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BTC:USD 4 hour chart DAILY UPDATE (day 56)As we consolidated over the past 48 hours I remained confident that we would trend toward $10,000. Today we have seen the price fall below the trend line and now I am less certain about an upcoming pump. The range has tightened to the point that we are going to see a significant move one way or the other very soon. If we breakdown then I expect us to retest the 0.382 FIB for support. The 50 day moving average should be waiting around that area as well. If support holds then that would be a good area to build a long position. On the other hand if we do manage to maintain support above $8,800 then we should be in position to continue the trend up to $10,000. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 55)Yesterday I expected the price to meander back towards the maroon trend line and mentioned that it could provide a good entry for a long. The last candle came within a hair of that trend line before the bulls quickly pushed the price back over $8,900. Support has continued to move up after supporting the large sell volume from the 20th. That is a very good sign and tells me that we are ready for the next pump. I expect to see $9,500 in the next 12 - 24 hours. If not in a position then entering a long in the $8,000’s could be a good option. If we breakout above $9,000 then it’s too late and I would not advise chasing. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 54)Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today. From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay focused and stick to the plan. Manage stop losses and always stay on your toes! Talking to myself as much as anyone else. Keep an eye on the trend line we supported from the 17th - 20th. I expect us to retest that over the weekend. That could be a good area to build a position. These are 4 hour candles and there should be plenty of time to enter. I have drawn three dotted lines to show how I think the next 7 days will go. They are based on support & resistance levels as well the daily trend of the previous few days. This is how I was able to draw the trend line on the 17th after seeing the golden cross, well before the it had been established as support! I have a very hard time predicting the intra day moves and I rarely day trade. That is why those lines are dotted, I would only use them as a way to plan for entering a long and/or taking profit, not as individual trades themselves. We also supported big selling volume two candles ago without closing below $8,700. I view that as a good sign that this pull back will be short lived. We might blow right through my trend line and go for a FIB retest, but I wouldn't necessarily plan on it. If not in a position $8,400 - $8,700 should be a good place to build a long. There will be resistance waiting at $9,400 - $9,500 but I don’t think we will have a problem get to $10,000 and that is where my first profit target is set. Stop loss is at $8,119 and will be moved up each time we breakthrough resistance.
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 53)Over the past 24 hours I have been watching closely for Bitcoin to break through the 0.382 FIB retracement level. I am very happy to see the slow grind upward continue to break through major resistance. It leaves us well positioned without being over extended, which is very important for a recovery. Support has continued to move up and that is crucial in order to keep the momentum going. As we keep receiving more, and more confirmation that this bear market is over we should continue to see significant amounts of fiat deployed from the sidelines. There is currently a bull flag forming that is pointing to $8,750. The next major area of resistance should be $8,900 - $9,000. I am still sticking with the $9,949 profit target. Stop losses have been moved up to $8,044 which is just a hair under break even from my initial buy recommendation. If you are not in a position then now could be a good time to enter long. $8,400 - $8,500 is the accumulation zone. If the price falls out of that area then it is time to re evaluate. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 52)I am happy to see the price nicely following the arrow I drew on the 17th. The slow grind upwards is exactly what we want to see. That allows the pressure to build while resistance is being eaten away. I expect that to give us the momentum needed to break through $8,400 and the 0.382 FIB level. That will likely be a key level for a lot of traders who are still waiting on the sidelines and it should also cause a lot of bears to give up. On the other hand I do expect to see heavy resistance at $8,400. If looking to enter a position then try to enter under $8,300. If you enter long above that price then you are buying resistance. If we break through $8,400 then the next major area of resistance is $9,000. I have still have my first profit target set at $9,950 and stop lost at $7,714 Thank you to everyone who likes this post and keep in mind that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 51)About 8 hours ago we got the golden cross and that provided the final confirmation for entry. I stayed up late to make sure that I didn’t miss it. There was good volume behind the pump and I expected us to breakthrough $8,200 while I was sleeping. Unfortunately the price has pulled back for another $8,000 retest. The bulls mounted a good defense right before the last candle closed. Now we are looking at a bullish wick that should provide some momentum to the upside. If so then it will form a small cup & handle or inverse h&s. If looking to enter a long then this could be a good opportunity. Stop loss is set just under $7,750 and the profit targets are $9,950 and $12,450. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
2
BTC:USD 4 hour chart DAILY UPDATE (day 50)Over the past 24 hours I have been watching for the golden cross to provide final confirmation for a long entry. Support has held strong above $7,900 and the resistance is slowly being eaten away. If we can break through then the next area of resistance will be $8,950. After that the next major areas of resistance are $9,450 and $12,450. Any of those targets would be a good spot to take profit from a long. The key level of support remains at $7,750. That keeps us out of the bear trend (red line) and I expect things to get very ugly if we retrace beyond that. Pressure is building as the range continues to tighten. That tells me that we are in for a violent move one way or the other. The bullish market sentiment has me feeling confident that we will be heading up from here. There have been rumors swirling about abnormal volume on the OTC desks From Twitter @Crypto_ED_NL: “Lots of buzz in the OTC markets...We received several messages from trusted sources about buyers looking to buy 200-300-500K BTC but no sellers available.” @DonnyCrypto: “If anyone has contact with a large BC seller or seller mandate. I have a direct buyer ready to close. Please DM me for more details…” This tells me that the Mt. Gox coins are fully liquidated and now there are more buyers than sellers. That is what is takes to turnaround a bear market. Sprinkle in some FOMO and we will be on our way! Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez