Posted on 05/19/2021 6:34:10 AM PDT by zeestephen
"Price Support" means a downward chart pattern that shows very strong buying at certain historical price points when the stock was previously going down...The rationale is that the buyers at those price points were not speculators, and they will not dump their shares during a panic.
(Excerpt) Read more at cnbc.com ...
Alternatively, if you can't get to the casino a brisk game of "Monopoly" will also provide the opportunity to make some fast "money". Cheers!
The US gov't takes orders from whoever was behind the "attack".
The notion that the next price support is at $10k is a figment of imagination. There are no rules to drawing S&R lines. Everyone draws them differently. They only work if enough people collectively believe that there is something magical at a given price, and only then the line is to be broken.
You can stare at a chart all day and watch price approach and bounce off lines. Sometimes price goes right through. Other times it bounces twice and then goes through. And then other times it bounces three times and goes through. And other times the line holds - until sometime later in the future.
Fundamental analysis doesn't have anything to do with crypto, and only in the very long run in forex. These markets are manipulated by institutional traders (big banks). The key to consistently winning in these markets is to understand how big banks trade and to develop strategies that leverage that understanding. They regularly screw small traders, particularly in lower timeframes (anything less than daily charts).
“Value is established by the market - the consensus of what investors are willing to pay.”
Non-answer. How do they arrive at the value they are willing to pay. Why $50,000 instead of $10?
HOW TO BECOME A MILLIONARE STRESS FREE
That's not too much of a simplification by the way. Just set it and forget it. Key is starting before you are 25 so you have a good 40 years to work the magic of compound interest. If you start later, you will need to save a higher percentage of your income and perhaps work longer than you intended.
Markets will go up during this time and they will go down dramatically every now and then. But sleep well, you will still eventually become a millionaire without the attendant stress.
Damn, I just had to look. My measly $126 yesterday is now $96
Down 20% in 24 hours, 30% over 6 days.
Up 419% over a year though.
If it goes much lower, I may have to buy.
Buy in the dips and hodl.
My initial buy was $250 and I recently cashed out $300 so even if I lost the $96, I’d be ahead.
Good sound advice. There are charts to prove it, so rest assured i's based on the science :)
Maybe that fellow remembered his password.
Very likely. Since the value of a cryptocurrency is based on what users will pay for it, many taking their money out to get it away from Chinese regulators would certainly lower the value...until the next demand for it.
I didn't say that. S&R is hogwash. I do algorithmic trading with robots that I write for strategies that I have developed. I am big on technical analysis. With that said, the vast majority of what is written about technical analysis is complete bunk. It is really hideous if you read blogs and watch YouTube videos where the same failed technical analysis tools are pimped. A lot of those tools are old and originally intended for equity and commodity markets - which are completely different than crypto and currency markets (forex). There are modern tools, technical analysis indicators, that do work. The trick is finding the correct ones. Well, not really a trick. It is testing hundreds of indicators. The only sane way of doing that is using something that consistently works (80% or better) for someone else and seeing their long-term results, or to automate testing via software and churn though tons of historical data. I choose the latter. I rather understand exactly why something works or doesn't work. If I code that, I will need to know exactly - that understanding is at a completely different level than superficially seeing something work on a chart.
“ Non-answer. How do they arrive at the value they are willing to pay. Why $50,000 instead of $10?
………
It is the only correct answer.
It happens exactly as the consensus price for a share of Amazon stock is arrived at. Consensus means that buyers and sellers together agree on a concensus price they are willing to transact the trade at. It is a point in time.
Every investor is making an individual decision of what they are willing to pay, based on the criteria they value. There are as many strategies, valuations, and beliefs as there are investors.
It is what makes a market, since someone has to be willing to take the other side of your buy or sell.
A market is the single best pricing mechanism for valuing an asset - physical or digital.
The current transaction price is the consensus price that a buyer and seller agree upon. Each believes he is receiving the value he prefers.
Not every owner or want-to-be owner/seller participates at the current transaction price, because they believe the asset is worth more or less than the current price.
Sometimes, at fear/greed extremes, markets become more or less valued than the current prices. It happens in all markets.
It is happening in stocks currently too.
I’ve pointed out on these threads that there is a mania in crypto similarly to the dot com bull market in ‘99. It must correct back to the long-term trend line.
And so it is doing.
Best
If it works for you, fantastic; however, the EMH suggests that it doesn’t. We both agree on S&R, though!
That's easy.
You trade the charts and the technicals.
What else is there in the crypto game?
Just pure momentum - occasionally disrupted by pure speculation.
Now this is what I call a stable currency. /sarc
I use FA & TA...all the time.
I don't understand P & F...but I learned a lot from a guy that did...about S & R....
We disagree....I think you are wrong.
8:25 AM (PST)
Elon Musk tweets “diamond hands” emoji amid bitcoin drop, implying Tesla won't sell
Bitcoin started to rally off $31,000 about 10 minutes before the Musk Tweet.
As I write this, now trading at $38,000.
I trade stocks...Have for years....
Why didn’t that happen when it crashed in 2017?
Once the “big boys” and huge investment firms and corporations got in to it is obvious it will be used like everything else. To squeeze middle income people and further marxism to benefit said corporations. When a single tweet can send it up and down 30,000 in a day there is something unsettling to say the least. I will stick to what has always worked ( until the kung flu and lousy governor shuttered businesses.). Education, new machinery, and new software. AND I switched from Budweiser to Natural Light........
Agreed, and Ethereum (not the Ether crypto, but Ethereum itself), is the leader in that at the moment. I believe smart contracts will be prevalent within just 3-5 years, not 15-20. Ethereum has dropped along with the others, and my son, who is very crypto savvy says buy.
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