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.
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!
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.
You’re still here! Excellent… It’s time to do the important bit, let me show you how to sign up to Coinbase and lead you by the hand to buy your very first Bitcoin. Exciting times! (Sounds patronising but it’s actually not, I was well excited my first time… I also enjoyed buying Bitcoin as well.)
Note: At this point you should start to have a dislike for Fiat (normal currency). According to all chat boxes on every crypto exchange that you’re going to use from this point forward, Fiat is evil.
Blockchain cryptocurrency… It’s the future, man. Well, is it? Who knows. That being said though it has done pretty well in the past 10 years.
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.
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.