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Re: Bitcoin is going down like the Titanic & here are the memes

71 by naluvs01
ChuChu Rocket wrote: Wed Sep 08, 2021 7:08 pm That's a great idea mate, I have not thought about this comparison with currencies until you've mentioned it! :Shocked:
Trust me on this! The ONLY way to trade Forex (IMO) or Crypto is to create a profile and compare how one currency basket is performing against the other currency basket. For instance, if you are trading AUDCAD and want to buy... see how strong AUD is against CAD, CHF, EUR, GBP, JPY, NZD & USD. Then Compare how weak CAD is against AUD, CHF, EUR, JPY, NZD & USD. If AUD is stronger than 6 currencies and CAD is weaker than 5 currencies, then that would confirm a BUY signal. You can use moving averages like an 8 & 20 or 8, 13, 20 & 50 or whatever combination you like.

The ONLY consistent way to trade, that I have found, is to focus on strength and weakness!!!!
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Probability is Key!

Re: Bitcoin is going down like the Titanic & here are the memes

72 by naluvs01
Here is an example of a USDCAD (4HR TF) confirmation buy, using currency basket comparisons. The 2 EMAs I'm using are the 8 & 15. Important Note...when the pairs are reversed, I switch the color of the candles to make it easier to reveal Weakness/Strength. So for instance, if I'm trading USDCAD...on the USD baskets where USD is first, the bull candles are Silver and bearish candles are Black (regular). However, when USD is second, like EURUSD, the Bearish candles are SILVER (showing USD Strength) while the bullish candles are Black, showing EUR weakness.

You can see how a good entry would have been on Tuesday, when CAD was weak across 7 currencies and USD was Strong across 7. Of course there are better ways to have faster entries, but this perspective can show you which currency pairs to trade or avoid and when to enter the market. Your entry and exit strategy is up to you, but NO ONE should trade without FIRST considering this model. And you can use this same strategy on any TF, however, the shorter TFs may present more noise and inconsistencies. And if anyone can improve on this setup, please share!

Hope this helps!

P.S. I placed the wrong chart. It was suppose to be USDCAD, not AUDCAD.
These users thanked the author naluvs01 for the post (total 3):
ChuChu Rocket, BeatlemaniaSA, Knight
Probability is Key!

Re: Bitcoin is going down like the Titanic & here are the memes

73 by naluvs01
Just to add to what I've already stated...attached is BTC compared to the 8 majors on the 1 HR TF using 2 EMAs (8 & 15). Notice how it gets weak at the 5.00 candles across all currencies. That would be a possible entry point and HIGH probable trade. And from my previous example, we already know that USD (this week 09/5-10/21)) was stronger than the other 7 currencies on Tuesday; so Sell BTCUSD!!!!!!!!!!!!!!

It's not magic, it Strength vs Weakness! You just need to know where to look...
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Probability is Key!

Re: Bitcoin is going down like the Titanic & here are the memes

74 by mlawson71
So despite the recent drop the Bitcoin millionaires are going as strong as ever. According to recent reports, Bitcoin addresses that are holding between 10,000 and 100,000 cryptocurrency coins have gathered around 50,000 bitcoin in the last 4 days.

In the last few weeks bitcoin millionaires have been expanding their crypto portfolios despites the latest price dip - long-term crypto wallets apparently hold around 80% of all bitcoin supply.

Meanwhile, the so-called bitcoin whales are still moving digital assets from the world’s renowned crypto exchanges to undisclosed and mysterious wallets. :wtf:

I don't understand what is going on, is this related to El Salvador?

Re: Bitcoin is going down like the Titanic & here are the memes

76 by Knight
naluvs01 wrote: Thu Sep 09, 2021 11:57 pm Here is an example of a USDCAD (4HR TF) confirmation buy, using currency basket comparisons. The 2 EMAs I'm using are the 8 & 15. Important Note...when the pairs are reversed, I switch the color of the candles to make it easier to reveal Weakness/Strength. So for instance, if I'm trading USDCAD...on the USD baskets where USD is first, the bull candles are Silver and bearish candles are Black (regular). However, when USD is second, like EURUSD, the Bearish candles are SILVER (showing USD Strength) while the bullish candles are Black, showing EUR weakness.

You can see how a good entry would have been on Tuesday, when CAD was weak across 7 currencies and USD was Strong across 7. Of course there are better ways to have faster entries, but this perspective can show you which currency pairs to trade or avoid and when to enter the market. Your entry and exit strategy is up to you, but NO ONE should trade without FIRST considering this model. And you can use this same strategy on any TF, however, the shorter TFs may present more noise and inconsistencies. And if anyone can improve on this setup, please share!

Hope this helps!

P.S. I placed the wrong chart. It was suppose to be USDCAD, not AUDCAD.
Image

Image

Image
You can use Madash for this.

Re: Bitcoin is going down like the Titanic & here are the memes

78 by mlawson71
In the past week the crypto industry saw net outflows in the amount of 97 million USD, as investors try to adjust to the impact of the expected Fed rate hikes and overall monetary tightening in the wake of a four decade high inflation figures in the US and the disruption of the global trade caused by the Russian invasion of Ukraine, CoinShares latest data reveal.

This is the second straight week of outflows after in the first week of April investors withdraw some 134 million USD mainly from U.S. related crypto funds. This time some 88% of the outflows come from European funds.

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