[BTC] - We are pumping, but be careful. Short term analysis and a fair warning.
Hi All, Crypto Sludge here.
I hope all of you are doing fine. Wanted to thank all of you for your support on the latest giveaways - it was fun :)
I am making this post, since i see some important signals in the market, and though i'll give you all a fair warning to not FOMO in pre-maturely.
We are at some important positions now:
On the 1H chart, we finally broke the 200MA line and we are bumping off the 7500$ resistance line which we need to pass to confirm a short-term break out, if we bump off it for to long, we will get a price rejection which will corespond with a 7/9 TD mark we got now. Hopefully the correction will be a short 1-4 candles.
The StochRSI is still not in the oversold zone, so we do have some time.
On the 4H chart
We are clearly over extended with the push into the cloud , as if we look at the stochRSI it has flat lined in the oversold position and are on a TD 6/9
So on the short time frames, I see exhaustion and I think we are reaching an end of this short term bull run, if we see a deep reversal or just a short correction, this remains to be seen.
I do have one another thing to consider, have a look here : https://blockchain.info/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk?filter=1
This is a 10,000 BTC transaction done today from the Mtgox bankruptcy wallet to bittrex - all i can say, be careful entering the market now, unless you got a good strategy.
Trade ON!
Crypto Sludge
yeah we are pumping slowly . major pump in may on 2nd week of day . moon again.
Just be careful. if the mtgox idiot decides to dump, it will be a short moon trip...
Why is 10k going to another address bad news?
because that address is the Bittrex exchange.
Are their multiple reasons why an exchange needs bitcoin? Maybe it could be good news.
https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/
nope.
yikes time to transfer to altcoins lol
It’s hard to see them not dumping that 10k BTC. If the charts that were floating around twitter last time out were anyway accurate then this time the simple act of moving them could cause FUD leading to a minor dip before the trustee dumps, leading to a bigger dip...do you think that’s likely?
Is all the money raised actually going back to account holders of MtGox? Did they settle that payment yet (today’s price vs back then price? Think over there the rule is the price is set at the time of loss but that was being debated?)?
Thanks for the TA! Have you got any idiots guide to some of the terms? 🙂
Yea, this is exactly what i am thinking, the sell or the fud due to possible sell once it moved is enough. And it seems i was right, just hope it's a short correction now , hopefully he already sold... (although i doubt it)
yes, the money raised will go back to the account owners, however due to Japan's laws, they will get back USD and not BTC, so something around 400$ per btc, and in the end Karpels (mtgox owner) might turn into a billionaire..
About an idiot guide, no not really, if you want to know about something specific let me know, i'll try to explain.
Hi and thanks for the reply! I’ll start with one stupid question at a time 🤣
200MA - the 200 day moving average?
What I think would be helpful for people like me in your audience would be to indicate which line is which on the actual charts so we can kind of follow the analysis you discus in the charts. Though that may be dumbing it down too much for your intended audience? Just a suggestion mind you feel free to call it a stupid idea and move on! 🙂
Meanwhile, I read the following report today:
https://finance.yahoo.com/news/former-mt-gox-ceo-does-213141625.html?.tsrc=applewf
He is saying he right things, will he follow through? The more important question might be CAN he? He says he didn’t want the BTC sold but other trustees started selling them (the earlier dumps we saw, I guess). Then ironically talks about how to secure your BTC with multisig Wallets, having just said effectively he can’t control the BTC they have. What a mess.
Hey man, yea you got this right, 200 daily moving average. My take on TA, is in the end, it's a self fulfilling prophecy, the more traders use TA the better the chance the markets will follow the rules, so in a nut shell you need to look at stuff you think the other are traders/market makers are looking at, said that, most of the crypto traders (me included :) ) are quite novice traders and 200/100/50 MA's are kinda the standard to look at, there are obviously more advanced stuff like EMA (exponential moving average) but again it's all about the amount of people using them, so i stick to basics. A nice anecdote though, is that i recently found that the 128 daily MA has been a major support since 2014 (LOL) , i think i got a post about it as well, so go figure what other levels are important :)
About marking my indicators, hmm sure i could do that, although it seemed what people really wanted is the summaries of my analysis, but if people want to learn the little i know, sure why the hell not - i'll try to make my future charts more informative so people can follow my thought patterns.
About that article, Karpeles lost control of the reaming btc and the exchange after the hack once he declared bankruptcy, so whoever is selling the coins are the trustees - lawyers appointed by the court to sell assets and pay back the creditors , so he doesn't have a say on what's going to happen with the coins up until they pay back everybody and he gets what is remained - in this case an ass load of money, will he give it back if actually happen? i'll believe it when i see it.
You do need to realize that when Mtgox was running, all the nice stuff like hardware wallets we got today didn't exist. He did however made big mistakes securing his exchange by using a custom code - he himself wrote which wasn't tested and audited properly causing the hack.
Thanks again mate - I like the thoughts on TA, if we all use the same indicators and act accordingly they’ll be all the more beneficial, meaning occasional players have less of an impact. Hard to battle against the FOMO effect!
first time reading your post, nice middle finger, following you now.
welcome :)