Charting Bitcoin

ChristopherColumbus

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As I'm posting a lot of charts, and am more interested in the market trend than in the fundamentals, I thought I'd make a collection of my charts here.

I think we are in a long term bull market for Bitcoin, and presently in a very interesting spike stage.

My overall strategy: hold two thirds of the position I have, and trade one third on the spike for cash. the idea being that the cash position will serve to hedge the Bitcoin.

Feel free to comment, or ask questions of a more trading/ long term hold/ hedging nature.

Looking at the latest chart:

 
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ChristopherColumbus

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By the way, I am not set up for day trading. I am just pointing out possible price predictions based on the chart. And that if it did go to 13,000... no problem, actually a healthy correction, and larger support, for the bigger spike coming.

That said, if you do not have any bitcoin at all, I wouldn't be waiting for the 13,000 dip which might not come. Better to just buy a bit here. If it does dip, the bull market will 'rescue' you.

OR, given the parabolic state of the market, the dip we just saw to just north of 14,000 [seen on the daily chart] might have been it. I'm hoping to see it build a bit of a platform next week. that way the rocket when it comes could go to the moon.
 

wifehunter

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We have the same strategy, only I'm using 1%-10% of my holdings. This upward trend is killing my chances to buy back in!:p

Guess I'll just have to wait till things start cycling.

Its tough to make out the lows to buy back in.
 

ChristopherColumbus

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We have the same strategy, only I'm using 1%-10% of my holdings. This upward trend is killing my chances to buy back in!:p

Guess I'll just have to wait till things start cycling.

Its tough to make out the lows to buy back in.
Indeed, though I think we may get a few dips next year... but still at higher prices relative to today.:D
 

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ChristopherColumbus

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Hourly chart.

Will be interesting to see if we get a repeat performance of a previous ascending triangle. The second chart is an ascending triangle from a week back that lead to the massive break out.

Prediction: two or three days consolidation, then break out.





 
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ChristopherColumbus

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If it breaks through here, I think we are looking at a consolidation week next week. That could take the price to 13,000.

The weekly chart below. Something similar to the previous red candle would take us to 13,000... to build a base for a moon shot the following week.

 

ChristopherColumbus

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Looking at the chart above we are due a consolidation week.

The previous consolidation went to around 5600 then up to 16,000 odd.

This consolidation [if there is one] may go to 13,000 even 12,000. By the above ratio, it could then spike to 36,000 odd.
 

wifehunter

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Indeed, though I think we may get a few dips next year... but still at higher prices relative to today.:D
Thanks!

Which makes me wonder how much tether to hold on to.... something to think about.

I'm learning everyday! This stuff is way too interesting!:D
 

PrettyBoyAJ

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Good chart analysis. Bitcoin is one thing I have trouble charting. Alts and ICO are pretty easy to chart but Bitcoin does it’s own thing. 36k for bitcoin would be very lovely. Gotta sell a bunch of my alts for some more Bitcoin once alts make their run.
 

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I used to day trade stocks back when that was a thing. I studied a lot of different chart indicators and patterns. Fibonacci retracements were the one thing I looked for the most. Moves tend to retrace to 1/3, 1/2, and 2/3 of the original move. It works in all time frames.
 

wifehunter

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I used to day trade stocks back when that was a thing. I studied a lot of different chart indicators and patterns. Fibonacci retracements were the one thing I looked for the most. Moves tend to retrace to 1/3, 1/2, and 2/3 of the original move. It works in all time frames.
I took forex and stock trading courses. I've been over fibs once or twice, but it didn't sink in. Fibs have always mistified me...

Now, I'm motivated to get my head around them. Any form of predicability is useful!

Thanks!:D
 

ChristopherColumbus

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I used to day trade stocks back when that was a thing. I studied a lot of different chart indicators and patterns. Fibonacci retracements were the one thing I looked for the most. Moves tend to retrace to 1/3, 1/2, and 2/3 of the original move. It works in all time frames.
I am basically just focusing on the candles on various time frames... combined with a bullish macro. The only real experience I have with markets and trading was the previous bull market on gold where I did quite nicely.
 
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ChristopherColumbus

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Good chart analysis. Bitcoin is one thing I have trouble charting. Alts and ICO are pretty easy to chart but Bitcoin does it’s own thing. 36k for bitcoin would be very lovely. Gotta sell a bunch of my alts for some more Bitcoin once alts make their run.
If it weren't for the long term log chart, the massive volatility in Bitcoin would be quite mystifying. Interesting you mention 36,000. This could be in the charts... this year for Xmas.:eek:
 

ChristopherColumbus

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Good recovery in the hourly charts. I think with this huge interest in Bitcoin, all the action is compressed - what you would see in a volatile daily chart, you now see in the hourly. The daily is going parabolic... just as the monthly and weekly is. When the hourly chart once again aligns....

Looking for an ascending triangle here.
 
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ChristopherColumbus

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The weekly chart. The dip is hardly registering... on the weekly chart.

I was thinking we are due a week of consolidation, and then lift off. But looking at the parabola, and looking at the pace of his present recovery [previous post] from the dip, it could be all on next week.

If we get a fourth upward candle next week, reflecting the increasing magnitude of the previous three, 30,000 is possible.
 
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ChristopherColumbus

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This is well worth a FULL watch.

Discussion of price 28 minutes in... awesome macro view.
 
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