CHART ART: BTC/USD Intraday Double Bottom
GOOD AFTERNOON STEEMIT! (Yep, back again.)
This is just a quick afternoon update on a setup that I was too distracted by USD/JPY shorts to be able to take, but wanted to both share my thoughts with you guys and have them published here for my own reference later.
Steemit is becoming as much my own trading journal, even more than bouncing my trading ideas off the social trading community, and this setup is too hot to just let slide away into neverland.
Chart Art
The Falls in Bitcoin over the last couple of days have been pretty well documented. Even mainstream TV and newspapers are jumping onboard to let everyone know that Bitcoin is getting pumped and the reasons behind the drop.
With the SegWit2x software rollout imminent, I took a look at it's effect on market phsycology in last night's News blog and these charts are sort of a continuation of that concept.
BTC/USD
The Bitcoin daily chart is there just to show that last lurch down, while also letting us know that the major higher time frame support levels are all still in tact.
Daily:
But it's the intraday chart where things get interesting.
You can see here that price printed a nice double bottom as the panic selling took a break and from there, our familiar stepping pattern formed where previous short term resistance turned to support and gave us an opportunity to get long each time.
15 Minute:
1, 2, 3.
Boom boom boom!
Low risk, high reward trading if you can get your entries right.
Well, that's definitely enough charts for the day. I'm still buzzing about the +12 unit trade I jagged on USD/JPY yesterday and whenever you're feeling overly confident, the market is always there to bend you over and penetrate you repeatedly.
Seriously though, the amount of times I've had a killer trade and then somehow managed to give it all back the very next setup is not good to think about.
Long weekend, yiiew!
Active @forexbrokr CHART ART Blogs
CHART ART: CHART ART: USD/JPY Double Top Pattern Continued
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Nice post! Interesting that support line still holds at Bitstamp - Crypto is even more decentralized than forex - there is so much price and time divergence between exchanges.
Cheers mate. How are you not arbing the shit out of it then? Few of the Aussie forex brokers are getting on board with crypto CFDs at the moment. There's definitely opportunity in this space while the crypto trading industry is still in it's early development stage.
Crypto charts definitely generate more interest than forex on Steemit by the looks of it too. I see you don't even bother with anything else on your daily wraps.
I find it's tough to arb as it's tough to buy, way more complex than just placing two bids at different bookies. Fees subtract vast majority of the arb. I'm more talking about long term structural differences in charts eg that support line is about $300 lower at Bitstamp vs Bitfinex, though the current price discrepancy is only $25
Are you a short term trader or long term HODLer?
Followed!
Cheers for coming and taking a look.
I hold bitcoin as well as some of the other alts for the long haul, yes :)
But I also trade a portion of my overall portfolio in a leveraged crypto trading account. I come from a forex trading background (as the name might have given away haha) and was sceptical about crypto due to perceived crazy volatility. However, what I've found is that they are VERY technical markets and have been a very worthy addition to what I do.
What's your story?
New to Crypto and Steemit.
My wife had mentioned about Blockchain during a conversation as a passing comment, and I started reading up on it and the more I read the more I got intrigued and 45 days later - I am on Steemit/Coinbase/Bittrex...
I even bought a Alienware to share my hash to the community and I only see myself going in even further!
I'm still pretty new here myself but am loving it. Have pretty much fully immersed myself into the crypto scene too.
See you around!
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STOPHow boss am I!
Given you a follow back :)
Good to see a forex trader here, How long have you been a forex trader ?
BTCUSD chart deep pullback may/maynot happen, however considering the overly inflated hype around crypto.. its my gut feeling, we might see those levels. Look at etherum and other crypto growth in last few months.. its crazy !
Hey, thank you :)
I've been trading for around ten years now. Take a look at my introduceyourself post for my story as a trader.
I still like to use non techy friends and family as a barometer for hype. When I ask them about it, they have zero idea what I'm talking about.
For a mainstream hype example, if I ask them about Pokemon Go, even if they don't play it, they know what it is and that they don't want anything to do with it.
I don't think we're anywhere near peak hype in crypto yet.
Solid introduction :)
I agree with the parameter you have defined for mainstream hype. But it makes me think when a person who doesnt know ABC of stocks inquire about bitcoin as investment, that includes the postman.
I am curious to see the evolution of crypto market.