Hey people, this is my mid-term analysis for BTC/USD based on this week data.
Also, a quick disclaimer: This is for the many of you asking me what to do with their coins. I'm not really good at giving long term advice, since I do not invest long term, I am a short term margin trader, and I simply apply TA principles to larger timeframes to try and get a sense of what may be happening. I already explained in several threads why I do not hold CCs long term and prefer short term leveraged trading, so not going to do it again.
This being said, the analysis is an idea for the next months, so FWIW BTC could be at 5000 in September. If you want to hold, do your research and do not invest/trade only on others advices. If you think the situation is utter dogshit and you're losing too much money, GTFO. Minimize your losses and find a new strategy, explore more options. Good luck, as always!
Can we get this chart meshed into a multi-month chart?
Trying to look at a longer trend
Luke Harris
Thanks, kinda makes you think
Nathan Long
I think that the more you go into the future, the less reliable these indicators become. Good for short-term, though
Luke Allen
>totally normal growth >not a bubble >not crashing >just a small correction
Lucas Perry
Yes, that would be too unreliable. Also, CCs are volatile on their own, so solid long term predictions are really not reliable.
Lincoln Campbell
when should we buy?
Anthony Powell
Depends on what you want to do. If you margin trade like me, you could buy several times a day, even during a downtrend, going long on the retracements. If you want to hold long term, who knows? IMO CCs aren't good/reliable to long term holding, you never know what could happen.
Take a look at what's been happening recently. Whales pumped up the price, and several people holding made profits as well, but now that whales are dumping what will happen if you hold? Maybe they'll start pumping again as soon as the price reaches ~1000, maybe they won't ever do it again since they can't exploit CCs mania/hype that get introduced to the big public.
Ryder Morris
is this a trick to get people to sell you cheap coins?
Brayden Perry
Nope. As I said, I do leveraged margin trading. I can do that with BTC @ 2000, with BTC @ 100 and as well at 10000, I take advantage of the volatility itself, which will be always present :)
Adrian Campbell
>astrology is bullshit! >reads arbitrary line-based analysis of complex chaotic system >makes perfect sense! totally legit!
If you are this stupid you deserve to hold bags.
Andrew Barnes
the best part about this is probably that this 'analysis genius' talks about long term volatility and is afraid of holding yet if anything early buy-in, long-term-hold to sell is actually so far the only statistically proven way to make the greatest ROI.
Again, you deserve to be poor if you follow the advice on this board. If someone was actually able to predict the market with meme lines, they'd be sitting in Monaco with their harem, not posting on Veeky Forums like an idiot.
Evan Gutierrez
>technical analysis
you idiots don't actually fall for this shit do you? It's like palm reading
Landon Turner
thank mr chart
Samuel Carter
Yes, I have had quite a few people telling me stuff along these lines in the past days, but what can I say? TA apparently works! How strange! But I do have to say that many believe TA is just recognizing random patterns in graphs, without looking at anything else. That's just plain bullshit, and it doesn't work like that, so everyone that believes that should really do a bit more research before shit talking about something
Jack Allen
Tech analysis is a bucket of keks. It's like squeezing my balls and telling me I may or may not have kids
Caleb Hernandez
You obviously didn't understand shit. This analysis tries to go at most for the next few months. That's not longterm. And you don't even know what margin trading is, since I basically don't hold shit exactly for that reason. And believe it or not, there is strong logic and evidence behind TA, as I said, if you believe that's just random lines, look into it and try it out, you'll not be disappointed.
Zachary Mitchell
>there is strong logic and evidence behind TA
stopped reading right there. You realize that every actual science laughs at economics, right? And you are literally the astrology of economics? Particularly the pearl clutching of throwing fucking fibonacci in there (lol) is hilarious, like armchair naive art critics overlaying golden ratios on paintings.
I don't need TA: I read up on technologies and invest in promising cryptocurrencies before they are at their peaks. I've made a lot from this. Even without TA you can simply apply some simple logic and critical thinking to do OK in day trading. It still doesn't stand favorable against early adoption and long term holding or bot trading.
Keep shilling.
Kevin Morales
What site will not cuck me on fees for selling ETH to USD and then back to ETH again?
Seems like Asia is buying at night while the US sells during the day at about +5% gains night from selling at night and buying again in the AM.
I've got my ETH in coinbase now but their 1.49% fees on both buy and sell are shit. Gemini looks good and I am waiting on day 2 for verification.
Gemini or is there something better?
Juan Wilson
thank mr chart ignore shittalkers and keep post where else to follow u? tradingview?
Jeremiah Johnson
what annoys me the most about TA, is that: so many people believes that it works/exists, that they form their trading strategy around it, and in a way sort of CAUSE TA to be correct.
Reminds me of the orks from 40K, where if enough of them believe a metal box is a rocket ship, it will act like a rocket ship; and as soon as they stop believing in it, it is no longer a functional rocket ship.
Dylan Butler
As I said before, you're one of these people that believe TA is all about "seeing things" like random patterns in graphs, while that's not true at all. That's just a small part, and I even don't never use patterns lol
>Particularly the pearl clutching of throwing fucking fibonacci in there (lol) is hilarious, like armchair naive art critics overlaying golden ratios on paintings.
Fibonacci is always right, check the graph. Every important turn point, support, resistance, is matched by Fibonacci retracements. Fibonacci fans are also incredibly useful. And that is even in real time, not only after the actual movement has happened. That's all based on market psychology and how traders place orders, something I don't expect a clueless ass like you to know.
>I don't need TA: I read up on technologies and invest in promising cryptocurrencies before they are at their peaks. I've made a lot from this. Even without TA you can simply apply some simple logic and critical thinking to do OK in day trading. True, but what's better: gambling, or gambling with a bit of cheating? :)
>It still doesn't stand favorable against early adoption and long term holding or bot trading. How do you think bots work? Their algorithms are all based on TA and QA (quantitative analysis), which itself is a part of TA.
Plus, also responding to , yes, that is in short how it works. Bot trading follows the same principles to an extent, because algorithms place orders basing their decisions on QA and other algorithms decisions. With humans is the same thing, what retard would place random orders? Based only on his feelings? You maybe, not serious traders. That's why TA works, especially on markets where fundamental data is not so common.
Ayden Perez
Don't have any social profile for chart analysis right now
Logan Gray
How much are you making each week trading according to your TA?
Brody Butler
Can you post some resources? I've looked a investipedia obvsiouky, but I was wondering if you knew of anything more comprehensive or better.
Carson Evans
where to learn technical analysis? I'm also a TA fag, been learning/daytrading penny stocksfor over 1.5 years now
here u go user, my gift of introductory resources for you:
Dude, market is driven by emotions, and emotional decisions form statistically predictable patterns.
Jeremiah Sanders
Bump, the best thread in Veeky Forums
Samuel Brooks
Just got recommended this thread, going to give it courtesy bump to help other newbies also interested Technical Analysis.
If anyone has any other good resources (I'm look for Youtube videos because I'm a very visual learner) it would be appreciated!
Liam Gutierrez
all the websites with pictures that I posted in arent visual enough? I mean videos aren't really going to do much more because they usually just show the picture and talk about it. I've watched some but can't really think of anyone specific. Just search for technical analysis videos on youtube, tons and tons of people have done em.
Consider the reason for bitcoin's fall. Another fall will be ETF rejection, which most likely will happen soon. It seems reasonable to cash out some of the gains IMO, and then buy back on the day ETF's rejected. It's not possible it gets accepted, or is it?
Have a look at the BTC chart from this year, after ETF's got rejected. That's what started the bull run for BTC initially, so I think we can yet see a significant drop.
Isaac Mitchell
what is it with bitcoin and ETFs? why do they not get on?
Jason Ortiz
Last ETF rejection had no effect on Bitcoin. Nobody was expecting it to pass then, and nobody will expect it to pass now, especially with the soft fork coming up on August 1.
Easton Cox
can i get some of your brain through osmosis? i am stupid beyond belief
Angel Reed
>Spencer Bogart, managing director and head of research for Blockchain Capital, is skeptical that the SEC will change its tune on the bitcoin ETF.
>Their reason for disapproval was the underlying markets for bitcoin, which haven't changed in the weeks since they made their decision," he said. "One of the issues was that Bats hadn't set up surveillance-sharing agreements with the major exchanges on which bitcoin is traded, with the purpose of identifying and stomping out market manipulation. Even if they did, a lot of those exchanges reside in jurisdictions that don't have much of a regulatory body that can go and take action against people that are doing something bad to the market.
Dylan Jackson
so they're concerned about pumping and dumping?
Owen Kelly
Thank mr chart. This and the quads from yesterday have unironically convinced me to sell.
