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getting back below 32400 price likely to speed up selling, bulls will need to cover for over margined positions
Bitcoin price discussion and analysis
- Thread starter greggles
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getting back below 32400 price likely to speed up selling, bulls will need to cover for over margined positions
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mcmansion team to the rescue, nice impulsive bid
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Broke through, now break down....
All (most?) cryptos are going for a tumble again. Gold slightly up.
What a freakin roller coaster !
5 hour bars chart. Nuts.
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Yup. Crazy. My EA exited yesterday. Locked in +8% of my account, but that was down from +15% I had in open profits. Unfortunately I got stopped out on a few false breakouts with ETH which negated my BTC win. Oh well. Thank God my EA was also already out of gold lol. My EAs are long only right now so im not catching the ride down but that would be a good play.
this is candlestick patterns and forex type of stuff... i don't believe that works . the people who make money seem to do other stuff .
it's now harder for bitcoin to double in price now as it's gone much further , so short term trading may have mangled it for you. bitcoin is or was an opportunity to make great gains , for those who built up their positions earlier(can get multiples ). my impression is that short term trading on bitcoin isn't worth it (it's potentially in its infancy, unlike euro etc)
i don't understand mate, candlestick pattern stuff doesn't work? You mean technical analysis? My system runs on a breakout of the highest high over (x) period on the chart. To say people don't make money on that would be very wrong ... Donchian was famous for making a bucket load of money off that over many many years. i'm just working a trend following system. i'm not looking for patterns in the charts just breakouts of price.
i'm also not sure its fair to say short term trading on bitcoin isn't worth it? qldfrog made great gains. others did too. I also added at least 15% to my account using a 4H chart. Are you saying that those who bought a bunch of bitcoin in its infancy, who built up their positions earlier, made great gains? well obviously. if i bought and accumlated Apple stocks when it was a penny stock I would have made money ... not really sure what your point is? people could have built up a position earlier .... and it could've gone down? again, not really sure what your point is?
wayneL
VIVA LA LIBERTAD, CARAJO!
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Risk reward has definitely altered with this latest move, but the overarching question still remains what is the downside and what is the upside?
If anyone considers that the downside of Bitcoin is 0, then then one must consider the upside as a million dollars, still a pretty good risk-reward proposition in my opinion.
If anyone considers that the downside of Bitcoin is 0, then then one must consider the upside as a million dollars, still a pretty good risk-reward proposition in my opinion.
no i'm not too convinced about standard tech analyses and breakout trading in forex majors , using all the common stuff online/books. that would be too easy. and i've followed some people in these threads (and my own experience) , and it didn't work for them (capable people ). there is more to it i believe. the people making money seem to be looking at market depth etc ...
if it goes to 120k, or 80k in the near future, it's still a great instrument for investing. but getting in earlier at 20 k is so much better ...
not long ago it was a lot easier for it's price to double/triple etc . but short term trading gets you out. just my thoughts, that's all.
added: frog's recent gains seem to be from investing. bitcoin is great for that. but do whatever you want to
wayneL
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Agree.
Any instrument subject to government intervention doesn't seem to really respond well to technical analysis at all in terms of trading... Not short term trading anyway.
I love technical trading and it does work for me but Bitcoin comes into the basket of macro investing, even if technically it is not really subject to direct government intervention.
I do my gold and silver investing the same way, no short-term trading, taking positions when I think there is a clear long-term positive expectancy.... Like, years.
people definitely do it, and do it well. plenty of big fund trend followers trade over 300 markets, which includes FX. i think its naive to think that people don't use technical analysis to make money in FX .... the fact that people here who focus mostly on stocks don't do as well on FX shouldn't really be an argument against TA in FX ....
I'm also using the Donchian system right now. It have found it is better for commodities. A lot of testing, backtesting, forward testing, has show it has worked. It also worked for Donchian himself and many of the people who learned from him. So again, I'm not really sure why you think it can't work? If it's not your style, its fine, don't use it. But declaring it doesn't work because you don't like it isn't much of an argument. The way duc trades is not my style, but he is great at it. I don't claim his way doesn't work, or that any macro or fundamental analysis doesn't work. Duc uses his macro analysis to great effect.
Obviously getting in early is much better. Aren't you just falling for a hindsight fallacy? Also can't make any on an investment if you don't get in at all, waiting for it to drop to a price you think is better. I also haven't seen any propsoal on how to get out of a trade? A lot of about getting in, but if not for technical analysis or using a defined system of rules like the donchian system, how are you defining to get out? Or is your strategy just to buy and hold?
is that trading or investing? or wealth building?
To be clear, I'm not opposed to long term investments.
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Obviously i made gain from purchasing one bitcoin over the years small bit by small bit but since putting 8k extra in november i have double it by both overall price increase but also by using buy /sell on the yoyo price.volatility is incredible...can be used?
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12 January 2021
Bitcoin starts at 8:50 minutes in
11 January 2021
Last edited:
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Cut from one of his earlier podcasts
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In what universe can you live without food, energy or assets?
Indeed and there's the problem with inflation data, it excludes the most critical things which actually cost money.
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Yep
My house price went up 10%+ this year
My LPG bottle price went up over 15%
Private health insurance up 10%
The CPI basket with a banana doesn't reflect that
2% cash rate at a bank is what Michael Saylor talks about, it's a melting ice cube. You need to be getting around 15% pa return to keep your head above water, then you need a return on top of that.
My house price went up 10%+ this year
My LPG bottle price went up over 15%
Private health insurance up 10%
The CPI basket with a banana doesn't reflect that
2% cash rate at a bank is what Michael Saylor talks about, it's a melting ice cube. You need to be getting around 15% pa return to keep your head above water, then you need a return on top of that.
if tech analyses works for you with forex short term trading, then u likely weren't doing the common tech anal. stuff out there. but something else like using corelated futures contracts and volume spread , and looking at depth etc (judging from your other posts)
it helps if a person is in the right direction from the start.
nah i don't' think the simple stuff works in forex and i've defiantly got nothing against it. i just regret the time i lost learning it, i've applied myself at learning in many things in life and i always got something back, but not with forex unfortunately. can't comment on long term trading though (forex)
bitcoin though is diff. might be destined to do a great run and so the easy tech anal. stuff might work way better, so you'll see. but it's also potentially great for investing, and even better before of course (since it was in its infancy)
