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Bitcoin2024

BTC → Bitcoin Blasts Through Resistance Then Falls Down. Short?Bitcoin completed its measured move on January 7th and gave us some extra price action up to the $49,000 area. With a strong sell signal and now a follow-through bar reaching the Daily 30EMA, is it time to short? How do we trade this?  🤔 To justify a short trade, we need a Daily candle close below the 30EMA. The other data points all support a counter-trend trade: Measured Move Complete, Strong sell signal above key resistance area, RSI below the moving average around 50.00 with room to fall. I frequently reference the 4HR chart when trading the Daily timeframe. As you can see in the chart below, the 200EMA on the 4HR chart overlaps with the 30EMA on the Daily chart. Using that same point of reference as a key support level, we can look for a close below the 4HR 200EMA to justify our short. That also allows us to get an earlier entry into the position: Once we get that candle, we can justify a short scalp to the previous trading range/measured move mid-support at a 1:1 Risk/Reward Ratio. 💡  Trade Idea  💡 Short Entry: $42,650 🟥 Stop Loss: $46,950 ✅ Take Profit: $38,350 ⚖️ Risk/Reward Ratio: 1:1 🔑  Key Takeaways  🔑 1. Measured Move Completed Into Key Resistance Area. 2. Strong Sell Signal Above Measured Move Resistance. 3. Strong Sell bar falling to 30EMA 4. Wait for Daily Candle to Close below 30EMA. 5. RSI at 50.00 and below Moving Average. 💰  Trading Tip  💰 There is over a 60% chance of a measured move after the breakout of major resistance, normally, a trading range. That means the distance from the trading range resistance to the top of the breakout will happen again above the top of the breakout. ⚠️  Risk Warning!  ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
INDEX:BTCUSDShort
by TraderEngineering
1
Bitcoin history and future1W time frame - Every vertical dotted lines stand for halving timing, we call them "a cycle" between two lines. Every cycles have similar trend, we can mark them with three colors as below. (1) White range stand for Bull high to Bear second low (2) Red range stand for Bull high to Bear low (3) Green range stand for Bear low to Next halving According to halving in 2012 and 2016, we can expect Bitcoin make a second low (below 20000) in near future, the most possible time range is from August '23 to February '24. Before the second low coming, Bitcoin will likely reach price over 33000, therefore, be careful of being fomo and get ready with patience to buy spot.
BNC:BLX
by EthanTW
Bitcoin TA - Bottom and Next Cycle -> from 2023 to 2024 Hello everyone, hope you all are doing good. This Bitcoin technical analysis is not a financial advice. Cryptocurrency is a very high volatile and high-risk market, so please do research on your own before trading. Previously shared analysis of Bitcoin was about observing the overall life cycle. (Elliotte wave theory and its own patterns) This analysis is only for the year 2023 and 2024 about finding possible Bitcoin Bottom and the next counter move/next Top until next Halving. 1.The Tools I used for Analyzing: Various Patterns and channels Fibonacci retracement Volume Profile RSI, MFI and other indicators/oscillators. Observation1: As explained inside the chart, generally in trading, price moves in patterns whether it is triangle or parallel or cup shape or V-shape or zigzag or head and shoulders or any kind. Patterns get created in a concentric way one inside the other based on lower time frames to higher, in general if the price breakout or breakdown from one shape it will enter into other bigger shape/parent shape. Currently we are trading inside a smaller Descending triangle (Green) which in turn inside a bigger Descending triangle (Red). Price respects this Green Descending Triangle, so technically Bitcoin will not Breakdown, perhaps it keeps testing the bottom line. If Bitcoin Breakdown it will be a disaster, then we have to think about it. Conclusion1: I personally think 15473usd is the Bitcoin Bottom of the year 2023. Currently if Bitcoin puts another lower low, still it will be on the bottom line of this green Descending triangle (may be 14345usd, so mostly price will be above 14k). Observation2: RSI and MFI are cooling down and showing Bullish Divergences. Even other indicators like OBV and Stochastic made a slight Divergence. Not compulsory but these indications can invalidate/negate at any time if there is a forcible sell off, but as of now showing some good signals. Conclusion2: Technically due to Divergences created, soon Bitcoin may Breakout from this Descending Green Triangle and enter/start trading in the larger Red Triangle. After Breakout, there should be a counter move/rally and make until Fibonacci ratio at 0.618 level (roughly 50k) or at 0.5 level(42k). Finally, after rally Bitcoin puts a new lower low somewhere in the year 2024. (Since in a bigger picture Bitcoin is trading in a Red Descending Triangle so definitely it will test lower line of the triangle, so it will be lower low in 2024.) Please give a like and put a comment if u have any questions. Thank you, cheers.
INDEX:BTCUSDLong
by nmchary
21
Why Bitcoin can Bottom at $10,000Bitcoin (BTC), which hit an all-time high of $69,000 in November 2021, has been in free fall amid a broader market meltdown and is now down around 70%. So while Bitcoin is battling the big psychological number of $20,000 in the short-term, the real bottom could even be around the $10,000 mark. 4-Year Halving Cycle Bitcoin's 4-year halving cycle has a significant impact on the long-term price projection and has helped investors map the price action with great success. The 4-year cycle model suggests that Bitcoin price could plunge on average around 85%, which will put us near the $10,000 round number. However, since volatility in the crypto market is generally less than it was in the beginning, we can also assume that Bitcoin may not fall quite as low, and we may fall only around 80%. In that case, the $14,000 support may serve as the bottom if the volatility in the crypto market keeps decreasing. During the previous halving cycles, each subsequent cyclical high was followed by extreme sell-off periods: • From the 2013 high, the BTC price plunged 86% • From the 2017 high, the BTC price plunged 84% Additionally, each halving cycle low was established 18 to 17 months before the next halving event. The next halving event is scheduled to happen on March 2024, which means that if we measure 17-18 months back from that period, we need to hit the next cyclical low somewhere around September-November this year. RSI Oscillator By comparison, during the previous halving cycle low, the monthly RSI oscillator was near the 44 reading, and today's RSI reading is near the same momentum readings. While we need to wait for the monthly candle close to get the final RSI reading, the next 2 months are critical, as ideally, we would need BTC's price to have a swift move to the downside to re-test $10,000. This should be followed by a speedy recovery so that the monthly close is around $20,000, which will give us a perfect "V" shape bottom. However, a more realistic approach would be to have a long consolidation period near the bottom first before recovering, thus having a "U" shape bottom. This "U" shape bottom occurred following the last 2 sell-offs. Therefore it is most likely to transpire again.
INDEX:BTCUSD
by cryptohopper
2
When Will Bitcoin find a Bottom? Check this Long-Term ChartBitcoin's (BTC) slide seems to have no end in sight, with investor sentiment showing extreme fear. Yet, there's a light at the end of the tunnel, and to understand where Bitcoin goes from here, we need to step back and look at the bigger picture. Bitcoin Log Long-Term Chart As per our in-depth analysis, Bitcoin's long-term logarithmic regression channel is still in play. In the worst-case bearish scenario, the BTC price can retest the lower ban of the channel, which can be found near the $10,000 psychological number. In the short term, the $20,000 support will play a significant role because it's near the 50 simple moving average, which tracks the 4-year halving cycle. Additionally, $20,000 also represents the all-time high from the previous bull cycle in 2017. 4-Year Halving Cycle The current sell-off follows the 4-year halving cycle. After the first and second halving events, Bitcoin made a new all-time high, followed by a 13-month bearish market in both cases. A crypto bear market usually has an average length of 9.6 months. Time-wise, if the current sell-off from the November 2021 all-time high continues to follow the 4-year halving cycle, we can expect Bitcoin to find an ultimate bottom by around December 2022. Additionally, the RSI oscillator has fallen below the previous 2 valleys reaching the lowest monthly reading of 41.96, which signals that we're still in a bearish market. Looking forward: In the short term, we can expect the sell-off to slow down around the $20,000 support, but the analysis suggests a bottom to only emerge by the end of the year.
INDEX:BTCUSD
by cryptohopper
1