Short Term Update: H1 chart @Bitstamp

chartI’ll be synthetic and almost telegraphic, the reasons that led me to believe in a possible reversal of the market are:
1) An rsi divergence was forming, a bullish divergence occurs when the underlying security makes a lower low and RSI forms a higher low and this happened shortly after (pointed out in the chart with dotted line)
2) Price was close to the important level of $650,  it bottomed out at $651.54 @bitstamp
3) 667$ was the first negative deviation line using the 4 hours chart

Normally i do not publish on this blog trades so dangerous, completely against the trend and with an high level of volatility, because I am aware that many of you who follow me do not have enough experience to be able to operate in such situations without making mistakes but this time i’ve done an exception. Possible target is the short term average at $780 that is providing resistance, once there i’ll decide what to do. Support level remains at $650.

Advertisements

5 thoughts on “Short Term Update: H1 chart @Bitstamp

  1. I don’t understand any of this. Do you have a finance background or something? What is an RSI divergence, & how does a beginner/newbie interpret charts like the one here? If I may ask, how did you learn what you know today? Did you take courses, learn through a friend, watch some videos, or experiment on your own?

    The world of trading is interesting, but I don’t understand and know how to utilize these mathematical tools and patterns.

    1. Lore

      Please. Do yourself a favour. If you don’t understand what he is saying, there is plenty of material available on the internet. Get familiar with the terminology, use fake trading systems to practice, read, read, learn, leard and LEARN, BEFORE you even think about putting some money into any kind of trading.

      Even the people with years and years of experience make HUGE loses if they are not carefull. What happens to newbies that think “oh… how cool is trading, people makes lots of money just sitting in their couchs, let’s try”, is that they lose lots of money.

      Remember, people making money in trading, stock exchange and other markets need people loosing money.

  2. Do you realize the ploy of the masterminds behind the curtains? Bitcoin was designed to go up.. You dont think the 500 BTC buy @ 850+ and the fact the winklevos twins are now making statements as such ( “Small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don’t know, but if it happens, it will probably happen much faster than anyone imagines,” wrote Winklevoss. ” )

    “It will probably happen much faster than anyone imagines”

    Now call it conspiracy or not but even if bitcoin is based on a ponzi scheme or pyramid scheme, whoever is holding the most coin which is the creators “Satoshi Nakamoto” which in turn got people to get involved and then those people get involved and they get there friends involved.. Regardless if it stays or not I care less.. What I really think is since only about 41% of the US knows about bitcoin that whoever is behind the curtains is awaiting it to be global and the price wont matter because once everyone is involved and has bitcoins let the games begin.. You can guarantee games will be played.. Dropping sales to dollars if not pennies and then them buying them all out while everyone is selling feverishly scared of losing there coins. Whoever started this is a genius and is awaiting his billion dollar payout which is soon to come! I estimated bitcoin to be about 2-350 by christmas time and it well exceeded my expectations. They say within 2-3 years it will be 1500-2500.. I dont believe this to be true anymore. I am leaning more towards it reaching 4-8k within a few months. Now with the winklevoss twins spreading it and have 1% of bitcoins in population.. point is fuck the graphs fuck the guessing games.. hold your damn coins and await the huge payout about to come!! No point in stressing when it drops.. unless you are day trader or need to purchase them at low price to make a large profit when it sky rockets because it will indeed reach 1500-3000k around or after christmas time. I will still hold out with my 1700+ coins. If you want to be a millionaire you have to be patient and hold strong! Anyways if anyone else has any thoughts in the matter of someone controlling the actual price of bitcoin which is easily manipulated by large scale coin holders! It all seems very fishy and odd the fact that NSA could have developed this bitcoin project and thus the US is easily ready to accept it.. or some random character created this masterpiece and just published it on a blog with the source code in which does have a line of code that programmers still dont quite understand what it means. There are various assumptions one can ascertain and in the end it doesnt matter.. all that matters is MAKE STICKERS AND FLYERS AND PROMOTE BITCOIN EVERYWHERE SO PEOPLE SEE IT EVERYWHERE.. That is the point.. once everyone is involved then your coins are going to make you rich.. very simple people. If you cant see the clear picture of this digital scam or digital miracle.. you be the judge 😉

    Thank you Enky for all your insights I have kept up with yours and several other bloggers and forums in these matters and everybody uses the same concepts and always has a guess but nobody really knows shit.. Alls the people need to know is get as many fucking coins you can and hold down the fort! Even if you can only afford 1 btc.. buy it.. watch that turn into 10k in a few months.. I dont think people understand how easy it is for the creator to do there little trick or buy orders or sell orders and boom whoever has coins is rich.. or if there is malicious code in which the creator can obtain all the coins in circulation then we are all fucked and oh well.. But dont think that will happen til they are billionaires and if that happens they may as well just let bitcoin ride its ride its going to go to the top 😉

  3. Jukka Santala

    Well, it’s speculation, all the big investor types statement really just sound like “Pump the price up so we can cash out at profit”. Of course as Enky said, when things seem too obvious they may be something else… But it’s a dangerous game, there are more ups and down ahead, and there’s no guarantee they will be worth the paper they’re printed on at the end. Oh, oops…
    The pseudonymous “Satoshi Nakamoto” created the first 1,624,250 bitcoins, most of which he still owns, so that when Bitcoin crossed 1000 dollars he already became a billionaire. Of course should he start cashing them out, the value would crash before he’d get very far due to supply and Bitcoin then seeming more like a Ponzi scheme for him to get rich.
    The “line of code that programmers still dont quite understand what it mean” is apocryphal (In fact, I can’t even find a reference to the claim on the web), computers and programming languages are quite deterministic and it’s easy to figure out what a single line means. The oiriginal Bitcoin client has been re-implemented and upgraded in so many places that a backdoor in any of them would just lead to a block-chain split with people going with the one that makes more sense.
    The Bitcoin markets are an ecosystem unto itself though, which the actual Bitcoin becoming less and less relevant though. It’s hard to tell what this will mean as it’s an uncharted territory, but the China decision is driving things further int hat direction. It’s now all but impossible to actually use Bitcoins for anything else in China so it’s a completely virtual market, but if their market price falls, people can just buy cheap Bitcoinss off BTC China and sell them on other markets, pushing price up in China and down elsewhere until prices stabilize. Currently BTC China is trading at around 650 dollars and MtGox 750 dollars so I’m bit unclear if there’s larger barriers to arbitrage or if people are just waiting to see which direction things go.

    To Lore: The nice thing about markets is that in uptrend market other people losing is not a pre-requisite for winning, ie. when prices rise, everybody wins. That’s investing, basically. Speculation on a downtrend market like it’s been since the first China decision is bit uglier, and with the maximum number of Bitcoins capped gaining more does require others to lose. So yeah I guess I fall on Limitless’ side on this issue, if you’re looking to join with no experience, buy only as much as you can afford to lose when they’re low and hold them cashing out a fraction as you need, but don’t expect immediate or limitless growth.

    I think the main problem is that to make a consistent profit trading you need huge amount of time learning & following the price trends. It might not be profitable until you can invest maybe a years pay into it (assuming going into it full-time with 10% average monthly profit or less the more you spend on work etc.), and then you’re definitely taking too big a risk. Someone else might be able to comment what sort of profits are technically possible, november saw 500% rise, but that’s unlikely to repeat, and you might need to make profit on downtrend too.

Comments are closed.