The carnage might be over folks - fingers crossed. I think the bottom's in and I'm in good company with Tone Vays expressing similar sentiment in his latest vlog earlier today. Now Tone's a Bitcoin fanatic to the point he thinks all other coins are shit, but he's far from a perma-bull. In fact, he's one of the few people I ever see posting actionable sell-side analysis and he's been bearish all the way down. He's also a Big Swinging Dick - that's trading lingo for someone who moves markets ...
Though BTCUSD finished Friday lower, sellers were rejected below the Falling Wedge bottom I highlighted in my last post and this support has held staunch again today:
Pair is currently slightly up on the day and bulls will be looking to take out yesterday's high at 9213. A break above there would add significant weight to the case for a bottom and bring the key $10 000 level back into focus. This level is extremely important from both a psychological and a technical perspective, as the 50% of the historical range lies just short of there at $9 991.
Short term support is today's open at $8 890, with major support below there in the 7400-7900 zone. A breach of 7400 would not be good at all and would invalidate my cautiously bullish bias. I'll be honest folks, if 7400 goes, there's a chance we're all fucked and the party's over. I don't think this is likely, but someone's got to say it ...
Anyway, things are looking pretty good for the moment, let's see how this pans out. Keep your wits about you and only trade and invest money you can afford to lose.
this is a log level chart of the total crypto marketcap over the last year:
To me that looks just like a healthy correction and no bubble burst. What do you guys think?
I think that is the most beautiful chart I have ever seen - thanks for the perspective :)
Beautiful
Can I please get that full size buddy? Edit: dw - it's big if I copy link :)
I'm new on steemit, so I don't really know how to post it differently than i did. Or what exactly do you mean by full size?
It's all good, Steemit just makes comment pictures heaps small, but if you right click on them and copy they come out full size :)
Got it :)
that's because it's a cut out from https://coinmarketcap.com/charts/
Hey Bulleth, This is the first time that I have come across you / and therefore obviously your charts. I am very near the beginning of my journey learning TA and so will follow you in the hope that I can learn a thing or two. I have been watching Tone Vays videos (amongst others) and am starting to get my head around some of the aspects of chart reading. From the little experience that I have had in this space so far, I agree that although Tone is a die hard one eyed BTC fan, he appears balanced / realistic in his opinions towards the coin.....(though he is obviously very very convinced that ALL other coins are, in his words shit.....which in my mind does possibly bring his sanity into question :) Anyway here is hoping that your analysis is on the button, I look forward to finding out and following to see what future assessments you make. Cheers J.....as a P.S. can you think of any reading or resources that you would recommend for me to have a look at?
Hi Jeff - thanks for the comment and good luck on your journey into TA :)
I highly recommend you follow my friends and colleagues from the forex world @forexbrokr and @furious-one. I'm actually a bit of a strange case as I've never read a trading book, just learnt everything on the fly over the years from a bunch of online sources and other analysts and traders. Reading a book is probably uicker and less painful, but I can't recommend one sorry.
Hey thanks for such a speedy reply, its really late here (Tonga) so I have bookmarked the two links that you sent and I will check them out in the morning. Cheers J
No worries, I have a backlog of comments I need to reply to in previous posts so trying to handle the good ones in this thread as they come. Also in Asia so understand - have a good night mate :)
The year chart is kinda scary on bitcoin, heres hoping feburary provides a positive trend!
wow...!!!what a nice post @bulleth ... i like yourTone Vays turns bullish as Bitcoin finds wedge support post. thanks for share the post.
What did you love about it?
bro follow me .. I already follow u and helping u generate money.. keep in touch :)
Will dump more
I'm going to start flagging comments like this ...
I do this for a job - do you? I provide solid technical reasoning for every call I make. Eth from a hundred, EOS from 50c, Bitcoin from a grand.
If you're going to to disregard my years of experience in the field, at least provide some bloody counter analysis.
Yeah man ! Down days now just because of the FUD . but slightly the coins started dancing green now , hope I would move more . Just HODL works now
Hope this isn’t the “chasm” 😳
If 7400 goes, we still have the 78.6 fib, but it's not til $4300 and I'd be really worried all the way there lol
Besides the fact, that I can´t trust someone who is a "Bitcoin fanatic" 😉I also think, that BTC has reached it´s bottom for now. It feels like everyone really urges to see green again and there are very bullish signals all over the altcoins too.
Ilike
Hey Atmos, yeah I think we are good ... I wan tto see a HUGE engulfing candle when I wake up tomorrow. Fingers crossed.
The beginning of this year has been tough for crypto currency
Hi guys! Just a newbie question. What platform are you using to check the support and resistance? Thanks
Hey mate and sorry I've been meaning to reply to your comment in my last post too - tradingview.com is ultimate :)
I've been following your TAs :D Thanks!
It's necessary continue the recovery movement to cancel the last low pivot.
Let's hope it all goes well
Good
Seems like we have bottomed out, i dont think we will go back to 5k
i think you nailed it. perfection nice perspective. Tone vays call too absolutely on point. thanks
Thanks Willy, much appreciated.
I'm pretty much new here. A follow back will be appreciated. Thanks i love steemit and all the beautiful people in it
Good chart analysis and, however, as I would not expect to see a drop in price below $7500, but even if so, the value of Bitcoin will not decline. Long term HODL
Go back in time and try to remember where you heard this from. I’ll bet it was either another person who didn’t know what he was talking about or someone trying to sell some financial advice (ie someone who makes money selling a financial product).
Think about what you are saying. Go ahead and tell yourself what it is you are saying. You are telling g yourself you will lose the money and you can afford it so it doesn’t matter. You are setting your intention to lose that money. Lol.
Maybe you should tell yourself to invest with an amount of money that you are comfortable with.
You obviously didn't understand what u even quoted it doesnt mean"you are telling yourself you will lose the money and you can afford it so it doesnt matter" you're actually telling yourself "i could make profit out of this but if i eventually loose it i wouldn't be much affected because it isn't my life savings
lol CFD brokers don't put that on their websites to get you comfortable with losing ... they put it there because they have to by law. No one should trade with money they can't afford to lose. Flash crashes happen.
PS you've been flagged for trying to school a professional with self-voted nonsense.
Not understanding basic English. The law also said racism and slavery was ok too. I bet if you were alive you’d be fine with that. Go get the sand out of your vagina fag
I understood perfectly - you're an idiot. The fact that you've said I don't understand basic English, expressed a dislike for racism and slavery and called me a woman and a fag all in the one comment confirms. You just got a hate speech and idiot flag too :)