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What does USD mean in Crypto World? Is BITFINEX Heaven or Hell?Why do Cryptocurrency World still rely on USD as a value measurement? 1 Bitcoin == 1 Bitcoin is what we are looking forward, isn't it? As human being, members of the society, we need to pay rent, food, all kinds of products and services and love, which are essential to make a living. Because, Bitcoin and Crypto are not accepted by the traditional society for universal payment yet. That is why, FIAT (USD) is still the rule to measure Bitcoin's value. You may not like it, the reality. There are two popular methods to measure USD value in Crypto Exchanges: "USD" or "Stable Coin backed by USD". Many exchanges use "BTCUSD", or "XBTUSD" for their Bitcoin - USD pairs, however, do those "USD" really equal to a US Dollar? Why do the price of Bitcoin value measured by "USD" differ from each other so much? The market is smarter than any algorithm. The inflation of Bitcoin price based on "USD" normally means: Hidden Cost: Much longer time and endless efforts to withdraw your "USD" balance to your bank account. (You don't even need to try - probably you will see many negative complains on Reddit) Or else, all transactions of Bitcoin -> USD will move to this exchange for the "highest" price, which is not the case. As to "Stablecoin backed by USD", if a Stablecoin has credit problem, esp . the possible abuse of credit. The price of Bitcoin - Stablecoin of that exchange should be avoided being used for Technical Analysis , because the rule itself is wrong. What a mess. BITFINEX could have been a perfect solution, if a Thether (USDT) were backed by a real USD. Many other exchanges provide only Stop order, which causes long wick. Do the exchanges benefit the long wicks ? I have no idea, really. Where on earth is the "Dream Exchange" for Bitcoin and Crypto? Leave your comment, Buddy. PM me for Free Trial of "9 Seasons Rainbow MTF Indicator". DISCLAIMER This is only a personal opinion and does NOT serve as investing NOR trading advice. Please make their own decisions, carefully assess risks and be responsible for your own investing and trading activities.
BITSTAMP:BTCUSD
by go8686
Bitcoin Has Major Resistance At This STRONG Fibonacci Level! Happy Easter Traders! Bitcoin has been in a weird, no trade zone for a while now without much action, but I suspect that's about to change. Bear traps, bull traps, rising wedges, ascending triangles, bearish divs... WTF is Bitcoin planning here? To be honest, I am not in a margin trade right now as Bitcoin isn't giving much of an edge at the moment and the volatility is really high, but I am seeing some really fascinating confluence at the $5700 level that I want to share with you! This is an incredible scenario of 4 different fibonacci levels all confluent at the same level. It also happens to be the level of the previous resistance when Bitcoin broke the downtrend at $6,000. As it's playing out, I believe we'll see a major push to that $5700 level, but I don't think we will be able to break all of that resistance in one go. The KEY to this level is it's a very old hidden trend line that I just posted about... We also have an ascending triangle formation with a bear trap and a bull trap and a decision point should be coming within a few days. We've got shorts that are stacking up right now to give us the fuel to push up there, but not high enough to break through with a chain of liquidation orders. Fibonacci level #1 - Retracement of the overall move to the 78.6% Fibonacci level #2 - 161.8% extension of the swing high and swing low of the recent rally. Fibonacci level #3 - The 261.8% extension from the first pull back on this recent bullish consolidation. Fibonacci level #4 - (less reliable due to subjectivity of fib level) - 4.23 extension on the small pull back before the rally, but I included it because the 2.618 seems to be acting as a reliable support as well. Now, we are getting to an overbought territory and we are starting to see signs of exhaustion from the bulls. - Lower volume as price is moving up - Bearish divs on daily and 4 hour time frames (240 chart) - Rising Wedge The problem is that the $5150 area keeps getting bought up very quickly and with the shorts rising, this means we could break up and out of the rising wedge. At this point, I have no positions in margin and am only in Bitcoin in spot with a lower entry. I don't feel like this is a good area to hedge with a short because the RR just isn't that great and the volatility makes it too difficult to manage risk. If you're looking for an entry, $5050-$5100 looks solid if the support holds, if that breaks, then I'll be looking for a deeper pull back. Either way, I think the next 3-4 days will show a big move up to 10-15% on Bitcoin. Let me know what YOU see and if you want to support my work, click like! Thanks for reading.
BITMEX:BTCUSD.P
by jacobcanfield
2
BITCOIN UPDATE [VERY BIG PICTURE] [CYCLE] Look past the SHILLS.Hey everyone, Keeping this very short, as I'm not interested in doing TA for others anymore. Got very sick of everything I'm seeing on CryptoTwitter and hoped to come back briefly to clear some things up for people, mostly remind everyone to think for themselves and try to see the big picture. I'm not saying I'm right or wrong, see what you want to see and think what you want. Once again, I just hope that you think for yourself. I do see a bull run coming soon, but I don't think it will be MORE glorious than the last bull-run . I ALSO see more pull back BEFORE the bull run occurring, with lots of side ways action and market manipulation. I'm sure there's going to be a lot of wash trading and faux-volume. You know the drill. Most of this is pretty self explanatory through the chart and short notes. I wish everyone the best of luck and hope that you question everything, especially the crap you see in the Crypto community . <3
BNC:BLX
by dansharp
Bitcoin Is Battling For It's Future Between These Two IndicatorsI hate picking sides, especially when two of my favorite friends are fighting... I've made a lot of money with the 200MA... and made a lot of money with the 200EMA. I just wish they would get along, but alas... This is a pretty unique situation for Bitcoin to be in, where the price is now trapped between the 200EMA and the 200MA. In a very simplistic view, I think this is mostly algorithms trading these ranges and I think that whichever one breaks first with a weekly candle closing will dominate the price trend. In the history of Bitcoin, price has never closed below the 200MA on the weekly chart. So if we do move to the downside, we will be making history. Odds and statistics say we don't break it and close below it, but crazier things have happened in crypto. What indicator do you think will lose the battle? LEAVE A COMMENT BELOW AND POST YOUR REASONING! We caught the falling wedge structure... We timed the pull back and the bounce... We caught the breakout... Found a great exit before the last drop... Will Bitcoin drop from here based on my last analysis? Stay tuned to find out...! If you haven't checked out my Risk Management Guide yet, please head over here and check it out. VERY in depth guide on all things risk management. Thanks for reading! Make sure you follow me and if you like my analysis, like the chart. :)
BITFINEX:BTCUSD
by jacobcanfield
18
BITCOIN - This Pattern Shows More Downside Momentum PotentialIf you enjoy my analysis, all that I ask is that you like the chart , leave a comment and follow me to get notified of more chart analyis. As mentioned in my previous analysis, I thought we'd have one more breakout and then further downside momentum. I was personally hedging a short against a lower down spot long position where we entered around $3380 on the falling wedge. Right now, I'm seeing one of two patterns in play. Currently, the most likely scenario based on market context is the contracting triangle, which is typically a continuation pattern to the downside in a bear market. This is even more true as it qualifies based on all of the rules for a contracting triangle as I've laid out here with an easy to see example. As we can see on the chart, the D wave did not break the AB wave and the C wave did not cross above the A wave and the E wave did not cross above the C wave. Using a fibonacci extension on the E wave with D as our swing low and E as our swing high, we get three fibonacci extensions. The only way to know whether this will be a flat correction ($3182) or a Zig Zag correction (1.618 or 2.618) is with price action. The 2.618 extension lines up with the size of the A wave impulse, which would put us around $2,000 The main invalidation to this pattern will be a break of the swing high on the E wave. That brings me to the next possible pattern that this could be. If instead of using the wicks of the candles and you use the bodies instead, we may also have a potential rising triangle. This is a far less likely scenario based on the overall structure of the market and the significant downtrend we are currently in and the fact that we are still trending under the 200 MA, which has been a very strong resistance point. Either way, once price reaches the 88.6% fibonacci and the lower end of the support around $3549, I do expect a bounce for a potential long opportunity before further downside momentum. From a price action perspective, we had a massive bearish engulfing and we justt got a strong reaction and pin point off of the .618 level for a nice scalping opportunity on a previous resistance turned support. The buy volume wasn't strong and I believe this was a bounce to load up shorts for another impulse to the downside. Remember, no matter what direction the trade moves, the most important thing is managing your risk through proper position sizing and employing proper trading techniques to make sure you get the best Risk/Reward. I hope you enjoyed my analysis and if you learned something or want me to make more, leave a comment below. All feedback and criticism is welcome. Happy Trading!
BITFINEX:BTCUSDShort
by jacobcanfield
13
Manipulation Exists Everywhere... Study Their Tactics For ProfitIt's easy to call it manipulation, but then you'd be ignoring all the technical analysis that told us we should be booking profit, hedging short, poor R:R at those levels and at weekly resistance. If you want to play the game, the first rule is that there are no rules. Whales will use their positions to create FOMO from retail traders and will sucker you in to their rallies only to use your liquidity to set up their short and long orders. My next post will be education on liquidity creation from market makers so that you can trade like the whales. I just wanted to get out a simple analysis after the massive candle this morning. We didn't quite reach the target that I thought we'd get to, but as I mentioned in my anaylsis yesterday, I was hedging short and moved my stops to profit. We are now at a potential support zone for a long as we hit the previous resistance and diagonal support. I am currently flat at the moment and am waiting for a clearer set-up before I take a position and would urge caution or at least use a tight stop loss or only look to scalp on lower time frames. When looking at the futures chart, I am seeing a lot of gaps that we will usually see get filled. There's one gap around $4400 on the futures chart that I thought we might see a push to this Monday, so it really depends on how this daily and weekly close today. I know it's not clickbait, but I want to focus on discipline, education and creating better traders. Happy Trading!
BITMEX:XBT
by jacobcanfield
13
Bitcoin - One More Upside Move Before Breaking Down To New Lows?First off, I want to start with saying trader's don't call bottoms. Anyone who is adamantly claiming bottoms is not a real trader in my opinion. Trader's use edges, probability and win expectancy to make calculated decisions on their trading to stay profitable over the long run. I would be very happy if it was the bottom and we went to the moon, but I want to urge caution when caution is due. If you remember, I urged the same caution when Bitcoin was at $6400 before it dropped over 40%. I remember looking at Trading View that morning and seeing 5-6 charts in the top 6 places that were all calling for $20,000-30,000 within a few months. We are at a similar place again and I am seeing our moon overlords come out in full force calling bottoms. To me, we are at a very odd place for bitcoin to make a good trade as we could see a breakout to the upside through resistance, but we are also sitting at strong resistance to try and take a long position. Lower time frames are showing a possible bull break with a bullish flag formation as you can see on my posted chart. These typically have a 72% chance of breaking to the upside, giving us a short term bullish bias. If we do break to the upside, we could see a potential target at $$4300 and $4500, which are the 1.618 and 2.618 targets for this ascending triangle. It is also resistance from the previous swing highs of this current price action for the past 3 months. If you read my previous analysis, I am still long from the green box at the bottom of the descending wedge. I have not taken a short position since early February as the R:R did not favor shorts, but they are starting to look good again as we enter overbought territories. We are now at the top of a downtrend resistance and so I will start to take some low leverage shorts with a stop above the resistance. This is just a hedge for my longs down below and will close quickly with a bull break. In doing some analysis on the higher time frames, the macro structure is still showing incredibly bearish. If you look at the weekly chart first, it is very clear that we are in a massive downtrend and this looks like a short pit stop to lower levels. We are in a downtrend and we are forming a contracting triangle on the daily. In a downtrending/bearish market, I usually expect those to break to the downside as probability favors the overall trend. If this is in fact an ABC correction from the $6,000 level, then this could give us an ABCDE triangle pattern and break to the downside scenario like this: This gives us a possible move to the 2450 level. We are also seeing indecision on the 3 day chart that is showing a spinning top. On the 3 day, we've got a spinning top showing again, indecision between buyers and sellers. One big driver of a move like that is the massive number of shorts that have closed as well as the number of longs opening. As you can see here, the longs and the shorts are starting to diverge and there is a rising triangle support forming on the RSI along with a double top bearish formation. On both Bitfinex and Bitmex, we're seeing a large imbalance between leveraged positions with longs sitting at 60% and shorts sitting at 40%. This could give us a long squeeze to the downside that lines up with the daily chart analysis. We are also seeing a record number of ethereum longs open awaiting the anticipated Constantinople fork coming up within the week. If we see a post Ethereum fork dump, I think that bitcoin will follow suit and take out a lot of these long positions. So, this could mean that we could see the price moves happen mostly on spot exchanges (that don't have leverage) Looking at price action on the daily, we can see that we are sitting at the 23.6% resistance as well as a strong supply order block that we've dumped from 3 times previous as well as formed strong resistance back in late December. Bollinger Bands are also showing we are at resistance and we will typically see a pull back to at least the middle of the band. We are also seeing a bearish divergence show up on the daily time frame for the RSI and price action, although it is small, it could give us a clue to what we're looking at. We are at a decision point, which is a place I don't like to trade personally, especially not on leverage. If you are planning on taking a long position, you can use a stop loss below the ascending triangle support with a take profit as given on the chart. As you can see here, the order books being so thin it's easy to get liquidated on a higher leverage position within this trading range. I'm still holding my long positions from lower where we caught the bottom of this move where the green box, but I am urging caution with alts and bitcoin until we see a break out. It's important to calculate your R:R and right now the R:R does not favor a long position if you didn't catch an earlier entry. If we break up, then you can buy the retest. If we break down, then make sure your stops are set in profit. Remember, you're looking for an edge to make consistent profits over the long term, not gamble on a speculative move that is not clear.
BITFINEX:BTCUSD
by jacobcanfield
19
Bitcoin - Wedge Structure With a Potential For One More DropHello Traders! The end of this wedge set up is closing in within the next 3 days. Bitcoin is yet again forming another potential ABC Bear Flag Formation as it has two previous times. We also saw a strong support/resistance flip as it tested both the diagonal and resistance as well as the horizontal resistance. Currently we are sitting on the 78.6% fibonacci level and sitting within the RSI wedge on the 4 hour time frame. I'm not in a position at the moment and may look for a long position on a breakout from the wedge and a potential short scalp if we break the 78.6% level. Ideally, the best entry here may be at the $3350-$3390 zone after a 4% drop. The main bullish point I see is the TD 9 on the 3 day is showing a buy candle, which is the 4th time in the past year since it hit the $20,000 high. We REALLY need this 200MA hold on the weekly to maintain any bullish hope for the short term and mid term. I'll be updating over the next 5 days as we see this wedge structure play out. Let me know what you think below and where you see Bitcoin's price heading.
BITFINEX:BTCUSD
by jacobcanfield
11
XBTUSD Excellent short opportunity setup, Limit orders setupCurrently developing the E-Wave, all signs point to overall bearish. Looking for the final leg upwards before the next drop downwards. Great Shorting opportunities!! I have my short entries set at XBTUSD: Kraken 5(X) leverage: Entry Short (set up limit orders for the following positions) : 3475/3500/3550/3600/3650 ---> also increase the amount added to each short as the price advances. Make your base position entry at 3475. SL: none/ only commit 20% of your funds to this position- if it goes above (highly unlikely) 3650/ take more short positions until 3850 --> unlikely T1: 3300 T2: 3250
KRAKEN:BTCUSDShort
by LazerTrading