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Strong Reasons Why The Bitcoin Will Ignore This Bearish PatternIn my previous article we have seen that on short term 4 hour chart the Bitcoin is forming bull flags since 29 March 2020. In the meanwhile the priceline of Bitcoin also formed a down channel from 6th April to 16th April and finally broke out the resistance of the channel. Now the price is being consolidated between $7500 to $7600 to form next bull flag therefore the BTC is still in next expected bull flag. A bearish reversal pattern is formed: Now if we switch to the daily chart then it can be easily seen that the priceline has formed a rising wedge pattern. And among the traders community this pattern is considered as bearish reversal signal because in most of the cases the priceline breaks down the support of rising wedge pattern and turns bearish. But this time I am expecting that price action of Bitcoin will breakout the resistance of the wedge rather breaking down the support let me tell you why. A price rejection trend line has been broken out: If on this daily chart we start watching from 15 Feb 2020 then we can observe that there was a downtrend line moving above the priceline. And from this trendline the price line was been rejected again and again. Whenever the price action moved up to breakout this level then it was strongly rejected. Now finally on 19th April 2020 the priceline has broken out the this price rejection line and now this trendline has become the support for the price action of Bitcoin. Therefore if the Priceline will move down 2 breakdown the support of the rising wedge pattern then it will have a strong support of this trend line and it will be difficult for the Bitcoin to break down this trend line support. MACD and Momentum indicators: If we see the moving average convergence divergence the MACD indicator on this daily chart then it can be easily witnessed that since the priceline has hit at the resistance of this rising wedge pattern the MACD has turned strong bullish and following the MACD signals the Momentum indicator has also given a strong bullish signals. What if the Bitcoin breaks down the support of Rising wedge pattern? In case of breakdown the support of the rising wedge pattern’s support we can expect the further downward move up to $5,700. Because if we place the volume profile on the complete priceline moving within this rising wedge pattern we receive the result that the trader’s interest is weak below $5,700 therefore after hitting $5,700 or moving down this level the priceline can move up again and re-enter in the rising wedge pattern or it may form any other chart pattern. Bitcoin has broken out the 100 SMA resistance on weekly chart. And if we switch to the long term weekly chart then it can be easily seen that we have 200 simple moving average strong support at $5,700 that is the same level where we have found the weak interest of the traders on the daily chart as per volume profile of Rising wedge pattern. In my previous article we have observed that the Bitcoin was struggling to break out the 100 simple moving average resistance. At this time we can see that the candles stick has almost broken out this resistance level but still the tail of the candle stick is touching at 100 SMA. Therefore if the next candle stick completely opens and closes above this moving average level then this breakout will be confirmed. After that the Bitcoin will have the 25 simple moving average and the 50 simple moving average resistance levels but after breaking out the 100 SMA resistance level it will be not difficult for the Bitcoin to break out the 25 and 50 moving averages resistance levels. Because the priceline will have the 100 and 200 simple moving averages support and these moving averages are bigger than the 25 and 50 simple moving average resistance levels therefor pressure from the support will be more stronger than the pressure of the resistance. And after crossing up the 25 and 50 SMAs we can expect that the Bitcoin will make an attempt to breakout the $12325 price level resistance. The potential reversal zone of Gartley pattern has triggered the bullish divergence: And here I would like to recall the very big bullish Gartley pattern that has been formed by the priceline of Bitcoin on monthly chart. And at this time the price action has moved up from the potential reversal zone and moving towards next resistance level. Conclusion: On daily chart the bearish pattern is appeared but all indicators hand signals are in favor of bulls. The Bitcoin has almost broken Out The 100 simple moving average strong resistance on weekly chart therefore there are more chances that it will turn more strong bullish from here. Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
BITSTAMP:BTCUSDLong
by moon333
BTCUSD | Support Node Please support this idea with LIKE if you find it useful. Price is going to retest the higher boundary of the range we broke out recently. This point serves as a support node and has 50 MA + Ichi Cloud + Horizontal Support Zone In case there is a confirmed retracement of this poing we can initiate a long position Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDLong
by Anpu
17
BTCUSD | Fakeout to Bullish Side Please support this idea with LIKE if you find it useful. Price produced one more fakeout to bullish side and returned to the range. Currently price sitting on 50 MA support in case there is a confirmed breakout of 50 MA then the Ichi Cloud support zone, also the lower boundary of the Channel we can initiate a short position. Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDShort
by Anpu
43
Bitcoin getting more aggressive in forming bull flagsOn short term 4 hour chart the Bitcoin is forming bull flags since 29 March 2020. In the meanwhile the priceline of Bitcoin also formed a down channel from 6th April to 16th April and finally broke out the resistance of the channel and form the next bull flag. After accumulation the Bitcoin took another powerful bullish divergence on 22nd April 2020 and now it is likely to form another bull flag at this time it can be easily witness that the candlesticks are being accumulated for next bullish move. The price action of the leading cryptocurrency has also crossed up the 25,50,100 and 200 simple moving averages and now it has a very strong support of all these four simple moving averages that can lead the priceline to turn more bullish. Bounced from 200SMA now fighting 100SMA resistance: If we switch to the bigger time frame on weekly chart then it can be easily seen that finally the priceline has bounced from the 200 simple moving average after producing a long bearish spike. At this time the priceline is struggling to cross up the 100 simple moving average resistance, more than half of the candlestick has crossed up this resistance once the candlestick will be able to breakout this resistance level then it can turn more bullish to breakout the next resistances of 25 and 50 simple moving averages. And once the price line will be able to cross up all these moving averages then we can witness a really very powerful bullish rally for the long term. On this chart we can also see that we had a strong support of $3322 but the 200 SMA support did not let the priceline of Bitcoin to hit it support even after a very powerful bearish move of March 2020. Repetitive action like March 2018 to Feb 2019: Here I would like to share with you again the BTC repetitive move that the Bitcoin has formed and other down trendline and moving above this kind line like it had formed from 2018 to 2019 and as per volume profile of previous trendline when the price line moved below the area where the traders interest was very low it took a powerful bullish divergence for more than 300% profit. Same as like previous move when the Bitcoin moved below the area where the traders interest was very low is taking another bullish divergence. A big bullish Gartley has starting working: Here I would like to recall the very big bullish Gartley pattern that the Bitcoin has formed on very long term monthly chart and potential reversal zone of the this pattern is working now. The buying zone or potential reversal zone starts from $7231 to $5424 and at this time we can see that the price action is moved above $7,500 and moving towards the Fibonacci projection area of A to D leg of this Gartley pattern. This Fibonacci projection area starts from $8654 to $12070, you can also take it as a single trade and buy from the potential reversal zone and sell it between Fibonacci projection area as sell zone. but I am expecting that this time priceline will make a powerful attempt to breakout the resistance level that is at $12325 because it has taken a powerful bounce from the 200 simple moving average on the weekly chart and once this resistance will be broken out then the Bitcoin can start very powerful bullish rally. Stop loss: Despite all bullish signals and indications I would suggest you to take care of your stop loss. And you can make your stop loss the 200 simple moving average on weekly chart or the potential reversal zone of this Gartley pattern. Because once the 200 simple moving average and this potential reversal zone support will be broken down then the Bitcoin can re-test the previous support level at $3322. Conclusion: On 4hr chart soon Bitcoin is going to make the next bull flag and soon it will also break out the 100 simple moving average resistance on weekly chart for a powerful bullish move and it will hit the $12325 resistance for breakout. In case of $12325 resistance we can see more powerful long term bullish rally.
BITSTAMP:BTCUSDLong
by moon333
1
BTCUSD | Long the Breakout OnlyPlease support this idea with LIKE if you find it useful. The price is near the Mid line resistance of the Ascending Channel and also near the Resistanc trendline of the Local Ascending Channel. If price manages to break this Resistance node we can initiate a long position. Remember the setup might be invalidated if we lose out current local support. Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDLong
by Anpu
46
BITCOIN 30k-40K VS GOLD 2000$ ( 2020 Year End) Bulls Run ComingBitcoin ( BTC ) has rebounded above trend and the bulls are currently attempting to scale above the $6,000–$7,500 resistance zone. A breakout of this zone can retest the recent highs of $13,200. If the momentum can break through it 13K Next key resistance level 17200$, where short sellers will be forced to send back BTC 12K TP 10K$. BITCOIN VS GOLD: In many ways, gold is the precious metal counterpart to the bitcoin. Like the bitcoin, gold must be obtained through mining. But, while gold is obtained through physical mining, bitcoins must be “mined” virtually through the deciphering of special computer encryptions. Another similarity is that both gold and bitcoins are only available in limited quantities. It is estimated that there is approximately 171,000 metric tons of gold in the world, while the Bitcoin system will only be able to generate and support a maximum of 21,000,000 bitcoins until further technological advances are made. The first reason that the bitcoin will never replace gold is because it still poses a great deal of financial risk. Despite its recent peaks in market value, the bitcoin continues to experience significant price fluctuation that often results in substantial losses. With such instability and uncertainty surrounding the bitcoin , it is unlikely that it will generate the customer base to match, much less surpass, gold as an investment asset. Another reason that the bitcoin is unlikely to replace gold as an investment asset is that the system has yet to achieve full status as a truly "universal" and legitimate form of currency. Many countries in the world still don't have any clear regulation of crypto market. But possible in future some rules and regulation come in force. 2017 BITCOIN Surges more than 2000% and hit all-time high 19,00$ and crush back to early 2018 at price $3200. Consequently, as long as investors believe that gold can generate profits, they will continue to forgo any other potential replacements. Bitcoin as a virtual payment system, we feel that there are many issues it still needs to address in terms of security and sustainability before we can encourage customers to use it or accept it as a method of payment may be next 2-5 Years Good luck
FX:XAUUSDLong
by Allmypips
BTCUSD | Possible Fakeout Please support this idea with LIKE if you find it useful. We might have a Fakeout, but to confirm this scenario we need to receive the price crosses back inside of the Channel. Only this way the bearish sign will be confirmed. However as we broke out of the Channel to upward, I highly recommend to watch the local resistance, because the growth should be continues if we pass this level. Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDShort
by Anpu
86
Bitcoin is still in a distribution phase, sorry bulls.Hi guys, so my previous idea that we had a falling wedge with higher probability that we would make a push back upwards towards 7.8k range worked out pretty well I was short term bullish, and I was watching and waiting for that tick upwards.. but I think the end is very near and we are heading towards a big crash down in the very near future, maybe in the following weeks, most probably before the halving happens.. looking at everything, I am seeing a Wyckoff distribution pattern that is currently being followed, and this spike upwards was nothing more than our UTAD test we will probably be ranging a bit within these areas for a few days maybe.. but I think a big drop and crash down out of our rising wedge is likely to be happening if we do close our monthly candle above the EMA21 I will be very bullish for bitcoin.. so that monthly candle close will tell us all, and that's only 6 days away :) so for now, my bearish bias still remains, if you want to hear more reasons why? then you can still watch me live on Facebook or Youtube, just google " The Dang Oracle " have been streaming live daily 7.30PM (UTC+8) see you on the next one. #stayhome #staysafe #staycovidfree -Ryu
BITSTAMP:BTCUSDShort
by ThereAreNoWalls
4
BTCUSD | Channel Update Please support this idea with LIKE if you find it useful. We got our Retrecement and now price is going to test the Resistance of the Local Ascending Channel + Channel. If there is a confirmed breakout of the Channel to upward we can initiate a Long position. Also the price can take a correction to the Mid Line of the Local Ascending Channel. In this case we can initiate a long position if there is a confirmed retracement of this point Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDLong
by Anpu
13
BTCUSD | Broke the Mid LinePlease support this idea with LIKE if you find it useful. Price broke the Mid Line of the Channel so we can retest the Higher Boundary of the Channel. Also we might see a correction back to the Mid Line, also the Ichi Cloud. In case there is a confirmed retracement here we can initiate a long position. Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDLong
by Anpu
35
BTCUSD | Bearish Flag Please support this idea with LIKE if you find it useful. Price is floating along the Mid line of the Descending channel and formed a Bearish Flag. In case we have a confirmed breakout of the flag to downward it will also be a confirmed rejection of the mid line, so we can initiate a short position Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDShort
by Anpu
33
BTCUSD | Retracement Please support this idea with LIKE if you find it useful. Price was supported by the Ichi Cloud + the Mid line of the Descending Channel. It should be a retracement to the higher boundary of the Descending Channel and possible to the Mid Line of the Ascending Channel. Stop-loss can be placed under the Mid line of the Descending channel or under the Ichi Cloud zone, if it comes to actions. Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
BITSTAMP:BTCUSDLong
by Anpu
71
Bitcoin: Ascending Channel Analysis 12H (Apr. 19)X FORCE GLOBAL ANALYSIS: BItcoin has been on a steady rise for the past few weeks. In this analysis, we assess both bullish and bearish probabilities for Bitcoin Bullish Evidence - We are currently trading within an ascending parallel channel, creating higher lows - The Relative Strength Index (RSI) also shows a steady uptrend with higher lows, which is a sign of trend strength - We have recently broken out of a bull flag Bearish Evidence - We are still trading within a descending channel in the bigger picture - We have just created a lower high on the daily - The Moving Average Convergence Divergence (MACD) shows mixed signals, with a lack of momentum - We have been rejected by the 0.5 Fibonacci resistance - We are yet to test the descending trend line resistance Market Sentiment: Long short ratios are at 64 to 36, with significantly more bullish sentiment than bearish sentiment. What We Believe We believe that Bitcoin will remain bullish, given that the ascending parallel channel remains intact. It's highly likely that we see continuous attempts to break and close above the significant resistance zones drawn above. Trade Safe.
BITSTAMP:BTCUSD
by XForceGlobal
4
BTCUSD | Retracement Please support this idea with LIKE if you find it useful. Price retraced of the higher boundary of the Descending Channel. We should expect the Ichi Cloud to be tested and possibly the Mid Line of the Descending Channel Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable! Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial Advice.
COINBASE:BTCUSDShort
by Anpu
37