Today Bitcoin broke above its falling wedge, a bullish reversal pattern, although I'd like a good volume for confirmation:
Historically, when Bitcoin rally, its dominance over altcoins increase, and cause the laters to drop sometimes considerably.
Only then, they start pumping like crazy.
The BTS/BTC chart shows a rising wedge, a bearish pattern, while possibly being in the re-distribution phase of a Wyckoff cycle.
There is a surprising number of resistances here:
- The 38.2% Fib. level
- The daily MA-30
- The trend-line of the rising wedge
My current strategy is to sell BTS for BTC if a clear break-out of the wedge's bottom happen. Then buy back at levels marked by white-dotted lines.
Legal disclaimer: Sue me if you lose. I will go to jail and give you my money. I am responsible for what you do. By reading the article, you did accept to comment, vote, and resteem it.
short term bearish and very bullish long term
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I think the same.
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Yeah we just need to get on the other side of this bear market! I won't sell either!!
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Finally someone comparing Alts to btc instead of USD. Why do analysts insist on comparing Alts to USD when you need to nuybin (in most cases) using Btc!
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If BTC is bullish, your goal is to make higher gains than it, therefore why comparing with bitcoin.
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Because virtually every alt is traded against btc not against the USD. People use this to hide when Alts have dropped. If btc goes up by 10% and Alt A goes up by 5% against the USS it looks bullish, but in reality it is btc pulling up Alt A and Alt A has actually lost value against btc.
Just holding the btc is always an option (and usually the better option) so comparison with btc makes much more sense.
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I love the disclaimer. I always thought bitshares was a generic bitcoin. Is that not right?
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Bitshares is the most used decentralized exchange of the moment. It uses a graphene blockchain, same as steem. Therefore it has very fast transactions with low fess.
You can try it live here.
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Do you suggest bitshares?
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Yes, it's way more secure than exchanges in unstable jurisdictions that can suddenly block your money for no logic reasons.
And a blockchain cannot be hacked.
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Thanks, I’m all in
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Very good information @toucancrypto,
I think this is a good strategy to sell BTS to buy Bitcoin,
I am optimistic this will be profitable ..
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Optimism is good 😉
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a very good post @toucancrypto, talking about Bitcoin, I've read from some articles of people, they say that Bitcoin price will rise to 100% in 2018. How do you think? Will it happen?
I think it's time to buy Bitcoin. thank you..
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It doesn't sound crazy, it has grew a lot more than this in 2017.
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I do not understand in reading the movement of traffic, and also BTS,
When do you think Bitcoin will increase again?
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At this moment it looks very good. But it needs more volume.
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Bitcoin increase up to 19 k when whales enter the market ...
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And eventually, it will reach a new ATH 😉
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Good information but i think that bitcoin will increase up to 20 k when whales back again and make market waves
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It's possible that bitcoin reach its ATH in a few months, yes.
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I’m also bullish for Bts at long term. I really like the idea of a decentralized exchange.
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I like to use it 😀
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Great article, resteemed. We caught some bullish action today. Flipped some status network.
Bitshares and bitcoin to recover this week.
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On the 1H chart bitcoin looks great, it's the first time the RSI goes above 70, since the 3th May (just before it went to 10k$)
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Bitcoin is currently trading on a zone that has causes some resistance previously, if we can break above this region we will see a strong push towards the $8,780 level.
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The pump paused before the RSI rising 70. It's sign of weakness.
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What other indicators do you consider apart from RSI when making technical analysis?
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I use the volume, rsi, chart patterns, experience and intuition .
Most of indicators are nothing more than a different way to see the price, as they derive from OCHL values (and eventually volume & spread).
Use the ones you are comfortable with.
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bitshares now has a number of exchanges created on top of it, like openledger and cryptobridge. interesting to see how this will play out
I am running an experiment here on steemit with the aim of improving retention and the steemit experience and after looking at your account I think it is something you might enjoy. come on over and join in on the discussion
https://steemit.com/steemit/@paulag/let-s-grow-steemit-together-direct-engagement-experiment-week-1
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Interesting experiment !
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,>Bitcoin prices will be reduced so that no one ever thought, you think bitshares can keep the market. @toucancrypto
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Very good about cryptocurrency
Thank you dear @toucancryptyo
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Nice post birdy, check out my blog too @lightreflections !
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