Bitcoin at an Important Short Term Cross Road
Updated
Up until now Bitcoin was still consolidating in a wide range of $680-630 in the ascending triangle and did not rally as I expected after the halving day yet to retest $750-790 area. One thing you can learn from Bitcoin's behavior over the years is that it ALWAYS retests the previous high a second time. Also Bitcoin LOVES to bounce within triangles.
Currently we have a series of 1H 2H 4H and 1D Bollinger Band Squeeze on the Bitcoin chart which indicate that Bitcoin will strongly move in one direction. Both bear and bull directions are depicted on the chart. If you have not been trading Bitcoin for several weeks now well now is the time to watch for the big move that will unfold in the next few hours and buy/long or sell/short the breakout accordingly.
In case of a strong move down and increased volatility Bitcoin could still head to $560-570 to double bottom.
Other indicators and factors to consider:
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Where can I register and buy/sell/trade Bitcoin?
Bitfinex Signup: bitfinex.com/?refcode=355QQTAC0A (0.2-0.1% fees - Accepts Worldwide users – If you deposit BTC to the account you can trade without needing verification!)
Okcoin Signup: okcoin.com/?invid=2024136 (Very low fees and offers 10x 20x leverage - Accepts Worldwide users except US residents – If you are a US resident you can always take the risk and open an account but remember the fake ID # you will put in there)
SimpleFX Signup: simplefx.com/?sfx-r=bae43264-800c-4429-8287-05463c043814 (High leverage - Accepts Worldwide users)
Circle Signup: circle.com/invite/6ILRYJ (US & UK Residents Only)
Coinbase Signup: coinbase.com/join/52991e5e702d08b8bc000153 (Accepts Worldwide Residents)
BitMEX Signup: bitmex.com/register/T7LaSL (Offers 50x leverage - Accepts Worldwide Residents)
If you join Bitfinex under my referral you will get %10 discount on your trading fees the first month!
If it is your first time trading Bitcoin I highly suggest to open an account with Bitfinex and Okcoin.com. if you need help trading I will help you out :)
Currently we have a series of 1H 2H 4H and 1D Bollinger Band Squeeze on the Bitcoin chart which indicate that Bitcoin will strongly move in one direction. Both bear and bull directions are depicted on the chart. If you have not been trading Bitcoin for several weeks now well now is the time to watch for the big move that will unfold in the next few hours and buy/long or sell/short the breakout accordingly.
In case of a strong move down and increased volatility Bitcoin could still head to $560-570 to double bottom.
Other indicators and factors to consider:
- $660 support has held strongly so far
- The 1W RSI megabull trend is still holding strong
- We have 2 ascending triangle as shown on the chart (kind of a failover just like we had at the 400s
- The 1D and 1W momentum are still bullish showing that the longterm bulltrend is still intact
- Google trends shows an expected interest calm which is usual after the strong interest surge of the last spike from $450 to $790: prntscr.com/bvxs9r
- Longterm: Bitcoin is still in a bull market and should reach $950-1000 USD by end of September and new highs close to December 2016- January 2017
I am here to help. Feel free to ask me questions or Private Message me directly.
Also follow me on Twitter: twitter.com/BTCEliX
Also check out our new website in our profile (still work in progress!)
Where can I register and buy/sell/trade Bitcoin?
Bitfinex Signup: bitfinex.com/?refcode=355QQTAC0A (0.2-0.1% fees - Accepts Worldwide users – If you deposit BTC to the account you can trade without needing verification!)
Okcoin Signup: okcoin.com/?invid=2024136 (Very low fees and offers 10x 20x leverage - Accepts Worldwide users except US residents – If you are a US resident you can always take the risk and open an account but remember the fake ID # you will put in there)
SimpleFX Signup: simplefx.com/?sfx-r=bae43264-800c-4429-8287-05463c043814 (High leverage - Accepts Worldwide users)
Circle Signup: circle.com/invite/6ILRYJ (US & UK Residents Only)
Coinbase Signup: coinbase.com/join/52991e5e702d08b8bc000153 (Accepts Worldwide Residents)
BitMEX Signup: bitmex.com/register/T7LaSL (Offers 50x leverage - Accepts Worldwide Residents)
If you join Bitfinex under my referral you will get %10 discount on your trading fees the first month!
If it is your first time trading Bitcoin I highly suggest to open an account with Bitfinex and Okcoin.com. if you need help trading I will help you out :)
Note
Added another blue trendline that I overlooked earlier. We also bounced at 645-650 strong support, let's see how the market behaves here and if it wants to be a magnet to $690 or $620-610 retest
Note
Corrected chart from previous one:Note
Note
Bitcoin still trending between $690 - 640 and bears unable to bring it down under $640 by Wednesday will mean a pump to retest $690 will happen pretty soon. I find last night retrace from the big dump to $640 bullish however, chances to get to $620 are slimming down here (so please consider this if you are still in fiat).
I will update my twitter and the status here once i get a confirmation of a rally
Note
We are Wednesday today and after several big wicks up and down yesterday bears failed to bring Bitcoin under $640. Bulls were able to initiate a break out on the 1H 4H timeframes out of the triangle seen here prnt.sc/by8t2zSince we are still bound in a tight range between $640-690 i recommend staying in Bitcoin (not fiat).
Next targets $685-690 retest then $750 if we are able to break that resistance.
I will publish a new chart soon on Trading View
Note
Was out all for several days and was not able to update or tweet. Hope everyone here flipped to fiat once $640 broke. $610 old target in this chart got hit. 4H RSI oversold and Willy as well, expecting a bounce from here to test $655 roughly top of triangle. Ascending triangle bottom also can be adjusted on you chart accordingly.Order cancelled
Will be posting new charts sometimes this week.Will put this as trade cancelled thanks to the unforseen Bitfinex hack that happened back then.
The current Bitcoin rally after weeks of consolidation at 560s is very bullish imo with a top around $640-650 by next week. Bull market is still alive and we still have hope for the megabull by end of 2016 beginning 2017!
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