so my overall prediction on BTC is being going quite accurate so far ( check prev ideas). the new trend line "GREEN" is been holding quite well. price bounces back of that line couple of times. it is safe to say that the current moment is BULLSHIT. it will still be bullish until a daily candle closes below that trend. then things could get pretty ugly !!
but all that aside, looking now at the 4H chart you can BTC being squeezed in this triangle ready to shoot out ! .
in our last triangle formation a analysis we had a nice boost after breaking out. and i do believe we may have a similar one IF we break out this triangle.
I am already all IN so nothing for me to buy now ! . we are in from 6K and i will not close my postion until I see a break down under the new up trend green " daily candle close below is my SL"
so if you are out and looking to buy, you may enter right now with a SL under the trend line, or if you are not so aggrasive wait for a break-out of the upper side of the triangle and go long.
The new trend line is quite strong. so any position even ALT coins must be based on this trend line. a daily candle closes below this trend line is a big alarm call for me !. as long as we are above it, we are safe ! .
Good luck.
Commentaire
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we getting close :D
Commentaire
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and boom ! nice spike there, every fast movement !.
from now on I think 8K is not going to happen. 9K is probably the cheapest BTC will ever be.
Mike you must be using voice recognition because I think the Interpreter took you to mean something else besides bullish. It does this to me as well sometimes cuz I've removed the filter LOL
So it seems to me that what you are saying is things aren't looking good for Bitcoin but buy anyway. hahaha
Seriously, this market is messed up. Did you see that nasty candle on the 1HR chart (Bitfinex). That thing took bulls and bears out. It is clear that this market is being manipulated; people with big money are screwing everyone over. Unless regulations come to Bitcoin, this isn't going to stop. It will just get worse.
MikeMoh
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@rev214us, hmm it is either you miss understood my words or it's because my English is not so fluent so it's hard for me to deliver the message. anyway, as long we are above the green trend line we are GOOD to go long. we are still above the trend so things are looking good for btc.
as for the nasty candle, this is normal in crypto , it happens almost daily on atls, that is why your SL must always be a candle close " i mentioned about this in the post itself" and not just price touching that area. look at that nasty candle it failed to close below the trend line. this will always happen until the market cap becomes too huge for such things ( couple trillions ). it will be hard to manipulate.
kardia
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@MikeMoh, Sorry about the misunderstanding. Regarding the market cap potentially becoming "too huge", unless regulations come, I don't see that happening. It appears to me that a force is behind this manipulation with the goal to suppress the price and profit at the same time. This is bad for Bitcoin because it will ultimately cause people to distrust this market and leave it out of frustration. I am getting close to leaving this market entirely for that very reason. I am sure there are many others who feel the same way. I will give it until November. If this nonsense doesn't change from now until then, then I am out.
WahXinny
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@rev214us, What Mike's saying makes a lot of since. Higher volatility is normal in nascent and/or lower liquidity markets. It's the risk premium you pay for the potential reward. If it's too volatile for you best to leave rather than wait in November because it will likely be a whole lot more volatile because it is currently BOTH nascent and relative to traditional financial markets, lower in liquidity.
kardia
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@vees, I have no problem with volatility. I know how to trade.
WahXinny
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@rev214us, Great to hear. Saddle up. Is a market manipulated if it is free to the whims of the forces of its participants, or is it manipulated if regulations tightly control its capital flows? ALL markets are manipulated. Perspective.
kardia
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@vees, I guess you aren't aware of what's really going on in this market. When you learn how to read price action you can see very clearly where the manipulation takes place. Yes, every market has this problem, but this one is far worse than any I have seen.