Official Cryptocurrency Trading Thread

[Sugarphreak]

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[CompletelyNumb]

I'm just waiting on XRP to hit $10 so I can be a Beyond baller.

[SilverRex]

BTC

quick update on the current count. Nothing has change. Still expecting a major 5 wave topping to complete quite soon, BTC is currently quite bullish having to produce two running flat wave 4s limiting downside targets. Causing even more people to jump in. However I expect we will find a top now that we have arrived in our wave 5 topping blue box. Technically, it could end here as it has broken the May 30 high. We will now see how far high it can muster as this phase is all the bandwagon investor jumping on exchanging hands with earlier investors who are now looking to buy lower. (that includes myself)

With the non-stop rising action, BTC is fully above the 200 day moving average, the next major correction I am targeting the red box somewhere between 5500-6600

[SilverRex]

BTC

has reached the upper blue box in the 11k area. I expect a topping around here and a significant correction to begin soon. The correction could be a lengthy drawn out move lasting for months. Will wait patiently for a good risk/reward setup entry.
Edit: The alt count is that BTC has the potential to punch thru 12k and hit 15k-20k. If this happens, then BTC will be opening up Long term upper target in the 150k+, while I want to see the 5 waves being done here with a healthy correction so bandwagon investors can jump back in. I am sure everyone has already seen when crypto currency move, they move big, does it really give you a chance to get in? we shall see.

[Kobe]

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BTC

has reached the upper blue box in the 11k area. I expect a topping around here and a significant correction to begin soon. The correction could be a lengthy drawn out move lasting for months. Will wait patiently for a good risk/reward setup entry.
Edit: The alt count is that BTC has the potential to punch thru 12k and hit 15k-20k. If this happens, then BTC will be opening up Long term upper target in the 150k+, while I want to see the 5 waves being done here with a healthy correction so bandwagon investors can jump back in. I am sure everyone has already seen when crypto currency move, they move big, does it really give you a chance to get in? we shall see.

If it goes to 20k this can also be a B wave and we can hit new lows...

Just saying....

This is such a bullshit parabolic runup, if you think this is "healthy" your losing your mind, this is not healthy, and everything screams WTF IS GOING ON..

All your "pullbacks/corrections" for your wave count are around 10%

If you think this is good, then plz look at previous bull market where we had 7 X 40% corrections...

Not sure how 10% is good, totally disagree, sorry..

This is just parabolic right now...

Edit: I think Bitcoin might have bottomed, but i don't see how we can think rationally and rule out it not being the bottom till over 20k is broken...

Edit 2: Yes i realize -20% in stocks is a Bearmarket - however crypto has shown it can be very very bullish with -40% corrections, time and time again...

Edit 3: Look at weekly RSI and the bearish divergence on CCI/RSI/Stoch pretty much every single oscillator you open up.. They should show up on the daily/weekly..


Unless I've learned this all wrong?


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Here is CCI as an example


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[pheoxs]

Up 20% today, surprised no ones posted some crazy graphs with zig zag lines predicting the moon

[revelations]

Here is my MS paint - zig zag lines predicting the moon.

Complex TA and BTC is pointless - you need to look at the larger picture to see where its going.

The top is not easy to predict but history does show possible markers.

One simple method is to calculate how far BTC has historically run up (as a percentage) past its previous tops.

[Sugarphreak]

...

[revelations]

^ PURE LOLZ !!!!

[SilverRex]

For BTC price projections we dont need lines, based on fibonacci extension, however high this first move is off the low <3k, will be marked as Wave 1 of 3. The higher she goes, the higher the target. currently projecting over 150k+, with the parabolic thrust up this week, its finally moving down impulsively. We will now see if the 40%> can begin, I would like to see a big correctional wave 2 of 3 down to 6600-7500 area, then I will get back into this sector. Though I am having fun with BTSC, just couldnt get my itchy fingers off the buy button.

[Misterman]

Well my buddy, who knows fuck all about fuck all, seems to think(wishfully) that XRP is going to a million dollars based on his FB posts he keeps sharing. So I'm sold.

[revelations]

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For BTC price projections we dont need lines, based on fibonacci extension,

Not sure what brand of T/A you've been smoking - but Fib is generally used in retracing, not forward projecting.

The more simple the T/A, the more likely its to succeed. Your wave theory has obviously failed miserably here and yet you are still pushing it.

One simple method I've seen used is the distance of the price action from a 20 day MA - when the price is too far (in either direction) you can buy/sell accordingly.
Youre not PREDICTING the price, but REACTING to the price from an established deviation pattern.

Basic elements like price turning points/holds do in most cases carry forwards in time and can be used for a simple analysis of likely places to add/reduce position.

Also, you are far too myopic with your analysis and thus, susceptible to noise.

[SilverRex]

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I never trust technical analysis 100%, but it is my guide for entry and exit better than shooting in the dark sort of speak.

nuff said.

[revelations]

Your wave predictions and outcomes, have spoken nuff here.

[SilverRex]

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Not sure what brand of T/A you've been smoking - but Fib is generally used in retracing, not forward projecting.

Fib pinball technique. 156k is 161.8% extension from 1-2 back in 2010-2011 or so, using semi-log fibs

https://www.elliottwavetrader.net/el...130129224.html

[revelations]

Sorry - let me clarify - Fib is MOST CORRECTLY used with regards to retracement/pullback levels - not guessing using zig zag lines.

[Sugarphreak]

...

[Kobe]

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Not sure what brand of T/A you've been smoking - but Fib is generally used in retracing, not forward projecting.

The more simple the T/A, the more likely its to succeed. Your wave theory has obviously failed miserably here and yet you are still pushing it.

One simple method I've seen used is the distance of the price action from a 20 day MA - when the price is too far (in either direction) you can buy/sell accordingly.
Youre not PREDICTING the price, but REACTING to the price from an established deviation pattern.

Basic elements like price turning points/holds do in most cases carry forwards in time and can be used for a simple analysis of likely places to add/reduce position.

Also, you are far too myopic with your analysis and thus, susceptible to noise.

Agreed.

This can also be seen as a B wave since we hit 61.8% with low volume and now go for a lower low.



Basically however you look.

Fib can be used for extensions as well, but that seems like a perfect 61.8% entrancement on the weekly for me with Fib.

The price will go up or down as much as it's need to kill shorts/longs - If you think that we would only go and destroy Millions and millions in shorts here without killing a single long your in for a surprise.


What i'm saying it sure TA is important for entry/exit points (more profitable than guessing)



Edit: BTW if you search "BLX" on tradingview you can have a full graph of BTC from the start..


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[Buster]

this thread is comedy gold.

[SilverRex]

BTC

So far count remains intact. I see 5 waves up and now a large ABC correctional wave 2 begins. While the final 5th wave overshot my target to the upside, this is fine in an uptrend. as I have mention before, due to Fib extension, the higher this 5 wave top, the higher the target for the next 5 wave up will hit.

This should now be a multi month decline if count is correct. The only way I would count this rally dead is if it breaks below 4500. I know some have suggested this rally being just a counter trend wave B top with wave C to hit lower <3k. While in EW term, anything is possible, I personally am leaning more towards this being a major breakout move due to the fact it is very impulsive in nature off the low. Even if this is wave B top, I would expect a 3 down follow by another 5 up >13.8k (aka 5-3-5) That would possibly be my alt count.

I will definitely be adding when BTC gets back into the blue box.