Bitcoin - Bulls out of the wedge but without force

[Lusitanian Trader]

Bitcoin - Bulls out of the wedge but without force

Price broke the resistance line of the wedge, but with little volume.
The breaking of resistence $ 950 can take the price up to $ 1000.


Chart of 120 minutes

Blog - Bull And Bear Markets

[ampere9765]

if it can break fib resistance at 948.
(huobi 5100)

[TERA]

Hereis how I'm reading this:



Before the top broke, the bottom (pink) broke, and now we're just kind of trading on a no man's land.

[chessnut]

Bitcoin - Bulls out of the wedge but without force

Price broke the resistance line of the wedge, but with little volume.
The breaking of resistence $ 950 can take the price up to $ 1000.


Chart of 120 minutes

Blog - Bull And Bear Markets

I scalp a bit on the forex, especially in gold, and I notice before any large move, the price creeps up with little volume. There is probably a big stand off between 780 and 1120 ish. you will see big volume when one side gives in, it looks like the bears will give in and cover shorts.

[Lusitanian Trader]

Bitcoin - Bulls out of the wedge but without force

Price broke the resistance line of the wedge, but with little volume.
The breaking of resistence $ 950 can take the price up to $ 1000.


Chart of 120 minutes

Blog - Bull And Bear Markets

I scalp a bit on the forex, especially in gold, and I notice before any large move, the price creeps up with little volume. There is probably a big stand off between 780 and 1120 ish. you will see big volume when one side gives in, it looks like the bears will give in and cover shorts.

It can be a trap for the Bulls   

[T.Stuart]

It can be a trap for the Bulls   

I'm afraid that really is just wishful thinking.

[MatTheCat]

It can be a trap for the Bulls  

I'm afraid that really is just wishful thinking.

Yep, it would be. Huobi has popped right through its previous high and looks like it will go through roof.

I have done fucking horrendously this weekend, my first weekend of trying to short Bitcoin.

It might well be outrageously manipulated but I feel quite disgusted at being on the wrong side of the trade the whole weekend. Since I can't seem to get anything right I shall not be jumping sides and joining the upside crew, cos all that will happen if I do is that it will stop shy of $850 when I am in my bed and fkn plummet wiping out half my capital.

2nd worst Bitcoin investment experience ever.

[T.Stuart]

It can be a trap for the Bulls  

I'm afraid that really is just wishful thinking.

Yep, it would be. Huobi has popped right through its previous high and looks like it will go through roof.

I have done fucking horrendously this weekend, my first weekend of trying to short Bitcoin.

It might well be outrageously manipulated but I feel quite disgusted at being on the wrong side of the trade the whole weekend. Since I can't seem to get anything right I shall not be jumping sides and joining the upside crew, cos all that will happen if I do is that it will stop shy of $850 when I am in my bed and fkn plummet wiping out half my capital.

2nd worst Bitcoin investment experience ever.

Give up the idea of doubling your investment in days. Think about Bitcoin's long-term potential and the long-term potential of an investment: I mean 1 year +, which really isn't very long practically-speaking. Then you can forget about daily price moves. Even if it goes down for a week that doesn't matter. Just keep an eye on the bigger picture - read about the technology, follow the political stuff. As long as Bitcoin remains technologically sound and legal in at least a few countries then there is much more room for adoption and innovation around the system.

EDIT: and mentally write off any losses once you decide to go long for the long-term. It's what you pay for learning this particular game! 

[chessnut]

It can be a trap for the Bulls  

I'm afraid that really is just wishful thinking.

Yep, it would be. Huobi has popped right through its previous high and looks like it will go through roof.

I have done fucking horrendously this weekend, my first weekend of trying to short Bitcoin.

It might well be outrageously manipulated but I feel quite disgusted at being on the wrong side of the trade the whole weekend. Since I can't seem to get anything right I shall not be jumping sides and joining the upside crew, cos all that will happen if I do is that it will stop shy of $850 when I am in my bed and fkn plummet wiping out half my capital.

2nd worst Bitcoin investment experience ever.

despite appealing short opportunities in bitcoin, I have always been scared to death shorting anything that has a such limited supply. bears are sooo easy to trap in bitcoin, when price is projected to 10,000, 100,000 etc.

yeah it could be a bull trap but the bears might get more than they bargain for.

[MatTheCat]

Give up the idea of doubling your investment in days. Think about Bitcoin's long-term potential and the long-term potential of an investment: I mean 1 year +, which really isn't very long practically-speaking. Then you can forget about daily price moves. Even if it goes down for a week that doesn't matter. Just keep an eye on the bigger picture - read about the technology, follow the political stuff. As long as Bitcoin remains technologically sound and legal in at least a few countries then there is much more room for adoption and innovation around the system.

EDIT: and mentally write off any losses once you decide to go long for the long-term. It's what you pay for learning this particular game!  

I do believe in Bitcoin's long term potential, but in the short term, I think Bitcoin is away to get fucked up the arse and I don't want my arse to get fucked alongside it.

If I am wrong, then I am a big idiot who misses out on loads of upside, just like I have already missed out the chance to be a Bitcoin millionaire....but still, there is always the day job.

EDIT: Having resigned myself to mourning my losses as my stop-loss buy-ins came within a ball hair of being triggered, it looks like Bitcoin is going into freefall across all exchanges!!!

YAAA FKN HOO!

[Miz4r]

Give up the idea of doubling your investment in days. Think about Bitcoin's long-term potential and the long-term potential of an investment: I mean 1 year +, which really isn't very long practically-speaking. Then you can forget about daily price moves. Even if it goes down for a week that doesn't matter. Just keep an eye on the bigger picture - read about the technology, follow the political stuff. As long as Bitcoin remains technologically sound and legal in at least a few countries then there is much more room for adoption and innovation around the system.

EDIT: and mentally write off any losses once you decide to go long for the long-term. It's what you pay for learning this particular game! 

I do believe in Bitcoin's long term potential, but in the short term, I think Bitcoin is away to get fucked up the arse and I don't want my arse to get fucked alongside it.

If I am wrong, then I am a big idiot who misses out on loads of upside, just like I have already missed out the chance to be a Bitcoin millionaire....but still, there is always the day job.

EDIT: Having resigned myself to mourning my losses as my stop-loss buy-ins came within a ball hair of being triggered, it looks like Bitcoin is going into freefall across all exchanges!!!

YAAA FKN HOO!

Don't count your chickens before the eggs have hatched. Hope you covered your short before the price went back up. You are by far the most emotional trader I have ever seen. You should really chill out and take a step back and look at your trades from a distance. Emotions will ruin your profits

[MatTheCat]

Don't count your chickens before the eggs have hatched. Hope you covered your short before the price went back up. You are by far the most emotional trader I have ever seen. You should really chill out and take a step back and look at your trades from a distance. Emotions will ruin your profits

Yup.....that niggling feeling has got me up out my bed and right enough, the highs have been retested as has my stop loss order...just raised my stop losses a bit.....would be nothing worse than to wake up tomorrow to find that they have been triggered only for Bitcoin to have then heavily corrected, which it looks very likely to do.

Of course, if Bitcoin does smash through the resistance level, then I lose a few more bucks, but I have already lost loads this weekend anyways so a few more pennies won't hurt.

[chessnut]

Give up the idea of doubling your investment in days. Think about Bitcoin's long-term potential and the long-term potential of an investment: I mean 1 year +, which really isn't very long practically-speaking. Then you can forget about daily price moves. Even if it goes down for a week that doesn't matter. Just keep an eye on the bigger picture - read about the technology, follow the political stuff. As long as Bitcoin remains technologically sound and legal in at least a few countries then there is much more room for adoption and innovation around the system.

EDIT: and mentally write off any losses once you decide to go long for the long-term. It's what you pay for learning this particular game! 

I do believe in Bitcoin's long term potential, but in the short term, I think Bitcoin is away to get fucked up the arse and I don't want my arse to get fucked alongside it.

If I am wrong, then I am a big idiot who misses out on loads of upside, just like I have already missed out the chance to be a Bitcoin millionaire....but still, there is always the day job.

EDIT: Having resigned myself to mourning my losses as my stop-loss buy-ins came within a ball hair of being triggered, it looks like Bitcoin is going into freefall across all exchanges!!!

YAAA FKN HOO!

Don't count your chickens before the eggs have hatched. Hope you covered your short before the price went back up. You are by far the most emotional trader I have ever seen. You should really chill out and take a step back and look at your trades from a distance. Emotions will ruin your profits

agreed 100%. if you are angry at the market, youre doing it wrong. "emotions will ruin your profits" - also, profits will ruin your emotions.
its a sport, an art, it will take years of practise and failure before you get it.

[MatTheCat]

agreed 100%. if you are angry at the market, youre doing it wrong. "emotions will ruin your profits" - also, profits will ruin your emotions.
its a sport, an art, it will take years of practise and failure before you get it.

I woulds say I controlled my emotions rather well. Yup, I backed the wrong pony and have lost money but managed to avoid succumbing to the greatest emotional temptation, namely jumping sides at the 11th hour. Had I done this then I would have went long in the first instance at $830 (leaving me with $15 of upside) and in the second instance at $840, leaving me with $5 of possible upside....just enough to cover the exchange fees should I have bailed from the market with perfect timing as now that the upsurge has fizzled out yet again short of the previous resistance level ($850) only the most deluded bull would try to convince themselves that Bitcoin was looking like a good investment at these prices.

Currently sitting right on the price at which I placed my latest short bet so I am still treading water on that one, but if I never thought that we would see a good few days of sideways trending, then I would extend my short position here in a flash, as there is clearly just not the volume to support Bitcoin at resistance breaking prices.

[GigaCoin]

no cheap coins for bears

[Milotyc]

This guy keeps drawing pointless lines just to promote his website. Starting to be annoying :/

[chessnut]

agreed 100%. if you are angry at the market, youre doing it wrong. "emotions will ruin your profits" - also, profits will ruin your emotions.
its a sport, an art, it will take years of practise and failure before you get it.

I woulds say I controlled my emotions rather well. Yup, I backed the wrong pony and have lost money but managed to avoid succumbing to the greatest emotional temptation, namely jumping sides at the 11th hour. Had I done this then I would have went long in the first instance at $830 (leaving me with $15 of upside) and in the second instance at $840, leaving me with $5 of possible upside....just enough to cover the exchange fees should I have bailed from the market with perfect timing as now that the upsurge has fizzled out yet again short of the previous resistance level ($850) only the most deluded bull would try to convince themselves that Bitcoin was looking like a good investment at these prices.

Currently sitting right on the price at which I placed my latest short bet so I am still treading water on that one, but if I never thought that we would see a good few days of sideways trending, then I would extend my short position here in a flash, as there is clearly just not the volume to support Bitcoin at resistance breaking prices.

I think most scalpers are looking long tonight, the chart is telling me long. sure, $850 is expensive but its all relative and markets are irrational. I think the most important thing anyone going short can possibly do right now is have a damn good exit strategy, when will you assume long term bullish again? when it passes $900? $1000? $1100?

[MatTheCat]

I think most scalpers are looking long tonight, the chart is telling me long. sure, $850 is expensive but its all relative and markets are irrational. I think the most important thing anyone going short can possibly do right now is have a damn good exit strategy, when will you assume long term bullish again? when it passes $900? $1000? $1100?

Speaking admittedly as someone who believed that the $765 support would be broken at the weekend, and who lost a few hundred dollars betting on it, I really really do not see how on earth anyone could believe that $850 is going to be taken out anytime soon.

We have just had a spike of buying power that pushed the price up to just short of this important resistance level, at which point the whole momentum farted out. Three times, we have tested this range and three times buying volume fizzled out at this price point. Surely this is as bearish a signal as it gets?

Edit: And I notice that Huobi has started selling off as well, pushing my short bet $100 into the green! Just another $30 drop to go and I break even from my weekend follies.

[chessnut]

Historically speaking, bitcoin can easily take out a few hundred dollars when nobody expects it. just need one unexpected news release.
I really hope it goes your way mate but please have a plan B, and dont risk too much.

[MatTheCat]

Historically speaking, bitcoin can easily take out a few hundred dollars when nobody expects it. just need one unexpected news release.
I really hope it goes your way mate but please have a plan B, and dont risk too much.

No you don't, cos that would mean the value of your own holdings going down.

Anytime that Bitcoin has risen a couple of hundred dollars, nobody has been expecting it much because Bitcoin had been trending within a certain range for quite some period of time prior to run up. Now we are at the wrong side of a bubble/crash event, whenever resistance prices are approached the exchanges are met with a big increase in BTC for sale which pushes prices back down, with each resistance level falling short of the last.

It is an out and out bearish scenario, although there is still always going to plenty upside phases and any bear who bets short during these phases will get their asses handed to them on a plate, as I discovered. Next stop is another crash and bounce at $765, or we drop through this support and fall right down to low $700s. I shall set my short position to close at $765 level (which may be a sure sign that things will fall much lower next time around).