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BTC "PITCHFORK TRADING STRATEGY" (ON THE ROAD TO 130K)Hello everyone ! Today the Black Cat Trader is analyzing BTC on a weekly chart. What we can see : - By using the Andrew's Pitchfork into on one of the first BTC impulsive wave back in 2012, we can identify a very nice long term uptrend for bitcoin (Low = 2,25 ; High = 1163 ; Low 198) . Thanks to PF, supports, resistances and possibilities for futur growths can be easily identified. - By extending horizontal lines (purple) from previous ATH to lower lines of the pitchfork, we can clearly identify the potential zone where BTC could make its new ATH : ATH (25 Novembre 2013) = 1172 $ Extended line (from ATH to the lower line of the pitchfork) = NEW ATH (19.680 $) ATH ( 11 décembre 2017) = 19.680 $ Extended line (from ATH to the lower line of the pitchfork) = POTENTIAL NEW ATH (130.000$) What we can expect : Regarding the actual situation and based on the datas we have, we can expect two scenarios: (N°1) Bitcoin manages to break the intermediary lower median line of the pitchfork (which is actually a resistance) to turn it into a strong support to go higher. Then we can expect that bitcoin will make a new ATH located at minimum on the median line of the pitchfork (red one) - Resistance : intermediary lower median line of the PF - Strong support : lower line of the PF TAKE PROFIT : 130 000$ ((Median line of the PF) (N°2) Bitcoin fails to break the intermediary lower median line. In this situation, we can expect that Bitcoin could bottom on the lower line of the PF which would be a very good opportunity to buy btc low. Major support : Lower line of the PF IF YOU LIKE THIS POST, FEEL FREE TO FOLLOW THE BLACK CAT TRADER AND LEAVE A LIKE (D.Y.O.R)
BITSTAMP:BTCUSDLong
by Hector_Bienvenu
7
XRP Story !Ripple! Ripple and the story of the court and the lawsuit and the paperwork have probably ended up in Ripple's favor! Be careful -> Probably! So from a technical point of view, Ripple is in a downward channel in daily time frame! And we know that descending channels are basically broken from the roof! Also, the price above the midline of the channel is forming a downward corner pattern. (Descending wedge) (descending wedge indicates price growth) So the evidence shows, if Bitcoin closes its weekly candle above 38K! We will probably see the growth of this adventurous Altcoin and the remnant of growth!
by GODsPLAN777
FIB projection with PMB inversion. BTC poised for reboundAfter the broader market gets this minor correction out of it's system, BTC will be poised to rebound strongly with limited BT availability and widespread adoption. Market should show recovery for several days before going long in BTC. BTC simply being pulled down by the "drowning man" market. I think 80k BTC by year end is VERY doable, and this is a great buying opportunity. I expect another week or two of volatility.
B
by hherbson
Bitcoin in a Daily Flag.The price of Bitcoin is currently located in a pattern flag, which suggests that a certain momentum is being accumulated and we may see a strong move to the upside or downside. Considering that this formation has been created from a leg up in uptrend, the bias should be a break to the upside. A clear break of $49000 will be a confirmation, that we will continue to see extended gains. However a break of $46700 will lead to extended losses to daily 50 EMA at $45500 with dips even lower. A break to the downside would be a pretty bearish sign as Bitcoin doesn't currently have that much room to breath in order to remain bullish as the EMA's are coming close together.
by TiborVrbovsky
1
Bitcoin dejá-vu with Feb 2021.Consolidating towards a symmetrical at 47,290. (My opinion on this 50/50 : Could maybe go under, around and up 46,900+. Down if dropping under 46350, still bull. probably still solid support on 42k. ) The conditions where it is in: MACD levels low and momentum decreasing are eerily similar to an earlier run at 50k. www.fxstreet.com "Bitcoin wavers in a range above $45,000, keeps monthly support line breakdown while trying to defend 21-day SMA. Downward sloping RSI, receding MACD strength join sustained trading below short-term support line, now resistance to favor sellers. 50-day SMA, ascending trend line from December 11 favor will offer strong support. Bulls should wait for successful run-up past-$50,000 for fresh entry. Bitcoin bulls lick their wounds below $50,000, currently around $48,400 while trying to tame the downside break of a short-term key support line, now resistance, during early Wednesday. In doing so, the quote tries to justify its bounce-off 21-day SMA but the downward sloping RSI line and receding strength of the MACD signals suggest further challenges for the crypto optimists. As a result, a clear break below the 21-day SMA level of $47,290 will direct short-term BTC/USD sellers toward 50-day SMA, currently around $40,250. However, any further weakness will be tamed by a 10-week-old support line, at $35,900. In a case where the crypto major fails to bounce off the key support line, odds of its drop to the monthly low near $32,000 can’t be ruled out. Alternatively, corrective pullback beyond the previous support line, at $49,700 now, will have to cross the $50,000 hurdle to recall the BTC/USD buyers. Following that the latest high of $58,355 can offer an intermediate halt ahead of directing the run-up to the $60,000 round-figure. To sum up, Bitcoin’s latest pullback is likely to extend but the bulls aren’t out of the woods."
by CryptoCreeper90210
Bitcoin Long Term IdeaIt is possible for Bitcoin to experience a pullback at this point. But I don't think this pullback will end the bull season. Price Pullback will be up to a certain point. If the price cannot hold well in the 37-38 thousand range, it would be logical for me to think that the bull season is over anyway. Once the price reaches the 58-59k band from this point, it will start a bearish movement again because the sellers are waiting at this point. On the other hand, if Bitcoin can hold in the 37-38 band, we can see $102,000 in a possible bull season. Please manage your risk.
COINBASE:BTCUSD
by barisylcnky
BTC Long set up at 37k and possible evidence of a great buy. After finding strong resistance at 53k. BTC could go into a correction and here we are looking for evidence of a great possible long set up. Going to the Weekly, we have a weekly resistance marked by blue horizontal line which could flip into significant support. Not only that but we also have our 0.618 fib of our uptrend wave that lands on a High volume node on our uptrend volume profile. These are strong confluences that can give us a greater possibility of strong support. In our current situation BTC found very strong resistance at 53k which was the 0.618 Fib of our downtrend as you can see in Exhibit A. We broke our uptrend channel (Exhibit B) and is a good signal of a correction. As of right now we have our 0.382 FIb at 42.6k holding as support. Once that breaks, we have a high chance to test our PoC of this uptrend at 39k. A possible bear trap could happen if we break PoC and sub 37k would be my target for long entry. Exhibit A Exhibit B Exhibit C
COINBASE:BTCUSDLong
by Detective_Conan
2
Short 🔴 Sure Short, Vampire Cat WedgeShort 🔴 Sure Short, Vampire Cat Wedge The left-wing (bearish wedge, red trendlines) of the vampire cat broke down. We're seeing a retest now. If the price is rejected, it'll crash in the right wing of the vampire cat. Will it be rejected? Daily trade BTC volume is dead. Shorts on altcoins are piling up. Long-term investors go to El Salvador to dump their BTCs. We think about a short position. Trade only confirmed patterns. Trail your profit carefully.
Short
by Elysian_Mind
10