BitcoinLong
BTC/USD BULLS Eyeing 11211, 11601, And 12,086
BITCOIN PRICE ACTION/TECHNICAL ANALYSIS/SIGNAL/ SUPPORTS & RESISTANCE/NEWS AND MORE
Bitcoin (BTC/USD) backed away from the 11000 figure early in today’s Asian session as the pair weakened after encountering selling pressure around the 10994.00 area during yesterday’s Asian session, trading as low as the 10180.00 area. Stops were elected below the 10802.42 area during the sharp pullback, right around the 200-hour simple moving average. Some buying pressure finally emerged around the 10562.09 area after Stops were elected below the 10580.50 area, a level that represents the 50% retracement of the recent appreciating range from 10211.00 to 10950.00. Also, this area was just above the 10550.58 area that represents the 61.8% retracement of the recent appreciating range from 10211.00 to 11099.95. Stops were also triggered below the 100-bar 4-hourly simple moving average during yesterday’s North American session. Traders also observed an acceleration of selling pressure below additional retracement levels including the 10685.51 and 10449.19 areas, with the latter being the 23.6% retracement of the depreciating range from 12486.61 to 9819.83. Stops were also reached below the 10211.00 area.
Stops were recently elected below the 11120, 11004.10, 10961.41, 10647.72, 10546.15, and 10450.26 areas during the depreciation from recent multi-week highs. Traders note that the recent high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year. Traders also remain focused on the 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks higher, representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas. Other important technical levels include the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.39, 10139.11, and 10082.97 areas. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 10535.32 and the 200-bar MA (Hourly) at 10805.28.
Technical Support is expected around 10211.00/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11496.70/ 11601.04/ 12086.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Title/(Date): BTC/USD LONG
Asset:CRYPTO
Order Type:BUY LIMIT
Time Frame:1D
Entry Price 1: $10,250 (Pending)
Entry Price 2: $9,950 (Pending)
Stop Loss: $9,750 (500 Pips)
Take Profit 1: $10,750 (500 Pips)
Take Profit 2: $11,250 (1,000 Pips)
Take Profit 3: $11,750 (1,500 Pips)
Take Profit 4: $12,250 (2000 Pips)
Status: 🚨Pending🚨
SIDE NOTES FOR TRADE
Price activity is nearest the 100-bar MA (4-hourly) at 10535.32 and the 200-bar MA (Hourly) at 10805.28.
Technical Support is expected around 10211.00/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11496.70/ 11601.04/ 12086.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage
Jim Cramer, the host of the CNBC show “mad money“ has given harsh words on bitcoin over the years and even compared it to an “outlaw currency“. But as the industry has grown and changed, over the course of this year in particular, it seems that Jim has changed his mind following an interview with Anthony Pompliano. It seems that now, he is convinced that bitcoin is a prudent investment against the hedge of endless money being printed by central bankers following the coronavirus pandemic.
Speaking in the latest episode of the Pomp podcast, he explained why he had decided to invest in a leading cryptocurrency after many years of scepticism and negative words being thrown towards the industry.
Jim stated that he believes that the fixed supply of bitcoin posted ahead of other Fiat currencies as well as other asset classes in general. He particularly mentioned the federal reserve and their decision to only share a $3 trillion stimulus package in the United States due to the pandemic and the financial turmoil that has come as a result.
On the podcast he said:
“For a long time, people would say ‘well, how about Bitcoin’, and I said ‘well I don’t trade coffee and I don’t trade cotton, and I don’t trade bitcoin,’ and that sufficed for a very long time. It worked until the $3 trln dollar package because we don’t have that. We don’t have three trillion in this country.”
Bitcoin (BTC/USD) backed away from the 11000 figure early in today’s Asian session as the pair weakened after encountering selling pressure around the 10994.00 area during yesterday’s Asian session, trading as low as the 10180.00 area. Stops were elected below the 10802.42 area during the sharp pullback, right around the 200-hour simple moving average. Some buying pressure finally emerged around the 10562.09 area after Stops were elected below the 10580.50 area, a level that represents the 50% retracement of the recent appreciating range from 10211.00 to 10950.00. Also, this area was just above the 10550.58 area that represents the 61.8% retracement of the recent appreciating range from 10211.00 to 11099.95. Stops were also triggered below the 100-bar 4-hourly simple moving average during yesterday’s North American session. Traders also observed an acceleration of selling pressure below additional retracement levels including the 10685.51 and 10449.19 areas, with the latter being the 23.6% retracement of the depreciating range from 12486.61 to 9819.83. Stops were also reached below the 10211.00 area.
Stops were recently elected below the 11120, 11004.10, 10961.41, 10647.72, 10546.15, and 10450.26 areas during the depreciation from recent multi-week highs. Traders note that the recent high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year. Traders also remain focused on the 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks higher, representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas. Other important technical levels include the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.39, 10139.11, and 10082.97 areas. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 10535.32 and the 200-bar MA (Hourly) at 10805.28.
Technical Support is expected around 10211.00/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11496.70/ 11601.04/ 12086.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Title/(Date): BTC/USD LONG
Asset:CRYPTO
Order Type:BUY LIMIT
Time Frame:1D
Entry Price 1: $10,250 (Pending)
Entry Price 2: $9,950 (Pending)
Stop Loss: $9,750 (500 Pips)
Take Profit 1: $10,750 (500 Pips)
Take Profit 2: $11,250 (1,000 Pips)
Take Profit 3: $11,750 (1,500 Pips)
Take Profit 4: $12,250 (2000 Pips)
Status: 🚨Pending🚨
SIDE NOTES FOR TRADE
Price activity is nearest the 100-bar MA (4-hourly) at 10535.32 and the 200-bar MA (Hourly) at 10805.28.
Technical Support is expected around 10211.00/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11496.70/ 11601.04/ 12086.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage
Jim Cramer, the host of the CNBC show “mad money“ has given harsh words on bitcoin over the years and even compared it to an “outlaw currency“. But as the industry has grown and changed, over the course of this year in particular, it seems that Jim has changed his mind following an interview with Anthony Pompliano. It seems that now, he is convinced that bitcoin is a prudent investment against the hedge of endless money being printed by central bankers following the coronavirus pandemic.
Speaking in the latest episode of the Pomp podcast, he explained why he had decided to invest in a leading cryptocurrency after many years of scepticism and negative words being thrown towards the industry.
Jim stated that he believes that the fixed supply of bitcoin posted ahead of other Fiat currencies as well as other asset classes in general. He particularly mentioned the federal reserve and their decision to only share a $3 trillion stimulus package in the United States due to the pandemic and the financial turmoil that has come as a result.
On the podcast he said:
“For a long time, people would say ‘well, how about Bitcoin’, and I said ‘well I don’t trade coffee and I don’t trade cotton, and I don’t trade bitcoin,’ and that sufficed for a very long time. It worked until the $3 trln dollar package because we don’t have that. We don’t have three trillion in this country.”
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