/biz/ - Business & Finance

>>19383022

The bitcoin price is dictated by what people are willing to pay not what patterns your candles make /thread

>>19383022
>>19383030
>TA

> multiyear divergence
> 12h candles

so youre saying it could either go up or down?

>>19383291
if it goes up that means it went up, but it could still go down. also, it may go down before it goes up (or sideways). or some other direction. but whatever way it goes i'll redraw my lines and claim i predicted it :)

>>19383022
never try to discuss TA on /biz/ newfriend. They are too retarted for that

>>19383307
When will I learn.
I had some good luck the other day, though.
>>19329367

>>19383307
>retarted

>>19383022

>using the coronavirus plunge to define the bottom of a multi-year trend

TA is astrology for men

>>19383354
thanks for the thread I'll have a look

>>19383366
see? /biz/ is retarded, and I'm obviously part of it
also, checked

>>19383372
>astrology doesnt work

Actually not a bad thread for once.
Will keep an eye on it.
Thanks

>>19383397
lmao you got a laugh out of me, anon. i like you.

Next pullback might be a great buy opportunity (approx 6-7k) let see what happen

>>19383435
If the 12h RSI trendline breaks, I will absolutely start looking to open a large long position. Earlier today, 2h and 4h broke similar trendlines, so it would not be weird for the 12h RSI trendline to break soon either. One more powerful green candle is all it would take.

If the 12h were to break in the very near future while we're less than $1000 away from the long term resistance, I feel it has the power to finally break that resistance.

Here's 4h from earlier today. Bullish divergence gave it one good push up, and I feel it has at least one more upward thrust left in it. It's just consolidating right now, but it's looking healthy.

>>19383475
Even if we pull back, I'd eye the low 8000s first, because the 1d 200 EMA and SMA are there waiting to support the price. It wouldn't be weird to establish a base around there either.

>>19383372
The trendline has touches from before the dump of March 12th. We were in a descending broadening wedge before too, but it just got wider. (No thanks to BitMEX's liquidation engine.)

it literally cannot go up. Check monthly candles with input 20 60 120 60. There's a super flat kijun at 10k stretching all the way from 2018

also check monthly rsi - price goes any higher and there will be bearish div

thanks for the other thread btw will be watching all the videos

TA is a false god

>>19383639
>SIMP

>>19383304
>if it goes up that means it went up, but it could still go down
that changes everything i ever thought... thank you for the enlightenment

>>19383030
That's not a descending wedge, tho.

Who will pay 100k for 1 BTC is my only concern

>>19383022
so i should be quitting my short then?

>>19383577
Yeah, I see the 1M bearish divergence, and I made the kijun a little bolder to make it easier to see. I hope I got your settings right. It looks like this is only the second time bitcoin has had 1M bearish divergence with the last time being December 2013.

>>19383681
>That's not a descending wedge, tho.
I know, it's a descending BROADENING wedge.
https://excellenceassured.com/trading/trade-chart-patterns/broadening-patterns-wedges

>>19383688
If the trendline on 12h RSI breaks within the next day, I would close the position. However, if it holds, you can probably keep it open for a bit longer.

>>19383728
If you squint, it kinda looks like an ascending triangle, but I realize that's a stretch. I only mention it, because ascending triangles are notorious for invalidating regular bearish divergence.

>>19383688
Out of curiosity, where was your entry, and what was your criteria for shorting?

>>19383686
>Who will pay 100k for 1 BTC is my only concern
The dystopian scenario is that the USD hyperinflates and $100k USD doesn't have that much buying power in the future.

>>19383821
which also means you make 0 considering PPP stays the same.

>>19383821
$1000 bills will be a norm soon. Our grandparents even say they would buy a gallon of gas for 15 cents and that felt high to them at the time.

>>19383752
i had a long from $6k and switched to short before the halving becasue i expected a dump of significance into and after the halving. but the halving went a lot better than i expected i mean situation was fucked all around and the price was kinda low 40% of the miners capitulated and all that jazz...

so my entry is above $9k i'm a few dollars underwater here.
it begins to look like to me this shit don't want to go down. i was expecting at least a $7k 50% correction on the pre halving run, but yeah dunno.

>>19383728
for monthly rsi im talking about the tiny double peaks from 2020

>>19383686
there are thousands of billionaires on this planet. more than what could afford 21 btc to his name.
also people can buy fractions tiny tiny fractions, in a few years we stop talking about bitcoins and start counting sats anyhow.

>>19383022

You're almost right, but your wedge isn't broad enough.

>>19383022
Any major move depends on the coronavirus + response to it.
Will crypto follows if the stock market crash again - as it did last time.
Will the money printing and lack of "value investments" in the stock market, make new investors come into the crypto space.

>>19383844
>i had a long from $6k
Great entry on that long. Regarding post-halvening dumps, one theory I've heard about how relatively mild this one has been so far is that after every halving, miners have less power over the market. They can't make as much bitcoin, so they can't dump as much either.

>>19383854
I see. We'll see how it plays out.

>>19383890
There's so much more uncertainty now with the corona situation in the mix.

>>19383834
It's still better than losing your fiat life savings due to Shlomo not knowing when to quit.

>>19383955
>life savings
are you 50?
most here are not even over 18...

I think the main point is that with new apps like Robinhood et al a lot of people got into investing in the stock market or day trading. As soon as those people get sick of the stock cause they keep losing money to the whales there they'll come to crypto and if they do they'll invest first in BTC.

>>19383995
>people get sick of the stock cause they keep losing money
?
people actually make money in the stock market... that's why 401k ponzi works...

>>19383844
It was under 5k pre halving. That was the dip.

https://cointelegraph.com/news/grayscale-is-now-buying-15-times-the-amount-of-bitcoin-being-mined

>>19383844
>i was expecting at least a $7k 50% correction on the pre halving run, but yeah dunno.
Why?
2012. Didn't dip
2016. Dipped 10-20%
You are a moron.

It's grinding its way into the 4h cloud.

This is what I was looking for.
The 12h RSI trendline is broken.
That implies to me that the downtrend is over.
Even if it pulls back from here, it'll have a setup to bounce right back up.

>>19383514
and where is the 50 MA?

>>19384961
What timeframe?
On 4h, the 50 SMA was acting as support for this launch.

>>19383022
dude just stop wasting your time with astrology

>>19384958
>the downtrend is over
It has absolutely no confirmation of an uptrend, continuously making lower highs, your cloud telling you that it is highly likely to not break it now but very early June and still you say
>multi-year downtrend over
how delusional are you?
and i have a long open.

>>19383728
>1M bearish divergence
doesn't care cause:
1) too long in time
2) the peacks of the rsi don't go above 70

>>19384361
the reasons: general market bearishness and recession, also the price was too low to sustain miners and a dump could have triggered a more serious capitulation (we had no way of knowing how they will behave).
but it's not a big short or anything more like a partial hedge i would have built upon if my fears get confirmation. in fact i would never be liquidated on it.

>>19384349
probably the only good post
imagine wasting time with RSI and meme lines when fundamentals and whales playing around make 80% of the market

>>19384349
>https://cointelegraph.com/news/grayscale-is-now-buying-15-times-the-amount-of-bitcoin-being-mined
LAMO these guys probably have direct line from the fed

>>19383858
bearish. hopes up. charts are wacky.

>>19384968
>On 4h, the 50 SMA was acting as support for this launch.
>>19384968
You said ''200MA is waiting for us at 8000''.. then I said to you.. why do you take in consideration the 200 MA and not the 50 MA as first line of support?

>>19383194
Peoples willingness to pay is influenced by the patterns the candles make /thread

>>19385228
1d 50 SMA could work too. I just didn't think of it. No particular reason.

Another Wyckoff-styled perspective.

https://twitter.com/caprioleio/status/1265954010550370311

>>19385544

>>19385368
>1d 50 SMA could work too
''coud'' when dealing with money you shouldn't be using it.
Why do you look at 200 MA instead of 50 MA?
Any particular reason?

>>19386523
I just think the 200 SMA and EMA in any timeframe gets more respect. If we dumped today instead of pumping up past 9400, I'd consider that kind of a bad situation that the 50 SMA might not be able to stop. I just think 200 EMA and SMA have more stopping power. Even if they eventually break, they get respect. It's rare to cut straight through them.

>>19383821

people said the same shit when btc was under $100 - who will pay $10,000 for 1 bitcoin? hurrrr the dollar won't be worth anything hurrrr.

"No!"

you will be able to trade 1 bitcoin for $100,000 of current purchasing power dollars in the near future. 2-4 years.

>>19383022
Nah. Bitcoin always goes to the end of the formation

>>19385227
very bearish... at 9500

Whale here
Gonna sell most of my bitcoins at 10k
Know several whales that are going to do the same.

>>19383022
>Does this count as hidden bullish divergence?
That's regular bullish divergence, see pic related
>Descending Broadening wedge
>no indicator of volume
>goes on for over a year
blessed retard OP, but it is bullish, especially the penant and TRENDLINE above, targeting at least a 1:1 extension of the flagpole.
also checked