Quick Bitcoin Trading Download **12:35PM

A quick tidbit for Bitcoin traders today.
Going into the afternoon/evening, the confirmation of a hold on bitcoin is intact. If you want to be technical and ballsy, a BUY on BTC could be put into effect for the next 8 hours.
There is solid support at 11k at the moment (as of 12:32 pm EST) and shows what could be a decent trade for those of you with some serious cash in it. A few hundred dollars worth of a move is what I expect. Looking into the evening, I would say a HOLD is in effect for those of you that are already in.
Let’s look to see what overnight trading does. So far, I am happy with overall support showing a concrete bounce at the 10k mark. Good Luck

BTC Keeps Building Lower Lows – Could Drop to 7K

What a news-filled morning. We find out that South Korea has finally decided its ban on cryptos will take effect. What does this mean going forward?
Looking at BTC over the last 12 hours or so, there’s been limited excitement and a new trading range has been established. It has leveled off and stayed in the mid 10k range now, a new level from the previous range at mid 11k. So, we’ve built a lower support floor.
If BTC keeps building lower lows, look for a new low at the 7k level. There is too much at play right now with the news from South Korea (although I do not fancy fundamentals whatsoever) and also too much at play when it comes to your money.
What we must wait to see happen to continue the bull run is a solidified grounding at 10k, then 11k. But as of right now, BTC has continued to weaken. As long as those technicals hold, the continuation to a new high is still feasible.
BTC is currently in a wait zone. SELL if you own. Sit back and keep up with the playbook.

CNBC Hosts Bitcoin Pissing Match

What one thinks of bitcoin and other decentralized cryptocurrencies tends to have strong correlations with one’s ideology, so it is unsurprising that proponents and skeptics alike often approach the topic with a zeal they do not reserve for traditional markets.

This phenomenon was on full display during a recent CNBC segment, in which two panelists engaged in a verbal brawl over bitcoin’s recent performance. The network edited out the heated exchange from its video archive, but the rest of the clip has been preserved on YouTube.

Evercore ISI technical analyst Rich Ross opened the segment — which aired last Thursday — by explaining why he believes cryptocurrency is a bad buy, citing the market’s recent ~50 percent correction, the low average age of cryptocurrency investors, as well as the inaccurate claim that ethereum has only been trading for approximately six months.

“Let’s not even compare this to stocks for a second. What bothers me, we’re staring at the greatest bull market in the last 20 years, where you can double your money in like the best industrial companies — like a Boeing, which is sort of pillaring here for no good reason, up over 200% over the past two years and we’re talking about this stuff here that’s lost over 50% of its value in a month,” Ross said.

This analysis, of course, ignores that bitcoin is still up more than 1,000 percent for the past 12 months — even after this recent correction.

CNBC regular Dan Nathan — a cryptocurrency proponent — took offense at Ross’ comments, arguing that his claim that cryptocurrency had no fundamentals was akin to that of Web 1.0 skeptics.

“You guys like it when we fight, so let’s fight for a little bit,” Ross retorted. “You’ve been bearish [on stocks] for two years….You’re not helping people make money. Let’s call it what it is.”

The other panelists started to defend Nathan, who quickly jumped back in.

“You don’t know what I’ve done, you don’t know what my call is, so go piss off, seriously,” he told Ross.

Fast Money host Melissa Lee rushed to end the segment, but not before Ross landed one last blow.

“A tough moment here on Fast Money,” he quipped.

“As a crypto believer, I am still smart about my hedges…”

We have said a few times now that cryptocurrencies are not a safe haven (if anything really ever is) for long-term investing. That’s right, to all of you that truly believe there is some substance behind cryptos as of this moment, think again.
I’d like to go over the long-term implication of putting your eggs in this basket alone.
Consider the fact that anyone can open a line of credit, for example, with American Express. Then, they can essentially hurry on over to their coinable account and ride ten grand worth of coinage.
Sounds pretty cool, right? So what happens if it swings the wrong way?
Panic. All of these investors begin to sell off in what they justify as “risk management” of their personal finances. Although, these aren’t even their dollars at play. They are the credit systems.
This is only one example of how the microeconomics of the murky crypto waters are at play. They show a system in which there are still many flaws, although the security of the system is undeniably a solid piece of technology.
So what to do next? How can you hedge yourself?
Follow a basic, simple rule: Invest in the market with a tangible item that has been used for THOUSANDS of years. Gold is a decent start. Other commodities could work just as well. Regardless, just be sure to protect yourself and be smart with your money. Control your losses, and ensure that if that day does come that everyone is totally off the rails and dumping their digital currencies, you can rest assured you’re investment is protected.

Trading Crypto: BTC Is a NO PLAY At The Moment!

Good morning traders. This early on a Monday I like to sit back and watch the bulk of you rushing in after the weekend. The difference is, most of you probably didn’t do that considering Bitcoin trading doesn’t sleep!!

Let’s look at the facts…

We had BTC mozy about for most of Friday and into Saturday, where it finally broke and went to about 13k. However, we have been watching it level back off to the 11.5k mark and stay around that area quite well.

Today will be another important test. We will look to see if btc will hold 11k and rumble back to 12k; again an important mark to hold.

So again, we find ourselves stuck in this 11k hangout zone. Let’s watch for the break again. BTC is definitely a NO PLAY at the moment. If you own some, consider a SELL until other confirmation.

Good luck!!


Stuck At $12K – Bitcoin Needs Catalyst To Breakout

Stuck in the doldrums today, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest.

The “V” shaped recovery in bitcoin (BTC) from Wednesday’s low has stalled below the $12,000 mark in the last 12 hours. Prices on CoinDesk’s Bitcoin Price Index (BPI) did rise to $12,045.09 at 15:14 UTC yesterday, before retreating to sub-$11,500 levels by 22:00 UTC.

The slide from the high of $12,045 was extended further to $10,988.79 in Asian hours today. However, bitcoin soon regained poise and rose to an intraday high of $11,808.49 (at 08:44 UTC).

As of writing, bitcoin is trading at $11,660. The world’s largest cryptocurrency by market capitalization has appreciated by 3.17 percent in the last 24 hours, according to data source OnChainFX. BTC is also up 27 percent from the week’s low of $9,199.59 (as per the BPI).

Read the full article here: Bitcoin Stuck at $12K

However, the price chart analysis says the immediate outlook is neutral and only two consecutive daily closes (as per UTC) above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern.

Trading Crypto: Bitcoin Support Holds Over the Weekend

I hope you’ve been listening.
Let’s recap: Bitcoin retraced, came back to test 12k, hovered in the 11k zone, then was given(according to my last post) a couple of days to break the zone. Look to go up…right?
Exactly. Lets take a look.
Bitcoin is now trading at 12,770
What a beautiful outcome. Still want more? Lets keep the dialogue going, for those that are listening.
We’ve broken that 12k mark, which I’ve said was very important. There are a couple of levels in between that could serve as resistance levels…but that’s useless dialogue I’m going to pass on. The more important item at hand is the new high I spoke of this week. Yes, a new high.
As bitcoin holds the 12k mark, lets go into the mid term and look for a new high to be reached. The 20k mark finally seems reasonable, though the question is more about how long it would take.
For now, lets just remember that I have said this is not an investment tool, but is however fun to play with – a trading vehicle. So for all of you out there who want to be daredevils and continue on forward in the coin revolution, look forward to that 20k mark and have a wonderful start to your week.