Bitcoin price discussion and analysis

[CanOz]

An auction is an auction....

 

[kid hustlr]

Auction is an auction. I agree.

Admittedly lows can come in many forms, I’ve seen lows print in a similar fashion to that chart. It’s not always a climactic move

 

[Joules MM1]

Problem is that there is no genuine way to determine what a low price is, its crypto and basically worthless - and yet its not...whats fair here????

youre using a different language to question what has already been made clear


if you think of all trades as balanced (they are) then all transactions as genuine (they are not, it's called intent) then you'll see Can's call is correct in so much as value and worth are derived by consensus at the time and place of supply v demand within the auction .....in simple terms

value is ethereal ......if you made a thousand cars that ran on steam and could go top speed 19k/h
you would not sell any at auction in 2018 but in 1818 the auction would have had millionaires from the world over bidding so that means that all constructs of value and worth must be measurable at the time and place of auction, by consensus. even tho the worth and value are measurable those measures are defined by demand not as some 'genuine' universal truth

poppies are tangible and their value fungible, currencies no different

the difference between demand overrunning supply and demand withdrawing from taking supply is
not a single construct simply because the size of transactions in any single price level is rarely if ever repeated and the psychological value (has already) fluctuated when that same price is revisited, while the printed bars can look the same they do not print the same volume and to some extent volume is ethereal too simply because it only relates to the people who have done their business but may not necessarily relate to the people who are waiting to do larger/smaller business at a slightly different price level ......for me this basis for knowing trend and the intent within the chop zones of that trend

a trained/experienced/schooled eye can see this printing and does not require underlying data to have at least an idea of price acceptance or rejection .....of course we're into the vocabulary of the definition of what makes acceptance and rejection

the most that a trader can get from any presentation of printed supply and demand via volume (where the volume printed, sometimes; when the volume printed) is to lower the risk but you cannot use the word genuine to call for absolute risk negation...this is also true of live presentation when the DOM will present fake bids ...fake prints are only fake in so much as trades are intended to draw in weak traders on the opposite side of the trade but these cannot determine trend

.....in the end the largest mass or group that creates trend will dominate price length and trend or largest direction .....

a genuine low is not knowable in foresight, it is merely an assessable risk level of assumption, the bars print this and a traders job is to interpret and give it context based on the bars employed
the trader needs to risk assess..afterall a puke into 30second bars does not mean you have a rotation in 30 minute bars or a trend rotation in a daily bar

how a low forms can tell you a lot about the likely hood of that price level being revisited

 

[Joules MM1]

currencies no different

before some muppet bangs on my head about that, we're discussing lows and how they print, what makes value ......so within the btc value ethos value is and always shall be fungible, if not funny

so.....dont @ me, k!

 

[CanOz]

Two charts - First chart is a classic TPO chart with the actual poor low marked. Composite profile on bottom since inception of the CBOE BTC contract "XBT", Note that i didn't even realise i had historical volume data for this, i took the reference off of a normal candle chart before i loaded this from my NT8 platform just now.

 

[CanOz]

I'd propose that the market had actually started to sell off in orderly fashion until the catalyst at 23:00 on the 12/04/2018. That volume spike is thin at best and is likely to fill in....

 

[noirua]

I'm building my position in Bitcoin very gradually. It does not matter at present, to me, whether bitcoin goes to $2,000 or $50,000.

 

[Wysiwyg]

CanOz can you define Poor Low Poor High, Weak Low Weak High please?

 

[CanOz]

I just did, back one page....

 

[So_Cynical]

An auction is an auction....

Ok thanks...its an auction.

 

[noirua]

The only alternative and a bit expensive:
https://cryptocurrencyfacts.com/understanding-the-bitcoin-investment-trust-gbtc/

 

[Wysiwyg]

I just did, back one page....

Places where value is rejected or accepted. I'll delve a little further on line. Point of control area is another interest.

 

[CanOz]

XBT tags the NPOC (Naken Point of Control) to the tick...7940 is the key reference now.

 

[noirua]

Billionaire banking heir Matthew Mellon dies in rehab, aged 54
Billionaire banking heir and cryptocurrency investor Matthew Mellon has died aged 54, reportedly at a rehabilitation center in Cancun, Mexico.
https://www.telegraph.co.uk/news/2018/04/17/billionaire-banking-heir-matthew-mellon-dies-rehab-aged-54/?li_source=LI&li_medium=li-recommendation-widget

 

[cclarkedi]

Bitcoin price is volatile, that's true. It goes up and down all the time. I am following the news and believe that the price will grow in future. Popularity of bitcoin increases which means that the demand for it will increase as well.

 

[greggles]

Bitcoin and cryptocurrencies in general seem to have fallen off the radar of the mainstream media recently.

However, the bitcoin bulls have been in charge over the last month and BTC looks to be heading back towards US$10,000.

 

[greggles]

However, the bitcoin bulls have been in charge over the last month and BTC looks to be heading back towards US$10,000.

Bitcoin's fortunes continue to change rapidly. In a little more than a month, the Bitcoin price has fallen from around US$9,800 to US$6700. The price collapsed on fairly heavy volume a couple of days ago from US$7,650 to around US$6,700.

 

[Kryzz]

Bitcoin's fortunes continue to change rapidly. In a little more than a month, the Bitcoin price has fallen from around US$9,800 to US$6700. The price collapsed on fairly heavy volume a couple of days ago from US$7,650 to around US$6,700.

View attachment 87770

Be interesting to see what happens from here around the $5k-$6k. Seems to have been well supported to date.

 

[greggles]

Be interesting to see what happens from here around the $5k-$6k. Seems to have been well supported to date.

It seems to have found some support around US$6,700. For now at least.

 

[greggles]

Currently at US$6442 and at 2018 lows. We're now back at November 2017 prices. A break down through US$6,000 would be troubling.