The Litepresence Report on Cryptocurrency

[PaulConventionWV]

I'm convinced we're on the verge of a bullish breakout. If not now, then soon. Chinese exchanges are testing resistance again on nice volume, coming close to making new highs. Bitfinex just made a new high and broke the long term downtrend. I thought it would retrace to about $350, but we only made it to $360. Luckily, I saw the signs and bought in at the bottom at $362. This could be the big one...

 

[Dianne]

I'll see if I can pop in from time to time and give you updates. Fortunately, all of my analysis is backed by another friend of mine who's pretty big in the BTC circle and has been doing this for years. I'll try to pass on any updates I get from him.

Thanks so much !!

 

[amonasro]

I'm convinced we're on the verge of a bullish breakout. If not now, then soon. Chinese exchanges are testing resistance again on nice volume, coming close to making new highs. Bitfinex just made a new high and broke the long term downtrend. I thought it would retrace to about $350, but we only made it to $360. Luckily, I saw the signs and bought in at the bottom at $362. This could be the big one...

Good call! I was convinced of it as well. I'm studying Wyckoff at the moment and it's really great for following the big money and figuring out when they are accumulating or distributing (as the market tends to move up once supply dries up, bought by large interests, or down if there is too much supply after being sold to smaller players). It's probably the best method of understanding the market as a whole that I've read.

After the big selloff to $275, there were accumulation signs all over the place. Only one direction to go once the floating supply is gone.

http://www.hankpruden.com/MTWyckoffSchematics.pdf

^^^there's a great summary of it.

 

[muh_roads]

SR2.0 news has clearly messed up a lot of TA with all the volume it brought. Once 370 broke I had no clue who to read. Will follow you Paul. Didn't know you were on tradingview.

Trollboxes have a lot more activity again. Instead of the same 5 or 6 guys there are about 50 new usernames in there now. Also people were talking about btc at work for the first time. Government better stop shutting down those darkweb sites. It is having an adverse affect.

 

[muh_roads]

I'm convinced we're on the verge of a bullish breakout. If not now, then soon. Chinese exchanges are testing resistance again on nice volume, coming close to making new highs. Bitfinex just made a new high and broke the long term downtrend. I thought it would retrace to about $350, but we only made it to $360. Luckily, I saw the signs and bought in at the bottom at $362. This could be the big one...

I'm gonna take a stab and say from this low 400 level we will run to 500-520 before reversal on bitfinex (price tends to be higher than the others) btc-e tends to be cheaper...so 490-510...

What are your thoughts?

 

[Dianne]

I'm gonna take a stab and say from this low 400 level we will run to 500-520 before reversal on bitfinex (price tends to be higher than the others) btc-e tends to be cheaper...so 490-510...

What are your thoughts?

I'm dying to see if Paul agrees.. Normally weekends are dumps, but I have a feeling this weekend (although rare), will be pumps. But I am wrong 75% of the time, so Paul ... your opinion?

 

[PaulConventionWV]

I'm gonna take a stab and say from this low 400 level we will run to 500-520 before reversal on bitfinex (price tends to be higher than the others) btc-e tends to be cheaper...so 490-510...

What are your thoughts?

I think you could be right. It's hard to tell right now, but I think this is just a bear trap. I'm waiting to see if $380 support holds.

Cool story, I actually sold the very tip top of this rally, 475 on BFX. It only touched that price for a fraction of a second, but I got my whole order filled. I kind of botched the trade on the way up, but selling at the top has me feeling justified.

 

[PaulConventionWV]

I'm dying to see if Paul agrees.. Normally weekends are dumps, but I have a feeling this weekend (although rare), will be pumps. But I am wrong 75% of the time, so Paul ... your opinion?

It could stay down through the weekend and then break out again. The volume was really nice on that rise which makes me feel like it's legit accumulation and not just a pump.

 

[PaulConventionWV]

I'm dying to see if Paul agrees.. Normally weekends are dumps, but I have a feeling this weekend (although rare), will be pumps. But I am wrong 75% of the time, so Paul ... your opinion?

You mentioned how you bought up in the $600s. Have you been holding ever since then?

 

[amonasro]

We either bounce down to test $350ish again, or the squiggly support around $400 (more or less) holds and we go back up for awhile, pulling us out of the bear market once and for all. We would likely be "in the foothills" for awhile as we drift back to $800 (one can hope) and the media hype starts again. It already has if you've been paying attention. Perception is so powerful in this market, so if price pulls out of its rut it would be a clear signal to everyone. I do think we'll be back above $500 for the holidays at the very least.

In other news I'm feeling pretty good about my XCP investment... sitting on 40% gains there. No miners, no bagholders, 2.6 million coins, uses BTC blockchain, and they just assimilated Ethereum's functionality (which was open source). Really the best altcoin I could recommend at this point, even though I don't recommend them

 

[amonasro]

Also, pres, your bot bought at $4.11 after I was tearing my eyes out waiting for it to buy the pump.

BAD BOT... BAAAD BOT!!

 

[Dianne]

You mentioned how you bought up in the $600s. Have you been holding ever since then?

No, I sold at a loss thinking I could buy low and it would skyrocket again and I could recover losses. Then I moved it over to LTC when LTC was around 13.00, and you know how well that turned out lol. I am truthfully the worst btc investor in the world. That's why I appreciate this thread so much.

 

[Dianne]

We either bounce down to test $350ish again, or the squiggly support around $400 (more or less) holds and we go back up for awhile, pulling us out of the bear market once and for all. We would likely be "in the foothills" for awhile as we drift back to $800 (one can hope) and the media hype starts again. It already has if you've been paying attention. Perception is so powerful in this market, so if price pulls out of its rut it would be a clear signal to everyone. I do think we'll be back above $500 for the holidays at the very least.

In other news I'm feeling pretty good about my XCP investment... sitting on 40% gains there. No miners, no bagholders, 2.6 million coins, uses BTC blockchain, and they just assimilated Ethereum's functionality (which was open source). Really the best altcoin I could recommend at this point, even though I don't recommend them

That drifting back to $800. sure sounds good. Let's keep our fingers crossed !!

 

[PaulConventionWV]

No, I sold at a loss thinking I could buy low and it would skyrocket again and I could recover losses. Then I moved it over to LTC when LTC was around 13.00, and you know how well that turned out lol. I am truthfully the worst btc investor in the world. That's why I appreciate this thread so much.

Ok. I just hope you're not trying to trade with your whole bank account.

 

[Crashland]

Ok. I just hope you're not trying to trade with your whole bank account.

Well, the larger the risk, the larger the reward right

As for me, I have a pretty bold amount invested in bitcoin, but it is not more than I can afford to lose. My average cost basis is right around where the price is now, a little less than $390. Don't plan to ever sell unless we top $1200, then I may sell the original basis and hold onto the rest. If it goes to $0, well, I might as well buy the rest of the 21 million bitcoins for pennies as a collector's item, a historical relic - the first-ever, epically-failed cryptocurrency

 

[PaulConventionWV]

Well, the larger the risk, the larger the reward right

As for me, I have a pretty bold amount invested in bitcoin, but it is not more than I can afford to lose. My average cost basis is right around where the price is now, a little less than $390. Don't plan to ever sell unless we top $1200, then I may sell the original basis and hold onto the rest. If it goes to $0, well, I might as well buy the rest of the 21 million bitcoins for pennies as a collector's item, a historical relic - the first-ever, epically-failed cryptocurrency

There are two sides to that coin. Be careful.

 

[PaulConventionWV]

Here's my latest idea from Tradingview:

https://www.tradingview.com/v/U4sOIZ8l/

Watch the $420 level. If it breaks through that, then I expect a run to $500 and declare the bull market official. I'm optimistic about this because it seems like this may have been a bear trap, although we don't know that yet. It held through the weekend and now the start of a new week brings with it new hopes.

 

[Dianne]

Here's my latest idea from Tradingview:

https://www.tradingview.com/v/U4sOIZ8l/

Watch the $420 level. If it breaks through that, then I expect a run to $500 and declare the bull market official. I'm optimistic about this because it seems like this may have been a bear trap, although we don't know that yet. It held through the weekend and now the start of a new week brings with it new hopes.

kk, thx for posting... will be watching ))) Thanks much !!

 

[PaulConventionWV]

Price failed at $420. The bear market may last quite a bit longer

https://www.tradingview.com/e/KFnFtzVx/

 

[Dianne]

Price failed at $420. The bear market may last quite a bit longer

https://www.tradingview.com/e/KFnFtzVx/

kk, thanks for the update !