Hey everyone - hope you're all just as stoked as I am!
I'll get the positioning out of the way first, as we are way overbought. Could well go higher, but I have closed my entire long position from 3150 and taken profits. Had a good run and right on technical targets - keeping that greed in check! Bird in the hand worth two in the bush and all that.
Here's a quick update on the technicals and what I see going forward:
Mega up run past three days, trading in a three-pronged ascending channel. Tagged the 200% extension at 4180 earlier today and has now pulled back - I sold into that tag at 4150. As I said in the intro, it could still move higher from here: equal legs with the run to 3003 (percentage terms) isn't til 4350. Having said that, I think she's done for the moment and a fake higher more likely than a legitimate break. I'd be interested in going long again at 3500-3750.
Let's unlock the scale for the bigger picture and longer term targets:
As you can see, 5000 really isn't much of a stretch from here. All Bitcoin has to do is keep doing what it's doing and chug higher in this channel. The 261.8% extension is 4900 and that lines up with the channel top on September 1. The mid point of the channel hits 4900/5000 some time in late September. If channel support came into play again (ie on a reversal below the mid-point), we'd be looking at slightly longer time frame.
To put it simply, as long as Bitcoin is trading within this channel, we are going to 5000 sooner or later. It's just a question of when ...
Also just a heads up for all my homies in #teamaustralia - coinspot is the best place to sell your Bitcoin! Their Bitcoin is a little expensive to buy, but the upside of that is they do a wicked deal on the sell side. I managed to get $5800 earlier, when best offer on Local Bitcoins was $5300 and Living Room were quoting $5100. Verification is a little arduous, but IMO it's well worth it for the Bitcoin sell price and ability to buy STEEM instantly with AUD. Here's my affiliate link - whenever you buy/sell whatever there, you'll be helping me out, so give them a look-see.
Pretty stoked right now, kind of want to do a dance or something:
(giphy)
Team Aus footer by the amazing @bearoneThis post was brought to you by @msp-creativebot
Interesting charts - thank you. I fully upvoted you.
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Thanks Katy :)
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4040$
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G'day. Nice article. All North East from here!
Let's hope we get a decent dip to buy more before the next big leg up!
Thanks for the tip on coinspot - I've got an account there so I'll watch the rates.
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Thanks mate and no worries - I'm considering arbing it, need to see if it's feasible!
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G'day again. I've been buy and hold on BTC but I looked at the rates on Coinspot. Big spreads on their sell price versus buy prices elsewhere.
Have you done any homework on the overall fees? Eg. Buy Coinbase or others - (fees?) transfer (fees?) to Coinspot - sell (fees?)
There should still be a good gain?
I'd be interested in your thoughts.
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newbie here, just watvhing the trends for now. hopefully catch a downswing to buy in at.
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That's the way mate - watch your prey, then pounce!
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Everytime I think bitcoin is too expensive to buy, it rises even further :(
is it a good time to enter ?
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I just exited, so I'd say no :P
I'll be looking to buy in again 3500 - 3750
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bitcoin is doing really well. Can't believe it was at $1,700 a few weeks ago
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I can't believe I chickened out of my original long as it fell towards 1700 :P
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thanks for posting
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Thanks for reading :)
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Mehn" i'm already seeing btc hit 10k before the end of 2017. The signal is still very strong. I'm Cynthia by the way, a newbie on steemit. Crypto lover but i sold out my coins prior to the fork and now i'm broke and watching bitcoin mooning by the day.
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Hey Cynthia, nice to meet you and sorry about your bad luck with the fork :(
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Nice call and well done.
I don't think Bitcoin will go down from here. This is going to be a monumental rally. That's just my humble opinion.
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Thanks mate - about time I got one right really :P
I'm not calling for a long term top by any means, but it has already pulled back significantly from that 200% extension. My entry was sloppy, but nailed the high on the exit:
Just looking for consolidation/minor correction here and will try to get long again at advantage. Got to play it tight and fast when you're fucking with leverage. I fade in as the market moves in my favour: lets you open much bigger positions, but you lose profits quickly if market turns against you. Bank 'em, run, hit it again.
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When Bitcoin first came out, I could have bought a few hundred thousand for a couple of hundred dollars. They were trading at $0.003. I was seriously contemplating buying them, but then I talked myself out of it, telling myself that it wasn't worth the risk.
I don't trade leveraged. It's too dangerous.
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Isn't that the worst? I didn't hear about it til it was $7 and I looked into buying and decided it was too difficult ... probably the biggest mistake I've ever made. My friend gave me half a bitcoin when she told me about it though. I forgot about it til a year later when it was $1400 AUD ... at least I made some money lol
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There will be other cryptocurrency which will do the same. You just have to identify the right one. Liken this to the tech boom. Find the FaceBook type investment, and not the MySpace one. Easier said than done, but there is still opportunity to benefit from this massively.
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Well said.
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Thanks Bulleth
I'm in it for the long term with my 10% of a bitcoin 😊
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You'd be surprised what you can do with a 10th of a coin and a little leverage ;)
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The way I look at it, it is staying strong with good moving average. Its been testing the resistancd and seems to get away with it. Correction may be slow. Do not expect the enthusiasm to abate befoee it hits usd 4500
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Rejected.
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day trading is a fool's game. never met a day trader that didn't eventually lose all their stake
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lol are you serious? For a 'financial wonk' that is a pretty ignorant and questionable statement. I am an introducing broker and all my clients are profitable. There is such a thing as risk management and discipline you know ...
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http://www.investopedia.com/articles/active-trading/053115/average-rate-return-day-traders.asp
I exaggerated. Some supporting data shows 80% of day traders are not profitable, and only 1% are classified as consistently profitable.
So it was over the top to say all day trader's lose all their stake. But only by a bit.
STEEM On!!
DaveB
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I know in Forex, the numbers are worse than what you've quoted, closer to 90% maybe 95% ... though most of those losing traders are new guys who quit. If you blow an account and quit you are another stat. Took me years to become profitable. Having said that, I learned more about markets than I would have at uni and spent a whole lot less money!
Also Crypto trading is a lot easier than FX, probably easier than equities too.
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Crypto trading is easier today based on rapid acceleration. Even a blind pig can find an acorn when there are so many acorns laying around loose on the ground for easy pickings.
Lots of folks are flying high as "crypto traders" these days.
With a strong enough tail wind, even a turkey can fly.
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Yep, if you can't make money in this space right now, then trading isn't for you.
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nice @bulleth......me vote, follow and reesteem by @sultan-aceh
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Supported by upward momentum established by the lock-in of the Bitcoin Core development team’s scaling solution Segregated Witness (SegWit), bitcoin achieved a new all-time high price at $4,168.
Earlier in August, the activation of SegWit was essentially finalized through the lock-in of Bitcoin Improvement Proposal (BIP) 141. As a result, the activation period of SegWit was initialized and according to various data analysis platforms, SegWit is expected to activate onAugust22.
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Can't argue with that
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Good post I also invite you to invest in ICO as suncontract and filecoin. Check my blog for information.
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@bulleth - BTC has been following the fib projection levels from the 2013 high almost perfectly. 4120 was the first fib level, next is 4800. Now that we hit the first, we are seeing a little tentativeness in the trend. I'm not so much a trader, but if it hits that next level, with maybe a brief spike to 5k, I'm selling some positions.
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Hey mate, thanks for the info. I'm taking all by fib levels from local data rather than that far back. As you can see from my chart, the high was smack on the 200% extension from the 3K - 1800 correction ... and people say techincals don't work!
Also the 261.8 is very close to your second level - 4907
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UPVOTED. very good. I would be happy if you like to follow me and give your opinion about my posts. Thanks
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This is exciting. Loving the technicals you're posting about @bulleth & the discussions are great to read too. Almost need buy/sell alerts from you!
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Hahaha my analaysis has actually been pretty shocking through June ... it's about time I got one right!
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👍
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Thanks for letting me know about coinspot. I just signed up with the link. Just wondering do you need verification to withdraw AUD? What do you need to be verified for?
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Hi Jimmy, thanks for using my link. AFIK, you need to verify to do anything with these guys. I don't mind though - I haven't come across anywhere else on the web that lets you buy $5000 AUD of so many tokens instantly and free of bank tx fess. Also I hit my 5K/day limit for the first time yesterday and it was instantly lifted to 10K. I think the verification process is more than worth the hassle.
Coinbase had me on a ridiculous $150/week limit, I couldn't sell coins and the international CC transaction fees with NAB were exorbitant - after those came out, Coinbase was actually more expensive.
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Thanks for your reply mate. I will try them out.
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No worries and thank you :)
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Nice article. Interesting to see I'm not the only one that is thinking about this. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago Besides coinmarketcap.com there is: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. Check for example: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Detailed report.
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