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Dogecoin - Anyone on it? on 11:56 - May 16 by trent_blue
What are your thoughts on the future of ETC? Been reading this week about a potential merge down the line with ETH.
Sorry but I don't know anything about ETC. It's hard to keep up with all the different altcoins. I had never heard of Shiba either until reading about it on this thread. I shall have to look into ETC as I'm not familiar with it. I'll try and post something on it if I get a chance to do a bit of research this week.
Dogecoin - Anyone on it? on 08:42 - May 17 by midastouch
4 days ago I said: "If BTC doesn't hold the level it's at now then £31k could be in play."
The level didn't hold and just a few hours ago (the below is an hourly chart) it dipped as low as £30k. Price has bounced a little bit since to above £31k.
It's certainly been a tough month for BTC since it hit its historic high in April of just above £46k.
The bit at the end of this article is worth bearing in mind:
"Whatever bitcoin’s eventual peak ends up being, there is another pattern that has appeared without fail during every halving cycle so far: Each record-breaking high has been followed by a record-breaking crash."
Dogecoin - Anyone on it? on 08:42 - May 17 by midastouch
4 days ago I said: "If BTC doesn't hold the level it's at now then £31k could be in play."
The level didn't hold and just a few hours ago (the below is an hourly chart) it dipped as low as £30k. Price has bounced a little bit since to above £31k.
It's certainly been a tough month for BTC since it hit its historic high in April of just above £46k.
Given BTC is currently down over 8% today (it's hovering around the £30k level as I type), then this video seems relevant to post:
Video description: "What happens to bitcoin if stock markets crash and start a bear market? It is likely that we could enter a bear market in the stock markets in the near future, according to one elliott wave chartist and market analyst. Robert Prechter. In the book "Conquer the Crash", Robert Prechter gives his views about the risks of cryptocurrencies (such as bitcoin) in the next bear market crash in stocks. I also offer my own views based on the technicals and charts. Is there a correlation between bitcoin and the stock markets that could help us?"
The BTC chart is looking pretty ugly from a technical analysis. The £31k to £30k level looked an important level to hold, however, it's since broken below. If it doesn't hold the level it's at now then £24k could possibly be in play. The next two support levels down on the weekly chart are £24k and £21k.
Generally if BTC is going down it tends to be bad for crypto as a whole. For example, Dogecoin is down around 14% today, see here:
ADA is currently down a similar percentage today as Doge.
Dogecoin - Anyone on it? on 08:24 - May 19 by midastouch
The BTC chart is looking pretty ugly from a technical analysis. The £31k to £30k level looked an important level to hold, however, it's since broken below. If it doesn't hold the level it's at now then £24k could possibly be in play. The next two support levels down on the weekly chart are £24k and £21k.
Generally if BTC is going down it tends to be bad for crypto as a whole. For example, Dogecoin is down around 14% today, see here:
ADA is currently down a similar percentage today as Doge.
Further to my update this morning warning that Bitcoin could possibly drop down to test the next level down, which was £24k, look what has happened within the last hour:
The above is a 5 minute chart so each candle bar represents 5 minutes of price action. As you can see from the above, within the last hour price did come down and touch (i.e. test) the £24k level as I thought it might.
50% corrections (or worse) are nothing new to BTC though, I've watched them occur many times. That is why I always recommend to take some profits whenever price is reaching new highs, as you never know how long you might have to wait again to reach another new high.
Dogecoin - Anyone on it? on 13:05 - May 19 by midastouch
Further to my update this morning warning that Bitcoin could possibly drop down to test the next level down, which was £24k, look what has happened within the last hour:
The above is a 5 minute chart so each candle bar represents 5 minutes of price action. As you can see from the above, within the last hour price did come down and touch (i.e. test) the £24k level as I thought it might.
50% corrections (or worse) are nothing new to BTC though, I've watched them occur many times. That is why I always recommend to take some profits whenever price is reaching new highs, as you never know how long you might have to wait again to reach another new high.
Bitcoin's price has since tested the £21k level as well. See here:
So both levels I pointed out as possible potential downside targets (£24k and £21k) this morning (please see further above) have now been tested.
Anyway, that's enough technical analysis from me. I've had a few PMs off the back of this thread, so if anybody wants any further discussion on any of this, then please just drop me a PM, as I'm aware I'm probably boring the hell out of some of you! :-)
Hope some of this has been useful to a few of you.
Dogecoin - Anyone on it? on 14:34 - May 19 by midastouch
Bitcoin's price has since tested the £21k level as well. See here:
So both levels I pointed out as possible potential downside targets (£24k and £21k) this morning (please see further above) have now been tested.
Anyway, that's enough technical analysis from me. I've had a few PMs off the back of this thread, so if anybody wants any further discussion on any of this, then please just drop me a PM, as I'm aware I'm probably boring the hell out of some of you! :-)
Hope some of this has been useful to a few of you.
Cheers
Is this really technical analysis though? Those are just multiples of Fibonacci and thus will always be tested when something happens, they are points on a graph. It's sailed right through your first test and none of it is because of EMA, RSI, Bollingers or any other charting metric.
One announcement on regulation by the Chinese and there is a 25%+ drop overall. Nothing in the trading analysis before that announcement would have pointed to such a colossal sell-off and hence this was my whole point on why I am sceptical around charting for cryptos.
It tends to bounce off those specific levels because people have trading bots set to buy at certain Fibonacci levels but as you can see from the first hit, the rise is often short-lived as people continue the sell-offs.
The exact same can happen on Doge if one person with 20% of the volume decides to flood the market - it's an unknowable factor.
I guess my main point is that day trading for cryptos can be very dangerous. If one is holding for the longer term as an investment then that is different as one isn't concerned with the intraday or even intramonth moves, just the general direction of travel.
Glad you took some profits before the latest crash.
SB
[Post edited 19 May 2021 14:47]
Avatar - IC410 - Tadpoles Nebula
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Dogecoin - Anyone on it? on 16:00 - May 19 with 3167 views
Dogecoin - Anyone on it? on 14:40 - May 19 by StokieBlue
Is this really technical analysis though? Those are just multiples of Fibonacci and thus will always be tested when something happens, they are points on a graph. It's sailed right through your first test and none of it is because of EMA, RSI, Bollingers or any other charting metric.
One announcement on regulation by the Chinese and there is a 25%+ drop overall. Nothing in the trading analysis before that announcement would have pointed to such a colossal sell-off and hence this was my whole point on why I am sceptical around charting for cryptos.
It tends to bounce off those specific levels because people have trading bots set to buy at certain Fibonacci levels but as you can see from the first hit, the rise is often short-lived as people continue the sell-offs.
The exact same can happen on Doge if one person with 20% of the volume decides to flood the market - it's an unknowable factor.
I guess my main point is that day trading for cryptos can be very dangerous. If one is holding for the longer term as an investment then that is different as one isn't concerned with the intraday or even intramonth moves, just the general direction of travel.
Glad you took some profits before the latest crash.
SB
[Post edited 19 May 2021 14:47]
It didn't just sail straight through though did it. The price first tested £24k and then bounced shortly after to £27k. If placing a buy order there and trading some of that move at £10 a point, that would be a significant gain, provided you traded out before it rolled back over again. That's the skill, knowing where to enter and exit.
I know you are not convinced on my chart reading skills so I'm happy to leave it there, as there is nothing to be gained trying to convince you otherwise.
Some of the most successful traders advise never to watch any financial news. In short, turn off the news and simply look at what the price action is telling us on the charts.
Dogecoin - Anyone on it? on 16:00 - May 19 by midastouch
It didn't just sail straight through though did it. The price first tested £24k and then bounced shortly after to £27k. If placing a buy order there and trading some of that move at £10 a point, that would be a significant gain, provided you traded out before it rolled back over again. That's the skill, knowing where to enter and exit.
I know you are not convinced on my chart reading skills so I'm happy to leave it there, as there is nothing to be gained trying to convince you otherwise.
Some of the most successful traders advise never to watch any financial news. In short, turn off the news and simply look at what the price action is telling us on the charts.
This isn't right, I am convinced you can read charts excellently for standard markets, I am more convinced that nobody can read crypto charts accurately because they will point to the successes but then there will be a huge crash or rise which has nothing to do with the fundamentals on the chart.
It's not a slight at you, the markets are totally different and should be treated in different ways. The quote you have cited is for standard markets and is fine (with some very large caveats I would have to say) but isn't applicable for crypto in my opinion.
SB
Avatar - IC410 - Tadpoles Nebula
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Dogecoin - Anyone on it? on 16:17 - May 19 with 3130 views
Dogecoin - Anyone on it? on 16:03 - May 19 by StokieBlue
This isn't right, I am convinced you can read charts excellently for standard markets, I am more convinced that nobody can read crypto charts accurately because they will point to the successes but then there will be a huge crash or rise which has nothing to do with the fundamentals on the chart.
It's not a slight at you, the markets are totally different and should be treated in different ways. The quote you have cited is for standard markets and is fine (with some very large caveats I would have to say) but isn't applicable for crypto in my opinion.
SB
Thanks. I do agree Crypto is extremely volatile and as such can be highly unpredictable. But I don't think it's impossible to trade. You just have to be extra vigilant and be sure to take profits regularly and of course set sensible stop losses.
I'm also not convinced just how successful the mainstream news is at explaining away all manner of price moves. They always want to point to a reason but often those reasons are only a part of it, or can be very contradictory from week to week.
There's a few examples of what I'm trying to say in this video:
And thanks again for saying it's not a slight. I took it the wrong way.
Dogecoin - Anyone on it? on 15:53 - May 4 by StokieBlue
It's only going up because Musk is pushing it.
In my opinion his blatant market manipulation of a number of cryptos is going to cause governments to legislate against this behaviour. If he were to do it with a stock he would be heading to court about now.
SB
He does it with his own stock all the time!!
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Dogecoin - Anyone on it? on 17:39 - May 19 with 3055 views
I was about to buy some Safemoon and Bonfire but googled Trust Wallet first and there are endless horror stories on Reddit. People claiming to have been hacked with finger print and passcode authentication.
Dogecoin - Anyone on it? on 22:55 - May 21 by J2BLUE
I was about to buy some Safemoon and Bonfire but googled Trust Wallet first and there are endless horror stories on Reddit. People claiming to have been hacked with finger print and passcode authentication.
Is there any way to make it safer?
The safest will always be a hard wallet, literally an encrypted USB drive that you leave not plugged into your computer except for when you're using it. No one can hack a usb stick in the drawer of your desk!
Also worth noting that most stories of people losing their money aren't actually hackers hacking the trading sites/apps (although it has happened), but things like phishing attacks where they open their PC/phone up to malware which the hacker can empty the money out of.
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Dogecoin - Anyone on it? on 01:35 - May 22 with 2862 views
Dogecoin - Anyone on it? on 01:10 - May 22 by Kievthegreat
The safest will always be a hard wallet, literally an encrypted USB drive that you leave not plugged into your computer except for when you're using it. No one can hack a usb stick in the drawer of your desk!
Also worth noting that most stories of people losing their money aren't actually hackers hacking the trading sites/apps (although it has happened), but things like phishing attacks where they open their PC/phone up to malware which the hacker can empty the money out of.
Cheers. I've gone ahead. I've watched a few youtube videos and only gambled a small amount.
I now own 13,000,000 Safemoon and 337,000,000 Bonfire. I think I messed up on Bonfire and bought it on V2 instead of V1 so screwed myself out of millions more tokens but oh well. First time in crypto and only having a little gamble.
Just a quick update, as I don't want to flood this thread, as done enough of that already! All I wanted to say is that the bloodbath in crypto continues. See here:
The only one that is just about clinging on for dear life this week is Bitcoin, which is just managing to keep hold (only just!) of the £24k level I mentioned earlier in the week. £24k is a significant level for Bitcoin as it lines up with the 50 day EMA (exponential moving average) on the weekly chart. The next level down is £21k if the £24k level doesn't hold. It's been a hell of a tussle between buyers and sellers this week at the key £24k level.
The above is an hourly chart rather than a weekly chart.
The below chart shows Bitcoin's market cap dominance against all the other altcoins.
Bitcoin had been losing a lot of ground to its rivals this year, however, it's not seen quite as big losses compared to the altcoins in recent days. In relative terms it's performed slightly better but none of the cryptos (at least the ones I've looked at) have avoided a big haircut of late (and that includes Bitcoin). Bitcoin has just seen less of a haircut in percentage terms (at least this week) compared to most of the other altcoins.
Dogecoin - Anyone on it? on 13:58 - May 23 by midastouch
Just a quick update, as I don't want to flood this thread, as done enough of that already! All I wanted to say is that the bloodbath in crypto continues. See here:
The only one that is just about clinging on for dear life this week is Bitcoin, which is just managing to keep hold (only just!) of the £24k level I mentioned earlier in the week. £24k is a significant level for Bitcoin as it lines up with the 50 day EMA (exponential moving average) on the weekly chart. The next level down is £21k if the £24k level doesn't hold. It's been a hell of a tussle between buyers and sellers this week at the key £24k level.
The above is an hourly chart rather than a weekly chart.
The below chart shows Bitcoin's market cap dominance against all the other altcoins.
Bitcoin had been losing a lot of ground to its rivals this year, however, it's not seen quite as big losses compared to the altcoins in recent days. In relative terms it's performed slightly better but none of the cryptos (at least the ones I've looked at) have avoided a big haircut of late (and that includes Bitcoin). Bitcoin has just seen less of a haircut in percentage terms (at least this week) compared to most of the other altcoins.
Thanks for this really helpful insight.
I believe Bitcoin is down 20% in value in the last month? But still up significantly over the year.
What do you see as the future picture for Bitcoin? It’s carbon footprint alone makes me feel it will have a limited future.
I assume if the 24k level is breeched it may completely tank?
Dogecoin - Anyone on it? on 15:27 - May 23 by unstableblue
Thanks for this really helpful insight.
I believe Bitcoin is down 20% in value in the last month? But still up significantly over the year.
What do you see as the future picture for Bitcoin? It’s carbon footprint alone makes me feel it will have a limited future.
I assume if the 24k level is breeched it may completely tank?
Long-term I'm actually still bullish on Bitcoin but it had been on such a good run the party had to stop sooner or later. It's had many crashes previously and yet it's always found a way back to new highs again in the end. It could be some time before it sees another high again though but I wouldn't totally write it off just yet. If it doesn't hold the £24k level then the next one down is £21k. If those don't hold then it's definitely looking like it could be a good while before BTC makes a good recovery and sees any new highs again.
So far the £24k level is holding but I'm really not sure how this week is going to play out. I think we'll have some better ideas by the end of the week, as this week is a big test to see if buyers step back in to buy the big recent pullbacks. If they don't then expect more downside. The next levels down on the weekly chart are £21k and then £17.5k and £15k. A 50% crash or more in BTC is actually a fairly common occurrence though so it's not anything I haven't seen many times previously.
Here is the price currently today. It's bounced around 8% so far today off the black sloping line on this weekly chart which is the 50 day EMA and that's a significant level that needs to hold if BTC is to avoid further pain this week.
However, when you zoom down on the hourly chart it has some resistance to get through which could be a problem. All the areas I've highlighted here on the 1 hour chart are going to be big tests to see if this is just a dead cat bounce or not!
Dogecoin - Anyone on it? on 16:51 - May 24 by midastouch
Long-term I'm actually still bullish on Bitcoin but it had been on such a good run the party had to stop sooner or later. It's had many crashes previously and yet it's always found a way back to new highs again in the end. It could be some time before it sees another high again though but I wouldn't totally write it off just yet. If it doesn't hold the £24k level then the next one down is £21k. If those don't hold then it's definitely looking like it could be a good while before BTC makes a good recovery and sees any new highs again.
So far the £24k level is holding but I'm really not sure how this week is going to play out. I think we'll have some better ideas by the end of the week, as this week is a big test to see if buyers step back in to buy the big recent pullbacks. If they don't then expect more downside. The next levels down on the weekly chart are £21k and then £17.5k and £15k. A 50% crash or more in BTC is actually a fairly common occurrence though so it's not anything I haven't seen many times previously.
Here is the price currently today. It's bounced around 8% so far today off the black sloping line on this weekly chart which is the 50 day EMA and that's a significant level that needs to hold if BTC is to avoid further pain this week.
However, when you zoom down on the hourly chart it has some resistance to get through which could be a problem. All the areas I've highlighted here on the 1 hour chart are going to be big tests to see if this is just a dead cat bounce or not!
[Post edited 24 May 2021 16:59]
Just so you can see how powerful the black sloping line can be in an uptrend, look no further than this textbook example. This UK share (Halma) demonstrates one of the best uptrends I could ever hope to show.
Notice how all three of those EMAs are sloping upwards. Every single time the price has come down and tested either the black (50 day) or blue (100 day) EMA those have acted as a springboard for the uptrend to resume. You'll see several times where I've highlighted the bounces off these key levels.
Bitcoin had got so out of whack (with almost a parabolic bubble type move that the price moved way above any of the main significant EMAs). Halma on the other hand has seen fantastic growth but it's been more steady, reliable and predictable.
Price will always revert to the mean in the end and the more out of whack something is, the more painful it can be when those averages finally start to average out again! When things go up too quickly too fast there is usually a big correction looming around the corner.
Dogecoin - Anyone on it? on 17:13 - May 24 by midastouch
Just so you can see how powerful the black sloping line can be in an uptrend, look no further than this textbook example. This UK share (Halma) demonstrates one of the best uptrends I could ever hope to show.
Notice how all three of those EMAs are sloping upwards. Every single time the price has come down and tested either the black (50 day) or blue (100 day) EMA those have acted as a springboard for the uptrend to resume. You'll see several times where I've highlighted the bounces off these key levels.
Bitcoin had got so out of whack (with almost a parabolic bubble type move that the price moved way above any of the main significant EMAs). Halma on the other hand has seen fantastic growth but it's been more steady, reliable and predictable.
Price will always revert to the mean in the end and the more out of whack something is, the more painful it can be when those averages finally start to average out again! When things go up too quickly too fast there is usually a big correction looming around the corner.
[Post edited 24 May 2021 19:51]
Let's face it the graphs are meaningless. The price is purely driven by Elon Musk's Twitter account!
A have a very insignificant holding, purely a long shot/bit of fun in addition to my main investments which I'm comfortable to lose all of.
I don't see it as a serious 'product'. Each to their own I guess.
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Dogecoin - Anyone on it? on 16:29 - May 25 with 2424 views
Let's face it the graphs are meaningless. The price is purely driven by Elon Musk's Twitter account!
A have a very insignificant holding, purely a long shot/bit of fun in addition to my main investments which I'm comfortable to lose all of.
I don't see it as a serious 'product'. Each to their own I guess.
Elon Musk's Twitter account will have nothing to do whatsoever with the price of Halma.
Furthermore, the price of Bitcoin has been held in check so far today by the exact levels I pointed out on a separate post yesterday. That's very predictable (to a good degree of probability) when you learn how to read and interpret a chart.
Dogecoin - Anyone on it? on 16:29 - May 25 by midastouch
Elon Musk's Twitter account will have nothing to do whatsoever with the price of Halma.
Furthermore, the price of Bitcoin has been held in check so far today by the exact levels I pointed out on a separate post yesterday. That's very predictable (to a good degree of probability) when you learn how to read and interpret a chart.
Bitcoin's price is still ranging around the exact same sort of levels.
The above is only an hourly chart so some of those levels are not as significant as those you see on a longer timeframe. They have still been significant enough to hold Bitcoin in check all week so far. I could show much better ones than that though. Take this one for example, which I've shown previously.
The above is the price of oil (as displayed on a weekly chart) and it's been stuck for a while at this key $66 level. It's a significant level as price has reacted to that same level many times previously (see examples of where I've highlighted and ringed). That's why it's spent the last 13 weeks hovering around there as it's not the sort of level that usually gets taken out in a hurry. The more historical significance a certain level shows on a chart, the more it is usually respected by traders.
A lot of these levels become like self-fulfilling prophecies. This is because most traders are looking at the same charts and watching for similar patterns, levels and indicators. Hence a lot of analysts end up drawing similar conclusions.
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