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You guys are completely mad or have money to burn.
In the spirit of reconciliation and happiness at the end of the Banter Era (RIP) and as a result of promotion I have cleared out my ignore list. Look forwards to reading your posts!
Dogecoin - Anyone on it? on 09:41 - May 6 by Harry_Palmer
I didn't personally interpret midastouch's posts in that way. To me he was simply providing some knowledge / analysis on the current market along with warnings / caveats around volatility, price corrections etc.
I agree that short term trading is very risky and nobody should be attempting it before they know what they are doing and only with money they can afford to lose. I appreciate you are looking out for people with your intentions but I genuinely don't think the poster was trying to encourage people to get involved recklessly.
Thank you. I couldn't have put it better myself.
For what little it is worth, I actually have well over 10 years experience of reading charts. I was just putting a little bit of input in because I thought it was relevant to the thread. However, while I think blockchain and certain crypto coins have huge long-term potential, I also know it's very risky and I am concerned by some of the massive moves of late (I already said that above). Which is why I emphasised for anybody currently invested to be taking profits on the way up while the sun is still shining, as sunshine can give way to storm clouds at any point!
While it might sound boring, steady growth is invariably a lot safer than a "get rich quick" approach to trading or investing. We all know the story of the hare and the tortoise. Although some people don't have the luxury of 30 years for an investment to properly compound and so they might feel tempted to take a calculated risk on crypto, especially if they are buying in low with just a small investment.
Anyway, as somebody said above, surely nobody is taking anything that seriously what I'm saying on this subject as this is a football forum after all.
Dogecoin - Anyone on it? on 09:44 - May 6 by StokieBlue
You posted that in a different post to the one I replied to which specifically used chart analysis to try to explain the moves, I just don't think that's entirely valid in crypto.
Good luck to yourself and anyone who are heavily involved though, I am sure there is still a fair bit of upside if one picks the right coins.
SB
Thanks, only read this after I posted in response to Harry_Palmer's post. Gave you a thumbs up too.
Dogecoin - Anyone on it? on 09:51 - May 6 by chicoazul
You guys are completely mad or have money to burn.
Not really. The price of Bitcoin has doubled since the beginning of the year and this was entirely predictable. It is most likely that it will double again before the end of the year.
It's not for everybody but if you do the research it is quite a sensible investment.
1
Dogecoin - Anyone on it? on 10:16 - May 6 with 2966 views
Dogecoin - Anyone on it? on 09:55 - May 6 by midastouch
Thank you. I couldn't have put it better myself.
For what little it is worth, I actually have well over 10 years experience of reading charts. I was just putting a little bit of input in because I thought it was relevant to the thread. However, while I think blockchain and certain crypto coins have huge long-term potential, I also know it's very risky and I am concerned by some of the massive moves of late (I already said that above). Which is why I emphasised for anybody currently invested to be taking profits on the way up while the sun is still shining, as sunshine can give way to storm clouds at any point!
While it might sound boring, steady growth is invariably a lot safer than a "get rich quick" approach to trading or investing. We all know the story of the hare and the tortoise. Although some people don't have the luxury of 30 years for an investment to properly compound and so they might feel tempted to take a calculated risk on crypto, especially if they are buying in low with just a small investment.
Anyway, as somebody said above, surely nobody is taking anything that seriously what I'm saying on this subject as this is a football forum after all.
Thanks for the support Harry_Palmer. :-)
[Post edited 6 May 2021 10:02]
And in the interests of balance...
Today so far.
If you look at my short-term outlook on the above charts I posted most of these are hovering around the levels I expected. Doge is back at 60 cents which I said looked a key resistance area for this week.
BCH is above the significant £880 level I mentioned, however, I wouldn't be surprised if it came back down to test there again sooner rather than later, as it actually posted a fairly bearish looking pin bar candle just a few hours ago (as highlighted in yellow) on the hourly chart.
Dogecoin - Anyone on it? on 10:16 - May 6 by midastouch
And in the interests of balance...
Today so far.
If you look at my short-term outlook on the above charts I posted most of these are hovering around the levels I expected. Doge is back at 60 cents which I said looked a key resistance area for this week.
BCH is above the significant £880 level I mentioned, however, I wouldn't be surprised if it came back down to test there again sooner rather than later, as it actually posted a fairly bearish looking pin bar candle just a few hours ago (as highlighted in yellow) on the hourly chart.
Anyway, that's enough of the technicals from me.
Have a good day all. :-)
Just wanted to say, I might have been reading charts for over 10 years but it's very easy to make bad calls no matter how experienced you are. Some you get right, some you get wrong. Just wanted to go out today by saying so far this one looks like it might be going different today to how I anticipated.
This is BCH (Bitcoin Cash) but on a 5-minute chart. Notice the price came down and tested the key moving averages, the most important of all being the 200 day moving average (where I have highlighted). If you want to know one thing about investing and trading, always pay attention to the 200 day moving average!
So far today that has held the price in check and it's building up again from there. I was looking at the hourly chart earlier, as I prefer longer timeframes. In fact I prefer daily or even weekly and monthly charts to get a better long-term perspective. But if day trading then it can pay to come down to the shorter timeframes such as 15 minutes or even 5 minutes where you get lots of day traders doing things like scalping short-term moves, hoping to make a quick buck going in and out on trades little and often. It's not something I'd advise though as it's a lot easier said than done to come out on top doing that over a long enough period of time.
Unless you are extremely gifted at trading the only real way to stand any chance is to come at it from a long-term perspective.
The shorter the timeframe the more noise you are seeing. Longer timeframes suit me better as it gives you a much clearer long-term overview. It's a bit like a general standing up on the high ground and having a strategic view over the battlefield. Whereas a day trader is like an infantry soldier fighting hand-to-hand in the vanguard of the battle. It can get very messy and bloody down there!
Anyway, I have gladly eaten my humble pie for the day and with that I'm outta here! :-)
As the guy said above, don't take trading advice on a football forum.
* I still think the £880 level is going to be tested again but perhaps it might not get tested quite as soon as I thought it might when I looked earlier.
*** EDIT *** Forgot to explain, when I say a 5 minute chart, then each candle bar indicates 5 minutes of price action. Whereas on an hourly chart each candle bar (or candlestick as they are usually called) would show 1 hour of price action. So the last 5 candlesticks on an hourly chart would show what had happened to the price over the last 5 hours. On a 5 minute chart then 12 candles would be the equivalent to 1 candle on an hourly chart. And 24 candles on an hourly chart would be the equivalent of 1 candle on a daily chart.
Dogecoin - Anyone on it? on 12:57 - May 6 by midastouch
Just wanted to say, I might have been reading charts for over 10 years but it's very easy to make bad calls no matter how experienced you are. Some you get right, some you get wrong. Just wanted to go out today by saying so far this one looks like it might be going different today to how I anticipated.
This is BCH (Bitcoin Cash) but on a 5-minute chart. Notice the price came down and tested the key moving averages, the most important of all being the 200 day moving average (where I have highlighted). If you want to know one thing about investing and trading, always pay attention to the 200 day moving average!
So far today that has held the price in check and it's building up again from there. I was looking at the hourly chart earlier, as I prefer longer timeframes. In fact I prefer daily or even weekly and monthly charts to get a better long-term perspective. But if day trading then it can pay to come down to the shorter timeframes such as 15 minutes or even 5 minutes where you get lots of day traders doing things like scalping short-term moves, hoping to make a quick buck going in and out on trades little and often. It's not something I'd advise though as it's a lot easier said than done to come out on top doing that over a long enough period of time.
Unless you are extremely gifted at trading the only real way to stand any chance is to come at it from a long-term perspective.
The shorter the timeframe the more noise you are seeing. Longer timeframes suit me better as it gives you a much clearer long-term overview. It's a bit like a general standing up on the high ground and having a strategic view over the battlefield. Whereas a day trader is like an infantry soldier fighting hand-to-hand in the vanguard of the battle. It can get very messy and bloody down there!
Anyway, I have gladly eaten my humble pie for the day and with that I'm outta here! :-)
As the guy said above, don't take trading advice on a football forum.
* I still think the £880 level is going to be tested again but perhaps it might not get tested quite as soon as I thought it might when I looked earlier.
*** EDIT *** Forgot to explain, when I say a 5 minute chart, then each candle bar indicates 5 minutes of price action. Whereas on an hourly chart each candle bar (or candlestick as they are usually called) would show 1 hour of price action. So the last 5 candlesticks on an hourly chart would show what had happened to the price over the last 5 hours. On a 5 minute chart then 12 candles would be the equivalent to 1 candle on an hourly chart. And 24 candles on an hourly chart would be the equivalent of 1 candle on a daily chart.
[Post edited 6 May 2021 13:07]
Price is currently up another 2.5% today on BCH (nothing compared to the huge gains of yesterday but I was expecting more of a pullback today possibly).
I've been scratching my head a bit wondering why the sudden interest these last few days in BCH compared to most of the other altcoins. Well apparently (as I've done some digging) there is a big network upgrade taking place for Bitcoin Cash on the 15th of this month and that might explain to a degree why BCH has been such a leading light in the crypto currency sphere these last few days.
"It looks like the recent BCH price rally has been driven by optimism around the upcoming network upgrade on May 15. The network upgrade will focus on changes like improving the consensus algorithm as well as usability."
Bitcoin Cash Network Upgrade
Below are some of the key changes that the BCH Network Upgrade will bring.
* The Bitcoin Cash network upgrade changes focus on improving the user and merchant experience on using BCH for online payments or in-store payments. * It also includes removing some unconfirmed transaction limits and allowing 50 such transactions at a time. It will also enable multiple OP_RETURNS. * The network upgrade will involve implementing the double-spend proofs. The double-spend implementation will improve overall security to deal with high-volume high-value transactions. * Another important upgrade feature is increasing mining blocks with a default size limit of 8MB. * The next Bitcoin Cash Network Upgrade aims to solve the issues with centralization and transparency by introducing the concept of CHIPs aka Cash Improvement Protocols. these are standardized proposals that will modify certain aspects of BCH. These CHIPs will work as full node client programmers aiming to find consensus and reject any significant modification.
Not that I pretend to understand all the technical intricacies of all of those planned upgrades exactly. But it does at least partly explain why BCH, which hasn't had much hype for a good while in comparison to other crypto coins such as ETH and ADA, has suddenly gone into overdrive this week.
SB made the point above about how holders of Bitcoin are exchanging parts of their BTC holdings and speculating on other altcoins (hoping to ride the wave). I expect there's been a lot of that happening this week with people swapping parts of their BTC positions for BCH. Whatever it is, it's certainly seen BCH getting more pumped than it has in a long time.
I wonder if the pumping will continue further until the upgrade, or whether interest might wane beforehand or afterwards. We shall see...
* When I first started writing this post the price was up nearly 6% on the day, by the time I got to the end it was up only 2.5%, that's how volatile crypto is. It can move both up and down more in the time it takes to write out just a forum post than most conventional stocks or shares move in a day! It really is a rollercoaster ride and not for the faint hearted.
By the time I click 'Add reply' it will probably be another 1% or 2% either higher or lower. It really is a wild beast is crypto. Anybody thinking they can tame it with some easy buy or sell trades please beware!
Dogecoin - Anyone on it? on 13:28 - May 9 by midastouch
Dogecoin is currently 31% down today. BCH is currently down nearly 7% today.
Something I didn't notice the other day (as when I looked in the week I was looking at the hourly chart rather than the daily chart) is that BCH had a nice bounce on the daily chart off a key level.
Where I've drawn a ring it shows two very important levels, one was a Fibonacci retracement down to the important 61.8% level and this also lined up very closely to the black sloping line which is the 50 day EMA (exponential moving average). Those two coming together looked a great short-term buy opportunity. If the price doesn't hold its current support level though it could come back down and retest the £880 level I mentioned in the week.
Dogecoin could do with holding the level it's at now which also lines up with a support area on the chart as well as the 50% Fib retracement level.
If it doesn't hold there then the next support test area could be around the 33 to 30 cents level. If it can hold where it is now and build support then no need to panic. However, if it doesn't the next tests of support will most probably be around 33 to 30 cents or even possibly as low as 25 cents.
Seriously, what gives these things value. I know it's value placed upon them by the perception of people but why? How are they distributed? There are so many now.
Dogecoin - Anyone on it? on 15:01 - May 10 by J2BLUE
Seriously, what gives these things value. I know it's value placed upon them by the perception of people but why? How are they distributed? There are so many now.
Varies from coin to coin..some are purely based on hype,some on potential and some because they have a real use case.
Doge is a literal joke, it was created for a laugh..XRP meanwhile allows cross boarder transfers in a fraction of the time and at a fraction of the cost of money transfers.
So XRP gets a kicking from the SEC whilst a punchline gets lauded. You get the picture.
Varies from coin to coin..some are purely based on hype,some on potential and some because they have a real use case.
Doge is a literal joke, it was created for a laugh..XRP meanwhile allows cross boarder transfers in a fraction of the time and at a fraction of the cost of money transfers.
So XRP gets a kicking from the SEC whilst a punchline gets lauded. You get the picture.
Cheers, appreciate it.
Seems an unregulated casino where 99% will lose everything. I'd still like to speculate with a small sum.
Once the banks start legally challenging it because it’s undermining currency based on physical goods (ie gold) the whole thing will come crashing down.
Surprised it hasn’t been done already tbh but it’s getting to A point where government decisions can be undermined by it , so i highly expect it to soon get outlawed - especially if the banks refuse to turn it into cash
Dogecoin - Anyone on it? on 16:34 - May 10 by MJallday
Once the banks start legally challenging it because it’s undermining currency based on physical goods (ie gold) the whole thing will come crashing down.
Surprised it hasn’t been done already tbh but it’s getting to A point where government decisions can be undermined by it , so i highly expect it to soon get outlawed - especially if the banks refuse to turn it into cash
With regards to banks not accepting transfers from exchanges into their systems and not allowing businesses that accept crypto to bank with them it's already happening:
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