Ok Veeky Forums, here's a tip for me to you. TA works because institutional investors WANT it to work

Ok Veeky Forums, here's a tip for me to you. TA works because institutional investors WANT it to work.

Red line is 200 day moving average. Extremely powerful support. Buying near here is an amazing deal, bitcoin isn't going meaningfully below it. Yellow line is 100 day MA. Strong support. Good buy in point, fantastic returns, but not as amazing as red line. Bottom blue line is general uptrend. It's very similar to the path the 200 day MA has taken, they're basically the same. A good way to see where the red line is heading. Top blue line is recent down trend. You will see that every time bitcoin has tried to go back up through a fib level it passed down through, it gets rejected (first two A points). There are still three more A points of fib levels to go before it hits the general trend line, at which point it should truly continue its up trend.

Goldman first predicted bitcoin to reach about 4900. It did. Then they predict it will fall below 2300. 2220 or something exactly.

post continued -

I think the game has been this: institutional investors have planned to create the panic we saw around 5000 so that we would "trust" their calls more in the future. All news and media could talk about from July til September is how strong bitcoin was. Now it's the total opposite. FUD still being spread by Wallstreet Journal and more. And I think they're going to keep doing whatever it takes between Chinese investors and goldman or whoever to push it down further. But they're not going to buy at their called 2300, they're going to buy above that. That way, they can still say they were "sort of right", but they are also winning against people who are not buying in until the 2300 call. Why do I think this? This chart. With this I think their aim is closer to 2600. And if we want to be SAFE, higher, around 2700 is a safe way to get in before they do.

Anyway I have more buy orders set and ready. 20% of my orders are at 2900, 40% at 2800, and 40% at 2700.

I am not saying that you should sell everything you have right now. The long term trend and the tech behind cryptocurency have me convinced that long term, it's only going to go up. So if you want a zero risk way to profit, do not sell. However, if you're looking for a good point to buy back in or you are a fan of catching falling knives, perhaps this post was helpful to you.

Oh yeah and the purple line was a more optimistic outlook, but I don't think that one is going to happen.

So by following your advice we will make ta even more real therefore making big money bank guys words even more powerful.

No thanks I buy high and sell low just to fuck this up

So by following your advice we will make ta even more real therefore making big money bank guys words even more powerful.

You really think Veeky Forums has enough throughput to have a meaningful effect on the outcome of bitcoin? Even if we followed their system to a T it's not going to help their cause very much.

We can't change their system, but we can beat it at least for ourselves

True master

As if you have any big influence on the marketplace.

>trying to TA btc
Fucking cuckold.

>Ok Veeky Forums, here's a tip for me to you. TA works because institutional investors WANT it to work.

haha =D

>Red line is 200 day moving average. Extremely powerful support. Buying near here is an amazing deal

ridiculous claim. it's just like any other moving average, it trails price average that's it.

Where do you set your buy orders user?

btc used to be kinda friendly for traditional retail trend followers compared to more competitive markets

Thank you for your contribution. I didn't know that daily trends were different from monthly or yearly trends.

I am not trying to offer a divining rod that can reveal everything about the future, I am trying to shed some insight on what the institutional investors are doing right now. Because right NOW, big money is starting to become seriously interested. And that's something you want to be weary of.

I have them on GDAX

You can set a buy order using FIAT on GDAX?

I have a very hard time believing the downtrend was magically reversed in the span of a few days, I think we are due for at least another bloodbath coming shortly.

you can put ketchup on steak?

Kraken

Uh yeah, I thought that everybody knew that? It's FIAT, not tether. And the best part is that limit orders on GDAX have a 0% fee. That's why I'm using them there. The only downside is that you have to leave your money on the exchange. If you don't trust exchanges, you could leave your money in coinbase and set an alert when a price dips below a certain point with a phone app. Transfers between Coinbase and GDAX are also 0% fee, and instant, so if the price drop to say, 3000, happens, you could hop on and insteantly deposit and set the buy orders. Unfortunately I don't like waking up in the middle of the night and I don't have access to exchanges while I am at work, so I take the risk of leaving money on the exchange.

Actually makes sense. Im pretty new to Crypto and i didnt realize how hard BTC mooned this year. It was basically even for like 2 years before 2017.

The thing thats most frustrating is that if BTC crashes, everything goes down with it. Even if its a different platform like ETH, NEO and plasma. I wish everything was a little more independent of BTC.

China really fucked things up. Binance just launched with high hopes and now they arent allowed to operate in china. I thought it was a meme at first, but this coupled with all the wallstreet FUD really does make me think they'll be another crash. Im waiting to see if it gets to around 42-4500 and im selling. HODLing wouldnt be the worst thing though, so im not too scared; but it would be fucking awesome to get in at 2200

Why can't you quote properly?
It's as if you're not from here.

What downtrend? Look at a little longer chart, this is a correction like there have already been 4 or 5. The moment I see a double top or a h&s (i.e. it doesn't break 5k) I'll be worried. But for now, everything is a-ok. I mean the trading volume is still growing ffs. This shit is babby's first ta. Seriously, it can't get any easier.

the absolute madman

Sorry I forgot my meme arrow

>What downtrend? Look at a little longer chart, this is a correction like there have already been 4 or 5.

Exactly why I advocate holding long term rather than trying to short BTC. Too much risk involved with fighting the long term trend. Buy placing more buy orders? Really no risk there other than not maximizing your gains. And you want to talk about trading volume? Pic fucking related. That single day was the most volume we've seen in fucking ages. That's institutional money. They bought in because 3000 is a huge psychological support and also very close to 200 MA. But did they sell after that? No. That's why volume is falling now. You aren't going to see it move like it did then until THEY make a move. And I'm calling the general points they'll do that.

>Actually makes sense. Im pretty new to Crypto and i didnt realize how hard BTC mooned this year. It was basically even for like 2 years before 2017.

Because THEY -wanted- it to moon.

Thanks a lot, very helpful.
Yeah I was looking at doing exactly that, knew you couldn't do it on Coinbase so was wondering about using a different exchange.

2200 bitcoin is unlikely. If we do dip it'll be around 2700

There was a pajeet that warned us at the time the first ico ban news came out. He was making these kind of lines. I found this one from a recent thread thats archived. Im starting to brlievr this shit is actually gonna happen

This is probably one of the most interesting well spoken Veeky Forums threads in a while.

Oh I dunno...
What about the 100s of shill threads for absolute shitcoins? They have some really charming reparti in them at times.

I bought today thinking that the downtrend is over

Honestly when it hit 3k I was sure it would dip to the levels you mentioned, but I see 2 things:

1. A 40% dip from an ATH is a considerable one, and comparable to the dips we saw earlier this year. A dip to 2200$ or more would be about 50% down from ATH, which is more than "normal"

2. The market lost about 80 billion in total value from it's ATH. A dip to below 2500$ would mean crypto would lose half its value, and there is no reason to believe we would have a drop this big without any news.

I'm not sure if we're back to bull market phase, but I'm sick of waiting either way. Bitcoin will reach 10k sooner or later, whether I buy at 3k or 3.5k or 3k is irrelevant. I don't want to miss any chances.

I agree, see the second part of the post
>Anyway I have more buy orders set and ready. 20% of my orders are at 2900, 40% at 2800, and 40% at 2700.

One last thing worth considering though is that Coinbase generally has higher bitcoin rates. Like, if the average cost of bitcoin is 4000, GDAX/Coinbase will usually be 4100-4200. I believe this is for 2 reasons - first, Coinbase is one of the easiest entry points into the crypto world at least in the USA. So it has a lot of extra buyers in that regard. But second, GDAX only has fees on market orders. SInce there are less fees, I think users are willing to "pay a premium". I don't have experience with any exchanges outside of GDAX, Bittrex, and Binance, though, so I can't really offer any insight as to whether or not there are better options as Bittrex and Binance don't do FIAT. I think the lack of fees would just about make up for the premium price though, and the fact you have INSTANT, free transfers between GDAX and Coinbase, is very nice. Coinbase is not as safe as a private wallet but it's way better than leaving it on an exchange.

>1. A 40% dip from an ATH is a considerable one, and comparable to the dips we saw earlier this year. A dip to 2200$ or more would be about 50% down from ATH, which is more than "normal"

Absolutely. And for something outside of the normal to occur, we would need extraordinary events. Stuff like governments or institutional investors. Both of which are playing the game now.

> there is no reason to believe we would have a drop this big without any news.
Exactly true also. And bad news is exactly what we are going to be fed over the next weeks/months.

> Bitcoin will reach 10k sooner or later, whether I buy at 3k or 3.5k or 3k is irrelevant. I don't want to miss any chances.
Yes! You said you bought in today. Just hold. It's going to go up long term anyway. But if you have more money to spare, it isn't a bad idea to be ready to buy more if it goes sub 3000.

All you have to do is go look at past predictions on trading view and you'll see ta is hit and miss at best. Ta is meant for the stock market. There are too many differences between the two for ta to work as reliably for crypto currency as it does for the stock market. You have to decide yourself through experience what elements apply to crypto and what ones don't.

>Absolutely. And for something outside of the normal to occur, we would need extraordinary events. Stuff like governments or institutional investors. Both of which are playing the game now.

of for fuck sake. "governments" would mean pensions funds, which means they have to follow law where they can invest into. very rarely even gold is in the books because it does not pay dividends, it's mostly bonds, stocks and real estate small part. there are some funds involved in crypto market but your other claims do not hold any truth

You don't understand user, the market anticipates the news because it causes the news. All of the dips happen with bad news, but the pattern still holds, because the news is part of the pattern. It's called reflexivity you scrub. The trend will give warning signs before breaking. So it's good to keep your eyes open but not yet time to pull the trigger.

when do you think the dip/crash is gonna happen?

It is currently happening. It doesn't just happen all on one day. We exited the bull market and entered the bear market after we hit 5000.

I agree that the news is part of the pattern and I am anticipating that they want to inject more bad news to push the "current" trend down. Yes the long term trend will remain and go up. And I'm not pulling any triggers. I'm not fucking selling

Sorry, I didn't mean something like "governments are buying bitcoin". I should be more careful with my words. I guess I meant just general powers above the common man. But government is so closely tied to media that I tend to lump them together. I'm not saying the president of China is buying thousands of bitcoin, but I am suggesting that people who have connections with the media (governmental persons or not) are very interested in buying bitcoin right now

So as someone that only bought last week, it's best to hold these coming dips or to re-sell without a loss and wait for deep dips?

25% 2800
25% 2700
50% 2500

That ate my orders.

ok, I thought that the recent uptrend from 3k to 4k which we have now would make the last dip and the oncoming one separate events lentini avenue

kek, sorry for the captcha at the end
I appreciate the quality posts OP

What price did you get in?

I am not a professional but personally I would not sell unless we hit some abnormally high point. For example, if somehow we hit 4500 in the next few days, personally I would sell most of what I have. That being said, since you are new to the game I would not advise selling. Every time you buy and every time you sell you create a potential point of stress. If you sell and it goes up, that's stressful. If you buy and it goes down, that's stressful. So in the beginning, minimizing the actions you take is really helpful.

If you have no emotions and you have a solid, informed plan that you know you will stick to (such as sell right now, buy back in at 3500 and have no regrets), then feel free. But when starting out it's best to just learn how things move rather than trying to time the market (especially based on something you found on Veeky Forums) and more importantly how they make you feel and how they affect your decision making process.

The dip is over tho. It went too low too fast, so now it's gotta at least test 5k again. If it doesn't break that, I will be worried. We might face a bear market for 2 or 3 years. If it does break, it's good to go until 10k. This is not disputable, it's pretty obvious to anyone who knows how to look at a chart.

Thanks, that makes sense.

>We might face a bear market for 2 or 3 years.
This is the part of the crash i dont understand/agree with

Even if BTC crashes, it seems like crypto should be taking off right now. Theres actually a bunch of companies using blockchain technology for really cool projects. How the fuck could there be a bear market for 2 years?

I do think we're in a bubble, and even hungry skelly said with all these ICOs going crazy, a lot of people are gonna lose money. But now that regulation is starting, i expect things to get steadier in the next 2 years, but they should keep rising. no?

>We might face a bear market for 2 or 3 years
Wat

>Theres actually a bunch of companies using blockchain technology for really cool projects. How the fuck could there be a bear market for 2 years?
Also, all of the big powers becoming interested specifically in bitcoin and ethereum. There are COUNTRIES that are interested in the stuff. There's no way we're going to have a multi year bear market right now. There's too much worldwide interest at this point. And yes it did happen way too fast which caused the bubble, but yeah there's no way we're going bear for more than a year. I will be shocked if it lasts more than a few months.

Saged post.

Going to bed. Hope I helped at least one person whether with my amateur charting or basic bitch advice. Sorry I pissed off everybody who disagreed with me. Next time I'll just shitpost about an altcoin instead, I'm sure that will make this board a better place. Peace

I actually like it, since I've been following TA advice from some other traders and it agrees

Absolute dip point is obviously pure speculation
Also don't look too much into learning the people at Veeky Forums about this, they're the guys creating the mid and lower drop with their weak hands

Seen several Wave Analysts with this same count

Break above 4500 nullifies the count IMO but based on the count I'd have to agree with this hypothesis

I agree on the 200 MA, but unless another major negative news breaks out this is not going near that support again. The new WSJ article didnt do shit to the BTC price, they need something new like that USDT fiasco.