BTC Short Term Projections

[DumbFalang]

As a day trader, I have no interest in where Bitcoin will be in another 3 months or 3 years. I have no bias to direction and simply follow it wherever it goes. I'd be interested to hear from fellow day traders in Thailand and to see your projections.

 

Due to the extreme amount of FUD being put out there at the moment, I think that BTC is about to make a move to the upside. That said, I think it will drop a little first and then reverse from one of the three upward trend lines on the 1 hour chart below:

 

 

Please post your charts if you think it is going to do something similar - or completely different.

[Sparktrader]

Traders shouldnt listen to others, you will just 2nd guess yourself. I really dont know. Mixed signals.

[DumbFalang]

Just now, Sparktrader said:

Traders shouldnt listen to others, you will just 2nd guess yourself.

I agree. Experienced traders likely don't put too much value on other peoples projections, however, many new traders often appreciate projections on their journey learning to do their own ????

[Sparktrader]

5 min chart going up but resistance above.

 

Daily 5 inside days so mkt undecided

 

I found the hull moving average works well on 5 minute chart

[Sparktrader]

5 min chart with hull

 

[DumbFalang]

Referring to my chart, it is clear that BTC can go straight up from here without a retrace. In that case, I will miss out on a good entry and will look for a new opportunity.

 

It is also clear that price could continue down below the yellow line, in which case I would immediately close any longs and start adding to any shorts I may have open.

 

As always, patience is very important (and difficult).

[Sparktrader]

I would not be long or short given that pattern.

[DumbFalang]

3 minutes ago, Sparktrader said:

I would not be long or short given that pattern.

I will be both long and short until I close all trades later this evening. Sleep like a baby then rinse and repeat tommorrow.

[Heng]

We're all guessing.   

 

What I like though is how many BTC are naturally/inherently lost forever and its effect on the supply side.    Just from my own experience, how many people simply leave small amounts of btc in wallets they abandon or forget about?   From Mt. Gox to Xapo, to BTC-e, to that wallet you helped set up for Grandma or your kids and put $10 in it and then they lost interest or deleted the app or threw away their paper wallet....   And then pile on all of the illegal stuff people are using it for and how much of it is either seized or lost because the owner dies.

 

What I don't like is that again, it's just tech.   It seems and has been unhackable until now, but I can't help but think about how fast everything progresses and becomes obsolete.   Makes me think of the final sequence self destruct code from Star Trek II The Wrath of Khan.... Code zero zero zero.  Destruct.  Zero.   Seemed like secure enough code to me when I was seven years old.   ????

[DumbFalang]

52 minutes ago, Heng said:

We're all guessing.

Very true. The good thing is, with hard work and persistence our guesses can become more educated.