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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
GBPUSD 4HR BREAKOUT FAIL SHORT Fundas: Despite an improved unemployment rate Average earnings fell over the period. With the CPI tmrw I am slightly ahead of the game but anticipate this action is showing how timid traders are at this level for any more short term upside. Techs: Price firmly rejected an upside breakout on the 4hr chart at 1.4375, showing some lvl of supply in conjunction with the daily. I started in short at 1.4325 with a stop above the high (1.4430) in the event the market tries to spook out shorts. My target area is 1.4200 and will add to winners as the market gives direction. Establish your system, be patient for your setups and act without hesitation. Follow along with us in our live chat for live trade calls and analysis Happy trading
Short
by StellarCraig
The Daily Show: LTC (4HR)Still very much in bull mode. I personally took a little profit as I have been burned before by not managing my risk. I just want to emphasize that we will be do for a correction when the wave completes. When and how much is anyone's guess. I am not a pro at Elliot Waves. Just to much guess work and really easy to get wrong without experience. So, I am not even attempting. My next take profit will only be at the for sure sign of a correction. Then I will be accumulating. I still think we are setting up for a major move later this year. Just my opinion, not trading advice.
COINBASE:LTCUSD
by croleyjon
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
BTC:USD 4 hour chart DAILY UPDATE (day 49)Over the past few days we have been on red alert, awaiting final confirmation that the bear market is over. Step 1: Break through bear trend (red line) Step 2: Turn that trend line into support Step 3: Golden Cross on 50/200 day SMA We crossed off the first two steps over the past 3 days, and now the moving averages are threatening to cross in the next 12-24 hours. It is ideal to see the price pullback into the moving averages before getting the golden cross. Therefore this is a healthy pullback and could be teeing up the entry for a leveraged swing trade. I need to see the price support above $7,750, otherwise we will be back in no man’s land. If we bounce from here then that would create another higher low and it would bode very well for the bulls. As I continue to wait for final confirmation I am reminded of a quote from Revolutionary War General William Prescott: “Don’t fire until you see the whites of their eyes” Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 48)Over the past few days we have been on red alert, awaiting final confirmation that this bear market is over. Step 1: Break through bear trend (red line) Step 2: Turn that trend line into support Step 3: Golden Cross on 50/200 day SMA In yesterday’s post I pointed out the dragonfly doji that was forming on top of the trend line and was watching for the price to bounce. This morning I was very happy to see that everything is still moving according to plan. If we can maintain support above $8,150 and develop a higher low over the next 24- 48 hours then I would consider Step #2 complete. The 50 day MA has begin to posture up and is rapidly approaching the 200 day MA. Once those cross then all three steps will be checked off and I will be ready to open a leveraged long. In the meantime I am waiting patiently on the sidelines and would advise the same for everyone else. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
The Daily Show: LTC (4HR Review)Well, I am seeing more and more evidence that LTC is trying to become bullish. I am not going to lie I played the dip terrible. I made a mistake and read the TA of another trader whom everyone probably knows and ended up doing a couple bad sales. What did I learn? Work my own plan, and just look at other's ideas but work your own. That being said I am literally going to ride this one till I see more evidence. Something more realistic than 2 week long developing bear flag........Pretty sure we call that going sideways. Not Advice, just my opinion....
COINBASE:LTCUSDLong
by croleyjon
BTC:USD 4 hour chart DAILY UPDATE (day 47)Yesterday I made a neutral post and advised everyone to wait on the sidelines for further confirmation. Before entering a long I need to see the price find support above the bear trend (red line). As I am typing this a dragonfly doji is forming on top of the trend line. If that closes then it could provide an opportunity to enter a long. The stop loss would be set at $7,719 and that would be a favorable risk:reward ratio. However, I want to make sure that support holds over the weekend before looking to enter myself. Historically the price can have trouble finding support on weekends when the volume is lower. This is such a crucial spot for Bitcoin that it makes sense to wait on the sideline for a few more days. My trading style is not about getting the best possible price, or trying to pick the exact bottom. Instead I focus on finding trades with the lowest amount of risk. Entering a position right now is too risky for my appetite. However, if we can maintain support above the bear trend over the weekend then I will be ready to feast! Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 46)Over the past couple days we have been on red alert for breaking the cursed bear trend (red line). The first step was to support above $7,500 after the massive rally from yesterday. The second step was to bust through the trend line on large volume. The third step is to find support above the trend line. We did see good volume on the breakout, however the price pulled back soon afterwards. That is generally a sign of strong resistance and could be an indication of an upcoming retracement. This is also the fourth test of the bear trend and that is usually when it is the most dangerous for the bulls. So far we have found support above the 200 day SMA, but it remains to be seen how long that will last. If it falls through then we absolutely have to hold above $7,500. If that doesn’t happen then I would have to quickly change my bullish tune. On the other hand if the bulls are able to hold then it will be time to start looking to enter a leveraged long. Be patient. I repeat...be patient! If we do break the bear trend and enter another bull market then there will be dozens of entries teed up on a silver platter. On the other hand if you are anxious about getting entered ASAP then you will get rekt before the gravy train starts rolling. I realize that my analysis is more wishy-washy than normal, and that is because we are at such a critical spot. Longing this close to the upper end of the longer term bear trend is not worth the risk. On the other hand, we have seen enough bullish sentiment in the last couple days to make a short sale out of the question in my book. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 45)Yesterday I mentioned that the amount of short sellers had gone parabolic and said if we could get the price above $7,155 then a massive short squeeze would be triggered. This morning I was very excited to see that the bulls were able to get the job done! Resistance came in like clockwork on the longer term bear trend (red line). The wick on top of the 4 hour and daily candle is not ideal and we should start to see a pullback over the next 12-24 hours. We need this pullback to support above $7,500. If it can do that then I am confident that we will break out of the bear trend on the following rally. From there the next bull run will be absolutely massive! The volume has been picking up significantly on the OTC desks and some big name funds have publicly moved into the space. I am very excited about all of the indications of a reversal, but I am not jumping in on BTC:USD just yet. Final confirmations will be support above $7,500 and breaking through the bear trend. Yesterday I mentioned that ETH:USD was breaking out of a cup & handle. Anyone who took that position is doing very well this morning! Happy Trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
1
BTC:USD 4 hour chart DAILY UPDATE (day 42)Over these past couple days the big story has been the short sellers being at an all time high on Bitfinex. Historically we have seen a huge squeeze when the books are the unbalanced and I do not expect this time to be any different. With the overall market being so bearish I am still being extremely cautious and will be waiting on the sidelines for further confirmation. I need to see a daily close above $7,750 before looking for a bullish entry. That would break the longer term bear trend and confirm the falling wedge that started on 3/5 We are currently testing the 50 day moving average for support. If that holds it would be a very good sign for the bulls. We also have what looks like an Adam & Eve bottom. Hopefully all of these factors can give the bulls the momentum needed to turn this thing around! Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
Daily Oversold target6500 provided the expected small support. More support just above 6000, which should provide a bounce off the bottom of the triangle. If the top of the triangle provides enough resistance BTC will drop to 5400 for a larger bounce. This is all somewhat subjective and many clarifications and checks need to be seen before trading. It could go either way and it could be big, or small. Not a time to take risks. I'll be keeping an eye on the daily RSI, watching for an oversold opportunity to coincide with other signals. Caveat: I am not a professional trader or adviser. Do your own research before making any trade. Never trade more than you can afford to loose.
BITFINEX:BTCUSD
by reppac
Potential Long opportunity for UsdJpy???The UsdJpy break and closed above the trend-line resistance on 28th of March. The price has retraced since then and retested the trend-line which act as a support now. The UsdYen got pushed higher yesterday but it did not provide me with a good signal to go Long. Fortunately, the UsdYen dropped again just now and a well-defined Pin bar can be spotted on the 4hr chart for a potential Long entry. My position : Entry : 106.30 SL : 105.40 TP : 107.65 *** This information is NOT a recommendation to buy or sell. It is to be used for educational purposes ONLY. *** *** I will accept no responsibility for any losses you may incur. Do not invest more than you can afford to lose. ***
Long
by M-royce
BTC:USD 4 hour chart DAILY UPDATE (day 38)Yesterday I was sitting on the sidelines and waiting to see what developed. I was keeping my eye on the red dotted line and the 50 day moving average. The bulls needed to support above the moving average and break the bear trend formed by the red dotted line. Unfortunately the bears won that fight and now it looks like we are heading lower. That made a third point of contact on the red dotted bear trend. Since that has been established it is even more likely that the price will resistance on the fourth point of contact. We have broken down below the longer term bull trend support (green dotted) as well as the horizontal support at $7,000. Not to mention that the RSI is back below 50. The next area of support will be $6,675 and I do not expect that to provide a bounce. We have already bounced from that area twice and it will be much weaker the third time around. If we do break down below that then the next area of support is $6,000. Wish I had better news but those are the technicals as I see it! Until next time happy trading and remember that following is free!
BITSTAMP:BTCUSDShort
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 37)My short sell was stopped out at break even, now I am sitting on the sidelines and waiting to see what develops. I was very surprised to see $7,250 resistance break and do not have a confident prediction in either direction. So I have outlined my bullish and bearish scenarios arguments. Bullish Above 50 day SMA Back above green dotted bull trend line RSI above 50 (think of this like 50 yard line on football field) Bearish Potential new bear trend forming. Price is testing the red dotted line for a 3rd time. If it resists then it will like resist for a 4th time before reversing Horizontal resistance at $7,750 should be fairly strong I am leaning towards the bullish option, but the overall trend is way too bearish for me to open a long right now. If the price can break through $7,750 then I expect us to retest the longer term bear trend (red solid). If we can break through that then I will be going all in on a long. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 32)Yesterday I was holding my breath and watching for support to hold above $7,400. I urged to wait for final confirmation and not dump just yet. That confirmation came this morning and now it is time to prepare for $5,000. I have opened a short with that as my target. There should be a lot of support waiting and I do anticipate a bounce. However I am going to be preparing for a longer term bear marking and I will be viewing that as a dead cat bounce which I will be looking to short. I wish I had better news but I have to call it how I see it. Happy trading and best of luck!
BITSTAMP:BTCUSDShort
by Sawcruhteez
3
Bitcoin 4hr Golden Cross, bullish action but can it hold? [BTFD]So as our amazing TA expert Tom predicted we have a swing of the MA's creating a golden cross on the 4hr chart on BTCUSD I made this chat for the daily about a week ago, with a few predictions, just wish i published it earlier now (12th Match) we had some bullish divergence which brought the level up to over $9k but its not pushing over that, 9300 was my next test which still not touched. my last shorts got closed and opened up some new ones around CMP, so short term im bearish and looking for a another monthly low and long term Bullish, just dont get cought out in the bull traps right now if your a swing trader Bitcoin must be sending you nuts right now here is what im going on with wave analysis... "If Bitcoin can get above resistance at 9620-10K this could open the door to further gains - and it would also make it very likely that the wave 2 correction is complete, and that a wave 3 move higher is starting " good trades all
COINBASE:BTCUSD
by majorlee
1