/biz/ - Business & Finance

>>7853339
don't trade if you're unsure. you don't have to trade every day.

>>7853339
>It was far easier to make money in the bull run
This means you have no idea what you're doing. Anyone can make money during the bull run.

Patience. Wait for the market to come to you.

>>7853339
op just kys already

Oversold doesn't mean anything in a bear market. It'll go up slightly before going back to being oversold. repeat ad infinitum

>>7853451
>>7853481
>>7853509
Thanks anons

Don't trade against the market. If it's going down you need to wait for confirmation of a uptrend don't try and hit the absolute bottom that's what will get you liquidated.

Watch this over emotional asian

https://www.youtube.com/channel/UCeu9yMweVfTCftF9gvnuGeA

>>7853339
OP, its going to bounce up to complete the right shoulder and then fall to 4k. Also always look at time frames like this:
1day - 12hr - 4hr - 1hr - 30min - 3min - 1min.

MACD and RSI are pretty good. Always look for 2 or 3 confirmations before opening a trade. for me its: Is MACD flipped red or green / RSI oversold or over bought (also you can see patterns on rsi like double bottoms or triple tops)...BBands have M tops

>>7853509
oversold or overbought doesn't mean anything in crypto.

I remember when BTC was 7k usd it was already "overbought" it mooned all the way to 20k. if you went by indicator and sold at 7k you missed the biggest gains.

>>7853611
>t.
fucking brainlets. this is why I hate trying to help people

2/ I use 50/200 ema ...right now we're below that on 15-30min ...but finding support on the 4hr...and look at classic chart patterns, e.g. ETH made a nice triangle today and looking at everything else it was bearish...lo' behold it broke down

>>7853611
overbought isnt an indication that it must goto oversold. The indicator isnt the problem its the people using them.

>>7853339
look into non-exchange indicators too like nvt or daa metrics.

>http://woobull.com/introducing-nvt-ratio-bitcoins-pe-ratio-use-it-to-detect-bubbles/
>https://medium.com/cryptolab/https-medium-com-kalichkin-rethinking-nvt-ratio-2cf810df0ab0

>>7853339

See pic related.
What is the yellow line? What happens when the price interacts with it?
What is the magenta line? What happens when the price interacts with it?
What happens with cyan lines? (Hint: RSI divergence)
What does StochRSI tell you?

>>7854278

Additional question: what is the name and meaning of the last candle (Heikin Ashi style)?

>>7853765
it should be tho if the the volume stays the same or shrinks. thats based on supply & demand or am i missing something?

>>7854278
The yellow line seems to be the old resistance @ 12,000 USD. If the price fails to break it, it would continue to go downwards, until it finally gets enough momentum to reverse and break the resistance, at which point the old resistance might become the new support floor for future price action.

The purple line is the top of the bearish trend, which BTC would have to break to go back into a bullish trend. If BTC fails to break through, it would get shunted back downards, to interact with it at a later date at a lower point (most likely), since the line would continue even farther down.

RSI divergence is a new concept to me, but it seems like that would be a bearish divergence indicator, since it has broken from the previous bullish upward slope of the RSI peaks, and is now instead angled downwards.

and the StochRSI is indicating that it is still deeply overbought.
So if if this is all right, it would indicate that the bullish trend has broken, because it A) did not break the resistance at 12000, and B) did not break the bearish trend line, C) has a bearish RSI Divergence pattern now, and D) Is still listed as overbought on the StochRSI
Honestly anon, that was incredibly helpful. Thank you.

>>7854343

Overbought means that it should longer go up. It may however go sideways, instead of dropping.

RSI does not measure supply and demand. RSI(n) measures historical preference for going up versus going down over the last n candles. Nothing more.

Anons, best to look only on few indicators, but it has to be multiple. Also, its best to look 4h and especially daily trend.

With that being said.

MACD, bearish/bullish divergences (hidden as well, anyone that knew it would short it yesterday with eyes closed). SRSI and RSI, as well as candlesticks (price action) obviously.

Stop panipanicking and dont fomo or short at first. There is no way to lose this way.

Btw we are going to crash heavily this time.

>>7854535
>>7854278

Wow you guys rock.

>>7854278
>magenta
I hate this secret LGBTQCCCP+ nomenclature

>>7854644
queers are the kinkiest in bed

Going to 9800 before bouncing back to 10600. I base this on nothing but my gut feeling.

>>7854535

Correct.

Another way of looking at this is that going upwards faces heavy resistance from both the 12000 resistance and the channel resistance.
(There is a lot of sell orders up there).
However, RSI is already overbought, which means that people who were going to buy BTC have already bought it. In other words, there is no energy left to break the resistance at 12000.
The price must therefore drop before a new rally to break 12000 can be started.
So if the price bounces off 12000 down it will usually fall to the last support/resistance level. Problem is, the candidate levels for support are 6000 (which we have bounced off last time) and 8000 (which is the current value of 200-day MA, which Bitcoin tends to bounce off.

>>7854727

That's assuming 10K will act as resistance.
But we have sliced through it like a hot knife through butter when going up, so it may be equally easy to break on the way down.

>>7854794
I still have a lot left to learn then.
Thanks anon, you just helped me through weeks of frustration in a few minutes.

>>7854891
55 ema on the 6h chart is at 10k
look how strongly 55 ema has acted as a support / resistance during last months,
most of the time bitcoin instantly bounced when it touched it, just the candle wicks are touching

>>7853339
Hold, we are going back up within 24 hours

>>7855174
My conclusion from this image is that BTC will rise if only the wicks touch, but will sink otherwise.

>>7855235
I think it will bounce up less than 1k and then continue downtrend
if you look at this as a channel going form the very bottom the support is also at ~10k

Im new to this too and trying to learn. How do you figure out where resistance levels are?

also look at this
1:1 fibonacci extension is at around 10k
and bullish falling wedge or whatever it's called
very short term I'm bullish

>>7855691
keeping eyes peeled for a volume breakout

>>7853451
this, listen to this if you are a noob. Only take trades that you have thought about for a long time and where all the "signs" align. ( like us touching to downward trend while being overbought yest..)

>>7855923
looking at the RSI resistance I think this will break up soon
at the same time looking at RSI on the daily chart we bounced of 60,
it fits the definition of a downtrend perfectly,
conflicting signs depending on the time frame

thinking about closing my short and waiting to see what the market does later today

can someone tell me what they think of short term litecoin? I pegged it for going to the moon soon, but I also think BTC might drag it down

>>7856483
if BTC corrects heavily it will drag LTC down for sure, it always does,
Litecoin is very bitcoin sensitive in general
short term I'm bullish because I'm bullish on BTC, I'm already laddering my buys
if you catch the (short term) bottom you should be able to make 3-5% profit
you shouldn't be watching ltc chart, watch btc

>>7856483

It tends to go up/down with BTC and up on its own. I had a short liquidated because LTC decided to jump while BTC was going sideways.

>>7855653

By definition. Resistance level takes effort to break when going up.

>>7856984
What do you think of >>7856850

>>7857052

shit, I quoted wrong post.

What do you think of >>7856205

>>7856850
You are bullish on btc long term or short term (next 2 w)? Because btc is going down hard in next 2 weeks.

>>7857168
very short term bullish, waiting for a small breakout
next weeks bearish until proven otherwise

>>7857281
Yea I just went long at 10210. Too much dump in 24h, oversold everywhere.

>>7857281
>>7857340
Green candle to 10400 on GDAX

>>7857281
Btw take a look at closing daily on yesterday. Nice shooting star, with todays confirmation and overbought rsi...its gonna be hard to turn this around from crashing.

If the 400s get rejected again I might increase my short

>>7857539
Jesus christ there is no rejection at support points ffs. Well get to 9k by tomorrow morning if this continues (Europe).

right now I hope this small descending triangle breaks down
my buy zone is $9960-$10130 on bitfinex
it looks like it might break up instead...
....and it broke up already

>>7857628
>BTC will never be under 10435 again

lmao you gay TA fags who missed out on buying in kys

>>7857686
didn't buy in time
I'm stuck with a small long position
AAAAAAAAAA

So, assuming I'm looking at 4h candles with these indicators: Stoch RSI, MACD and Ichimoku cloud, and two out of three say to buy, which one is important enough that I shouldn't buy if it's the only one saying not to?

>>7857075

Possible, but I think it''s too optimistic.
See pic related.
Bitcoin typically needed 40-50 days to break a significant resistance level.
Things got strange in November when 7600 got broken only in 15 days, and 43 days after the initial contact with 7600 it hit 20K, encountering barely any resistance along the way.
If things are returning to 2017 normal, and 12K is the next major level, then we need some more weeks to consolidate before successfully breaking 12K.

More to the idea: what if we have simply returned to the 2017 channel we have left in November?

>>7858022
>>7858233

Those digits. Hmmmm.

>>7857940
you should use the one which gave best results in last months,
I think you should adjust the parameters for ichimoku for crypto,
it was designed based on japanese stocks, which are not open 24/7 like crypto

woah, a helpful thread on /biz/ !?!??!?!?!!!??
good analysis team

>>7854278
>What is the yellow line?
something that means absolutely nothing

>>7853339
>making money in a bull run

Anon - that's ok. People say that means you suck. Nah, there's idiots who lose even in a bullrun.

Lotta great advice ITT.

For now, make it your goal to figure out just 3 things - 1. Are we in a bull or bear market? 2. Where did it start? 3. Where are PROBABLE places for it to end?

Then, once you can answer all 3, you can just buy into bullmarkets (laddering into retracements on the way up) and sell on reversal.

Do that - and you'll be making money. Easymode. Once you're more experienced, learn to short. And more advanced strategies can come later too.

>>7858291
thank you

>>7858233
you are right, we are just getting back to the old channel

>>7858369

> does not understand basic psychology of support/resistance levels
> says TA is a meme

>>7858469
give me a sec, I'll explain to you my thought process

>>7858291

> it was designed based on japanese stocks, which are not open 24/7 like crypto

Speaking of which, remember to adjust your RSI, MACD, etc.

Indicator defaults are set for stocks, which trade 5 days a week. So default for RSI is 14, which is 3 weeks minus 1 day. Default for EMA is 9, i.e. 2 weeks minus 1 day.

Since crypto trades 24h/day, then use parameters which make sense compared to a 24h day. So RSI(14) makes sense on 1D candles (corresponds to two weeks), but on 1h 12/24/48 would make more sense.

Learn this son, pic related. Tether up and wait for the storm to pass

Chad paint macro future prediction vs Virgin overanalized neurotic zoomed in charts

>>7858847

Or trade by pic related.

>>7858847
learn this, amateur

>>7858928
/thread

I have literally no idea what to be in, holy shit

>>7858469
ok, missing a lot but too much writing,
when I was anticipating a breakout I started laddering my buys,
didn't buy much because I was waiting for at least a 1:1 extension
when price broke up without much volume I closed my long
because falling wedges most of the time break violently,
so I assumed I might be wrong and I'm not playing to reduce risk
I don't pay fees on bitfinex so I can exit positions without
additional costs (except market orders)

>>7859361

man back the fuck up. You are seriously over analyzing. This is heavy autism tier. Remmember TA doesn't even work, it's just for confidence.

Chill the fuck out

>>7859415
>TA doesn't even work

Maybe not your TA

>>7853339
ok guys I made a bunch of stupid fucking memelines too, from my analysis BTC is about to do something big. If it break resistance above it its going to go higher, but if it fails to go past a certain point and goes down that mean its went down. Also Taurus and Geminis will have great luck finding love this week. Thoughts?

>>7859471
Have fun waiting for the next bull market to make money while us traders consistently bank off your stupidity.

>>7859361
Good analysis, thanks. Really appreciate these types of posts on biz. By the way how do you use the fib drawing tool on TV, where can I find it? Thanks

>>7859809
no you're right, connecting random tops and bottoms of candle graphs loosely can totally predict the future. I'm sure you're making a killing

KEK

>>7859471
it reminded me of my attempts to draw meme lines in early December, connecting highs and lows.
maybe even some schizophrenic sees in this a certain pattern

>>7853611
>>7853765
And this is why shitcoin and other cryptoshit is shit compared to the actual stock market. You can actually see level 2 quotes to see where the majority are holding off to buy and wait it out. You can have all the indicators you want but it all comes back to the basics.

>>7859809
>fib drawing tool on TV