I never tweet this kind of crap, but I have to make an exception for this. 80-year-old Iris describes the first night with her Egyptian toyboy lover...
Vitalik Buterin, the creator of
#ethereum
, donated most of his wealth (more than $1 billion) to a covid charity.
While
#WeLoveYouElon
is trending, it's worth remembering what a *real* hero looks like.
(Yes, a real hero looks even nerdier than Elon. 😘)
MAJOR Bitcoin warning:
It's fallen below the blue dotted neckline of the H&S.
It's pausing near major support at January's high (dashed red line).
If you used the 20day/50day MA crossover system I showed in my book, you'd have been in at $10,500 and out at $55,000. 423% gain.
Here is how to make money trading:
1) Draw a resistance line that joins two or more points.
2)Buy the breakout. *Don't* wait for a retest as there may never be one.
3) Hold until the upward trend is broken. Then sell.
4) Don't ignore the breakout, as I did with this one.😖
In 2008,
#oilprice
approached $150. When my TV news boss said "make a TV report on how ordinary people can trade oil", I knew we must be near the top.
I shorted
#Oil
a few weeks later at $120, and closed the position at $40.
Ignore apocalyptic tweets. Focus on the charts.
At last, $BTC has nice, well-defined support and resistance levels for us to watch for a breakout.
This is neither a bullish nor bearish pattern, it could break out in either direction.
If anyone tells you this looks bullish/bearish, don't listen to them. They're dicks. 👍
The current
#crypto
market correction is caused by excessive optimism. Every time the leveraged bulls get flushed out, they start buying futures on leverage again almost immediately.
Corrections last as long as it takes for most traders to start losing hope and stop buying dips.
My previous $ADA tweet today, rooted in honesty, did not get many likes, so let me try again...
How did I know $ADA would nearly double in value???
Answer: Because I'm a f**king genius, that's how!!!
Follow me for more guaranteed wins!!!👌💪🚀🚀🚀
$ADA shaping up for a breakout. Resistance is long and strong, so if it breaks, I'll be expecting a strong surge.
Breakout traders would buy
#Cardano
above the resistance line, particularly if a breakout is fast initially and accompanied by a big rise in volume.
Here we go....this next move is crucial for
#Bitcoin
It's retesting the old support level that held firm since August. This support has now become resistance, preventing Bitcoin's rise. If it breaks through that line convincingly, the 3-month downtrend may soon come to an end.
$ETH forming a right-angled triangle, a bullish pattern. (The H&S has morphed). Breakout would be above horizontal line. $ADA also looking bullish.
$BTC is looking less bearish now, but still has potential to drag everything else down and ruin our nice setups, so be vigilant...
Well what have we here? Is $BTC creeping back above the minor support line? Could this be the *whisper it quietly*... bottom?? Possibly.
Diagonal lines on charts are notoriously difficult to define - but this line has acted as support or resistance too many times to be ignored.
500 ratings for The Crypto Trader! 🥳 Just want to say thanks to all of you who've rated/reviewed my book in the past, you've really helped me spread the word. 😁
How do I know the markets are a bit bubbly? (both stocks and crypto)
Because I'm making a few dumbass trades today. "Oh I'll just try this and see what happens" "Heck I'll give this one a go, why the hell not" etc. 🙄
This is how it goes to shit... if you let it. 😏
Never forget the golden rule of trading:
*Nobody Knows Anything*
All these predictions were by leading commentators and top investors, including Soros himself.
They were all 100% wrong.
Listening to them would have cost you a fortune.
Will
#Bitcoin
history repeat itself?
My biggest concern is the short length of the base-forming period, as shown. 10 weeks is not usually long enough to initiate a mighty bull market.
But ten weeks *is* long enough to set up a bear market rally. And with $BTC those can be epic.
#Bitcoin
looking like it really wants to take off! Great short-term setup heading into that long-term resistance line. This is what big breakouts are made off.
Always remember nothing is inevitable, which is why I only buy breakouts *as* they start to happen, not in advance
$BTC
The good news: we now have fantastically well-defined support and resistance levels for
#Bitcoin
If you've read The Crypto Trader, you know what to do.
If you've read The Crypto Trader and you still don't know what to do.....read The Crypto Trader again. 😁
A quick head's up on the markets:
The Federal Reserve intends to raise interest rates at a faster rate than expected.
So stock markets are falling... and crypto is falling with stocks.
U.S. economic growth may suffer, which would be bad for investment in stocks & crypto.
I'm not generally a keen dip-buyer myself, I prefer to buy strength rather than weakness.
But if you just gotta get yoself a nice dippity dip, then I highly recommend setting a stop loss, just in case that dippity dip keeps on dippity dipping.
Fascinating to see
#Bitcoin
(orange line) break away from its correlation with stocks (green) today...
And instead align itself with gold! (yellow)
Has the "$BTC is a store of value, it's digital gold!" narrative returned? Clearly
#SVBCollapse
has shaken faith in trad banks.
Whenever you see big volume at the end of a series of (mostly) red candles, it sometimes signals the end of a decline and an impending reversal.
But not always - that would be too easy. 😏
The first big volume bar was a false bottom. The second was the real deal.
#Bitcoin
has now made a higher high. The 3-month downtrend is probably over. Time to start looking closely at crypto charts again for possible buying setups.
#Bitcoin
's downtrend will end if/when the series of lower highs and lower lows is violated, at around $45,000.
This does *not* mean a smooth uptrend necessarily begins. But it does move the probabilities in the bulls' favour.
Buying would no longer be quite as risky.
$DOGE is now a $90 billion shitcoin. The crypto market is at the dangerously manic stage. Don't get me wrong - I'm still trading DOGE and making money from DOGE. I'm not one to turn down free money, but when this ends, many people will continue to HODL and lose their savings.
If you haven't made much money trading this year, just remember $BTC has gone nowhere in 10 months. US stocks have mostly flopped too.
My primary call to action was all the way back in July 2020. That's when the BIG money was about to be made.
You'll be ready next time...
$BTC has now had a few days of massive capitulation volumes, which means there's a good chance we're near the lowest point before a rally.
Like last summer, those big volume spikes don't mean we necessarily recover immediately, but they lay the groundwork for a future uptrend.
Bullish vibes🔥
This is the most bullish setup we've seen in the past year for $BTC.
Just got to beat that high from last August, and then on to attack the resistance level at $30,000.
BBC News interviewed me about the FBI's seizure of
#bitcoin
from the hackers of the
#ColonialPipeline
.
"We're the FBI, we don't know where you are, but we have a very particular set of skills and if you don't give us the money, we will hunt you down..."
#Bitcoin
triangle busted.
#Ethereum
triangle busted.
There is still hope for $ETH chart to morph and breakout, as the horizontal line is still in play. But it's hard to hope when $BTC is weak.
This reminds us why it's so important to wait for the actual breakout before buying.
These lines haven't moved since I drew them on the
#Bitcoin
chart months ago.
This morning, the same support line was tested and $BTC passed the test.
Will it fall further? Maybe, but people are now *shorting* BTC at high interest rates. This is a short-term positive sign.
#Bitcoin
's downtrend will end if/when the series of lower highs and lower lows is violated, at around $45,000.
This does *not* mean a smooth uptrend necessarily begins. But it does move the probabilities in the bulls' favour.
Buying would no longer be quite as risky.
This is why I try to resist buying
#crypto
breakouts when $BTC is already overstretched and crypto futures traders are over-leveraged. Sharp corrections tend to happen.
I warn sometimes, but I wish I'd re-warned everybody yesterday (and wish I'd listened to my own warning 😉)
$BTC has broken through the orange line. Classic fast, sharp breakout move. This is a bullish indication for cryptos in general.
The h&s failure still isn't confirmed until we're past the second shoulder again, but it's looking more promising now.
$BTC chart explainer:
Head & shoulders pattern broke down in Jan but failed to continue down.
Failure of pattern is usually bullish.
Breakout through orange line would be more bullish.
Breakout through blue 'shoulder' line would confirm the failure of the h&s. Even more bullish.
$BTC chart explainer:
Head & shoulders pattern broke down in Jan but failed to continue down.
Failure of pattern is usually bullish.
Breakout through orange line would be more bullish.
Breakout through blue 'shoulder' line would confirm the failure of the h&s. Even more bullish.
"
#Bitcoin
is entering a new bull market!"
"Massive bear trap. The $BTC bulls are going to get slaughtered!"
Nonsense.
NOBODY has a clue what happens next.
Successful traders find a good entry point, they profit if they're right and get out quick if they're wrong.
That's all.
#Bitcoin
and
#Ethereum
head & shoulders patterns are nearing completion.
A couple of worries - the patterns are a bit sloping and irregular.....and also there's the small matter of Ukraine. Wars have a tendency to mess up nice chart patterns (which is rather inconsiderate 😏)
Strong bounce off
#Bitcoin
's January support level suggests a possible Head & Shoulders pattern forming.
Completion of pattern or failure of pattern can both be strong breakout signals.
Completion would be red arrow. Failure green arrow.
As
#Bitcoin
at last starts to look hesitantly bullish, here are some of the most bullish-looking crypto charts I've seen, ripe for take-off if the bull market resumes.
Seen any others as bullish as these? I'm thinking cryptos that haven't fallen very far during the correction.
I was nervously watching
#Ethereum
a couple of hours ago, as it once again tested the most important of all levels.
I don't have an $ETH position, but if it can't hold the $3600 level, that would be bearish for crypto in general.
Anyway, it held and bounced nicely. 🙌
Bitcoin's mini-breakout failed to follow through, and we're now back in a trading range.
A symmetrical triangle has formed, but this pattern tends to morph into a larger setup pattern, so we may have to be patient to find out whether the next setup is bullish or bearish.
#Ethereum
breaking out of a small head & shoulders pattern, which could be the launchpad for a much longer-term $ETH breakout (above the dashed line).
Let's see if it can use the momentum from the mini-breakout to launch a more serious advance...
$BTC has now reached a critical juncture. It needs to confirm its breakout by smashing through its all-time-high at about $65,000.
It's being driven hard by optimism that a U.S.
#Bitcoin
stock market ETF will be approved on Monday.
If it's not approved, watch out...
This is the chart of charts - the chart to end all charts.
The MSCI ACWI Index tracks nearly all the large and mid-size stocks in the world.
I watch it more than anything else.
Big breakout in June. A higher high at 97ish would be bullish for stocks and probably crypto too.
"Mega-influencers like Kim Kardashian are being paid to send out the message 'Yay crypto!'... It's not really very educational" I told BBC News.
Kim Kardashian's being sued by
#EthereumMax
investors for promoting a crypto that has fallen by 97% since early June. 😏
The crypto triangle patterns are starting to break out. First $DOGE then $BNB. $ETH or $ADA next? As ever, the longer-term success of these breakouts probably depends on
#Bitcoin
which is still jiggling about inside its own triangle.
This is the big big
#Bitcoin
picture. *If* this repeating pattern continues, the top end for $BTC this cycle is ~$150,000, and return to the bottom line would be ~$20,000.
So which target will be hit first?? Look at the pattern, decide with your own eyes, and tell me below...
Bitcoin behaves like a supercharged Nasdaq.
Take Nasdaq, multiply movements by 3 ➡️ strong correlation with Bitcoin.
Nasdaq's dominated by 6 hugely profitable tech giants. All of them seen as 'solid reliable investments'.
BTC being connected to this story is very encouraging.
I had to crouch (a bit 😏) cos he didn't want to be identified, but this guy came to hear me speak today after discovering my book The Crypto Trader at a market in Phuket!
See his happy teeth? His jaunty thumbs up? Telltale signs of a satisfied reader. 📖
#Bitcoin
's had a minor breakout from its downward-sloping pattern. The key level for $BTC to clear now is the top of the first shoulder. $43,000 would clear both shoulders and so would be particularly significant from a technical perspective.
If there was better regulation for crypto exchanges, most people would not be trading cryptos on FTX and other offshore exchanges!
We need regulation that works well, not regulation that drives business offshore, as I explained to
@MaryamNemazee
on
@AJEnglish
London Newshour.
I'm calling it -
#crypto
is finished,
#cryptowinter
is here.....OMG, what an incredible recovery! This is it, we're off to the 🚀....ah no we're screwed...wait check this out! We're going🌛🌛🌛
Follow
@glengoodman
for instant market reaction. 👌
Back when I posted this chart, $50K was the major resistance line.
Now it's the major support line.
After climbing to $73,800, $BTC is heading back down, following the stock market's lead (as usual).
Deep corrections are painful, which is why I tend to take some profit during
The price has broken down!! 😭😭
....except, for once, that's good news. 😁 Because this is the price of natural gas in the UK. Hopefully our energy bills will start to come down soon...
Textbook breakout failure... except you won't find many of these in textbooks or on twitter, because they're not fun to look at.
It's easy to forget how often breakouts fail. That's why I use stop losses.
Breakout failure = a small loss.
Breakout success = a big profit.
$ONE has formed a very nice cup & handle pattern.
Breakout will hopefully occur above the main resistance line B.
Brave traders might fancy trying an early entry above the minor resistance line A.
Crypto charts haven't been much fun lately, but a few stocks are still enjoying good breakouts.
Notice how the resistance line was tested several times. Then a perfect retest.
Try not to 'force' interpretations on charts. The best ones tend to be fairly obvious, like this one.
I bring you some reasons to be cheerful, as a gift for the new year, cos that's the sort of kindly gent I am. 😇
On
@BloombergTV
I discuss a recent paper from
@ManGroup
showing how hopping on and off the major crypto trends has been a successful trading strategy for many years.
People need to understand that
#Bitcoin
isn't falling today just because China is tightening its clampdown on crypto.
$BTC is falling because China is tightening its clampdown *while crypto is in a price downtrend*
Traders shrug off bad news when the general mood is bullish.
Today's
#crypto
correction is what I was worrying about in yesterday's tweet. Good news is funding rates have normalised now.
Other good news is if you bought the breakouts I highlighted in $SHIB and
#1inch
then your gains more than pay for dozens of small stopped-out losses. 👌
I'm torn. On one hand, lots of cryptos are starting to break out from well-defined patterns....on the other hand, those futures funding rates are starting to look scarily high again. And those who follow my tweets will know what that usually means....
Update:
$JASMY +100% approx. since tweet
$BNB Attempting breakout today
$AR false breakout. Setting up again...
$NEAR failed breakout
The huge success of a single crypto more than pays for the small losses on many failed entries. I sell losers fast, to keep those losses small.
As
#Bitcoin
at last starts to look hesitantly bullish, here are some of the most bullish-looking crypto charts I've seen, ripe for take-off if the bull market resumes.
Seen any others as bullish as these? I'm thinking cryptos that haven't fallen very far during the correction.
Bit of a
#Bitcoin
breakout going on right now...
I've put a little question mark next to it, because this is a crappy little diagonal line and requires - at the very least - confirmation by rising above the previous peak at $44,400.
Perhaps an early sign of $BTC trend change...
Yesterday's trading volumes for
#Bitcoin
and
#Ethereum
futures were the biggest we've ever seen.
Huge capitulation volumes are usually a pretty good sign we're near a bottom...not necessarily THE bottom, but it does mean the 'weak hands' have largely been washed out now.
Yeah, funny that...
He's the richest man in the world for one reason and one reason only. Massive multi-billion-dollar subsidies for Tesla and SpaceX.
Congrats to the world's biggest welfare recipient.
Oh wow. 🤩 Honoured to be mentioned alongside the great
@PeterLBrandt
I read Diary of a Professional Commodity Trader ten years ago, and it added a whole new dimension to my trading strategy.
$BTC support and resistance lines.
The 'resistance' is less than a week old, so a break through it would only be mildly bullish for longer-term traders.
Support line is much longer, stronger and well-established. If
#Bitcoin
falls through it, we can't call this a bull market.
Hmm 🤔 $ETH looks bullish while $BTC looks kinda not bullish, but it's hard to imagine one going one way while the other goes the other way. They nearly always move broadly in the same direction....
So which will win the direction war? ⚔️
I'll be speaking about
#crypto
on this panel tomorrow, live from a TV studio, answering questions submitted by viewers.
So watch live if you want to ask a question. Otherwise it'll be available for catch-up viewing through the same link below.
#Bitcoin
now down more than 50% from the peak. $ETH even worse. Every crypto dragged down with it.
I'll be on BBC World TV News in a few minutes time, talking about the crash. Viewable worldwide, except in the UK I'm afraid.
MAJOR Bitcoin warning:
It's fallen below the blue dotted neckline of the H&S.
It's pausing near major support at January's high (dashed red line).
If you used the 20day/50day MA crossover system I showed in my book, you'd have been in at $10,500 and out at $55,000. 423% gain.
$EGLD possibly starting to break out.
Not the best
#crypto
trading environment right now, so buying entails risk of $BTC possibly dragging it back down....but that is a tasty pattern 🤤
Funding rates have fallen a lot today. A lot of the over-leveraged traders have been flushed out of the system, so that provides a more solid base for prices to grow. Still looking a bit frothy, but not too bad now.
I'm torn. On one hand, lots of cryptos are starting to break out from well-defined patterns....on the other hand, those futures funding rates are starting to look scarily high again. And those who follow my tweets will know what that usually means....
People usually want to talk about what to buy and where to buy...
....but if you don't plan for when to SELL then this happens.
Many of the geniuses who bought $ZM (Zoom) at the 2020 breakout are now back at breakeven! Same for $PTON (Peleton) and many others.
Trends tend to persist. One strong breakout is often followed by another.
Let's say there's a 50% chance of $BTC breaking out again and reaching resistance at $25,500.
Possible strategy: buy just after breakout, with stop-loss.
Potential reward is nearly 4x potential loss.
Woah! From $69,000 to $59,000 in just a few hours, followed by a semi-recovery.
Futures funding rates still look high though,
@kaileyleinz
@sonalibasak
so we might not be out of the woods yet...
Glen Goodman, 'The Crypto Trader' author, gives some warning signs of a Bitcoin correction following its all time high, and says in the not so distant future we may see a "big flash crash"
The failure of
#Bitcoin
and
#cryptocurrency
to rally along with tech stocks this week does not bode well.
I suspect the big players - hedge funds etc - who sold $BTC and tech stocks during the crash, are mostly not getting back into crypto yet. They're buying stocks instead...
IMO, the key level to watch for
#stocks
,
#Bitcoin
,
#crypto
, everything, is this line of resistance for the S&P 500 index of leading US shares.
If the price manages to break upwards through the line, then *maybe* everything will be all sunshine and rainbows again. Otherwise...😱