So, back to Bitcoin trading – Time flys!

Last update was in March? Wow. What’s been happening? Well, Bitcoin isn’t trading still at $5,000 that is for sure. Bitcoin price headed north and broke through the major resistance at $9,204.20.

On the 1st of June Bitcoin hit the top major resistance point of $10,373.75 and hasn’t made any attempt to break through since.

Coronavirus.

Life has been a little bit upside down since the beginning of the whole Coronavirus issue for me back in March. I am now, like so many others, trying to regain some normality and will update frequently again.

Have I still been trading? Hell yes! I’ve still been following Bitcoin and selected AltCoins, daily – It’s my addiction!

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First ever Binance Bitcoin warning received.

Binance Warning - Volatility Alert
Binance notifications are not normally like this. You know the market is moving quickly when you receive warnings.

Binance Bitcoin warning sent to my mobile phone early this morning. To me this is a very professional approach by a responsible cryptocurrency exchange. Especially since this market is completely unregulated.

Cryptocurrency exchanges, like Binance, do not have to issue a Bitcoin warning at all and to be honest it probably isn’t in their best interest to do so short-term. The market moving is how they make money.

Long-term for loyalty though from a customer/traders point of view this is certainly welcome.

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What goes up must come down! – How I use ‘FIB Extension’ – Fibonacci Extension

Bull runs are great, aren’t they? Unfortunately though as the title says the old adage is true.

It goes up it comes down = volatility.

Bitcoin is extremely good for this and makes trading fast and fun, if you’re on the correct side of the trades.

Bitcoin, and cryptocurrency in general, is the stock market… On steroids, wheeeeee.

There can be lots of money to be made/transferred to the educated, or lucky, but that would quickly run out. Knowing where to buy and sell intentionally is the way forward.

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Elliott Waves – Sounds boring, right? I can assure you it’s not…

Somebody called Ralph Nelson Elliott, who was a lot smarter than me, worked out that that all tradable assets on the stock market move in waves. This was I believe in the 1930’s way before the time of Bitcoin and cryptocurrency.

The good thing for us though is that the same trends still occur in cryptocurrency trading. Why? Well, it is all to do with everyone looking at the big chart together.

When we’re all working out our support and resistance lines, and looking at channels etc, we’re all buying and selling at particular points.

This creates a “wave” effect and equals an increase in price and retracements.

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Simple Lightbox plugin – How to link images using WordPress. Not cryptocurrency related.

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.

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So, we have found the direction and we have identified support and resistance… Now, where the heck is this going long-term? Introducing channels.

Time to be honest, once again. I really struggle with placing channels whilst trading. Cryptocurrency, unlike the stock market, doesn’t really seem to move in traditional channels.

That being said though it is always good to try and use them. It’s better to have some idea of long-term predicted movement rather than placing a trade and just hoping.

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Sorted, I understand the indicators. Show me the next lot of fancy stuff! – TA, Trading Analysis.

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.

Continue reading “Sorted, I understand the indicators. Show me the next lot of fancy stuff! – TA, Trading Analysis.”