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    Author Topic: TA on BTC  (Read 153 times)

    • traderperspective (OP)
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    February 02, 2018, 08:48:25 AM
     #1
    I am looking at tradingview graphs of BTC and deciding resistance levels. As TA is both an attempt to stay objective, only looking at the graphs, TA is still a bit subjective in the way a person draw his lines.
    I'll give my take on BTC TA, and if anybody's graphs tells the same or different, please just give it a shot in this thread.

    From what I see, the current price is ≈8450, which means we just broke a resistance at 8500 from end November.
    If we are seeing further drops from here and the price does not rebounce from this level, we are to go back to mid-November to find a resistance at around 5400. Should this not hold, the next should be mid-September at ≈2900. Although, I do not see 2900 levels as an option right now.

    As I said, this is just my view, if you have others, please share!

  • Jet Cash
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    February 02, 2018, 08:55:58 AM
     #2
    The problem that I see with trading graphs is that the price manipulators read them as well. They know that if they push a price through a "restance level" it will trigger the reaction they want, and push the price further in their desired direction. This saves them having to invest more money in their price manipulation. It can also lead to much wilder swings in the price.

    Bitcoin is quite a difficult investment decision at the moment. I think you need to ignore the price, and think about the groups who will want to keep Bitcoin as a long term investment, and also you need to consider how its usage pattern will change over the current year.
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  • cryptorTUX
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    February 02, 2018, 08:59:39 AM
     #3
    Quote from: Jet Cash on February 02, 2018, 08:55:58 AM
    The problem that I see with trading graphs is that the price manipulators read them as well. They know that if they push a price through a "restance level" it will trigger the reaction they want, and push the price further in their desired direction. This saves them having to invest more money in their price manipulation. It can also lead to much wilder swings in the price.

    Bitcoin is quite a difficult investment decision at the moment. I think you need to ignore the price, and think about the groups who will want to keep Bitcoin as a long term investment, and also you need to consider how its usage pattern will change over the current year.

    I totally agree you can't read graphs as they are not that much accurate. I mean this is pure speculation from this point where fake news can cause nice dump and where good news can cause nice uptrend.  There's nothing more special about it. It could dump till 0 tomorrow.
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