BDG

BDG

Well, what can I say. The longs got kicked in the shorts today. LOL I had stink bids in and they got filled. I think the only way for a long term trader can beat the whales at their own game is when the trend is bullish is to have several stink bids that are 3.5% to 10% below the weekly high. You will notice that BTC is back in the pitchfork channel and we may...

BDG Updated 

The moon boys have been celebrating the running of the bulls that lasted 5 days that took us from 9.5k to 10.8k. They think this party has to continue. But don't pop your Champagne corks just yet. 5 days of green candles do not make a bull trend, especially after the 2 months of bears we've been dodging. We still haven't broken out of the descending pitchfork...

BDG

The 2.5% surge yesterday has turned the sideways accumulation into a bull trend. We have lift off (at least on the 30 minute chart) from the 3 days of accumulation (fuel). How long will the rocket soar? The Andrew's Pitchfork gives us a road map of when to buy more (bottom blue channel) and when to short (falls out of the pitchfork entirely). The price generally...

BDG

How smart is "Smart Money"? If you do a volume profile you will find out they are very very smart. According to the volume profile chart, after the 6k dump the vast majority of the "Smart Money" piled in at the bottom, around 3794. Think about it. They got in even before the April 1st 25% price surge from 4k to 5k that woke us all up that we hit bottom and were...

BDG

BTC keeps bouncing off of the 10k level and the bounces are getting smaller and smaller (green wedge). It has bounced off of 10k no fewer than 11 times since July. The mistake many of us are making is that we expect it to continue. But it looks eerily similar to 6k when it was doing the same thing, but for a longer period of time. We came to expect it will always...

BDG Updated 

Bitcoin holders have been in a fog for the past 2 months. We had a parabolic rise to almost 14k in late June, then the price tanked to 9700 then rebounded to 13200. Up, down, up down, up down. Which direction are we headed? This reminds me of the first console game called Pong that simulated a table tennis game. It consisted of 2 paddles and the ball would bounce...

BDG

On the 30 minute chart, BTC has broken above the 10220 resistance that has been stopping it for the past 24 hours. The price shot up past the 200 EMA this morning as if on cue, then stopped. It retested the 200 EMA no less than 5 times before slowly pulling away from it. If the price stays above the 200 EMA then it is very bullish. If it falls below the 200 EMA...

BDG Updated 

Are the moon boys right? Are we going to launch? Or are we going to revisit 9100 again and pick up some cheap BTC? Which direction is BTC headed? BTC seems to have hit an impasse for the moment. On the 30 minute chart, BTC is stuck between two EMA's, the 200 EMA on top and the 60 EMA on the bottom. It has pierced the bottom 60 EMA on numerous occasions but always...

BDG Updated 

The current Bitcoin price action reminds me of rubber elastic powered balsa wood airplane that I used to play with when I was a kid. The red propeller would be attached to an elastic band and turning the propeller would wind up the elastic. The more you turn it, the greater the tension on the elastic and the higher the plane will fly, at least in theory. As long...

BDG

A few pundits claim now is a good time to buy XRP because it has a chance of being adopted by the banking system as a replacement to Swift. But when I look at the XRPBTC ratio, I can confidently put XRP on my ignore list until it shows some strength (or grows some ). Why would I put money into XRP when BTC is beating it senseless? This ratio is down 75% since...

BDG

We woke up this morning and witnessed something remarkable. Bitcoin has finally broken out of the descending Pitchfork channel. But will it stay out of the descending channel? To answer that question, we have to ask ourselves is this a whale creating a bull trap to sucker us into another fake rally? Or are we witnessing real buying for a change? I have zoomed in...

BDG

We all want to know which direction is Bitcoin headed. Up or down? We could flip a coin and take a chance, or we could read the chart. We will soon have our answer in a day or two which direction BTC is headed. When I looked at the 4 Hour chart today, an interesting pattern emerged. These July dumps we've been having are incredibly symmetrical. Pattern #1 Forms...

BDG

In yesterday's post "The End is Nigh for Bitcoin" I said the battle will play out this weekend between the bears and the bulls. Well, the skirmish started Friday evening with a huge bull spike that turned into another Bart haircut. This morning I woke up early after smelling beef roasting on the barbecue. After wiping the sleep from my eyes, I saw the bears were...

BDG

The title sounds ominous, and it is. BTC is coming to a crossroads this weekend. It will either find support from the 60 EMA, or with the red trend line that was acting as support since April 1st, or with the Fib 0.382. All of these 3 strong supports will be tested this weekend. If it fails all of these supports, then BTC will fall through them in search of a...

BDG Updated 

The 50 EMA is about to cross down through the 200 EMA on the 4 hour BTC chart. You may not think this is serious because after all it is only the 4 hour chart. But if you look at past occurrences of the death cross on this chart, it has triggered corrections of 10% to 60% in the past so we have to be prepared for one of this magnitude. If you examine the 4 hour...

BDG

I like to keep things simple and I thought I'd pass this on to the newbies out there. I learned a long time ago from an ancient trader (pushing 80 years old) that he never bought any stock when the price was below the 200 EMA (or SMA). It was a written rule that he followed religiously. That one rule would save me a lot of money. When I disregard it, it has cost...

BDG

Unlike my other tech reviews, tonight is a theory I came up with. It could be all hokkum, or not. I will let you decide. We will know if I'm right in a day or two. The pattern I saw tonight reminded me of the Apollo moon landing. I had the 30 minute BTC chart on the computer all evening while I watched a movie about landing on the moon. And something didn't make...

BDG

This is a follow up report to the one I did 3 days ago when BTC was still around 11,370. I said back then if we fall below the 21 day EMA, the moon launch is canceled. Well a couple of hours after that post we fell through the 21 EMA and the rocket blew up on the launch pad. But we recovered the next day and we felt hopeful. Then last night I reported heavy...