BTC JUST MADE A MOVE IT HAS NOT DONE IN 4.5 YRS! +PRICE TARGET!Bitcoin has just pulled a move that it has only ever pulled 4 times in Bitcoin's short history so far and it has been 4.5 years since the last time it has made this move last!
Along every single Bitcoin Boom and Bust Cycle there is a key point where everyone always asks anyone "When do I buy? When do i get in?" Well the HODL answer to that is Buy the Dip.. and sell... i don't have that word in my vocabulary. If you had followed anything in bitcoin history you would also know that If you had bought anywhere below $10,756 USD/BTC (at time of writing), that you would still be in profit or even thus far in your trading career.
If you are an active trader of any sorts or want to get in at every micro trend dip to sell the rips, then you may have caught the trends that have already formed as well! Although Very Few understand the gravity and value that this move has shown in the Bitcoin Price. If you do then this chart below leaves you salivating and wanting to throw your Fiat right at bitcoin!
Currently we hold support at the .865 FIB and also the .786 FIB levels which are good indications to the start of a new bullish trend after retracing.
This retrace that we took in price action was the most crucial point we have see in 4.5 years. We not only held the .865 FIB with VIX and VOL increases of substantial measures, but we held above. a very key resistance point. The downtrending red line below where we held support and above the Green Arrow I placed, is the 3 YEAR DOWNTREND RESISTANCE that has plauged bitcoin since December 2017.
We took the first major step in breaking this major point of resistance after squeezing to the very last point of the symmetrical triangle shown in yellow from which we launched off of the $9,100 level and then proceeded to break that sym. triangle. 2 Days later Bitcoin demolishes the resistance point with a $1,400 candle on July 27th, 2020 -- from the $9,941.00 start, through the $10,100 point where the 3 YEAR DOWNTRENDING RESISTANCE layed, up to 11,450.00.
Most amazing thing is that it did it with hardly a change in the VIX meaning there was no resistance from the bears to hold their line of defense AT ALL. And was confirmed with the increasing VIX action along with the Inverse Correlation of the MACD (at the top) and the choppy price action upwards from $11,450 to the $12,500 price target.
Once Price Action re-correlated with the MACD in a downward trend, we see the VIX pick up rapidly for one of Bitcoins famous price retrace move of which we see happen. The VIX almost 3x'ing at the point of support to hold above the 3 YEAR RESISTANCE TREND plus holding the .865 FIB was BULLISH MOVE #1.
The Second Bullish move and in my opinion the bigger of the two moves in value and confirmation is where we have sat for the past 4 days since September 25, 2020. On a Red Candle we have held support not once, not twice but thrice; we are in the midst (during the writing of this analysis) of this 4hr candle holding above the 21EMA. Holding support on the 21EMA is the bull trend support sweet spot that throughout Bitcoins History we have proven time and time again to hold true.
In the Short term to Near Future we can see a slight drop back down to test the trend line holding up our ascent we have started, which can drop us temporarily below the 21EMA, but will be short lived. The longer term price target of our next move looks to be over the next 30 days and a movement back up to the $12,500.00 and then to hold as support using the ping-pong like action from July and August in the 11,900 - $12,400 price level as support. Next stop from there is the $13,700 to 14,250 price range in the next 45-60 days.
Until Next Time,
MahNemzJeff signing on with Gamblers' Paradise
Bitcoinmarkets
Bitcoin another round of sell off is awaitingBITCOIN
After reaching the 12000.00-mark cluster of resistance were formed at this level. In this consolidation phase we can see the series of pattern shows that the rise and big falling of the price.
The price is trading below the 50,100,200 exponential moving average in four-hour timeframe. Bitcoin has lost almost 2000$ for 1BTC in a single trading week.
And find some minor support near 10000.00 level. We can expect a short term rebound of the price towards 11000.00 level there some recent resistance zones are formed.
Just above that price around 11500.00 23.6% Fibonacci level will acting as resistance for bullish run. From this level we can short this pair and the potential take profit will be around 9000.00 mark which is coincide with 50% Fibonacci level
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BTCUSD REVERSAL FOR $9KAfter yet another failed attempt at $12k, sell power has caused a market reversal.
From the chart you can see a head and shoulders pattern forming and BTC might retest $9k support line.
However, this might just be what is needed to gain momentum from a new entry point at $9k, shooting us back up to retest $12k.
BITCOIN MAJOR MOVEMENT - NOT THAT BULLISH YET !!!Hope you have a beautiful day!
In the following technical analysis I am presenting the current situation of the market for medium term period by utilizing highly efficient structure lines and data language.
Please let me know what do you think about it ?
Are we going to breakout bullish or bearish out of the triangle ?
Let me know what is your position on this and let's construct a positive conversation
Enjoy your day and be careful leveraging!
Danger Zone 4hrEach move down is measured around 5.5%. Bulls have yet to show any real volume on the moves up and while $11,400 has been cleared I'm not convinced.
That's why I'm thinking we've got another 5.5% move to the downside around $11k or maybe even $10.8k after some long positions are liquidated.
I'm out of position sitting in cash. Looking for an oversold on the 4hr and Daily RSI.
BITCOIN - STRONG BULLISH REACTION - BACK TO $12,000 ?Hope you have a beautiful day!
In the following video I am presenting the current situation of the market for short term period by utilizing highly efficient structure lines and data language.
Please watch the entire video and let me know
Are we going to close today, above $11,500 or not ?
Let me know what is your position on this and let's construct a positive conversation
Enjoy your day and be careful leveraging!
Can Bulls avoid the Bazooka Cross?Moving Average 44 and 444 on the 4 hour TF acts like a secret sauce. When they cross, I call it the Bazooka Cross cause they freaking powerful.
We are nearby such a cross or do bulls manage to avoid it?
I think yes!
Decision weeks ahead for BTC to prove it is not a one hit wonder!
1 Hr Bitcoin possible Double Top in playNot going to lie, that little $300 had me for a quick second but then I looked at a few things.
Low volume and a failure to sustain the move on the short term. I'm sure some of you may have seen other people flip bullish and opened new positions expecting the rumor to push us past $10k.
The 1hr RSI is nasty as is the possible Double Top. I wouldn't be surprised if the hopium for the bulls has a few opening some overleveraged longs. (Bull Trap)
That said, if the Paypal/Venmo rumor turns out to be true then we can most definitely see sentiment flip bullish as I will too.
However, if we don't get a confirmation in the news by the end of the week then all sentiment and hope will be crushed with a move to the downside.
Do I believe Paypal and Venmo will integrate Bitcoin down the road? Yes
Do I think it'll happen soon? No
I'm still in my short position but that's because I have been. If you're out of your position then be smart and wait for bear volume to pick back up.
Bitcoin: are you a bull or a bear? Elliot waves are a great way to keep the big picture in mind. Above are three counts that we find most possible. We are still leaning toward the bullish counts. However, if we close below 8.8k and fundamentals give similar bearish trending signs, we would switch to the bearish count on the right.
Are you bullish or bearish? Do you agree or disagree? Share your thoughts and critics in comments!
Is A 1.6% Upside Target Worth The Risk?Without carefully crafted historically backtested strategies, the kinds of trades available on short-time frames within the current market structure are high risk.
Check this one out. 3 'white soldiers' candle formation on the 4 hour chart. Looks good. MACD pushing up. But look at the overhead resistance level. It's just 1.6% above current price. Would you risk leveraging long for such a small move? Or would you wait for stronger momentum on a higher time frame?