So what happened today with Bitcoin? [BTC]

Updated

THIS IDEA HAD TO BE RE UPLOADED BECAUSE THE LAST ONE VIOLATED THE HOUSE RULES

Hello everyone, I hope you are having an amazing day!
I'm here again today with another TA/FA on BTCUSD

As you can see on the chart we saw a huge drop in price of Bitcoin , why's that you may ask?
A lot happened today (past few days) all "FUD"
FUD from Japan regarding Crypto Exchanges. Here
SEC press-release Here
Whale that sold 400M worth of BTC/BCH Here
And last but not least, a FUD that had a big role on this drop.
Binance was "hacked", well, not really, that was the FUD that was spread, actually some users who had API keys on third-party platforms got compromised and they ended up getting all of their coins sold (A bit off-topic but this was why VIA coin pumped over 9000%, you can see it on the Binance chart here at TradingView) you can read the answers from Binance Here
An update on the Binance situation can be foundHere
All is good!

There is not much TA here, we can see that this FUD had a big role on the drop, it made A LOT of people Panic Sell as you can see from the HUGE Volume Spike (The Purple one, in the default setting that would be Red)

Do you also see where the Drop 'ended'? Exactly! In our main downtrend, it was slightly pierced (which means it was weakened as support) but LUCKLY it held!

The green line is a support (price struggled there on the past as you can see, it's the white boxes) and our candles (all of them) closed above it which is a sign of "power", as of Fib levels (not much really) price touched 61.8%

Common question: What about the inverted H&S?

It looks ugly but the pattern (and the concept) is still there, also it looks like a double bottom on the 9.4k zone..

To finish this Idea I wanted to say that I left three ideas on the related ideas tab, one from myself, another from D4 and the other from Magic, as for the last 2, they are great, I agree with both and they are well built, you should give a read, as for mine you should also read it (the updates mostly), because there you can find me talking about the Channels that were broken by BTC (Those channels were key levels)

This is one of many ideas I've made, you can check my other older Ideas just open my profile and see!

DISCLAIMER:
This is my own personal opinion! Don't take what I say for granted, this is NOT financial advice. Don't spend what you can't afford to lose, and remember, patience is a key on this Crypto Market! Hold is life!

Trade safe and have a nice day!

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I just realized I forgot to say the 'obvious' all of this FUD came just has we were breaking the 12k decisive zone (to complete inverted h&s, to break the log downtrend) it's rather interesting...

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Oops, I just saw my Fib was reversed.

This is the correct one, price pierced the 38.2% (I said 61.8% because it was reversed) we are now heading to the 28.6% at 10.3k

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23.6% *

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Orange line: S/R zone (see the white boxes on the main chart at the top)
Yellow line: S/R on the 1D chart.
You can see that this yellow line is about $40 away from the 50% fib level, that's a possible target because in green lines you can see BTC is forming a Bear Flag which most likely break downwards (thats the normal direction of the breakout in a Bear Flag) You can see our main downtrend was pierced, thus weakened as support... Price after touching the downtrend bounced up and touched the 38.2% and after that it has been holding on the 9.6k level I drew (orange line)

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Here is a more Bullish view of all this :) You can see that the downtrend formed the top of the big Bull Flag (green channel) and when we broke upwards (to the 11.7k) we dropped, to where? Exactly! We touched the Top of the channel maybe this can help us to determine it it was a good re-test, price MUST close above the downtrend! If so... I'll say this is bullish, this is a blind shot but it's worth taking!

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Remember, the last update is an 'extremely' bullish view... don't take it as financial nor investement advice.

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A message from a fellow follower, in which I agree!:
Very interesting mixed pattern in BTC:

- Long term: It broke the main downtrend line and retraced back onto it. If it sustains, it will be a good sign.

- Mid term: Double top vs. double bottom. Who will be stronger?

- Short term: Bearish flag pattern. It may fall to the next Fib line, but it is within a short time period... So, I guess the long- (and mid-) term battle will determine the winner. Bear or bull.

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Double Bottom no longer valid, we are at 9k, once again, look for the 8.8k zone. (yellow lines above)

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Keeping the good vibes (bull vibes)

This is a Descending Broadening Wedge, read more here: thepatternsite.com/dbw.html

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I extended a line from this 2 dips, it ended up lining with that zone on the left, it was a resistance, broken, and now tested as support, quite interesting!

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Hello everyone, I hope you are all doing well!
Quick 'update'

(This is the 1H chart) Closing today 1D candle above the downtrend line (red line with breaks) would be great, and it is a must to confirm a 'not so bearish' trend.
Have a nice day!

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Hello guys, today I had a busy day, so first, I'm sorry for the 'late' update on todays BTC action. We are inside this Green Channel which looks to me like a Broadening Falling Wedge (reversal pattern) You can see price is moving in bear flags... Our key level is the 50% fib at 8.8k which is also the 8.8k support (1D you can see price struggled there a few times) In red line with breaks we have our downtrend that keeps getting lower and lower.. Being back inside the downtrend channel is extremely bearish. In the 61.8% fib you see that's in red for a reason, we want to stay away from it for as long as possible. We may be bearish for now, but the Bull is alive and he'll end up getting back. Have a nice day!

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Price is bellow the downtrend, we are testing it, but looks like we are forming another bear flag (white)

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We are above the downtrend, if this wasn't a fake breakout the last bear flag is invalidated.
Also you can see a Doji candle at 1D, it has a low of 8.3k we are now about $1000 above that, it shows the buy pressure that drove price all the way up.

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Testing the top of the green channel i talked you about, just bellow the 38.2% fib

good news is, we are above the downtrend!

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Perfect, price was (and is) above the downtrend, you can see that we dropped where the downtrend and the top of the green channel meet, and we bounce up! That's good!

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What has happend so far? You can see we first had a Bearish Pennat that took us to the 6k After this bottom we started doing a (broadeing) rising wedge then we hit a top, started a new rising wedge a failed to get past that last top, making a double top. You can see price is now on the white box which is a zone of conflict as you can see on the past.

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We are back down, near the downtrend, watch out. (It was already pierced)

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Here we go, the white box has turned into resistance and it's doing it's job by taking the price down. We are bellow the downtrend.

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Hello everyone, after retracing almost 100% BTC is now above the downtrend, posible double bottom on the white box..

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We have the same white box that acted as resistance, that needs to be broken first... As for EMA and MA we are Bearish, triple cross on EMA's (including golden bear cross) and our 50 MA is facing towards the 200 MA... which would be an extremely bearish sign... (4H TF)

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Interestign shape is forming on BTC,

Looks like it's spreading it's wings

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Once again the white box i drew is causing BTC trouble… We have the downtrend and 50 ema (yellow) acting as support.

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Hey everyone, quick update:

Forming a bullish pennant, this could drive the price above the white box which would be a good sign! Let’s go bulls!

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Broke above the pennant:

Now fighting with the white box!

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A quick sketch:

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BTC is moving upwards in the shape of Bullish Flags:

Let’s see where the 1D candle closes.

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Price is moving upwards in the shape of Bull flags after the double bottom near the 8.4k We see support was found on the white box near 9.4k We will see BTC have some trouble when it gets to the top white box which is all normal, let’s see how it reacts to it. Yellow line is the main downtrend and the green line is the line that connects the 6k dip with the 8.3k dip:

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a small retracement should be expected as we reached the top of the cloud and did not break out of it. You can see that Tenkan (blue) is quite far from the kijun (red) which means a correction is expected. We are also forming the rising wedge in yellow. Tenkan > Kijun is bullish but they should be close to each other you can see they are not moving upwards together. Don’t forget the rising wedge can fail, as I shared earlier we saw a lot of bullish flags, the bullish flags are forming the wedge, normaly a rising wedge breaks downwards, but since there are some bullish patterns inside the wedge can fail thus breaking upwards (more likely in my personal opinion)

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Read the orange box.

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Looks like the rising wedge did it's job.

Price bellow the flag.

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I told you to look after MA's and EMA's as soon as price dropped to the 200 EMA (like for 1 second) it went back up quickly.

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Be careful we are inside the white box, anything can happen.

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This is the bear view of all.

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A close bellow the yellow trend line (around 8.8k) would activate this scenario above.
Also you can check MPC idea here:

Bitcoin is Gearing Up For A Nasty Retest of 6K! (BTC)

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Touched the last swing low price level (green box) and bounced back up, possible double bottom.

Let's see how it reacts to the white box! :)

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50 MA will most certantly cross 200 MA, that is extremelly bearish. Also, you can se price is on the downtrend, let’s see what it does, when price closes bellow the yellow line and starts heading for the green line I’ll kick in the full bear mode.

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as of now I’ll keep an eye on this 8.6/8.7k box.

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New idea! Click it!

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New idea!
Click it!

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This is an older Idea, the latest is here:

Sadly it didn't really went as expected (as of now) but I left a possible scenario on the updates (scroll down when you open it)

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Bitcoin and the Bear, a Love story! [BTC]

Here's the link (last one had a mistake it's now fixed)

angel_lobs

Also on:

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