Hello traders. Today I'm going to give you an update on bitcoin and where the price is heading next. I will be writing in a longer term perspective. There are really great stuff coming for bitcoin that makes it fundamentally strong investment at these low levels. Following news and keeping eyes on these projects that are coming to bitcoin might give you an idea. I'm trying to keep this unbiased and also it is worth to keep in mind that this is not an financial advice. Do your own research and if you decide to invest or trade these decisions are totally up to you. Overall sentiment and atmosphere is very bearish. Main reason for this is that a lot of people bought at the high prices, expecting high returns but each time it showed signs of a bullish reversal, downtrend resistance was hit and it dropped even lower. This is likely a good buying opportunity because when overall sentiment is pessimistic, markets are likely to recover soon after. This is known as "the herd effect" when majority of people follows a bit behind and have made some losses. Anyways let's get to the technical part. In the both charts (Linear & Log) - both downtrend lines got violated and it got pierced through. Linear managed to recover back above of the uptrend line and which also rejected strong support level found at $6.800. [Image 1 LOG-chart] [Image 2 LINEAR-chart] The linear chart (Longer term) is showing us signs of recovery on the daily timeframe. StochRSI has taken oversold position, pointing upwards and has a plenty of space to move upwards. RSI agrees with StochRSI when it took oversold position, bounced and now is pointing upwards Hammer pattern which can be found at $6.800 level. The price is heading towards the first resistance zone which has acted previously as a support area. This area should not be neglected as the price might have a minor pullback from this level. More details on this down below. [Image 3 The Daily Chart] Confirmations are very important when it comes to trends. The daily candle needs to close above of $8000 resistance level to give a bullish confirmation and that the price is wanting to move further upwards or needs to break above of it with force to indicate that buyers are back in the game. To see full bull mode on, the price needs to breach above of the second resistance level which can be found in between of $9.000 level and $9.500 level. This is why it's crucial to follow the price movement near to the first resistance zone and see which direction it will take from there. It's worth noticing that after huge downtrend, recovery should not be expected to happen quickly. Recovery from a bear trend takes time and will gradually turn in to a bull trend. [Image 4 The 4h Chart] The 4h chart (medium term) is showing signs of exhaustion and minor pullback should be expected soon. StochRSI + RSI takes overbought position Hovering close to resistance zone ( formed by $7.500 level and $8.000 level) where it's likely to have minor pullback before moving back up again. No bearish divergence other than on the 1h chart (not reliable / confirmed yet) Conclusion: The daily and fundamental aspects of bitcoin are showing that with these prices it's likely a good opportunity to open longer term trades. If it does manage to break above of the first resistance zone, then there are two ways to enter this breakout: The breakout The retest of the breakout For the short term traders minor pullback should be expected and for the longer term, it's starting look good. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything. https://steemit.com/bitcoin/@yarbitcoin-signs-of-the-recovery-in-process-new-trend-beginning-technical-analysis-4-3
Trading doesn't need to be so difficult. It's plausible to trade with very simple way. Here's an example: On the daily chart every time RSI takes oversold position together with StochRSI it's about to have a reversal. In to advanced version other indicators may be applied such as volume, Moving Averages and etc. Just to get enough of confirmations that it's going to happen. Bitcoin just took oversold position on the both indicators and let's see how it's going to play out. 😉 https://twitter.com/YarrPiratez/status/980805089001656321
If you were to write a BTC/LTC trading bot, what features, strategies, and architecture would you use?
Security and how it affects Architecture and Platform(s)
I know it's a bad idea to put your API key and secret in a file. Is it safe to have them submitted in a form as long as it's over HTTPS, say if I had a bot script hosted on my web server? Or, would it be better to have them only as environment variables? How would I go about doing that if I'm not a sysadmin? Does this mean I should be running the bot only on my local system?
Features (and avoiding feature creep)
At its focus, I would like this bot to be able to make small amounts of money off of LTC/BTC price differences and the smaller, more predictable fluctuations of the bid/ask spread within a single currency. What features am I going to need to effectively manage this type of strategy, and what sort of features would be overkill or lead me down paths of very little productivity or profit?
Technical Analysis and Indicators
I am not good with math. I barely understand trig, can't do calculus to save my life. What indicators would you use that I could be able to understand the math behind enough to program checks and rules into a bot? I have been watching StochRSI at various time periods, and it seems to be a fairly accurate predictor of some trends, but there's an awful lot of noise as well. 10/21 EMA crossings seem to be even noisier. They happen all the time on the shorter period charts, and often will cross multiple times in a day, even on the 1h chart. What indicators would you use if you were writing a bot for low-risk trading? What simple rules would you put in place to make the basic trades, and what rules would you write in order to act as checks and balances against other stupid bot rules? How would you avoid being manipulated by other bots?
Should I even bother?
Is this a fool's errand? Should I just download someone else's bot code, or use an Ichimoku bot on cryptotrader.org? I don't want to be a fish and just use a bot that someone else is going to manipulate, and I don't want to get a trojan or have all my bitcoins stolen, or pick a buggy or malicious bot that trades me into $0 immediately. So, I still think I may want to try writing one myself, but my attempts so far have been poor. I can't even seem to get the authentication working to read from the BTC-E API when I copy and paste the code from their own site. If this really is a bad idea for a self-driven noob software project, let me know, and then I'll just Buy & Hold and do other stuff with my free time :) Otherwise, I would appreciate some advice in choosing my path, or perhaps a collaborator who would want to work on a bot together.
MACD & StochRSI MACD & StochRSI for FTX:BTCPERP by goksche23 — TradingView StochRSI 54 MACD -47.2 Published at Thu, 20 Aug 2020 17:54:12 +0000 StochRSI moves very quickly from overbought to oversold, or vice versa, while the RSI is a much slower moving indicator. One isn't better than the other, StochRSI just moves more (and more quickly ... Your favorite Bitcoin Charts (not just a quote but a chart. ) directly on you homescreen. One click to refresh or flip to the next timeframe (select them one by one in the settings). Bitcoincharts is the world's leading provider for financial and technical data related to the Bitcoin network. It provides news, markets, price charts and more. Stoch+RSI (SLOW D)_By Josef_Hakkak Stochastic and RSI by SLOW D% -> How to use: B UY = When the yellow line (D of Slow Stoch ) goes out of the green range, it is better that the purple line ( RSI ) is be low SELL = When the yellow line (D of Slow Stoch ) goes out of the red range, it is better to have the purple line ( RSI ) is be high This script was...
Stochastic RSI - More Sensitive than RSI - Trading Tutorials in Hindi #11
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