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BTC Update! Making sense of the significant move!Wow. BTC sure provided the most excitement probably all year yesterday. So lets do a quick recap and try and see where things are shaking out. Had our initial triangle BTC was inside for 3 months (end of June to end of September) This finally broke bearish and began the trip down towards what I was calling a critical support zone roughly at 7400-7750 We saw three touches at the top of the support zone before going into what I was watching as a slightly bad looking but possible head and shoulders pattern H&S confirmed and broke bearish to send us down to the bottom of the support zone and even about $100 under. Price then danced around the bottom of zone for about 36 hours (7400-7500 range) and the bulls held support Then blast off. Massive bull volume poured in and BTC price took off. Sending price from 7400's to 10,500 in under 24 hours. I was initially watching bottom of our triangle for resistance which was around 9600-9700 or so. Price did initially reject off the bottom of triangle to retest 9k and then blast off again to over 10k. Price did run out of momentum once above the bottom of initial triangle and we are now sitting down around 9200. So from here... bulls looking for a higher low which should be of zero concern in setting/finding. Ideally I'd like to see this well above 8500. EMAs will start catching up here which would be ideal for the bulls. Allows everything to calm/cool down and then prepare for next leg up. High of yesterdays top (some may say its a blow off top) was $10,540. We had some massive volume and some big time FOMO for those caught off guard which allowed some pretty extreme price action with shorts covering, FOMO kicking in, everyone pushing price the same direction. I would not be surprised with a much slower trading weekend. Dust settles. Monday hits and media once again picks up the topic of bitcoin, ideally setting up for some more FOMO and to get the next leg up. Bulls now must defend those lows down around 7400 and ideally never retest there again. I've eye balled this 8400-8500 area as being fairly critical. We had several tops/bouncing around here over the last several days with resistance initially so ideally want that to hold as future support. 9k will be the next level I'd watch. Psychological number and thus far bulls held it by $15 showing they'd like to set that as their higher low but we shall see how the weekend shakes out. Sorry for long write up but one exciting day in the market. Hopefully anyone following along was able to accumulate down in what I was calling our support zone of 7400-7750. If you sold at bottom of triangle around 9600-9700 to take profits then all the better. Can now look to refill down here as BTC seeks to set its higher low and ideally move for higher highs to begin the stair stepping up process. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
Sometimes it's not trading which is the winning strategy....We've all been there.... - An alert on your phone draws your attention, "GBP USD up x%" - A news story comes out; in this case "Brexit Breakthrough" and before you know it the markets are going nuts. - You scramble on to the charts to take a look at the action and Holy Moly things are going UPPPPP!!! Naturally your eyes ignore all of the indicators on the chart, and it is natural. I think much like how we read words (We see the shape of the word not the letters which make it up), we see the chart and the big reward, not what could be happening. - We jump into the action, ignore our pattern recognition, ignore our indicators, ignore our structures and well.... at that point it's plain old gambling not trading. - Now, on this occasion as the chart shows, you might have been alright, the pound is shifting up, but it's shifting up on Brexit speculation, big banks buying the pound and news reporting after the fact, not because your strategy tells you you should enter. What happens tomorrow, if there is no Brexit deal? What if you entered now because it looks amazing, nothing more and tomorrow Brexit is off? You lose. - I know, I've been there. Trumps Presidential victory I played the short and the long which happened and made one of the biggest losses of my trading career and all because I was trying to 'catch the wave' through fear of missing out (FOMO) and got it wrong in both directions. - This fortnight, I missed the pound's massive surge, mainly because my capital was committed to other pairs and stocks and I have strict rules on how I allot my capital. And I made a comfortable profit on my other trades; not as much as I could have made on the pound, but the point is, I profited because I followed what I had learned and made a measured, relatively smaller risk trade. And when I looked at GBP USD, my response was, "Okay, I missed it; onto the next one". - In our trading lives we will all have the occasional monster of an opportunity, but as we know, most trading is waiting around for things to happen, getting in and then.... waiting for more stuff to happen. These sorts of big trades are rare and I can guarantee you, the best trading strategy in the world will also not stop you being on the wrong side of them also once in a while. It's just the way of things. Better to follow your strategy and profit when your system tells you to. - FOMO is real people, make sure you're entering for the right reasons!
Education
by StocksForexPro
2
NKN binance listing HUGE FOMO ?NKN Potential HUGE FOMO because new binance listing token. Price action Exponential Growth of token. Really hard to predict end of NKN bullrun maybe 1000 sats psychology level. Potential Retest double top binance price 909 sats. Price action (PA) of NKN hold above green support trend line . Above EMA 21,50,100,200 periods uptrend. HUGE Bullish Volume increased confirm bullish price action. Pattern: Breakout of Ascending triangle upper. SL hunt to 0.5 fibs level (pullback). Exponential growth. Indicators: MACD bullish crossover above zero line. RSI above 50 points. Bullish sign. S/R: Support at 500 Major Support 378, Resistance 670 sats . Major Resistance psychoology 1000 sats. Disclaimer: THIS IS NOT FINANCIAL ADVICE. All the information shared here is for learning and entertainment purposes only.
NLong
by blockchaintrends
1
NKN binance listing FOMO ?NKN closed above EMA 21,50,100 and 200 periods strong bullish trend. Potential FOMO because new binance listing token. Price action pullback to 269 to 0.5 fibs retrace. Huge volume spike and price to 388 at Binance listing. Psychology resistance 500 sats. Price action (PA) of NKN hold above green support trend line. Bullish Volume increase confirm bullish price action. Pattern: Breakout of Ascending triangle upper. SL hunt to 0.5 fibs level (pullback). Indicators: MACD bullish crossover above zero line. RSI above 50 points. Bullish sign. S/R: Support at 268, Resistance 500 sats. Disclaimer: THIS IS NOT FINANCIAL ADVICE. All the information shared here is for learning and entertainment purposes only.
NLong
by blockchaintrends
Spitting Thoughts - Levels are too obvious #AUDUSDIf you are reasonably an experience chartist and there is a LOUD and OBVIOUS level (respected level), chances are that we as a retail trader would trade it according to what history showed us. The history showed that price respected the level and went the other way (did not break it). I am no conspiracy theorist, but logic states, since 90% of retail traders lose money, then why would you trade what the other retail traders see? I admit, I myself loves levels like those, it's a chance to trade reversals. Now, I don't think I regard myself as a reversal trader as I tend to ride the trend but I also hate level breakout trades. What I tend to do moments like these, though as you probably read in my other posts I tend to mistime my entry or missed my entry, I wait for the respected (AND LOUD) levels (minimum twice in the past) to be broken and then I will look for a "reversal" signal.
Short
by sufiansaid
3
Spitting Thoughts : I missed the XAUUSD setup and FOMOI shorted XAUUSD based on one of my trading setups. There was a signal on Wednesday, I shorted it and got stopped out. It's fine. I traded based on my trading plan, I didn't unnecessarily interfered. As far as sticking to the trading plan/discipline is concerned, it was a non-event. Losses happen.. big deal. While my parameter suggested it was still a bearish bias, I accidentally missed out another valid bearish trigger yesterday. And boy what an intraday move that was. FOMO juices were flowing I have to admit. I've learned the hard way that FOMO is bad news (duh!). I have been a trader for almost 11 years, it still STINGS to miss a move (a move that your system would've caught by the way). Looking at the bright side though, your trading parameter gave another successful trade so that's a nice "consolation". Moving on... P1 activated, I am technically bullish for XAUUSD. However, I am anticipating the pair to move lower as illustrated on the chart.
OANDA:XAUUSD
by sufiansaid
Careful Zone::Caution Ahead:: .5 Fibonacci has been a reversal zone out of these bear flags. We've had 3 bear flags as you scan see making a symmetrical or downward triangle. First one was a reversal to upside. Second one to downside as bearish trend continued. Third one? May not go to 11.5k like people want. Don't miss the trend line below that that also is acting as resistance. 4 Hour MacD shows an area of commonly topping out. Our long term uptrend we had as support? Now it's being tested as resistance. (red lines) Oh and BTW we're kinda sitting in a rising wedge . Bull Trap?
BITSTAMP:BTCUSD
by pacman7331
FOMO Is Real In $REKROne of the biggest problems newbie traders face is FOMO - the fear of missing out. Case in point is $REKR. Now, we get in at $1.20 and rode it all the way to $5.50 a share. We saw the resistance at $5.50 and new that was where to exit. On Stocktwits, a lot of traders are chasing $REKR looking for the next move. In all honesty, the move has already happened. We got a 358% run in 2 months. For traders to look for more is just pure greed. What $REKR does here at $4.20 is anyone's guess. We will say the $5.50 resistance is very strong and in going long, where does one put a stop? Below the 20, 50 or 200 day moving averages? This is too much risk in our opinion and not enough reward. Traders need to avoid FOMO and look for better trade setups. That's what we do. Good luck to all!
NASDAQ:REKR
by InsiderFinancial
How to play the breakouts!?!Lately, there has been a lot of buzz about BTC! Will it breakout or not? In the end, it did not as we predicted with the accuracy of a surgent in our most viewed post till now that you can find in RELATED IDEAS. Here is a nice school example of how ETH does the breakouts and probably similar pattern will be played in the near future. We will write more about that in the next posts but for now, let's focus on the lessons. A double top has been a pattern that ETH forms quiet often. Probably cause of false hopes when people just wait for ETH to do the same run as BTC and then hope gets denied or to say it better - run postponed! It happened before (2017), it happened in the near past (2019) and it will probably happen in the near future. In order to get the best return in time (RIT) and not only the best return on investment (ROI), it's important to know when to expect the moon so a trader can optimize his or her positions. Actually, trading is not about buying at the cheapest price, but buying (or selling) close to the time when the price will move the most. So when is that? In this example, it's clear that after breakout retest! People usually FOMO when the breakout happens but history shows that in most cases it will be retested. However, at the point of best entry (RIT), some start to get scared that the breakout was not successful. Some might even sell in panic (FUD - Fear, uncertainty, and doubt). This post is made in order to remember what to do and how to work with your emotions (fear, anger,...) when we are close to breakouts. Buy the retest! Patience is always the key. Keep calm, use the knowledge and you should be fine. Take care and GL! PS: You can see Elliot Waves count in this example also, but let's leave that for some other occasion. For now, it is just important to know that in this example wave 4 needs to be higher than wave 1.
KRAKEN:ETHUSDEducation
by Samoto
2
BTC Historical Growth TrendI see people posting charts showing BTC following a horizontal parabolic trend (the curved green line) where the price of Bitcoin reaches a stable valuation several years in the future. I present here an alternate view showing a general growth trend (purple channel) that extends back to the beginning of BTC on Bitstamp and represents 150% growth year-after-year on average. There are moments of exuberance/hype (green channel) where the price skyrockets only to be followed by a crash that brings us back into the channel or below it (red channel). I've based this general growth channel on the steady 2-year growth from early 2015 to mid 2017. Now we are back in the channel, although note that we are on the high side of it. I couldn't tell you whether we go up, down or sideways from here but I think it's important to have an idea of the general growth trend of BTC while we are still in an early adoption period. What happens next depends on whether BTC actually has technical utility such that it reaches widespread adoption and whether investors see it as a store of value, has growth prospects or is just a pipe dream. From my perspective, I see a lot of talented and enthusiastic people putting their time and money on the line to develop the cryptocurrency infrastructure and drive the success and adoption of the world's most significant digital currencies. I include Ethereum and other important altcoins in this mix. There are sure to be more attempts at government regulation as well as more interest from institutional investors and retail trading operations. There are pros and cons of both probabilities. Personally, I'm excited about what is on the horizon and I'm excited to be a part of it.
BITSTAMP:BTCUSDLong
by quickshoe
3
BTC in a bear market till 2020!!! (Updated)So finally the FOMO has ended, what a wild ride it was. It honestly blew my last prediction by a few thousand, still not in comparison to the 2017 bull run by no means but the delusion was strong. To be honest the 2019 run never had the momentum needed to replicate the 2017 run, nor create a new ATH. By taking the DEC 18th 2018 low and drawing 45 degrees from it as you can see on the chart the price stayed below the 45 degree angle the whole time until yesterdays June 26th 2019 brief moment above it. In the world of Gann it is a big deal if the cycle started below the 45 degree angle and never even rose above, it means there was never any momentum in the first place. Without the proper momentum that means there was never going to be a bull market, there never was going to be a new ATH, and the FOMO never had a chance. So since reality has set in finally we can continue with the bear market we were always in, and will continue to be in till 2020. On the way down I do see a few potential areas that will encounter strong support and more than likely an attempt to revive BTC, one being at the 7226.06 mark. At that mark there are several things happening there, the first and most obvious is the 0.618 fib, which was drawn from the DEC 18th 2018 low to the June 26th 2019 high. The second interesting indication of strong support at the 7226.06 mark is the 8/1 angle (orange) from the previous 2017 cycle and the 3/1 angle (purple) from the current cycle we are in. They cross at the 7226.06 mark and create a time cluster, which in the world of Gann is something to always keep an eye on. The extremely interesting thing about that level is both the 0.618 fib and the time cluster are at the exact price of 7226.06, so that is definitely an area to observe on our descent down. Once we pass the 7226.06 mark, and I am highly confident we will, we should not have any more bumps in the road till we get to the obvious low of the DEC 15th 2018 bottom of 3122.98. This will also be another level where they will try to revive BTC and create upward momentum, in my opinion they will not be successful. If we do manage to break lower that the 3122.98 mark, we should continue down till we reach the 1754.78 mark, at this point we could be have finally hit bottom, if so we will have ended the current cycle and will resume upwards momentum. In the event that the downward momentum is so strong, coupled with FUD, and the desire to acquire cheap coin. There is a possibility we could go even lower that the 1754.78 mark. The next few targets I have identified would be 883.74 and 730.34. Either one of these targets are highly unlikely, but we have to remember with BTC anything is possible. Regardless the bear market continues and we will not have a chance to see the possibility of a bottom till around late February of 2020 in my opinion. I do think we will see some strong downward momentum around DEC 15th-17th 2019, but I just think this will be the final nail in the coffin that will give us that last mighty push downward to reaching the true bottom that I believe will come in February of 2020. Cheers all, happy trading...
COINBASE:BTCUSDShort
by UnknownUnicorn2804040
13
$14,000 - REJECTION OR BREAKOUT? UNBELIEVABLE MOVE TO HIT BTC!Bitcoin has pierced through every single resistance level without considerable cool down and retracement. The 0.618/($13,500) retracement level is the last level to be conquered. If we break through this level then prices like 20,000, 25,000 or even higher are probably due to the fact that the market is in an extreme parabolic phase and does not care for any indicators. The top is indefinite and calling it is unbelievably difficult and extremely risky in these phases.. Resistance is very low above 14,000 and if the major levels such as 6,000 and 10,000 were completely obliterated without question or looking back then the same is very likely for 14,000. It is clear that resistance isn't something that the market realises or acknowledges right now. FOMO and aggressive whales have bought up the market way further than it needs to be for a sustained run. The current state of the market is unhealthy and could end badly. It is safe to say that the prior bear market exit was healthier and more orderly allowing for the more sustained price action. The Trading View community is full of greed and exuberance. This is quite symbolic of the 2017 bubble before it burst and capitulated over 85%. The market is dangerous at the minute to say the least. As a result, this may be either one the craziest sell-offs or price surges/parabolas ever in the history of Bitcoin given the price action in the short period of time it has occured. My thoughts are that we will see one of the craziest sell off's Bitcoin has ever seen and I look for a minimum 40% correction before re-evaluating the state of the market.
COINBASE:BTCUSDShort
by JayanVarsani
FOMO in GOLD? Barrick is looking extremely overbought and in a FOMO stage. Weekly charts still show there some upside left. However, historical RSI levels are way too high. Also, if price action turns at these levels and shows signs of resistance, price will cool off. There wont be any real break out until it pops out of this downward channel that appears to be forming. Exercise caution if you are going long. Gold has been in a multi-year bear market. Is this the beginning of a new trend or simply a FOMO rally?
NYSE:GOLDShort
by bossmodetrader
Bitcoin Stopped Correlating to 2015-2016 Bear / Bull market It was a very close correlation for all of 2018 and into early 2019 between 2015 and 2018 bear market. But now that correlation has ended. As you can see we should have double bottomed on the 200 weekly moving average if we were still following the 2015 pattern, then have a 2nd golden cross and pumped 200% +. We skipped over that and have already pumped 200%. Thanks to tether printers. coinmarketcap.com We should also therefore stop expecting a massive sell off in the markets, tether is a major bitcoin support. Lowest price will probably not even touch 6xxx anymore. Even though this tether printing has the exact pattern of the bitcoin price explosion. FOMO Joe was able to return to the whales 1 dollar for every dollar the tether printer pressed. FOMO Joe already pumped bitcoin higher than the parabola did in 2015. Tether only had to print 100% more for a 200% bitcoin ROI . Our major support is going to be that red and green trendline . If we had correlated continuously we should see 250 - 350k by the end of this bull market. But now I suppose that target will be even higher.
BNC:BLX
by pacman7331
1