Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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G'Day Cobbers,
I missed a couple of Dumps while away sick, twitter seems to think it came from a couple of 50 million dollar dumps, not much can be done to predict that unfortunately, I hope nobody got caught out in a big way? This is why I keep repeating the use of Stop Markets (If available on your exchange). Even if you don't like using them because you keep getting stopped out, at least you can place it wide and still have some protection form a massive move in the other direction, especially if you are on Bitmex that overloads on large moves.
Well for today, looking at Bitcoin on the bitmex chart, I see some heavy resistance from the two trendlines that converge above our current position, as well as the 20ema, underneath us, we have the 100ema giving a little support. I am currently set up with buys and sells at marked locations, with stops either side.
Note on the 1hr TF the 20ema is heading for a cross under the 100ema, So it might even struggle to hit 8000.
If you don't use Bitmex, my shill link is on my twitter page, if you want to trade on there. Gives you cheaper fees and I get a little bonus too. I won't link it here I got in trouble last time.
G'day
Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
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This is the direction I am playing for after breakout. 20/100ema cross under is very close on the 1hr chart.
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If you are on bitmex, there is a possible Cup and HAndle on LTC, though these patterns are not very reliable, plus there are some big sells at the neckline to consider
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Well LTC is on it's way
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Bearish Divergence on the 1hr, we are about to come back down a https://bit.https://www.tradingview.com/x/1IP2DjiO
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Called it but my bids at the top of the channel never got hit. Don't FOMO
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Ouch that was painful, turned around and took my sells out at the top of the channel and then proceeded to run away. Only issue with Bitmex is that you cant close out your position when it goes bad, it just overloads.
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Silly Error, breakouts lately have had a tendency to do this.
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LTC close to the target and then turned around and fell like a stone when BTC went up.
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Though we new a retrace was on the cards with the bearish div, talk about coincidence,
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Back into that channel again, all these high levs liquidation squeezes make for one volatile beast.
just when BTC is making a bear flag, not the best time!
samiswilf
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I thought you said bitcoin was going up, that the downtrend was over.
TroyByrne
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@samiswilf, Nothing goes up in a straight line. also, I am never right 100% of the time, calling anything longer than a couple of days is like long-term weather forecasting, impossible and those who do get it right get lucky. You have to reevaluate your position constantly. Nobody is saying we are done moving up. Also who would of know that 100million of BTC was going to be dumped on the market yesterday. It has caused a cascade effect, dropping Moving averages back into down crossovers, which will cause bots to start shorting again etc. I think that BTC has absorbed that 100 million really well, a month ago we would have dropped 1200 instead of 200.
TroyByrne
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@TroyByrne, In saying that we rode a $1400 run and another smaller one a few days later off those calls.
@hkh222, Do you mean on the LTC chart of the purple line in the BTC chart, the one on the bitcoin chart is the channel I drew for high - low, on the LTC chart it is how the price is calculated for future contracts, it's a bit complicated. Hang on
cI8DH
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@TroyByrne, that future contracts price I mean. I wanna know how you use it. For example, I expect short squeeze when shorts go up too much. How to make use of future contracts price.