Bitcoin and cryptocurrency trading thread

Garpal Gumnut said:

Thanks rock.

I must admit, were I to buy crypto, ETH would be my choice.

It ticks all the boxes for me including "staking" ability.

gg

Click to expand...

A bunch of other crypto's operate on the ETH protocol also.
It seemingly was also FlippeFloppeFlys choice as seen in @ducati916 posts.
I believe FFF added every month, regardless of price on a long term basis.
I'll take the added risk my choices provide.

If we thought the stockmarket was looking propy how does Crypto look at the moment ?

$1.9 trillion wiped off the market as cryptocurrency prices go into free fall​

Cryptocurrency has shed half its value since its November highs and there are fears it hasn’t even hit bottom yet.

Alex Turner-Cohen

@AlexTurnerCohen

3 min read
January 24, 2022 - 9:24AM

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Bitcoin has had a horror few days, with the blockchain’s price sliding by 20 per cent in the past week.

The coin’s current 24-hour low was a staggering US$34,784 (A$48,300), representing a decline of 50 per cent since its November all-time high of US$69,000 (A$96,000).

In all, the cryptocurrency market has lost US$1.4 trillion (A$1.9t) in just two months since its $3 trillion combined market cap last November,
On Monday morning Bitcoin had dropped a tiny bit more, down by 0.1 per cent, now sitting on US$35,239.47.

In fact, Bitcoin’s year to date returns are minus 24 per cent — meaning if you invested at the beginning of the year, you’ve already lost a quarter of your cash.
Other top-ranked cryptocurrency are also feeling the sting, with the second most valuable coin, Ethereum, down by 27 per cent compared to last week.

At time of writing, the ETH blockchain was trading at US$2,413 (A$3300), an almost 30 per cent drop since the start of the new year.
Cardano and Solana and have also fallen drastically over the past seven days, plummeting by 23 per cent and 34 per cent respectively.
BNB Binance is down by 26.5 per cent, Ripple XRP plunged by 22 per cent and hypecoin Doge is suffering a 21 per cent loss in a week.
And experts say it’s going to get worse.

Bitcoin’s price over the last week. Picture: CoinMarketCap
Head of research at Melbourne-based market analyser Pepperstone, Chris Weston, told The Australian that nobody was piling in to buy crypto because it doesn’t seem like easy gains are on the horizon.
“It’s just going down and down, and you’ve got to ask yourself, why would you buy now?” he said.
“You don’t buy when it’s going down; you wait for the price to stabilise.”

The finance pro said that he expected the coin to dip below $US30,000 (A$41,000) before it lost its downward momentum.
He wasn’t the only one to think so

I’m not into crypto at all but if ever I was to throw my own at it, I’d want it to fall a lot further than it has so far.

@Joe Blow can we just have one dedicated bitcoin and/or crypto thread? I've posted in both

over9k said:

@Joe Blow can we just have one dedicated bitcoin and/or crypto thread? I've posted in both

Click to expand...

This one seems to be the main cryptocurrency trading thread. The other one is a more general Bitcoin price discussion and analysis thread (i.e. you don't need to be trading it to comment on it). The both seem to be different threads with different purposes.

over9k said:

@Joe Blow can we just have one dedicated bitcoin and/or crypto thread? I've posted in both

Click to expand...

Sorry I posted this on the other thread. Probably should be here.

BTC has shown some resilience over the last 24 hours but is now showing a descending R angle triangle with the red volumes on the downside.



gg

Some context:



Read the graph carefully

Thanks for the direction Joe.

I am schooling my son on charting using the BIT/USD. He is familiar with the use of bitcoin, so transactions of crypto are commonplace for him. I suggested he dump his profoundly underperforming Vanguard holdings and have a fiddle with crypto as a trade.
Charts are charts, patterns are patterns, it is all the same. I have no interest in crypto, I have enough to go on with, in the stockmarket.

I emailed him four charts for BTC/USD today and thought I would share them here as well. It was the five-minute chart, the 1-hour chart the weekly chart and the monthly chart. I suggested he have a look at the daily chart himself and find the levels of major drops/rises and assess where there may be support/resistance levels.

So is crypto back on the menu yet? Can we all start hoping our respective asses are going to start healing?

Having a punt on AXS Axie Infinity
63% staking rate.

As for the menu ...

Another chart I have drawn for my son. I am now looking at Volume spikes as a potential for trading by drawing a horizontal line from the EOD spike day and using it as a support/resistance line. I have no idea yet if they will be of any trading value but time will tell.

I am not sure how many people on ASF have been following the protest movement in Canada, but one of the many startling actions that have evolved since Trudeau declared his state of Emergency has been the demand that financial institutions freeze the funds of people the Government name. This includes the wallets that contain crypto currency.

Deputy PM Chrystia Freeland: "The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions and accounts have been frozen and more accounts will be frozen."

Click to expand...

So, how do you stop the ba$tard$ just confiscating your digital currency.
Canada, the new Autocracy.
Mick

Ignore the funnymentals and talking heads. Follow price.

BTC/USD looking awesome here in my opinion. We finally have a structural shift to the upside - a reason to look at going long! My area of interest for longs would be the grey box. Keep an eye out! Don't fall for all the nonsense about crypto being more risky than any other asset class. More volatile - yes. But, volatility is not risk. If you buy anything at the wrong point - you're due for a bad time. Crypto's are just another tradable financial instrument.

Keep your risk low and have at it, if you so choose.

@Cam019

Could you post some volume or momentum indicators with your BTC chart or is that all a big secret.

gg

No secrets here. I don't use any 'indicators'. This is how my charts look all the time. Nothing is hidden.

What more do you want to know GG?

Cam019 said:

No secrets here. I don't use any 'indicators'. This is how my charts look all the time. Nothing is hidden.

What more do you want to know GG?

Click to expand...

I prefer to know on a chart whether 40 or 400,000 bitcoin were sold down or bought up on any ole trading day.

I suppose I am old fashioned.

Do you have a chart with volume on it. It makes it more meaningful.

Just asking for a friend.

gg

Garpal Gumnut said:

Do you have a chart with volume on it. It makes it more meaningful.

Click to expand...

I don't - but I'm sure TradingView does.

A thing of beauty.

Updated BTCUSD chart. Price now back in the most recently created demand zone.

Cam019 said:

Updated BTCUSD chart. Price now back in the most recently created demand zone.

Click to expand...

BTC/USD

This chart is a thing of beauty.

Daily demand zones have held beautifully.

Watching for the upside liquidity runs to destroy all the short sellers who think this chart is going to zero.

There will be carnage.