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Lows offer buying Opportunity on Bitcoin. Watching closely.The RSI is at lows as is the price. There appears to be resistance at these levels as reflected by the orange support line. This could represent a buying area with a stop just below the previous low around 11100. This area is also represented by the blue 55 day moving average. However some warning signs are apparent. The RSI is low, but also bearish below 50, warning of potential further weakness. If support at 12000 is broken RSI could head below 30. This would become a safer place to purchase, or second purchase area if the initial buy is taken and stop activated (Watch money / risk management). Similarly, if support is broken and price continues to move down passing the green MA (100 day) then even further weakness could threaten the rally. The significant area to watch would be the red MA at 200 days. This has not been broken for some time. Breaking this level could warn of the end of the rally and opportunities to shorten. Currently the fundamentals of bitcoin also draw some concern. The transaction time and pending transactions indicate serious congestion. Coupled with a weak price suggests waiting for congestion to quieten down before buying. Looking at the chart and fundamentals there is possibility that current weakness will endure, causing some sideways movement or even further dips. These should offer opportunities to buy at lower prices, however keeping a close eye on the transaction congestion to make sure it doesn't get worse, or heavy selling might catch on if critical levels are breached.
BITSTAMP:BTCUSDLong
by Quadricolor
DASH: DASHUSD Breakout looming - waiting on BitcoinDASHUSD Dash really wants to blast higher but Bitcoin is holding it back, still. Bitcoin has to break above its own last line of bear defense, the big parallel (see chart) to break free and run much higher. Dash's problem is the line of defense that has built at 1206 over the last 16 hours or so. Can keep buying dips here to 1160 and selling off 1200 again to get some points together for stops on next big trade here...which comes once 1206 is broken through looking for a retest of the highs with stops under 1150.
BITTREX:DASHUSDLong
by sumastardon
Bitcoin: BTCUSD Clean Chart Waiting for dust to settle- no hurryBitcoin: BTCUSD Do the Math another way Whilst Bitcoin gyrates around and waiting for a clear pattern to emerge - no hurry - old bull mode, not young one - waiting for dust to settle - here's a review of yesterday's tough-won 2% gains. Today ETHUSD has been clearer, so wrote on that in interim. It's just a prettier chart right now, and more profitable too today, way better than Bitcoin, so far. So am waiting f or better signal here. In meantime, consider, please: If you can make 1% trading Bitcoin per day, just 1%, you will make 365% per year returns, buying Bitcoin three times over. Every year. Or you can buy and hold. Or both. One thing we learned last night was that support just above 7800 is still strong but that we need to keep stops under 7660 for now: we don't want these taking for they're the last nails in the freeezer lid - the stops for long term holds at 7717. Frustrated by the timings of Bitcoin's gyrations. If only it would sleep. It was right to accept defeat at 8175 yesterday and look for shorts. The long was a waste of time, losing around 10 points on entry at 8175 and on exit on break of the dynamic underpinning the day's lows. But sometimes it's OK to admit defeat if that's what the chart is telling us to do. We could have been hopefully/stubbornly long still had the chart not shown us that bears were beginning to smell blood after such a weak rally in low volume conditions..at least we saw it coming and so day traders cannot have been the wrong side of this - but the levels where it was expected to bounce, 7938 and 7803, proved useless in the scheme of things. The low was 7876, some 73 points away from the ideal buy point. Rubbish Totals Apart from a very fast 100 points short early yesterday and then a very slow 10 point loss on the long (all day, it seemed, as Bitcoin took a rest at Thanksgiving too) followed by shorts back to 8060 from 8165 for 100 points quick profit and then a second short from this level with stops above profits were hard to come by yesterday...and short from 8060 is where it went wrong due to having the stop way too tight - my fault: if I'd kept to usual 50 points this short back to the next level at 7938 at least would have been good. Right call, Dumb stop. Are you learning too, would be reassuring to know that some of you are actually reading this never-ending saga. So 200 points of short profits coulda/woulda/shoulda been 320 but for a stop. So that was mistake 1. Stupid stop Next was an admittedly 'speccy' buy at the small double bottom at 7990 for an immediate 15 point loss followedby another 20 point loss after a buy at 8210. So the last 24 hours including today's loss have yielded only 180 or so points, maybe 300 if you were more sensible than I was with a 50 point stop, not 20. So maybe 2%+. On a bad day. So if you can make that on a bad bad day it is quite possible to make 1% on a good day. If just less than one in three days yield 1% returns and th either two were to cancel themselves out between wins and losses it would be very hardwork and very tiresome, but would still yield a rough 100% return on capital each year. So far in the past month we have taken over 3850 points from Bitcoin long and short and got some bagged up in the freezer too...maybe. Those 3850 are REAL points. Whether Bitcoin is or not doesn't really matter. The only thing that matters here is points. Right? Buy Bitcoin. Sell Bitcoin. So long as it moves, it doesn't matter. Isn't that the sanest way to view this phenomenon right now ? More when the situation stabilises.
BITSTAMP:BTCUSD
by sumastardon
1
Bitcoin falls from record highs, buying opportunities soon.The Bitcoin (BTCUSD) has had a major retracement after setting new record highs. The RSI signal is now giving early warning to buying opportunities, however there are still reasons to wait. Firstly, the price has found resistance at the 23% Fibonacci area and secondly the RSI has not fallen all the way to the lower, oversold levels. Once RSI touches the area signalled by the blue circle “Preferential buying signal”, then the odds become much greater. There are other reasons supporting purchases at these levels, the retracement has pulled down to the 50% retracement area, which co-incides with recent support levels we previously identified (). This then becomes one potential buying area. If the price drops to this area, indicated by the grey box and the RSI touches new lows at the same time, buying then at those levels becomes a highly recommended action. A shorter time analysis also has similar confirmations: Another reason to hold out from purchasing is that in the real bitcoin trading world where actual transactions are occurring, I have experienced very slow transaction times of ten to twenty hours. There is very high congestion on the bitcoin network. Others have reported delays of over a day. This has to do with the computational calculation speed. The time it takes for all the computers and bitcoin computational mining power to process the transactions. There are rumours that with China worried about capital flight into unregulated, uncontrolled areas, therefore are actually controlling the computational power of the bitcoin miners. At the moment the one Achilles heel of the bitcoin blockchain is that anyone controlling more than 51% of the blockchain can manipulate it. There are rumours that this is happening now, in a gentle manner, in attempts to clamp down on capital flight from the Chinese currencies (USDCNH) into the unregulated financial markets, such as Bitcoin, by turning down the dial on computational access. A previous analysis comparing the two currencies highlights unusual movements: However, the major trend is still in a strong upwards momentum. Prices may continue to rise from this point, so smaller trades with larger stop losses can still be made. Once price reaches the potential buying area (square box) then better entries can be made. The preference and recommendation is to wait for the RSI to reach much lower oversold levels then look again for buying opportunities to enter the market, so to wait for now. When the actual Bitcoin processing time also falls to more reasonable levels, this too will indicate selling pressure has lessened.
BITSTAMP:BTCUSDLong
by Quadricolor
EURUSD 1 hour chart analysis by @reembegilAfter the US jobless claim news was negative (forecast=231 vs 239K) the EURUSD quote made a rebound at the .618 fibonacci retracement to keep going in a sideways trend between 1.16643-1.1694 (resistance zone) and 1.15739-1.15660 (support zone). As this week haven't seen too much volatility at the FX market my recommendation is to wait until the quote touch the resistance or support zones to define an entry. Después de que las noticias de reclamo de desempleo en EE. UU. Fueron negativas (pronóstico = 231 vs 239 K) la cotización EURUSD hizo un rebote en el retroceso de .618 de Fibonacci para continuar en una tendencia lateral entre 1.16643-1.1694 (zona de resistencia) y 1.15739-1.15660 (zona de soporte) . Como esta semana no se ha visto demasiada volatilidad en el mercado de divisas, mi recomendación es esperar hasta que la cotización toque las zonas de resistencia o soporte para definir una entrada.
by reembegil
BTC pushing up against resistance. Waiting for confirmations.In the 4 Hourly graph we can see price action meeting resistance around the $5800 mark. This is shown by the blue box market ‘ resistance area ’. There has been strong buying action at $5400 market as ‘ Potential support No.1 ’. If enough buyers accumulate then it should push the price past $5800. In this regard if the price pushes strongly past $5800 then the up trend should continue. The general direction of the trend is marked by the three moving averages. The stochastic is falling but the price remains high, indicating continued buying pressure. If the price falls past the first support then the second area ‘ Potential support No.2 ’. Should come into play, with the moving averages coinciding with the recent highs as support. At the moment it almost reads like a 50 / 50 chance of a breakthrough versus and fall through. Overall though the trend is bullish with some short or medium term selling pressure. Therefore I’m waiting for a better time to enter, where my risk to reward ratio is much better. If the price suddenly spikes above $5950 before retracement then I may enter.
BITSTAMP:BTCUSD
by Quadricolor
XAUUSD WaitDespite the current strong bullish sentiment on gold reflecting a cautionary stand about North Korea and other geo-political risks involving the dollar, there's still possiblity that this pair might consolidate in the near future especially if Trump finally pushes through with US tax reforms and the Fed with another rate hike by the end of the year, not to mention there's also bitcoin which is a relatively new competition in the market and outshining gold recently, and most investors going risk on the equity markets instead. This pair can go either way, so setting up a buy stop order between R1-R2 pivot lines (hourly) with TP near the 1400 weekly resistance, and sell stop order between S2-S3 pivot lines (hourly) with TP at the base pivot line on the weekly chart, both setups with tight SLs. www.kitco.com www.kitco.com www.marketwatch.com www.reuters.com www.cryptocoinsnews.com Weekly: Daily: Confidence: A
OANDA:XAUUSD
by aiza_belle
BTC Long term up trend still intact. Wait to re-enter market.The overall daily trend is still in a major upward movement. Indicated by higher highs and the 200 day Moving average. The RSI is oversold, indicating some weakness in the price. Some profits can be booked now or held onto, though new long positions or buying activity can be put on hold until some retracement occurs. When the RSI is lower or if there is a good Fibonacci retracement area. I am defining this as a neutral stance because my position is not specifically to sell, rather to wait before buying again. If short term moves are in focus then some selling would be good. However, on the long term I am bullish, looking for buying opportunities until major trend change signals are observed. My recommendations are to wait before buying again. We will look for a lower price to buy later.
BITSTAMP:BTCUSD
by Quadricolor