Having checked out my blog using my mobile phone I noticed that the images I had already added to the site were tiny. This isn’t very helpful when you’re trying to show where to click on certain websites as you cannot see what has been highlighted.
This lead me to try and find a way to allow the images to expand so that they can be viewed full size. To do this I needed to add what is called a ‘lightbox plugin’ to this WordPress site.
Now that we have established a price direction using cryptocurrency indicators, we’re going to have to see if this direction is following any trading trends.
Bitcoin, similar to the stock market, has certain ways in which the value is traded. Imagine there is a big chart and everyone has seen a trend together and are following the same lines and levels. It is this that we need to identify as well.
The main thing when trading (or looking to buy a cryptocurrency at a really good entry point) is that you’re going to want to identify the direction that a coin is traveling in. Now, even though this sounds easy I can assure you it really isn’t.
Cryptocurrency like all markets is 50/50, most of the time. Either traveling up or down.
There can be times though when a coin just travels sideways, known as “Bart” or “Barting”. This kind of sideways action gets its name after the Bart Simpson character’s hair style. Short movements moving only slightly up and down for a period of time.
I wouldn’t suggest doing what I did. I literally logged on to an online exchange checked out Bitcoin (BTC) saw that it had just had a great run up to $19,000+ and thought “Yeah, this is it! There is money to be made here, it’s going to continue going up, right?”
Just a brief daily mind stretch. Trying to see if I can identify Bitcoin support and resistance.
Feel free to add a comment if you see anything I miss.
Not financial advice. I’m just trying to work out the overall direction for Bitcoin in the near future.
(This is just for fun) Remember; Bitcoin is a highly volatile beast and has the ability to change direction, in seconds.
Always use a stop loss!
Please note: I am neither bull or bear. I trade either direction, it’s all about the money, baby.
Daily (Yellow) Higher Fib resistance $10,225.32 Lower Fib support $8,931.10
Major resistance at $10,373.75 (Purple) Major support at $9,052.56 (Blue)
Opening price: $9,341.08
I’m going to simplify the way I do trading. Whilst I will still continue to use this TradingView chart for reference I will be relying on using MA (Moving Averages) lines instead.
This will be my last update on this post today. I will start a new one that will replace this as a ‘sticky’ topic. Since the beginning of the Coronavirus lockdown I have been using the much more simplified MA lines. This is mainly because I haven’t had as much time to monitor every move of Bitcoin due to other commitments.
I have found this new strategy to be highly effective without being so time consuming, and as a plus for anyone following this, it will be easier for everyone to follow.
I will still be looking for trends using my full TA but will only publish my TradingView chart when it is really required.
So, for the last time for a little while here is my TradingView analysis:
If you’re new to crypto and understand how big Bitcoin (BTC) now is, and more importantly how expensive it is to buy just 1 Bitcoin (of course we’re all in it for the technology, hmm), then you are sure to of heard of XRP and Ripple.
I’m just going to pause here really quickly to explain why I keep using 2 different names for the same coin.
What better way to start this blog off than to talk about Bitcoin (BTC).
This cryptocurrency coin is probably what got me into so much mess in the first place.
Let me explain…
In January 2018 I decided to check back on cryptocurrency. This is something that I had checked out before in 2010-11 when Bitcoin was just a baby and worth virtually nothing.
My first impressions back then were ‘Oh, a made up currency with invisible coded coins. It’ll never work.’
Curiosity did get the better of me though and I download a Bitcoin wallet, and for a brief moment, I did run a miner on an old laptop.
This would be impossible to do now due to increased difficulty in the mining code but back then was fairly straight forward to do.
That laptop is now broken and stuffed in a cupboard someplace, I don’t think I managed to work out how to store any coins on it.
I’m pretty sure I didn’t mine 1 Bitcoin, which would of been easy enough to do back then…
Reading that back over, that is a lot of uncertainty, maybe I’ll find the time to drag it out and check at some point.
Once I realised how long it would take to mine just 1 Bitcoin I considered buying £100 ($130 ish in today’s money) worth of them.
However, we were young parents at the time with a couple of tiny children, and pressing everyday expenses, I couldn’t justify spending the £100 on some random code.
Cryptocurrency… pfft, it’ll never work, remember?
Bitcoin hit $19,783 (£15,164 in today’s money) per Bitcoin on the 11th of December 2017!
Ha! £100, just £100, that is all I would of bought, which would of worked out to be around £1.5 MILLION! ($1.9M)
How wrong I was!!!
So, returning to January 2018 and I could never afford to buy a whole Bitcoin.
Something new to me though was ‘Alternative Coins’ (AltCoins).
These were other types of cryptocurrency, and a lot cheaper than Bitcoin, but were much higher in value at this time than when first released to the crypto market as ICO’s (Initial Coin Offering).
These were far more appealing to me at the time with the fact that I had money to invest, much more than I would of invested in Bitcoin back in 2010-11, and I sure as hell wasn’t going to miss out a second time!!
Yep, I was being a “Noob” and I had no idea what the meaning of “Catching a falling knife” meant.