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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
up, down then rocketAlmost every triangle an the various intervals from 15 min to 1 day, have seen a rise breakout followed by a dump. The main triangle started before Christmas is closing along with a smaller recent triangle. This double squeeze will give extra momentum to a breakout. I expect the pattern to be repeated with BTC rising and temporarily sneaking through the 13000 resistance before dropping down. The timing will be seen in the 4hr RSI overbuying before the end of the month, dropping down to oversold and pulling the daily RSI into oversold with it. The daily RSI last hit oversold in September and that bounce worked out pretty good (if you had BTC). This Daily RSI event will trigger bots to buy so we'll see a volume increase and sharp rise. To summarise: In the immediate future a risky small long hold Followed by a good short sell Followed by panic selling Followed by large volume buying and a decent long position, with potential momentum mixed with FOMO to break 14,000. 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:BTCUSDShort
by reppac