Bitcoin price discussion and analysis

[BlindSquirrel]

Not strictly BTC related
There are so many bullish set ups playing out on USD pairs at the moment.
E.g.

Also check out DOT, SXP, LTC.

 

[over9k]

If you're interested in just buying crypto in general, RIOT is a nice way to do it, especially with the long term downwards pressure on power prices thanks to the shale revolution.

 

[gartley]

Any more bulls continuing to buy the dip..........

 

[over9k]

There probably is, but it looks like it's still dropping.

 

[againsthegrain]

There probably is, but it looks like it's still dropping.

Looks more then the usual monthly dip

 

[over9k]

Hence my statement about it "still dropping".

 

[Joules MM1]

i was asked my pov on trading $xbt
i have a STO
so i took pos, started with charts largest to smallest then to most workable frame that gave (me) the best workable
landscape
tradingview charts are historic upto today, jpegs are static once printed (unalterable)

larger picture where a clear signal generated in the largest trend:

https://s3.tradingview.com/snapshots/p/pJOPoP02.png

that includes likely downside targets

i waited till there was a clear signal from a channel formation, pos taken

https://s3.tradingview.com/snapshots/n/N9YpEB0I.png

the idea here was a narration of likely series that would say to exit the position
the point of the exercise was about training to have them see way to interpret price

keeping context, likely target, framing the mechanics

https://s3.tradingview.com/snapshots/6/6MFLvY0p.png

as each series of trades unfurls, keeping in mind that "one group of trades, or one single trade, is unrelated to the next"
yet how can a construct operate if that assumption is true, the market as a whole has a mindset it is following
and has no choice in the matter...

https://s3.tradingview.com/snapshots/c/C1wWdGOH.png

and here we are, a clearer picture at hand, within the confines of price structure, the auction has all the information required
clearer as in the levels (i) sited only offer orthodox levels other players watch, it's the construct that's telling the story so far
and the money that moves is either selling into the strength at the top of the threes or not active at all
so that tends to define if a player is going to be a believer in a larger trend (the mania is long-side in this) or you are going
to be active and manage the levels:

https://s3.tradingview.com/snapshots/4/4DLR40qb.png

a rolling perspective, you may find useful

 

[gartley]

Based on the pattern there was no reason to be looking for longs on this. Buy the dip because it fell a certain amount last pullback isn't good enough. As soon as we start to notice repetition, that's when the market will do something different. Every juncture is unique...

 

[Joules MM1]

about the expanding channel
the channel is expanded to reflect where the centre of the channel is likely to attract bounces-to,
the base is also a sloping execution level for me and likely to be the level that a cascade trips thru, that takes on a whole different construct

https://www.tradingview.com/x/9Lqu5fFy/

when price bounce thru the centre of the channel (regardless its size or level) that's the first time to reconsider how that
bounce has formed in term of construct and use that construct from the base of the channel to set get out levels for STO's

also note in the first larger chart i denote price had rotated on a very large inverted 127.2%
the price action upto that level almost fits an ending diagonal wedge but its the inverted ratio that did the damage
(and usually does)

 

[Joules MM1]

side note
the bargain dippers and the wanted-more-but-my-cupboard-is-bare dippers are largely quiet today
and the told-you-so crowd is on its feet in the socmed world

once the negative crowd is all you can read/hear then a puke sell is likely to find a substantive low

no rush, sells dominate (until they dont)

 

[over9k]

socmed?

 

[gartley]

BTC moves seem to be preceding moves in the indices of late.
Turning attention to them for now and waiting for a weekly sell confirmation to hopefully generate. Unless signal is skewed by further central bank manipulations....

 

[Dark1975]

This current 20% correction of btc may form the second leg down with in 5-8 day time frame which will correlate to the past three previous 2nd leg downs as attached on chart, then continuing to test new highs.
I wont be trading against trend on the current bull run until i see more evidence.
Quite simply put , trade with trend, With cheap money printing / low interest rates , I will ride with crypto /digital currencies /stock and commodities .
Trade with a plan , trade with stop loss ,
This is not financial advice pls DYOR

So as predicted we are on our second leg down as the chart shows,
tho it broke resistance of 68373,
i will look to next resistance level of 57 199
currently atm standard 24% correction ,
i will only rechange trading plans if support of 57199 breaks,
Currently im adding,
As media would love you to believe the sky is falling,
tho instition /large day traders will be buying up now.
Expect more selling off over the weekend ,
tho confident 57k will hold.
After i expect a resumption to the upsides as we continue in this bull run.

 

[ducati916]

The pessimistic view: either a 20 handle or an 11 handle.



jog on
duc

 

[noirua]

However, there is a possibility that the recent drop has its roots in the $1.55 billion options expiry set to occur on April 23. As previously reported by Cointelegraph, bears have a $340 million advantage below $57,000. That could also explain why pro traders kept a neutral stance despite the 18% dip over the past eight days.

Here’s why bulls aren’t buying the Bitcoin price dip to $50,000

Data shows pro traders are not buying the current Bitcoin dip as tomorrow’s $1.55 billion options expiry looms.

cointelegraph.com

 

[noirua]

As Bitcoin (BTC) lost the $52,000 support on April 22, the futures contracts funding rate entered negative terrain. This uncommon situation causes the shorts, investors betting on price downside, to pay fees every eight hours.

Bitcoin funding rate flips negative after $48K retest — Was it a bear trap?

Bitcoin price is more than 20% away from its all-time high, but the current negative funding rate on BTC futures might give bulls a unique advantage.

cointelegraph.com

 

[over9k]

RIOT wasn't effected, having an absolutely mental day:

 

[Joules MM1]

whats that skip, the whales are blowing after a 26% dip ?

nice bid construct

 

[Dark1975]

So as predicted we are on our second leg down as the chart shows,
tho it broke resistance of 68373,
i will look to next resistance level of 57 199
currently atm standard 24% correction ,
i will only rechange trading plans if support of 57199 breaks,
Currently im adding,
As media would love you to believe the sky is falling,
tho instition /large day traders will be buying up now.
Expect more selling off over the weekend ,
tho confident 57k will hold.
After i expect a resumption to the upsides as we continue in this bull run.

So far the BTC chart has followed exactly as i have charted previously, It has held above the 57k support,
Although on the daily time frame is still bearish, If you pull back out to the weekly timeframe the sediment is bullish ,
If BTC breaks 68758 we are off to the races

 

[Dark1975]

oh the sky hasn't fallen down, Where did all those bears go
Btc just broken 68 758, It's off to the races again,
Another healthy correction of 24%,
cheap money low interest rates ( gatsby era )