Forum on trading, automated trading systems
and testing trading strategies
Crypto News - Bitcoin: ranging bullish; 13,884 is the next target (based
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:
Crypto News - Bitcoin: bullish correction; 9,074 is the key (based
The chart was made on MT5 with standard indicators of Metatrader 5 together with the following indicator from CodeBase:
Crypto News - Bitcoin: bullish trend to be resumed by symmetric triangle pattern to be crossing to above (based
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:
is best for bitcoin?
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
analysis in this case).
Other opinions? [....sentiment? ;-) ]
Crypto News - Bitcoin: daily ranging near bullish reversal; weekly bullish with symmetric triangle
pattern for direction (based on the
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
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
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).
Crypto News - ETH, XRP, LTC, And XLM Stage Big Rally (based on the
Crypto News - Litecoin: daily ranging beliw Ichimoku cloud in the primary bearish area; weekly bearish