Join The Rational Investor, Alex Sterk, and the Coinigy Team as they navigate the murky, shark-infested waters of the Bitcoin and Altcoin ecosystem. Look out below!
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#Bitcoin & #Altcoin Trading Talk 36 - Episode Summary
This episode of "Bitcoin & Altcoin Trading Talk" focused heavily on Bitcoin's current technical analysis and market conditions, advocating for a patient and disciplined trading approach. The initial segment dealt with some technical hiccups and platform updates from Coinigy, including the recovery of most lost chart snapshots and a fix for retina screen rendering issues. The conversation then shifted to a detailed examination of Bitcoin's price action, specifically highlighting its current consolidation within a defined range, influenced by moving averages and Fibonacci retracement levels. The hosts emphasized the importance of observing patterns, waiting for resolution, and avoiding impulsive decisions, drawing parallels to previous Bitcoin consolidation periods. A key theme throughout was the need for Bitcoin to "clean up" from a previous significant move, potentially revisiting previous lows before a substantial rally can occur.
Main Topics Discussed:
- Coinigy Platform Updates: Chart snapshot recovery, retina screen fix, BitX exchange transition, .NET API library release, hiring a front-end engineer, and chart scanner development.
- Altcoin Market Rally: Discussion of the continued rally in altcoins and the flow of capital into the space, with specific mentions of XM Mars and Factor.
- Technical Analysis of Bitcoin: Extensive analysis using moving averages (13 EMA, 30 EMA, 200 EMA) and Fibonacci retracement levels (particularly the 38.2 level).
- Bitcoin Price Range & Consolidation: Identifying and analyzing Bitcoin's current trading range, and the potential for a "M talk" (break below) or "rally central" (break above).
- Harmonic Patterns & Candle Patterns: Recognizing and interpreting harmonic patterns and unfinished candle patterns to predict future price movements.
- Bitcoin Futures vs. Spot Price: Brief discussion of the relationship between Bitcoin futures and spot prices, including contango and backwardation.
- Miner Sentiment: Desire to gather insights from Bitcoin miners regarding their cost basis.
Key Quotes:
- William Keele (Coinergy): "We screwed up, but we were able to basically recover the vast vast majority."
- Host: "I like to follow the 13 EMA...a lot of people in the public seem to be turned off by the number 13."
- Host: "Technical analysis is just to repeat previous behavioral patterns."
- Host: "Only time will tell...we've seen these consolidation ranges even in Bitcoin through the spring."
People Mentioned:
- William Keele (Coinergy) - Co-founder of Coinigy
- Rob Borden (Coinergy) - Co-founder of Coinigy
- Brian Beamish (The Rational Investor) - Market Analyst
- Alex - Delayed Guest
- Ray Berchitz - Floor Trader (mentor to the host)
- Mountain Man - Mentioned in passing.
Bitcoin Price If Mentioned:
No specific Bitcoin prices were explicitly stated during the podcast. The discussion centered on price action, support/resistance levels, and potential future movements within a defined range.