[Daily Discussion] - Wednesday, May 05, 2021 Bitcoin Markets |
- [Daily Discussion] - Wednesday, May 05, 2021
- BTC/USD - One last hurdle before $80,000 is in range!
- Is There Something Wrong with Bitcoin? (May 5 Forecast)
- GetBlock Provides Developers with Dedicated Node for Bitcoin (BTC)
- Some of you guys asked for the video tutorial so here it is: a tutorial on how to build a crypto bot that buys Bitcoin when Elon Musk tweets about it
| [Daily Discussion] - Wednesday, May 05, 2021 Posted: 04 May 2021 09:00 PM PDT Thread topics include, but are not limited to:
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| BTC/USD - One last hurdle before $80,000 is in range! Posted: 05 May 2021 07:22 AM PDT Chart: https://twitter.com/DU09BTC/status/1389947978668933122 Here is a very basic chart for you on Bitcoin. When you want to get clarity, simply switch to weekly timeframe and things will be very easy to spot. What I see is a bullish price action (higher lows!) with some bearish indicators on weekly, but these indicators are already bullish on daily and this bias is slowly moving to 3 day view and then eventually will reach weekly again. To solidify this bias, price has to do one thing and one thing only. Move above $58k. As soon as we move above this level, we're turning very bullish and $80k - $100k will become our next major target. The price action is bullish because our previous week closed with a bullish engulfing candle (green body engulfed the previous red candle) and bounced PERFECTLY on the $48k support. This weekly candle is still to close and we have plenty of days for it to go either way. For now this latest weekly candle shows bulls and bears have found an equilibrium (looks like a doji ), but one will eventually prevail. It can also signal consolidation before we break above $58k. The bear case has to keep price under $58k and then push us under $48k to set a lower low. I find this very unlikely when ETH does a new ATH every day... Therefore, the most probable scenario is that we will break above $58k this week, if not this week next week and then pump towards $100k. What is your bias? :) [link] [comments]  |
| Is There Something Wrong with Bitcoin? (May 5 Forecast) Posted: 04 May 2021 06:00 PM PDT Bitcoin fell on Tuesday, reaching up to the $57K level before pulling back, bouncing off the 50 Day EMA and closing the daily candle under $55K. This is a bearish candle as BTC continues to struggle around the 50 Day EMA, indicating a possible break lower. (May 4, 2021 8:30PM EST) Short-Term:If Bitcoin breaks below the 50 Day EMA, we'll be looking for support levels at $50K and ~$47K, a fib retracement. Ultimately, there is a ton of bullish fundamentals that should buoy Bitcoin in the event of any dip or market correction: the lower BTC goes, the greater a chance of a bounce. It's worth noting that BTC has not yet tested the 200 Day EMA as support yet during this bull market cycle, however the 50 Day EMA has typically been a more reliable indicator as a support level/buying area as it is more frequently touched. However, we have to acknowledge that BTC can drop to $45K or even $40K to test support. I think this is likely to be extraordinarily supportive with a ton of buying pressure, assuming we even drop that low, which I think is less likely. It's during times like these that we have to step back and consider all our investment criteria: Have the fundamentals changed? Has supply/demand changed? Has government regulation changed? The answer to all of the above? No. In this case, this is a BTFD scenario in a bull market unless proven otherwise. In fact, the macro uptrend is not in question unless Bitcoin breaks below $40K and ultimately the 200 Day EMA around $35K, which should be our absolute floor at this point. As long as we stay above these levels, we're in bullish territory. It's easy to let bearish sentiment distract from your vision if you don't have a sound technical strategy. 20-30% drops are significant and not uncommon in crypto, so it's especially important to zoom out and look at the charts to keep the bigger picture in the front of your mind. RSI has fallen again, currently at 44 on the daily chart and has been in a downtrend for nearly a month now. Bitcoin Dominance:Bitcoin Dominance broke below a major price area, dropping to about 46% as BTC continues to surrender crypto market cap to ETH and other altcoins. The next area to watch would be the 40% level which is roughly where Bitcoin peaked during the 2017 bull market. Now, that's not to say that Bitcoin is necessarily about to peak or already has. In fact, when you look at a longer term BTC.D chart, you'll see that Bitcoin has gradually lost dominance to other projects over time as the crypto ecosystem continues to evolve and flourish. This is not necessarily bearish for BTC, however it's worth watching. Support: 50 Day EMA around $53,125, then $50K.Resistance: $60K, then $70K, $80K, then $100K.[link] [comments]  |
| GetBlock Provides Developers with Dedicated Node for Bitcoin (BTC) Posted: 05 May 2021 06:57 AM PDT ⚙️ Dedicated Node service is officially launched: https://getblock.io/dedicated-nodes [link] [comments]  |
| Posted: 04 May 2021 10:05 AM PDT You guys really liked the idea of a bot that places trades when Twitter Handle mentions a certain coin in their tweets, so I made a video guide showing how to code and implement the algorithm. You guys seem to have liked my last couple of ideas so I'm happy to share with you the last video tutorial that I put together for the Elon Bot. I have tested the functionality and the bot is quite stable, but I haven't tested how profitable (if at all) it would actually be, so if you're interested in testing it, please share the results with us! :) Video Guide: I also have a written guide if that's more up your alley. Happy coding [link] [comments]  |
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