[ADiamond]

On this hourly BTC/USD chart we see a bullish butterfly pattern completed (although the bullish reversal did not take place). A major previous support level of $11,680 was broken, and a closer look on the 15 minute chart...



Shows a bullish gartley pattern completed and a bullish reversal already taking place.

With Fib levels in place on the previous chart, Fib extension levels show a major area of confluence right around another major area of support, $12,825 - the 1.618 Fib Extension, or .382 Fib level on the previous chart.

RSI is showing the market is oversold and about to retest the 30. Should the bullish reversal trend continue and break/close above the $11,680 support level, I would look for entry on the next candle above that level on the hourly chart and it should go up to retest that $12,825 support zone.

Whether trading futures on the CME or BTC Spreads on Nadex, I'm very bullish for this potential $1150 swing.

Where do you stand?


Please note: All information in this thread is for informational and entertainment purposes only. It is based on personal opinion and experience and it should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. I am not an investment advisor nor is DailyFunder a website for sharing investment advice, and the information contained herein is not intended to be a source of advice or analysis with respect to the material presented, and the information and/or documents contained in this blog entry do not constitute investment advice.

[MCNetwork]

#btfd #hodl

[mcaguru]

its called tulip mania... What stands out from Bitcoin over any other investment is that the current holders are self promoting it some even with the belief they are pumping it up and responsible for the price run (human physiology -- to the tune that my friend took a long flight to Australasia and believes his 1 day of non-promoting actually may been the cause of the price destruction).

I personally would run from this coin like the Bubonic plague knowing i have a bad flue with a weakend immune system. i can be wrong but its currently still $10,000 if your up run talk to your tax advisor may be able to convert into a Internal Revenue Code Section 1031 exchange.


Disclaimer:

outside of funding subprime files with fastest offers and far fewer stips and double digit (of percent) commissions...I got no clue what i am talking about

[WestCoastFunding]

its called tulip mania... What stands out from Bitcoin over any other investment is that the current holders are self promoting it some even with the belief they are pumping it up and responsible for the price run

Nailed it.

[ADiamond]

and.... of course the bullish reversal completely dumped and we didn't take entry. too many fundamentals going on.

it is testing another major key level, previous resistance area of $10,570 looking for some support structure to rally off of. that level is right where it complete shot up to $16,500 from 10k back around Dec 1st.

if it doesnt reverse there, looking at this from a different perspective - I think it may even go down to test $9k again.

[Eagle Funding]

No one knows what they are talking about when it comes to Cryptos. Go on any exchange pick a random coin invest heavy and hope things happen, they will.

[ADiamond]

No one know what they are talking about when it comes to Cryptos. Go on any exchange pick a random coin invest heavy and hope things happen, they will.

just dump a bunch of money into a random "coin" that you have no idea about right? that's apparently how this market works.

i never bought crypto currency but i'm not opposed to trading derivatives as i was detailing above.

what are your thoughts on some other coins with value under $1.00? I'm looking strongly at Verge (XVG)

[WestCoastFunding]

But what is it’s vaue based on other than pure speculation?

[mcaguru]

reminds me of Etoys.com and pet.com anytime an investment can be down 25% in value in one day it most be looked at an extremely speculative play.

[Sachip24]

everything is moving into digital age, its only a matter of time before currency goes in that direction as well. I don't have any money invested in crypto but I read an interesting article the other day stating all this is actually intentionally being done to test the public reaction to crypto currency and how they can handle it for if/when economy were to collapse would happen they are already prepared.

[mcaguru]

will see 2019 cover of time magazine can be a cemetery with stones in the bitcoin shape. Time (No pun intended) will tell.

P.S. can someone check on Karen>?

[WestCoastFunding]

I can definitely see the use of CCs as just that: a currency. The problem is that it’s become an investment which causes it not to be used as a currency.

[Eagle Funding]

just dump a bunch of money into a random "coin" that you have no idea about right? that's apparently how this market works.

i never bought crypto currency but i'm not opposed to trading derivatives as i was detailing above.

what are your thoughts on some other coins with value under $1.00? I'm looking strongly at Verge (XVG)

Tony, I guess great minds think alike, been in Verge since 118 satoshi, also check Siacoin.

[ryan $]

Stellar I think has big potential

[WestCoastFunding]

Serious question, what fundamentals supports bitcoin (or altcoins) price?

[mcaguru]

BITCOIN −49.6%
Since last month (%)

[ADiamond]

Serious question, what fundamentals supports bitcoin (or altcoins) price?

well strong news releases affect market sentiment, i think that it applies to this market just as much as any other. You can see big price drops like when china hinted at shutting down mining servers.

P.S. - Today BTC is going to rally off of that Dec 1st, $9,500-$10,500 previous resistance zone.

[mcaguru]

Anthony i like your style.....

your putting your reputation of calling a trade ahead of time...you'll look great if it does what you say otherwise you'll look like the pollsters who had Hillary winning with a 97% certainty like the failing New York Times LOL

[WestCoastFunding]

well strong news releases affect market sentiment, i think that it applies to this market just as much as any other. You can see big price drops like when china hinted at shutting down mining servers.

P.S. - Today BTC is going to rally off of that Dec 1st, $9,500-$10,500 previous resistance zone.

I can see why the price dropped. I just don't understand why the price appreciated so high, so quickly. What was the underlying value that caused the price spike? I'm skeptical of any investment in which 1,000 people own nearly half of all bitcoins. Wouldn't take much for them to manipulate the prices to cause spikes.

Also, with any investment you're investing in something of value. I just can't figure out what is causing the price to rise so quickly. I understand the potential of cryptocurrencies,.....but only as currencies. For currencies to be of any use, you've got to use the currency and create some sort of velocity. But with cryptos being treated as an investment, you're essentially encouraging the non-use as a currency. At that point its just some bits on a computer that one speculates may be worth a lot more in the future (and by worth I mean, what someone else is willing to pay for it).

[ADiamond]

Anthony i like your style.....

your putting your reputation of calling a trade ahead of time...you'll look great if it does what you say otherwise you'll look like the pollsters who had Hillary winning with a 97% certainty like the failing New York Times LOL

heh, not exactly but rather simply just creating a trade plan and publicizing it to encourage conversation.

What I'm really doing is seeing if traditional currency trading technical analysis has any affect on bitcoin, or crypto for that matter.

--

WestCoastFunding - I believe what caused the price of BTC to rise so quickly to near $20k as it did was simply market sentiment. Right around that point (Dec 1) is when it became more accepted on wall street and big money started to become interested. Bitcoin futures actually became available on a public exchange, news was publicizing it heavily, etc.

I believe what caused it to fall from $20k since Dec to now is all of that hype or positive sentiment quickly faded. There comes a point where people begin to question exactly what you did - like what is going on? Why are we valuing this so heavily like this? What is the actual underlying value?

BTC's volume is finite, just like gold. I believe that plays a role in it's value increasing - but to $100k per coin as some are speculating? I can't imagine how it is possible. In the mean time I think the volatility of it makes for some good swing trading on derivatives, but I would never just buy it to hold, sorry - HODL, and hope to get rich some day.

From a technological standpoint there is huge potential - it really could be the future of how we transact. It's so interesting to watch and learn about.

[Kristenmferrara]

Personally I don't hold bitcoin but have a ton in other Altcoins & am part of the founding team of a token based on cryptocurrency education.

but just going to leave this here:
26937297_10211872176384974_972431400_o.jpg

[JMB]

just dump a bunch of money into a random "coin" that you have no idea about right? that's apparently how this market works.

i never bought crypto currency but i'm not opposed to trading derivatives as i was detailing above.

what are your thoughts on some other coins with value under $1.00? I'm looking strongly at Verge (XVG)

Verge is ok, i love linda coin and i have a bunch of tron but that one seems to be going the wrong way

[The Chosen One]

TRX!!!!!!!! To the moon baby.

[mcaguru]

bitcoin $ 8,547.77 watch out below....

[WestCoastFunding]

bitcoin $ 8,547.77 watch out below....

Marcus knows he’s enjoying this.