depends on what kind of order flow Bitcoin presents upon a revisit.


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April 22, 2019, 09:33:52 AM

Bitcoin: Too Much Time At Resistance Means Strength?

Quote


Quote
"Bitcoin is a short! It's going back to 3500!!! Go to Bitmex and leverage everything you own right now!". Sound familiar? If you have been on the internet since Bitcoin's first attempt to retrace off the 5400 high, it should sound very familiar. It is the general consensus among the herd. In fact I have seen this sentiment posted on my comment forums regularly. Want more statistical proof? Just take a look at the Bitcoin short interest. And with the recent double top formation, I would not be surprised if this sentiment heightens even further.

I will be the first to say that I do not buy into resistance areas, I prefer to buy into support areas. Since the beginning of April, Bitcoin's short squeeze has pushed the price into a major resistance area that I have been pointing out to our followers countless times. The 5200 to 5800 area is a proportional resistance zone relative to the 6K level. From my perspective, the current resistance increases the likelihood of a retrace of lower levels, BUT that does not mean it will go there. Even with the current double top formation attempting to establish itself.

Here is what you need to realize: Price is lingering at a resistance. Weak markets, even temporarily weak DO NOT LINGER at resistance levels, they sell off quickly. The amount of time that Bitcoin has been fluctuating above 5K is about TWO WEEKS, all while short interest is biased to the high side. Not a good recipe for a short in my opinion. All these leveraged shorts piling in, yet no major supports are breaking. The 4930 to 5K area, is still nicely intact. Obviously the buying pressure continues to absorb the aggressive supply.

This was a very similar situation that we faced at the 4130 resistance area . If another short squeeze takes place (which can happen out of nowhere) price can easily see 6K which presents the next obstacle for this market. The fact that the general consensus is extremely bearish further adds to the argument in favor of higher prices rather than a deep retrace. The crowd is usually wrong (which is the foundation of most forex broker's business models).

In summary, there are NO absolutes in market timing. Good technical analysis presents possibilities and probabilities, not precision. And good perspective comes from considering variables that are not visible on a chart. Without this basic understanding of market mechanics, it is very easy to be conditioned by the irrational sentiment of the herd. Our objective is to detect structural changes around potential turning points in order to get a read on how likely forced order flow is to come next (short squeeze or long liquidations). And at the moment, AS LONG AS price can stay above the 4930 level, the chances of squeezing to 6K are still a reasonable possibility, even in the face of a major resistance zone (yes it is confusing and conflicting, but that is the market).

And with this being the case, I still stick to my plan which is to WAIT for a qualifying structural support. Would I like to see 4500? Sure, but the market does NOT care about what I like. The 4930 to 5K area is the active support area we are watching for a swing trade long, but it all depends on what kind of order flow Bitcoin presents upon a revisit.


https://www.tradingview.com/chart/BTCUSD/Mez6PJBQ-Bitcoin-Too-Much-Time-At-Resistance-Means-Strength/
May ask you why you posted it?
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April 22, 2019, 09:38:56 AM

^
You may not in this thread  Cool

Only watch and observe @its best!  Tongue
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April 22, 2019, 09:40:48 AM

Morningzzz!

JJG is up & the kernel upgrade is looking great.

r0achie is also up from the basement, looking sex deprived as usual, having successfully completed a two week wank-all-you-can marathon.

rebal15..., well you know I'm a fan.

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April 22, 2019, 10:10:27 AM

I am dumping this BSV and holy shit, jbreher this thing sucks, I have been waiting over an hour and a half for 5 confirmations. How slow are these damn blocks?

Hmm. Explorer shows only 3 txs in Unconfirmed Backlog set: https://svblox.com/unconfirmed-tx . What's your txid?
It just went through, it was fucking dreadful since I was trying to stay up to dump it on Binance but it went through.

Fun fact, binance splits your coins for you from a single bch deposit.

You had BSV  Cheesy wait in order to get BSV you had to have bcash  Grin , you all kind of special, no no i'm sorry carry on
I had a cold storage note I redeemed when I sold for my down payment. I'm incredibly lazy when it comes to forks, I just never got around to it.
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April 22, 2019, 10:15:10 AM

I am dumping this BSV and holy shit, jbreher this thing sucks, I have been waiting over an hour and a half for 5 confirmations. How slow are these damn blocks?

Hmm. Explorer shows only 3 txs in Unconfirmed Backlog set: https://svblox.com/unconfirmed-tx . What's your txid?
It just went through, it was fucking dreadful since I was trying to stay up to dump it on Binance but it went through.

Fun fact, binance splits your coins for you from a single bch deposit.

You had BSV  Cheesy wait in order to get BSV you had to have bcash  Grin , you all kind of special, no no i'm sorry carry on
I had a cold storage note I redeemed when I sold for my down payment. I'm incredibly lazy when it comes to forks, I just never got around to it.

Bro, you missed out on a shit tonne of money. I sold all my BCH @ $1,200 per coin. I lived like a King for 12-18 months. Sadly I had to return to the norm whilst I wait for bitcoin to moon though.
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April 22, 2019, 10:19:14 AM

I am dumping this BSV and holy shit, jbreher this thing sucks, I have been waiting over an hour and a half for 5 confirmations. How slow are these damn blocks?

Hmm. Explorer shows only 3 txs in Unconfirmed Backlog set: https://svblox.com/unconfirmed-tx . What's your txid?
It just went through, it was fucking dreadful since I was trying to stay up to dump it on Binance but it went through.

Fun fact, binance splits your coins for you from a single bch deposit.

You had BSV  Cheesy wait in order to get BSV you had to have bcash  Grin , you all kind of special, no no i'm sorry carry on
I had a cold storage note I redeemed when I sold for my down payment. I'm incredibly lazy when it comes to forks, I just never got around to it.

Bro, you missed out on a shit tonne of money. I sold all my BCH @ $1,200 per coin. I lived like a King for 12-18 months. Sadly I had to return to the norm whilst I wait for bitcoin to moon though.
Yeah I wasn't willing to redeem my cold storage note early for bch, I thought about it but i didn't want to fuck with my coins. I lost a bit but no biggie it was turning to BTC to sit anyways, not sure what the equivalent in btc would have been.

Edit: wait wasn't it .3 around launch?
Fuck me!
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April 22, 2019, 10:32:35 AM


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It was always crazy to me that people could hate someone else simply because of their race, or religion, or ideas...

And then ripple happened.

https://twitter.com/jebus911/status/1120189222894354433



For those who were following Recent bomb attacks in srilanka yesterday. dedicated thread to discuss Srilanka's suicide bombing attack here.

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April 22, 2019, 10:38:59 AM

I am dumping this BSV and holy shit, jbreher this thing sucks, I have been waiting over an hour and a half for 5 confirmations. How slow are these damn blocks?

Hmm. Explorer shows only 3 txs in Unconfirmed Backlog set: https://svblox.com/unconfirmed-tx . What's your txid?
It just went through, it was fucking dreadful since I was trying to stay up to dump it on Binance but it went through.

Fun fact, binance splits your coins for you from a single bch deposit.

You had BSV  Cheesy wait in order to get BSV you had to have bcash  Grin , you all kind of special, no no i'm sorry carry on
I had a cold storage note I redeemed when I sold for my down payment. I'm incredibly lazy when it comes to forks, I just never got around to it.

Bro, you missed out on a shit tonne of money. I sold all my BCH @ $1,200 per coin. I lived like a King for 12-18 months. Sadly I had to return to the norm whilst I wait for bitcoin to moon though.
Yeah I wasn't willing to redeem my cold storage note early for bch, I thought about it but i didn't want to fuck with my coins. I lost a bit but no biggie it was turning to BTC to sit anyways, not sure what the equivalent in btc would have been.

Edit: wait wasn't it .3 around launch?
Fuck me!

I remember not wanting to move my coins from the addresses they were in but I had to. Wish I would have just transferred tgem into bitcoin & HODLED now but hey, I had a fun time, couple of holidays, went to the Champions League Final & spent & lot, fuck it.
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April 22, 2019, 10:45:34 AM



Waiting...
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April 22, 2019, 10:48:39 AM
Merited by VB1001 (1)

Rip Train Cheesy
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April 22, 2019, 10:50:41 AM

a message to the central banks. still below 100 BTC. SOON!!



Wonder how many here can afford one in bitcoin? I can’t at current prices, not that I’d want one though.

Who would want to buy one?  Seems like a waste of bitcoin, unless you have more than 1,000 BTC, and then, even spending 1/10th of your bitcoin stash on an asset that is less likely to hold it's value? 

As bitcoin goes up, those 400oz bars are going to become more affordable, and maybe having 1% to 5% of your stash in gold might be an o.k. hedge?
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April 22, 2019, 11:05:29 AM

Beautiful day, Bank Holiday (National Holiday) in the UK. Going to watch Pet Sematary, just grabbing a drink in the sun whilst we wait. I’m not a pussy, it’s a half pint as I’m driving Cheesy

Have a fucking great day WO’s, hopefully still time for a green dildo this Bank Hol weekend.

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April 22, 2019, 11:09:26 AM

have a good one LFC^ Grin


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April 22, 2019, 11:17:15 AM



What is a Golden Cross and Why Everyone Thinks Bitcoin Will Skyrocket After It Takes Place?

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After months and months of bear market despair, the crypto space has perked itself up over the past several weeks, seeing renewed upward exuberance. As a result of such price action, crypto’s largest asset looks like it’s headed right toward a dominant bullish chart pattern, the Golden Cross.

A historically bullish pattern in technical analysis, the Golden Cross occurs when a shorter term moving average (MA) crosses above a longer-term MA. Perhaps two of the most commonly used moving averages for this pattern are the 50-day and 200-day MAs.

At present for Bitcoin, the daily chart 50-day MA looks like it is headed toward the 200-day MA for a potential crossover in the not-so-distant future.
https://cryptopotato.com/what-is-a-golden-cross-and-why-everyone-thinks-bitcoin-will-skyrocket-after-it-takes-place/

Good article on the Golden Cross.

edit:

What Is a Death Cross?

Quote
The death cross is a commonly referenced technical analysis setup, such a setup occurs when the 50-period MA crosses below the 200-period MA.
https://cryptopotato.com/what-is-a-death-cross-and-whats-the-relation-to-btc-breaking-down-from-the-6k-area-in-2018/



according to this chart bitcoin price will stable at 4100--4500 ; i agree with you Line 200 day still strong
price may reach 5800 usd per btc before big dump
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April 22, 2019, 11:45:26 AM

Oh FFS, I was kidding!

 Apologies, brother. Did not read the sarcasm.

 I am a bit troubled with the world today, owing to the unfortunate events in Sri Lanka.

Yeah, me too actually, I wish the muslims would just stop killing innocent people.
If they keep this up it will end very badly for them.

Wait, how are we so sure this is rightly directed towards the Muslim community?
Although I'm not part of a religion, I find it somewhat offensive to see people blindly pointing fingers.

I'd wager that Muslims didn't even have a hand in this.  What could be achieved by a small group of 'terrorists' hurting the public like this? Do they think they'd somehow gain power or control from it, No, not even a small chance!
Now ask the same question: What could be achieved by the 'government' or 'TPTB' sending fear into the public?
Very simple, fear=submission
Ii believe its all power and control tactics used by the state or a globalists agenda.
Seems way to coincidental the past few weeks of religious connected events. NZ, Notre-Dame, and now Sri Lanka.
Comon' Nobody slips on banannas.  
But, but the news said it was the muzlums.  

Dude I'm going to have to tell you about this group of terrorist, it's going to blow your mind and it's a lot more plausible.
They're called ISIS, they're a bunch of fucks and are eating war on anyone that's not like them.
BS, ISIS is a outfit trained and funded by USA and Israel. They are being used as the publics' bogeyman to garner justification for endless war. ISIS, Al-qaeda and the Taliban are all the same puppets.  Further, these factions were created to fight each other and destabilize areas/governments.
Hopefully you were just joking, is that leftists humour?

Seriously some times this fucking rag tag group is just too fucking out there. Like I said in my earlier post I am more libertarian and I am pro Trump, I'll agree the US sucks at thinking through what happens after proxy wars but in no way do I think that ISIS is a continuously backed group  by the US and Israel. I think you fell down a rabbit hole and need to hop out.

First research how many Muslims ISIS killed in comparison to any other religion, and then talk about "Muslims"

So what? Muslims killing muslims are still muslims.
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April 22, 2019, 11:47:52 AM



Waiting...

The train Is VivO Cheesy Cheesy
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April 22, 2019, 11:51:56 AM
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South Koreans Invest an Average $6,000 in Cryptocurrency, Says New Survey

https://news.yahoo.com/south-koreans-invest-average-6-100800603.html

"7.4% of the 2,500 adults surveyed said they had bought cryptocurrency.
...
Compared to 2017, the average investment per person shot up 64% to over $6,000"
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April 22, 2019, 11:52:59 AM

Beautiful day, Bank Holiday (National Holiday) in the UK. Going to watch Pet Sematary, just grabbing a drink in the sun whilst we wait. I’m not a pussy, it’s a half pint as I’m driving Cheesy

Have a fucking great day WO’s, hopefully still time for a green dildo this Bank Hol weekend.


what is BR flavor name  Wink Really it is looking nice I want 1peg Cheesy
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April 22, 2019, 12:53:13 PM

Japanese crypto exchange Zaif, which was hacked for over $60 million last year, is reinstating all services after being acquired by investment firm Fisco

https://twitter.com/coindesk/status/1120297702489755648


Quote
Japanese cryptocurrency exchange Zaif, which was hacked for about $60 million last year, is under new management.

The exchange announced on its corporate website on Friday that, as of Monday, April 22, the firm will have signed over its business to publicly listed Japanese investment firm Fisco and full operations will be reinstated Tuesday.

The plan for the takeover was first aired in October 2018, and sees the exchange pass from its previous owner, Tech Bureau, to an existing crypto exchange owned Fisco. Friday’s post indicates that the deal cost Fisco 5 billion Japanese yen ($44.675 million).

In its September 2018 hack, Zaif lost approximately 7 billion yen ($62.5 million) in the bitcoin (BTC), monacoin (MONA) and bitcoin cash (BCH) cryptocurrencies.

https://www.coindesk.com/hacked-crypto-exchange-zaif-resuming-full-services-under-new-owner?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
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