Market Update: Bitcoin 4K Edition
Hey everyone - hope you're all just as stoked as I am!
I'll get the positioning out of the way first, as we are way overbought. Could well go higher, but I have closed my entire long position from 3150 and taken profits. Had a good run and right on technical targets - keeping that greed in check! Bird in the hand worth two in the bush and all that.
Here's a quick update on the technicals and what I see going forward:
Mega up run past three days, trading in a three-pronged ascending channel. Tagged the 200% extension at 4180 earlier today and has now pulled back - I sold into that tag at 4150. As I said in the intro, it could still move higher from here: equal legs with the run to 3003 (percentage terms) isn't til 4350. Having said that, I think she's done for the moment and a fake higher more likely than a legitimate break. I'd be interested in going long again at 3500-3750.
Let's unlock the scale for the bigger picture and longer term targets:
As you can see, 5000 really isn't much of a stretch from here. All Bitcoin has to do is keep doing what it's doing and chug higher in this channel. The 261.8% extension is 4900 and that lines up with the channel top on September 1. The mid point of the channel hits 4900/5000 some time in late September. If channel support came into play again (ie on a reversal below the mid-point), we'd be looking at slightly longer time frame.
To put it simply, as long as Bitcoin is trading within this channel, we are going to 5000 sooner or later. It's just a question of when ...
Also just a heads up for all my homies in #teamaustralia - coinspot is the best place to sell your Bitcoin! Their Bitcoin is a little expensive to buy, but the upside of that is they do a wicked deal on the sell side. I managed to get $5800 earlier, when best offer on Local Bitcoins was $5300 and Living Room were quoting $5100. Verification is a little arduous, but IMO it's well worth it for the Bitcoin sell price and ability to buy STEEM instantly with AUD. Here's my affiliate link - whenever you buy/sell whatever there, you'll be helping me out, so give them a look-see.
Pretty stoked right now, kind of want to do a dance or something:
(giphy)
Team Aus footer by the amazing @bearoneThis post was brought to you by @msp-creativebot
Interesting charts - thank you. I fully upvoted you.
Thanks Katy :)
4040$
G'day. Nice article. All North East from here!
Let's hope we get a decent dip to buy more before the next big leg up!
Thanks for the tip on coinspot - I've got an account there so I'll watch the rates.
Thanks mate and no worries - I'm considering arbing it, need to see if it's feasible!
G'day again. I've been buy and hold on BTC but I looked at the rates on Coinspot. Big spreads on their sell price versus buy prices elsewhere.
Have you done any homework on the overall fees? Eg. Buy Coinbase or others - (fees?) transfer (fees?) to Coinspot - sell (fees?)
There should still be a good gain?
I'd be interested in your thoughts.
newbie here, just watvhing the trends for now. hopefully catch a downswing to buy in at.
That's the way mate - watch your prey, then pounce!
Everytime I think bitcoin is too expensive to buy, it rises even further :(
is it a good time to enter ?
I just exited, so I'd say no :P
I'll be looking to buy in again 3500 - 3750
bitcoin is doing really well. Can't believe it was at $1,700 a few weeks ago
I can't believe I chickened out of my original long as it fell towards 1700 :P
thanks for posting
Thanks for reading :)
Mehn" i'm already seeing btc hit 10k before the end of 2017. The signal is still very strong. I'm Cynthia by the way, a newbie on steemit. Crypto lover but i sold out my coins prior to the fork and now i'm broke and watching bitcoin mooning by the day.
Hey Cynthia, nice to meet you and sorry about your bad luck with the fork :(
Nice call and well done.
I don't think Bitcoin will go down from here. This is going to be a monumental rally. That's just my humble opinion.
Thanks mate - about time I got one right really :P
I'm not calling for a long term top by any means, but it has already pulled back significantly from that 200% extension. My entry was sloppy, but nailed the high on the exit:
Just looking for consolidation/minor correction here and will try to get long again at advantage. Got to play it tight and fast when you're fucking with leverage. I fade in as the market moves in my favour: lets you open much bigger positions, but you lose profits quickly if market turns against you. Bank 'em, run, hit it again.
When Bitcoin first came out, I could have bought a few hundred thousand for a couple of hundred dollars. They were trading at $0.003. I was seriously contemplating buying them, but then I talked myself out of it, telling myself that it wasn't worth the risk.
I don't trade leveraged. It's too dangerous.
Isn't that the worst? I didn't hear about it til it was $7 and I looked into buying and decided it was too difficult ... probably the biggest mistake I've ever made. My friend gave me half a bitcoin when she told me about it though. I forgot about it til a year later when it was $1400 AUD ... at least I made some money lol
There will be other cryptocurrency which will do the same. You just have to identify the right one. Liken this to the tech boom. Find the FaceBook type investment, and not the MySpace one. Easier said than done, but there is still opportunity to benefit from this massively.
Well said.
Thanks Bulleth
I'm in it for the long term with my 10% of a bitcoin 😊
You'd be surprised what you can do with a 10th of a coin and a little leverage ;)