Yesterday I reaffirmed my short term bearish outlook, but also mentioned that we could get a dead cat bounce over the next two weeks. In the post where I outlined my reasons for turning bearish I also outlined 5 major areas of resistance that I will be watching out for. The price pulled back yesterday before reaching the first area of resistance that I...
Yesterday I outlined my reasons for turning bearish in my short term outlook of Bitcoin. It was the first post with a sell recommendation since 4/6. In addition I outlined 5 major areas of resistance and said that I expected a rally for the next 2-14 days before continuing the downtrend. I advised to exit all long positions and outlined two ways to build a short...
Over the past five days I have been calling for a rally to $7,950. At the same time keeping a close eye on the triangle that started forming on 2/6, which I am considering a no trade zone. Today I have changed my position and would recommend looking for an exit if you have an open long. Depending on your entry there should sill be plenty of time to exit at...
Over the past four days I have been calling for a bounce to $7,950. That is due to being oversold across the board. We haven’t been this far below the 12 & 26 day EMA’s on the daily chart in about 2 months. The alternative to a bounce is finding a range that would lead up back to equilibrium. We have been ranging on top of my longer term bull trend (green...
Over the last couple days I have been calling for a $7,950 retest. That call is based on trendlines and moving averages. If I wasn’t in a no trade zone then I would have maxed out my position by now. Falling below $7,500 while I was asleep did make me second guess my prediction. However, after reevaluating I am still confident that we will bounce before falling...
Over the last couple of days I have been calling for a retest of $7,950. If bearish that would be a good spot to open a short. If bullish, $7,350 - $7,500 is still providing a very attractive risk:reward on a long. I am remaining on the sidelines until the triangle that started on 2/6 breaks one way or the other. We are fast approaching the 66% benchmark, which...
Over the past couple of days we have been dancing on the longer term bull trend line (green dotted). We got a bounce from $7,250 that was short lived. Resistance at $7,650 sent us back down for a retest of the bull trend line. I do not believe that we are in danger of breaking down through that area of support just yet. We are still in oversold conditions from...
Yesterday I expected a bounce off of $7,950 support, but I stayed away from opening a long after getting burned these last few weeks. Today we are looking at the last line of support before it will be time to put on my bear suit and join the enemy. If you can beat em, join em! We are currently bouncing off of the trend line (green dotted) that I drew on May 15...
Yesterday I was fully expecting a bounce off of the hammer doji and horizontal support at $8,200. My stop loss was set at $8,097 and that was triggered a few hours after my post. I have gotten rekt going long over the last couple weeks, and that has forced me to zoom out on the charts and re-evaluate. I have used a fresh chart to illustrate what I am looking...
Yesterday I started to build a long position at $8,375. I entered ¼ of my position and waited for further confirmations. I was fully expecting a bullish crossover on the 12 & 26 day EMA’s (6 hour chart) and unfortunately that has failed to materialize. We continued to pull back through both of the longer term bull trend lines (green dotted and orange solid) and...
Yesterday I warned against buying resistance at $8,500 - $8,600 and I also set up a potential entry at $8,736 where we would find horizontal and trend support. Furthermore, I advised to watch out for a bullish crossover on the 12 & 26 days EMA’s (6 hour chart) as confirmation. We haven’t quite gotten the EMA cross, but it appears imminent at this point. I made...
This morning I am happy to say that both of my questions from yesterday have been answered, and I am even happier to say that we got the bullish answers everyone was hoping for! $8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have...
Yesterday I was on the sidelines waiting for two big questions to be answered. Now it looks like we won’t get the desired clarity until after another slow weekend. Those questions were and are: 1. Will $8,200 turn into resistance? 2. Can we break the 14 day down trend? We rallied right past $8,350 and for a moment it looked like we would be leaving both of...
Yesterday I was watching from the sidelines as the price brokedown through $8,200 support and appeared to be confirming a second bear flag. From there I expected us to fall down to the green dotted bull trend line at $7,150 - $7,250. As it turned out we found some support at $8,000 - which has given us a bounce for an $8,200 retest. From here there are two...
Yesterday I was licking my wounds as an injured bull and today I didn't looked at the charts until after 9:00 pm. Before taking a break I determined two support clusters that were most likely to provide a bounce. 1. $8,200 (horizontal and trend) 2. $7,150 - $7,250 (horizontal and green dotted trend) I am not too surprised to see the first option fall through....
My favorite chart pattern to trade are trend lines and/or pitchforks. I am always on the lookout for the next trend. Once one is established I use it as the primary indicator of overbought and oversold conditions. Knife catching the bottom of a trend provides the best risk:reward entries that I know how to find. Furthermore, I can confidently profit take once...
Yesterday I warned against buying into resistance at $8,800. As expected we pulled back off of the horizontal and trend lines. We are currently finding support at $8,475 and if that holds it would mark the third higher low, to match with three higher highs. I really like that the pullback has yet to fall through the developing trend support (green dotted)....
Yesterday I was concerned about upcoming resistance at $8,600 - $8,800 and I was keeping a very tight stop loss on my long. I got out at $8,569 right as the price was falling through support. There was decent volume behind the selloff and when I went to bed I was expecting to wake up to sub $8,000 Bitcoin. To my surprise we found support for a second time at...