Bitcoin Coffee Time- Very Quick and simple update.
- Everything is in graphic.
- Nothing much to say.
- Not a price prediction.
- Just tell me, how do you like your coffee ?
Happy Tr4Ding !
Bitcointether
BTC (Bitcoin): Approaching ResistanceTrade setup : Break below 200-day MA (~$61.5K) threatens the uptrend and price has made a Lower Low during the current downswing, which is also a negative sign. Price has bounced off from oversold levels (RSI < 30) and reached a stiff resistance zone of $60K - $62K (200-day MA). Price needs to regain the 200-day moving average (~$62K) to signal resumption of uptrend, with upside potential to $72K thereafter.
Pattern : Price is Approaching Resistance , which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. (concept known as polarity). Once price breaks above resistance, it can advance higher to the next resistance level. Learn to trade key levels in Lesson 7.
Trend : Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Down.
Momentum : Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance : Nearest Support Zone is $56.50, then $50.00.
BTC (Bitcoin): Approaching ResistanceTrade setup : Price got oversold (RSI ~ 30) near $56.5K support and bounced back up. It broke back above 200-day MA (~$58.7K) and above $60K key level, which signaled resumption of uptrend, and is now approaching our near-term target of $72K. Now we look for the right entry opportunity in Uptrend.
We wait for price to either 1) break above $72K to signal continuation of uptrend, with +10% upside potential to $79K next, or 2) pull back near $60K support for another swing trade entry in Uptrend with 20% upside potential back to $72K.
Pattern : Price is Approaching Resistance , which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. (concept known as polarity). Once price breaks above resistance, it can advance higher to the next resistance level. Learn to trade key levels in Lesson 7.
Trend : Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Neutral.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance : Nearest Support Zone is $60K, then $56.5K. Nearest Resistance Zone is $72K
BTC: Pullback in UptrendTrade setup : Price remains in an Uptrend. It got rejected 2x at $72K level but as long as it stays above GETTEX:64K (prior swing low), its uptrend is intact. We would be buyers near that GETTEX:64K support area, with +15% upside potential back to ATH of $74K. Stop Loss (SL) level at $62.7K. The recent approvals of 10 Bitcoin Spot ETFs are working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend : Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is GETTEX:64K then $56K - $59K. The nearest Resistance Zone is $74K, then $79K.
BTC: Pullback in UptrendTrade setup : Price is in an Uptrend. First attempt to break above SWB:69K -$70 has failed. That’s an all-time-high (ATH), which is a significant resistance area. Price got very overbought (RSI > 80) and was rejected, pulling back as low as $59K. It’s likely to pause here and consolidate around this area, before resuming its uptrend.
Now we wait for price to either 1) break above $70K to signal continuation of uptrend, with upside to $79K-$80K next, or 2) pull back near $60K support for another swing trade entry in Uptrend. The approvals of 10 Bitcoin Spot ETFs are working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $56K - GETTEX:59K , then $50K. The nearest Resistance Zone is SWB:69K - $70K, then $79K.
BTC: Approaching ResistanceTrade setup : Price is in an Uptrend. It broke above $56K and GETTEX:59K key levels and reached our target of SWB:69K -$70K, it’s all-time-high (ATH), which is another significant resistance area. However, price is very overbought (RSI > 80) and is likely to pause and consolidate around this area, before resuming its uptrend.
Now we wait for price to either 1) break above $70K to signal continuation of uptrend, with upside to $79K-$80K next, or 2) pull back near $60K support for another swing trade entry in Uptrend. The approvals of 10 Bitcoin Spot ETFs are working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. ( MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance : Nearest Support Zone is GETTEX:59K (previous resistance), then $56K. The nearest Resistance Zone is SWB:69K - $70K, then $79K.
BTC: Approaching ResistanceTrade setup : Price is in an Uptrend. Price broke back above $45K to signal resumption of an Uptrend and is approaching our near-term target of $50K. Now we wait for price to either 1) break above $50K to signal continuation of uptrend, or 2) pull back near $45K support for a swing entry in Uptrend with upside potential back to $50K. The approvals of 10 Bitcoin Spot ETFs may finally be working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $45K (previous resistance), then $40.5K. The nearest Resistance Zone is $50K.
BTC: Approaching SupportTrade setup : Trends are mixed. Price made a lower low, which disrupted the Uptrend. Following the approval of 10 Bitcoin Spot ETFs, price broke above $45K, spiked up 9% to FWB:49K where it got rejected as traders began to take profits. Price has pulled back on “sell the news” effect to $38K - 40.5K support zone, giving us another opportunity for swing entry, with 12-25% upside potential near-term to $45K or $50K. Stop Loss (SL) level at $37K (just below support).
Trend : Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance : Nearest Support Zone is $40.5K, which it broke, then $38K. The nearest Resistance Zone is $45K, then $50K.
BTC: Pullback in UptrendBitcoin (BTC) technical analysis:
Trade setup : BTC remains in an Uptrend. Following the approval of 10 Bitcoin Spot ETFs, price broke above $45K, spiked up 9% to FWB:49K where it got rejected. Price has pulled back on “sell the news” effect to $40.5K support, giving us another opportunity for swing entry in Uptrend, with 12-25% upside potential near-term to $45K or $50K. Stop Loss (SL) level at FWB:39K (just below support). Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend : Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance : Nearest Support Zone is $40.5K, then $38K. The nearest Resistance Zone is $45K, then $50K.
BTC: Ascending TriangleTrade setup : After breaking above $45K, price spiked up 9% to FWB:49K where it got rejected and pulled back. However, it did manage to make a Higher High and remains solidly in an Uptrend. It appears back in an Ascending Triangle pattern, giving us another opportunity. We wait for a breakout, back above $45K, with upside potential to $50K. Stop Loss (SL) level at $43,500 (just below support).
Trend : Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, then $50K.
BTC: Ascending Triangle BreakoutBitcoin (BTC) technical analysis:
Trade setup : Bullish breakout from an Ascending Triangle pattern (above $45K resistance) indicates that buyers have now absorbed supply from sellers around this key level and price is ready to resume its Uptrend, with upside potential to $50K. Stop Loss (SL) level at $43,500 (just below support).
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, which it broke, then $50K.
BTC: Ascending Triangle BreakoutTrade setup : Bullish breakout from an Ascending Triangle pattern, above $45K resistance, indicates that buyers have now absorbed supply from sellers around this key level and price is ready to resume its Uptrend, with upside to $50K. Stop Loss (SL) level at $41,300 (just below the prior swing low).
Trend : Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, then $50K.
BTC: Approaching ResistanceTrade setup : Following a bullish breakout from an Ascending Triangle pattern, above $38K resistance, price has reached $45K resistance area again. Now we wait for price to either
1) break above $45K resistance to signal continuation of Uptrend, with upside to $50K, or
2) pull back near $38K support for a swing trade entry with upside to $45K near-term and $50K medium-term.
Trend : Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, then $50K.
BTC: Approaching ResistanceTrade setup : Following a bullish breakout from an Ascending Triangle pattern, above $38K resistance, price has reached $45K resistance area again. Now we wait for price to either 1) break above $45K resistance to signal continuation of Uptrend, with upside to $50K, or 2) pull back near $38K support for a swing trade entry with upside to $45K near-term and $50K medium-term.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, then $50K.
BTC: Pullback in UptrendTrade setup : Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signaled resumption of uptrend. Price got overbought (RSI > 80!) near $45K resistance area and we’re seeing some profit taking by traders. Now we wait for price to either 1) break above $45K resistance to signal continuation of Uptrend, with upside to $50K, or 2) pull back near $38K support for a swing trade entry with upside to $45K near-term and $50K medium-term.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is $45K, then $50K.
BTC: Pullback in UptrendTrade setup : Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signaled resumption of uptrend. Price got overbought (RSI > 80!) near $45K resistance area and we’re seeing some profit taking by traders. Now we wait for price to either
1) break above $45K resistance to signal continuation of Uptrend, with upside to $50K, or
2) pull back near $38K support for a swing trade entry with upside to $45K near-term and $50K medium-term.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is FWB:42K , then $45K.
BTC: Pullback in UptrendBitcoin (BTC) technical analysis:
Trade setup: Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signaled resumption of uptrend. Price got overbought (RSI > 80!) near $45K resistance area and we’re seeing some profit taking by traders. Pullback near $38K support could be a swing trade entry with upside to $45K near-term and $50K medium-term.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is FWB:42K , then $45K.
BTC: Ascending Triangle BreakoutBitcoin (BTC) technical analysis:
Trade setup : Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signals resumption of uptrend with upside to $45K near-term and $50K medium-term. Price is getting overbought (RSI > 80!) and we could see some consolidation around $45K resistance area before continuing its upward path.
Pattern : Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is FWB:42K , which it broke, then $45K.
Deciphering the Charts: A Closer Look at BTCUSDT's FutureD ear TradingView Community,
B efore I delve into the analysis, it's important to note that I do not consider the current price level as the optimal entry point for a short position. While this prediction suggests a bearish outlook, the ideal entry points lie closer to the horizontal red dotted line. The suggested entry points are specific to my risk appetite, and your approach may differ. Even if you find merit in this prediction, your choice of entries, target prices, stop loss, trail profit parameters, and other safety measures should align with your individual risk tolerance. It's essential to understand that past performance does not guarantee future results.
I share a medium-term perspective with the community. This prediction is subject to short-term fluctuations, and its outcome depends on various technical factors aligning. Our AI system, drawing insights from deep neural network analysis, has identified the potential emergence of a bearish chart pattern known as a "rising" pattern, which often marks the end of bullish trends.
S o, what technical indicators support the idea of a bearish rising pattern?
Notably, the volume has consistently decreased between October 24th and November 2nd, suggesting a period of consolidation or more. Historical data indicates that volume patterns often coincide with the conclusion of trends. In this case, the volume indicator implies that the recent bullish trend may be nearing end. It underscores the significance of the volume indicator in relation to channel pattern analysis.
A dditionally, on November 1st and 2nd, there were significant transactions, often referred to as "whale transactions," across major exchanges' spot BTC-USDT markets, primarily involving Bitcoin sales. The red candles in the transparent white boxes on the volume section of the chart represent these selling activities. While I avoid making hasty judgments, some theories in the crypto trading community suggest that whales tend to impact smaller traders. I present this information without taking a stance on the principle, but for those who find it relevant, it's worth considering.
T o illustrate this analysis, I've chosen to use 4-hour candles known for providing a balanced representation that minimizes market noise, making them suitable for weekly or even daily positions. Our AI system has outlined two potential scenarios for future price movements. The price could find support from the current trendline (represented by the bottom white line), leading to continued consolidation, as depicted by the top dotted white arrow. Alternatively, should the mentioned support break, it could pave the way for a more substantial decline, with the bottom dotted white arrow signifying the potential target price. Both scenarios complement our bearish perspective, with the top arrow indicating consolidation before a downturn and the bottom arrow visualizing a more direct fall.
W hile various indicators, such as Relative Strength Index (RSI) divergence, align with the potential scenarios depicted on the charts, it's essential to recognize that this pattern is unconfirmed. There's a chance that we may witness entirely different developments in the coming months. Therefore, I advise a cautious approach safeguarding your existing funds rather than aggressive day trading. Your financial security should always be your top priority.
tl;dr
Position: Short
Current Trend: Bullish
Upcoming Trend: Potentially Bearish
Indicators: Volume Consolidation, Whale Transactions, Rising Supports and Resistances, RSI Divergence
Important: This might not be the best entry. Don't forget your stop loss and trail profit if you decide to put any positions.
Warmest regards,
ELY
BTC: Overbought at ResistanceBitcoin (BTC) technical analysis:
Trade setup : Trends have reversed to Uptrend and price has surpassed our target of $32K. Now, price is getting very overbought (RSI ~ 80!) near $35K resistance and we could see some profit taking near-term, which is the reason for our Neutral rating. We’re looking for a pullback for another swing entry opportunity. Where could the price pull back to? Nearest Fibonacci retracement levels are BER:33K (23.6%) and $32K (38.80%). Previously, 1) price broke through the down trendline (blue line in chart), 2) broke above $28K resistance where it got rejected 2x, and 3) broke above 200-day moving average, and most recently 4) broke above $32K resistance.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance : Nearest Support Zone is $32K (previous resistance), then $30K. The nearest Resistance Zone is $35K.
BTC: Overbought at ResistanceBitcoin (BTC) technical analysis:
Trade setup : Trends have reversed to Uptrend and price has surpassed our target of $32K. Now, price is getting very overbought (RSI > 80!) near $35K resistance and we could see some profit taking near-term, which is the reason for our Neutral rating. We’re looking for a pullback for another swing entry opportunity. Where could the price pull back to? Nearest Fibonacci retracement levels are BER:33K (23.6%) and $32K (38.80%). Previously, 1) price broke through the down trendline (blue line in chart), 2) broke above $28K resistance where it got rejected 2x, and 3) broke above 200-day moving average, and most recently 4) broke above $32K resistance.
Trend : Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bullish but extremely overbought. ( MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance : Nearest Support Zone is $32K (previous resistance), then $30K. The nearest Resistance Zone is $35K.
BTC: Resistance BreakoutBitcoin (BTC) technical analysis:
Trade setup : Trends are improving: 1) price broke through the down trendline (blue line in chart), 2) broke above $28K resistance where it got rejected 2x, and 3) broke above 200-day moving average, and most recently 4) broke above $30K resistance. It is getting overbought (RSI > 70) and we could see some profit taking near-term but after that, we price could revisit $32K.
Trend : Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $28K (previous resistance), then $25K. The nearest Resistance Zone is $30K, which it broke, then $32K.
BTC: Approaching ResistanceBitcoin (BTC) technical analysis:
Trade setup : Trends are mixed. Price bounced off of FWB:25K support and reached $28K resistance, which is also 200-day moving average. We wait for price to either 1) break above that resistance ($28K), which could signal uptrend resumption, with upside to $30K, or 2) pull back near FWB:25K support for another swing entry.
Trend : Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is FWB:25K , then $21.5K. The nearest Resistance Zone is $28K, then $30K, and $32K.
