Forecast and levels for Cryptocurrencies - page 27

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Sergey Golubev
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Sergey Golubev, 2019.07.05 06:33

Crypto News - Bitcoin: ranging bullish; 13,884 is the next target (based on  the article)

Bitcoun/USD weekly Ichimoku chart by Metatrader 5

  • "I did a forward many year ago to a reprint of an investment classic,  How I Made $2,000,000 in the Stock Market by Nicolas Darvas. His system to ride bubbling stocks was to put a box around temporary price equilibrium points in the market action to indicate a continuation of rally or its end. He didn’t think of it like that, but that was what he was doing. Without predicting what happens next this is the way to judge what is happening, but while it is at the equilibrium it doesn’t tell the direction of the next move, until that move is underway.” 
  • "So right now, it’s a way to trade this situation when the signal kicks off, but we are not able to know now whether it’s going up or down using this idea. However, that is what we want to know as the price swings 10%-20% up and down."
  • "Make no mistake, this is an incredibly dangerous market. Make sure you are able to sell. Make sure your bitcoin is safe or that the custodian is bullet proof. If you are going to play this game, have a plan and stick to it. Markets don’t care about theories, they have no remorse, they do not stop. Like any captain on an uncharted sea you have to always be vigilant, take observations and soundings and be prepared to tack. You can call it 9 times out of 10 but it only takes one rock to sink you. On such a sea we are now afloat."

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The chart was made with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase:


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Sergey Golubev, 2019.07.23 07:28

Crypto News - Bitcoin: bullish correction; 9,074 is the key (based on  the article)

Bitcoin/USD daily chart by Metatrader 5

  • "The price of Bitcoin (BTC) has drifted considerably lower since its impressive stretch of gains recorded during the first half of the year. While BTC currently trades around $10,300 – down about 25% from its 2019 high inked last month – the cryptocurrency threatens to rebound higher with a bounce off near-side technical support."
  • "The recent pullback in Bitcoin, although worrisome on the surface, could be a constructive pattern of consolidation for bullish momentum to continue. This is suggested by the bull flag forming on the daily BTC price chart which is highlighted above. Additionally, prospects for a bounce higher in bitcoin is also posed by BTC price action hovering around the critical level of technical support at $10,000. 
    This psychologically-significant area of confluence is highlighted by bullish trend support and the 38.2% Fibonacci retracement of the cryptocurrency’s year-to-date trading range. Although BTC dipped below this support zone last week, the move to the downside seemingly lacked conviction as the cryptocurrency quickly rebounded."

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The chart was made on MT5 with standard indicators of Metatrader 5 together with the following indicator from CodeBase:


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Sergey Golubev, 2019.08.09 17:56

Crypto News - Bitcoin: bullish trend to be resumed by symmetric triangle pattern to be crossing to above (based on  the article)

BTC/USD weekly Brainwashing chart by Metatrader 5

  • "On August 3 Bitcoin opened with an upward gap, indicating to a clear intention from the buyers to continue leading the price. The currency peaked on Tuesday at 12,318- its highest level in nearly five weeks, then slipped back after, and settled below 12,000 handle. 
    Alongside this, the Relative Strength Index (RSI) crossed above 50, however remained flat around 60 after, indicating to a paused uptrend move." 
  • "Looking at the daily chart, we notice on Monday Bitcoin moved to the higher trading zone 11,200 – 12,320. On the following day the price tested and rebounded from the high end of the zone. Hence, a close above the higher end of this zone could push the price towards 13,000 handle. Although, the weekly resistance underscored on the chart (zoomed in) would be worth monitoring."

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Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

Same system for MT4:

  1. Brainwashing. Trades: manually and using EAs (MT4)
  2. Brainwashing EAs - the thread (MT4)
  3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
  4. Brainwashing: system development (MT4) - the thread

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Which strategy is best for bitcoin?

Chris70, 2019.08.13 18:18

I have to admit that I don't trade BTCUSD, but the reasons why I don't go back to exactly the title of this thread, namely the question towards reasonable strategies (and the possibility to have an edge) in this market.

So here's why in my opinion crypto currencies are different:

1. They have no inherent value, meaning: all currencies basically are just numbers, but conventional currencies derive their inherent value from the fact that they are broadly accepted as payment; of course, they could be replaced by something else (yes, also by Bitcoin for example), but it is practically impossible that this happens from one day to the other, so as long as such changes take at least a little bit of time, conventional currency have a monopoly status in their economy, which is why they can't dissappear at least not tommorrow. Crypto currency on the other hand are really just numbers. Although they are sometimes accepted as payment, this usually is only an option and it is not without alternative (normal money could do the job just as fine). So although Bitcoin might be a great idea and maybe it is the future, the inherent value just isn't there YET.

2. They have no underlying fundamentals, meaning: BTC is largely independent of the economy both on a global and national scale (once you substract the USD influence in the BTCUSD pair). Even if trading happens on technicals entirely, the hypothetical assumption that price moves are not purely random still justifies the question if fundamentals that drive the price do exist. For BTCUSD the answer clearly is NO.

3. A handful of big players are able to manipulate the price, just because they own significant proportions of the whole cake, and nobody knows how their actions will affect tommorrow's BTCUSD price, so while there is no edge (at least not without illegal(?)  insider information), there is big risk involved (which of course is also true for the relationship between conventional currencies and Trump's next tweet...).

4. They rely entirely on sentiment, meaning: if true value, political events, economical processes and other fundamentals don't drive the price, then what does? Just the fact that people attribute conceived value to this currency. It's just goes back to people's belief and expectations. In on word: sentiment. So this is why I think that IF anybody is willing to trade BTCUSD, than some kind of sentiment analysis specifically on the crypto market is the only way to go (and NOT technical analysis in this case).

Other opinions?    [....sentiment?   ;-)  ]


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Sergey Golubev, 2019.08.17 08:56

Crypto News - Bitcoin: daily ranging near bullish reversal; weekly bullish with symmetric triangle pattern for direction (based on the article)

BTC/USD daily Brainwashing chart by Metatrader 5

BTC/USD weekly Brainwashing chart by Metatrader 5

  • "On August 6, Bitcoin rallied to 12,318 however, the price slipped back after, then settled below 12,000 handle. This week, BTC/USD traded lower and tested yesterday 9,484 - its lowest level in over two weeks. Alongside this, the Relative Strength Index (RSI) crossed below 50 however, the oscillator remained flat around 44 reflecting the seller’s indecision to keep sending the price lower." 
  • "Looking at the daily chart, we notice yesterday Bitcoin declined to its lowest level since the start of August however, the cryptocurrency rallied after then closed in the higher trading zone 10,300 – 12,320. Thus, a close above the high end of the zone could push the price towards the high end. Nonetheless, the daily resistance levels and area marked on the chart (zoomed in) need to be considered. On the flip-side, a close below the low end could press the price to test 9500 again. Although, the daily support level at 9,940 needs to be monitored. Further close below 9500 may send BTC/USD towards the monthly support at 9080. See the chart to know more about the lower trading zone/s with weekly support levels in a further bearish scenario."

==========

Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

Same system for MT4:

  1. Brainwashing. Trades: manually and using EAs (MT4)
  2. Brainwashing EAs - the thread (MT4)
  3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
  4. Brainwashing: system development (MT4) - the thread

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Confessions of a Crypto Millionaire: My Unlikely Escape from Corporate America 
by Dan Conway



"A highly dramatic but lucid introduction to the murky world of cryptocurrency." – Kirkus Reviews

Sergey Golubev
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Forbes article description



This book is NOT a cryptocurrency guide or a Bitcoin manual.  It is the story of how an underdog, badly scarred by his battles with life, fights for survival...and comes back in a big way: Dan Conway made millions investing in the cryptocurrency Ether.  

The book comes out on September 9th and I advise you to consider pre-ordering it now.  Why? Well, first because it’s on pre-order special and only costs $2.99 for the ebook...but more importantly because you’ll find that it contains useful work and life lessons.

The book reads like a memoir. The opening chapters provide context for the author’s loneliness and struggles.  He confesses to his family struggles and work problems with incredible vulnerability. He exposes his battle with alcohol, drugs and depression. Then he explains why crypto made sense for him.

Conway didn’t get addicted to crypto out of greed. He got “hooked” out of principle.  The idea behind cryptocurrency is that decentralization produces better results than our current societal model: corporations and governments hold most of the power and make rules for the rest of us . Crypto is something different. Its #1 principle is that “currency is owned and controlled by the people, not by any central authority.”

Conway didn’t work for a bank. He worked for one of those large corporations whose culture was punctuated by politics, bureaucracy and propaganda.  This made matters worse. Conway became increasingly suspicious of the “gatekeepers and rule makers” that rule our lives.  He grew wary of their power and how they could affect our privacy and personal liberty. His experience is reminiscent of what Neo’s situation might have felt like in “The Matrix”.

For Conway, crypto was only partly about the money.  It was also about finding liberation and salvation. And crypto hit him at his core.  My favorite quote: “It turns out,'' he says, “that my entire identity had prepared me for crypto”.

How do you feel about crypto now?!

If you don’t know anything about crypto and want to get a decent explanation before reading this book, watch John Oliver’s take on it below (the “Dan” he refers to in it, is NOT the book’s author).

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Sergey Golubev, 2019.09.20 09:20

Crypto News - ETH, XRP, LTC, And XLM Stage Big Rally (based on the article)

LTC by Metatrader 5

  • "ETH, XRP, LTC, and XLM staged a big rally over the last seven days, beating Bitcoin, which lost some ground, has caught some market observers by surprise. The rally was broad, spreading across the whole market, with 73 out of the top 100 cryptocurrencies advancing and 27 declining."



    XRP by Metatrader 5

  • "Patrick Devereaux, CFO of Illumnine, Corp, believes it’s the market roller coaster that pushes investors to cryptocurrencies. “It is impressive, how some tokens have seen more than a 40% increase in value over this past week,” he says. “A large part of this is related to continued consumer adaptation and user utility. The overall financial markets are a roller coaster ride, and it seems more new users are coming to the table."



    ETH by Metatrader 5

  • "Alex Karasulu, Chief Executive Officer of OptDyn, believes it’s a big shift in the way they sea Bitcoin. “Personally, I think the dogmatism around Bitcoin as the ONLY viable cryptocurrency is starting to wear thin and we see an unexpected resurgence in altcoins,” he says. Bitcoin is a great store of value, but transaction rates are the worst in the industry at 7 transactions per second. There's talk of several solutions but no action yet.” That has diminished the effectiveness of the digital currency in carrying out transactions."

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The chart was made on MT5 with standard indicators of Metatrader 5 together with the following indicator from CodeBase:


Sergey Golubev
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Sergey Golubev, 2019.10.17 16:52

Crypto News - Litecoin: daily ranging beliw Ichimoku cloud in the primary bearish area; weekly bearish breakdown(based on the article)

Litecoin daily Ichimoku chart by Metatrader 5

  • "Litecoin prices declined in September, enjoying notable gains earlier in the month and then falling sharply as traders sold off the altcoin (cryptocurrency other than bitcoin). “After a meteoric rise in value this year, Litcoin has been consolidating in recent months due to profit-taking and the generally poor performance of crypto assets since July,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital."
  • "In addition, the digital currency markets suffered a “huge sell off” toward the end of September, which “caused a lot of people to dump a lot of tokens at that exact time,” said Tim Enneking, managing director of Digital Capital Management. Litecoin was “crushed” in this sell-off, which “affected every major token in the space,” he stated."

============

The chart was made with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase:


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