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Killing Time - Blog for Bitcoin Traders

Here's something boring to keep you awake, without wasting too much of your attention.

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Featured Post

 ·  crypto trading 101  

Security Concerns of DeFi & Crypto: Steps you can take to minimize your risks

Decentralisation is not a panacea. There are security risks in blockchain applications, old and new.

read · #crypto-opsec   #crypto-trading-strategy   #crypto-tools   #yield   #defi   #nft   #shrimpy   #bitfinex  

Shrimpy crypto bot trading

BGD / Random Crypto Jargon Glossary

Key Points / BGD
  1. BGD is a candle pattern on crypto markets

  2. BGD is short for “big green dildo”

  3. A BGD is sometimes called the Jesus candle

  4. The opposite is BRD, “big red dildo” or Judas candle

In the crypto trader jargon, BGD is short for “big green dildo”.

Crypto traders call BGD a large green candle painted at a longer timeframe (at the very least hourly).

What is a valid BGD?

BGD must be noticeably big candle on a timeframe of at least 3H or 4H.

Calling a BGD on a short timeframe chart (such as 5M or 30M) will typically result in prompts to “zoom out”.

Zooming out means to look at the bigger picture by switching to a longer timeframe chart rather than reacting sensationally.

Beware of people calling it

This sensational reaction is typical in traders who are overtrading (sitting at the charts for too long, not getting enough rest) or among traders who are new to short-term speculation.

If you are used to looking at the 4H chart and then switch to 5M, everything will look like a huge movement to you.

How to trade the BGD

Best Tools for Trading BGD

  • Trading Platform: BitMEX
  • Technical Analysis: Suport/Resistance, RSI, BBands
  • Charting App: TradingView

BGD is a bullish candle. However, it is just a single candle, not a formation - this whole abrupt change on the market was done in something like four hours. That’s why you should look at what else could be influencing the market before turning bullish or bearish.

  • How is the volume?
  • What does the candle do - is it maybe taking the market to new highs or through a resistance zone?
  • Are there any fundamental news?

For instance, we got a Jesus candle on BTCUSD market when Bitcoin was getting SegWit. That was a significant fundamental change and an abrupt price action was totally justified.

From the chart above you can see there was still a lot of uncertainty about the future of Bitcoin as a currency (the SegWit activation did lead to chain split), which shows on the chart as a lot of profit taking after the BGD in summer 2017.

Ultimately, this event did start a major bull run that took crypto markets to their ATHs.

On the other hand, if the markets were low volume, low liquidity, sideways for a long time and almost abandoned by anyone who speculates, chances would be a BGD is an attempt to trigger a run that is likely to fail.

In this scenario, the big green candle will fail to start a run-up and the market will quite likely end up in a Bart Simpson pattern.

Opposite of BGD

The opposite of BGD is a “Big Red Dildo”, BRD, a big red candle on a longer timeframe chart.

Alernative names for BGD

Some cryptocurrency traders may also call a BGD the “Jesus candle” and BRD the “Judas candle”.

More Reading from the blog

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read · #web3   #spend-your-crypto   #defi   #yield   #phemex   #latoken  

Security Concerns of DeFi & Crypto: Steps you can take to minimize your risks

Decentralisation is not a panacea. There are security risks in blockchain applications, old and new.

read · #crypto-opsec   #crypto-trading-strategy   #crypto-tools   #yield   #defi   #nft   #shrimpy   #bitfinex  

On Overcoming the Fears of Newbie Traders

Overcoming fear in trading is difficult yet possible. You just need to address your fears and work hard at building rational ways to fight and control your fears.

read · #crypto-fundamentals   #crypto-trading-strategy   #trading-technique   #independent-reserve   #shrimpy  

How to invest in Web3.0: List of opportunities

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read · #web3   #yield   #defi   #staking   #multicoin-wallet   #altcoin-wallet   #binance   #ledger   #bitfinex   #bitfinex  

6 Tips To Become A Better Online Trader (Checklist)

By making sure you check every item on the list above, you will be on a good way to profit. Just remember to always do your research, stick to your strategy, manage your money well and remain patient and disciplined.

read · #crypto-trading-strategy   #kyc   #adoption   #ledger   #bitfinex  

Crypto Staking Taxes in the US - Overview & Tools

Crypto tax services are getting more common nowadays, you shouldn't have a big problem finding an accountant knowledgable in crypto. Having an independent knowledge always helps, though, which is why this article exists.

read · #spend-your-crypto   #defi   #yield   #bitfinex   #ledger  

[Checklist] Incorporating Blockchain Technologies Into Your Business

There are many ways to incorporate blockchain technology into businesses, including as a simple marketing tool.

read · #nft   #defi   #blockchain-technology   #coldcard   #ledger  

Digital Currency vs Cryptocurrency: 4 Key Differences

Cryptocurrency and digital currency are often used interchangeably, but they have very different meanings.

read · #spend-your-crypto   #defi   #blockchain-technology   #bitforex  

Launching a Token? Here's 7 Tips To Find The Best Blockchain Marketing Agency

It doesn't really take that much, just do a bit of research to make sure price is really corresponding to quality.

read · #spend-your-crypto   #defi   #blockchain-technology   #bitfinex   #shrimpy  

The Progress of Crypto between 2021 and 2022

Even with the uncertainty of how deep the bear market will go, there is still plenty of progress to note.

read · #crypto-fundamentals   #adoption   #kyc   #nft   #defi   #blockchain-technology   #bitfinex   #shrimpy  

6 Industries Being Disrupted by Blockchain and Cryptocurrencies

After more than a decade since the first blockchain transaction, let's look at the industries that are now firmly considered disrupted by the new technology.

read · #crypto-fundamentals   #adoption   #kyc   #regtech   #defi   #blockchain-technology   #billfodl   #shrimpy  

4 Benefits Of Using A Crypto Trading Bot

Because of the psychological effects, some traders and investors have started to embrace the use of a crypto trading bot.

read · #crypto-trading-strategy   #trading-technique   #bitfinex   #coinrule  

How Crypto Trading Affects Your Mental Health (Positive and Negative Effects)

This blog post discusses the effects that trading has on your mental health. Including the positive effects, believe it or not.

read · #crypto-trading-strategy   #trading-technique   #crypto-technical-analysis   #shrimpy   #bitfinex  

Why are millennials into cryptocurrencies and trading?

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read · #yield   #defi   #crypto-trading-strategy   #trading-technique   #nft   #shrimpy   #bitforex  

5 Things to Know Before You Buy BNB (Binance Coin)

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read · #yield   #defi   #crypto-fundamentals   #crypto-trading-strategy   #crypto-tools   #shrimpy   #bitfinex  

From the industry: 5 Top Anti-Money Laundering (AML) Solutions

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read · #kyc   #adoption   #regtech   #blockchain-technology   #coinbase   #bitfinex  

Start Here: Beginner's Primer to the Crypto Trading Industry

Full explainer of crypto markets for the unintiated - From the first ever price quote for 1 BTC to the legacy platforms adopting derivatives (and why).

read · #yield   #staking   #crypto-fundamentals   #blockchain-technology   #shrimpy   #trezor  

What is Terra and How to claim Terra Airdrops?

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read · #yield   #crypto-fundamentals   #blockchain-technology   #bitforex   #shrimpy   #bitfinex  

From the industry: Crypto SEO shows most alt coin projects are not even planning to stick around

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read · #spend-your-crypto   #nft   #defi   #blockchain-technology   #bitfinex   #ledger  

Adoption of Cryptocurrencies as Means of Payment and Opportunity for Wallet Recovery Services

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read · #crypto-fundamentals   #blockchain-technology   #crypto-heists   #shrimpy   #trezor   #independent-reserve  

A Beginner's Guide to Understanding Altcoins

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read · #crypto-fundamentals   #crypto-trading-strategy   #kyc   #trezor   #localcryptos   #bitforex  

The Effects of crypto crackdown and bans on crypto betting

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read · #spend-your-crypto   #crypto-fundamentals   #invity  

3 Most Dangerous Cryptocurrency Beginner Mistake in 2020

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read · #crypto-fundamentals   #crypto-trading-strategy   #trading-technique   #shrimpy   #bitforex  

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read · #spend-your-crypto  

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read · #trading-technique   #daytrading   #scalping   #trading-journals   #bitfinex   #bitforex   #phemex  

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read · #crypto-fundamentals   #crypto-value-judgement  

Shocking Facts About Cryptocurrency Heists [Infographics]

Cryptojacking, ICO exits, scams, malware and thefts - outrageous amounts of cryptos have changed hands through illicit activity.

read · #crypto-opsec   #blockchain-technology  

Stats from 2018 - Readers like Melancholic 100x and Ledger Wallets

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read · #spend-your-crypto  

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