Get started

Bitcoinusdt

This Is Why The Bitcoin Is Going To Hit $300K After HalveningHi friends hope you are well. Today I'll show you the most significant move by the Bitcoin that can lead it to hit 300K. But before that I would like to show you some developments on the small time charts because these moves are interconnected with the biggest move that I'm expecting in the next one or two years. The bull flags on daily chart: As in my last article we have observed that the leading cryptocurrency is aggressively forming a different bull flag on the daily char. And in previous post we were expecting the 3rd bull flag. At that time the candlesticks were being consolidated to form the next bull flag. And now we can see that the priceline has moved up and now it is confirmed that the third bull flag has been formed. Now after reaching the $10,000 level the price action may consolidate at this level to form the next bull flag or it will move a little bit more up and then consolidate. The Bitcoin may re-test the resistance block as support: We have already seen that on the daily chart the priceline was trying to breakout the resistance block from $9,000 to $9500 level. This is the most strongest support and resistance block that the Bitcoin could breakout since after the drop off Dec 2017. Once in the month of February 2020 we have witnessed that a Bitcoin broke out this resistance block. After breaking out this resistance block the Priceline tried to retest previous resistance as support but this re-test was unsuccessful and the priceline dropped down all the way up to $4000. Now again the priceline is breaking out this resistance level. The current candlestick is opened above this block. And once the complete candlestick will be opened and closed above this bock like the priceline did this in the month of February then the first step of the breakout will be confirmed. But the final confirmation for breakout will be received when price action of BTC will retest this previous resistance as support and after a successful retest priceline will be moved up from here. Bitcoin is likely to be failed in breaking out the up channel resistance: On the daily chart the priceline has formed an up channel. That was started from 13th of March 2020. And this time the price action of BTC is trying to hit hard to break out the resistance of this channel. At this time we have the 3rd candlestick that is hitting at the resistance to have a breakout. Before this we had candlestick of 30th April that was reached up to $9,485 at the resistance of the channel for the breakout. Then the price action reached at $10,000 level on 7th and 8th May 2020. And now there was a strong hope that the priceline will break out the resistance. But again the price action is likely to be consolidated at this level. Now there are two possibilities that the priceline may form a bull flag at this level and move up to break out the resistance or move down again to re-test the support of this channel that is almost at $8,500. This combination of indicators can give us best signal for bearish move: As in my previous post I told you that I am using the combination of three indicators to watch the bullish and bearish trend of BTC on daily chart. 1st: Vervorrt heikin-ashi long-term candlestick oscillator. 2nd: MACD custom indicator multiple time frame , this is the same MACD indicators that we use normally but this indicator shows the buying and sell signals with crosses. 3rd: Stochastic indicator. Ater placing these three indicators I came to know that since October 2019 the Bitcoin is following a certain pattern for the correction rally or bearish move.The Vervorrt heikin-ashi long-term candlestick oscillator is a powerful indicator that shows whether the priceline is in bullish or bearish trend . When it turns green it means that we are in bullish trend and when it turns in red color then it means that we are in bearish trend . Now after observing closer the daily chart it can be seen that whenever this vervoort indicator turns green then the MACD indicator 1st gives the sell signal and then again it gives buy signal and again it gives sell signal and on this third sell signal if the stochastic also gives the bear cross then the leading cryptocurrency turns bearish and starts the bearish move. It can be witnessed form 24th of October to 25th of November 2019. Then from 23rd of Jan up to 13th of March 2020. And if we see the current situation then the vervoort is again in green color and giving indication that we are in bullish trend , and the MACD has given a sell signal and after that we have received the buying signal and at this time the MACD has turned weak bullish so its mean that it is turning bearish. Once it will give a complete sell signal with stochastic bear cross then we can expect that the BTC will again repeat the same move and start a bearish rally. The down channel on long term: On the long term weekly chart the Bitcoin has formed a down channel and at this time the price action of BTC is trying to breakout the resistance of this channel. Once the bearish move will be started then the Bitcoin can retest the 100 simple moving average support at $7100, or the 200 simple moving average support is at $5700. But in my opinion if the price action will be dropped from here then first it will retest the support of an up channel that has been formed on the daily chart and that support is around at $8500 once that support will be broken down then we can expect the further downward move upto 100 SMA and then 200 simple moving average on the weekly chart. The most significant signal is going to be appeared soon that can lead the BTC price to 300K: Now I want to show you the most significant signal that is going to be appeared after the Bitcoin halving that can lead the BTC price upto $30000. For better understanding we need to see the history of this signal so let's move back to the first Bitcoin halving event in 2012. The Bitcoin halvening 2012: For this purpose I have used long term weekly chart and placed the four simple moving averages with the time period of 25, 50, 100, and 200. In 2012 the 100 and 200 simple moving averages were not available therefore we will find this signal using only 25 and 50 SMAs, then we can see that just before the Bitcoin halving the 25 simple moving average form the golden cross with 50 simple moving average then after the Bitcoin halving we had the strong supports these two SMAs. Further in July 2013 the 100 simple moving average was also appeared below the 25 and 50 simple moving averages. Here we had a complete a opened alligator mouth formed by these three simple moving averages. And all these SMAs lifted the price action up very aggressively and the Bitcoin started more than 10000% bullish rally and produced ROI (return on investment) with 1 : 10K ratio within one year. The Bitcoin halvening 2016: Now let's move forward to the next halvening event in the year of 2016. Then we can see that just before the halvening the simple moving averages formed an opened alligator’s mouth for forming goden crosses with each other, as we can see that the 200 smple moving average was below all other simple moving averages then 100 moving average was above 200 moving average, then the 50 SMA was above the 100 SMA and the smallest moving average with the time period of 25 was above all four SMAs. And after halvening all these simple moving averages lifted the Bitcoin up very aggressively and the price line of BTC produced more than 3000% return on investment ratio within one and a half year. The Bitcoin halvening 2020: Now when almost three days are left in the 2020 halvening event then we can observe that almost an opened alligator mouth by these four simple moving averages is formed. Only the golden cross between 25 and 50 moving averages is due. Once the smallest moving average with the time period of 25 will cross up the 50 simple moving average then we will have the order of these moving averages like 25 simple moving average above all then we will have the 50 SMA below the 25 after that we will have the 100 simple moving average below 50 and the 200 SMA will be below all other SMAs. Then a complete opened alligator mouth will be formed and after completion of this alligator mouth we can expect a really very powerful bullish rally that can be continued for next two years. If we compare the ROI ratio that was produced in the after 2016 halvening then it is 70% less than the ROI ratio that was produced after the halvening of 2012. As we have seen that in 2012 the return on investment ratio was more than 10000%. Now in order have an estimate the next ROI ratio we can expect 70% less ROI than the ROI after halvening of 2016. And in my point of view that will be very conservative approach. And in this way the next return on investment ratio would be e 1000%. Its mean that Bitcoin can easily hit $100,000. But it is also possible that the Bitcoin will produce up to 3000% rally as it has already produced after the previous halvening of 2016. And it this time it will be difficult for the moving averages to form a complete opened alligator mouth before the halving event. Because one candlestick is representing one week and there are only approximately 3 days are left in the next halving event. However it doesn't matter whether this alligator mouth will be oepened before the halvening or after. Whenever it will be formed it will produce a very powerful gleefully that can be continued for atleast next two years. Conclusion: On the daily time period chart if the price line of BTC will not break out the up channel and we will receive strong bearish signal by the MACD indicator then there are strong chances that the price action may start a correction rally, however on the long term the Bitcoin will be remain bullish and after having event it can turn more strong bullish.
BITSTAMP:BTCUSDLong
by moon333
4
Taking a long here after a great retracement.For B's Learning. Using some of the most basic features, right now was a good spot for a low Risk Vs Reward position. There is a long standing support close by since the March low, I will increase my position if it drops to the .78 Fib before support line is higher. I will follow just under the support line with my stop loss, currently a 2.75 Risk to reward. easy pickings. Will double position size If .78 Fib is touched pre-support line. Dont trade risky set ups, be patient. be calm, learn the market, know your limits. use basic indicators with a bit of knowledge of overall market sentiment. this is a simple process. trade Fib levels, trade major support lines. potentially can ride this trade for a few days into the halving if all goes well. Stop loss will be set tight, but in a normal market i would take profit at given levels. BTC is looking a bit unpredictable atm, so always be waiting for the Market Movers to hunt your stop loss before any significant moves. If you can wait for a bit shake always do so.
Long
by cazzaxx
Bitcoin Bull and Bear viewBTC Analysis on the weekly time frame Bitcoin forming a triangle formation with LHs and HLs. It is currently finishing its Wave D which shall stretch upto 61.8% FIb extension ABC. This shall give the Target 1 as 10,000 which seems to be achieved anytime soon. A further extension of the Wave D to 100% Fib extension ABC shall give the Target 2 level at 14200-14500. Any pullback to Wave E shall be suggested to reach fib retracement level 50%-61.8% giving the buy zone at 7300 levels. The bear phase shall start if the bitcoin pullback stretches further to 88% of Fib Retracement level at 5000 which shall be very difficult for bear currently. Stay alert and happy trading!
COINBASE:BTCUSDLong
by kuberbindra1
Bitcoin | We Need To Watch out For These Bearish SignalsBitcoin ignored the bearish pattern: Few days back we have seen in my previous post that the Bitcoin had formed a rising wedge pattern on the daily chart. And it is considered as bearish pattern among the traders community and this is a fact that in most of the cases whenever this rising wedge pattern appears the priceline breaks down the support rather breaking out the resistance. In my previous article I shared some details based on some bullish signals by some indicators and the moving averages and I predicted that this time the Bitcoin will ignore this bearish pattern. And now finally we can see that on 30th April the Bitcoin turned bullish and broke out resistance of rising wedge pattern. The bull flags: In my previous article we have seen the bull flags on short term 4 hour chart, but now the Bitcoin has turned more bullish therefore these bull flags can be easily seen on the daily chart as well. And we and if we look at the chat then it can be easily witnessed that the Bitcoin is forming the third bull flag. At this time the candlesticks are being consolidated to form the next expected bull flag. But here I would like to share with you that there are some bearish signals appeared that can cancel this bull flag if the priceline will be dropped more than 100%. Priceline is struggling at the resistance of an up channel: On the same daily chart it can be also seen that the priceline of BTC has formed an up channel. The price action was entered in this up channel on 13th of March 2020 and at this time we can see that the candlesticks are hitting at the resistance of this channel. Since 29th of April this is the 5th attempt by the candlestick of leading cryptocurrency to break out the resistance but so far the priceline is moving sideways with the resistance. A strongest support and resistance block: At the same time it can be also observed that on the daily chart the priceline is tring to breakout the resistance block from $9,000 to $9500. This is the most strongest support and resistance block that the Bitcoin is facing since after the drop off Dec 2017. If we take a closer look at the chart then it can be easily witnessed that most of the times this block is working as a strong support and also as a strong resistance as well. At this time it is working as a strong resistance therefore the priceline of Bitcoin got stuck at this level. And in order to break out from this strong resistance block the Bitcoin needs a powerful buying volume. Bitcoin is following a certain pattern for bearish move that can be seen using these indicators: There are more than 5000 indicators available on the tradingview therefore I try to use the combination of the different indicators. And this time after a deep research I am using the combination of three indicators 1st: Vervorrt heikin-ashi long-term candlestick oscillator. 2nd: MACD custom indicator multiple time frame, this is the same MACD indicators that we use normally but this indicator shows the buying and sell signals with crosses. 3rd : Stochastic indicator. Ater placing these three indicators it is realized that since October 2019 the Bitcoin is following a certain pattern for the correction rally or bearish move.The Vervorrt heikin-ashi long-term candlestick oscillator is a powerful indicator that shows whether the priceline is in bullish or bearish trend. When it turns in green color it means that we are in bullish trend and when it turns in red color then it means that we are in bearish trend. Now after taking closer look on the daily chart it can be observed that whenever this vervoort indicator turns green then the MACD indicator 1st gives the sell signal and then again it gives buy signal and again it gives sell signal and on this third sell signal if the stochastic also gives the bear cross then the Bitcoin turns bearish and starts the bearish rally. It can be witnessed form 24th of October to 25th of November 2019. Then from 23rd of January up to 13th of March 2020. And if we see the current situation then the vervoort is again in green color and giving indication that we are in bullish trend, and the MACD has given a sell signal and after that we have received the buying signal and at this time the MACD has turned week bearish. Once it will give a complete sell signal with stochastic bear cross then we can expect that the Bitcoin will again repeat the same move and start a bearish rally. A down channel resistance on weekly chart: Now if we switch to the weekly chart then the movement of the Bitcoin strengthens our fear for the drop. Because on this weekly chart the Bitcoin has formed a down channe and at this time the price action of BTC has hit the resistance of this channel. This is very strong resistance that is not broken out since June 2019. Therefore if the priceline will be failed to breakout this resistance then it may start a bearish rally from here. Once the bearish move will be started then and there can be different theories that where the Bitcoin will move. So there can be different down move destinations. For example on long term weekly chart we have a 100 simple moving average support at $7100 the Bitcoin may re-test this support again, or the 200 simple moving average support is at $5700 if the price action of Bitcoin will break down the 100 SMA support then it may be re-test the 200 SMA support. But in my opinion if the price action will be dropped from here then first it will retest the support of an up channel that has been formed on the daily chart and that support is around at $7800 once that support will be broken down then we can expect the further drop upto 100 simple moving average and then 200 simple moving average on the weekly chart. The big bullish Gartley has done its job: Here I would like to recall the very big bullish Gartley pattern that is formed by the priceline of leading cryptocurrency on the long-term monthly chart. I've been posting this Gartley pattern in my different previous articles as well. The buying zone of this Gartley pattern starts from $7231 and ends up to $5424, and the as per Fibonacci sequence of this Gartley pattern the sell zone starts from $8654 and ends up to $12070. And now we can see that from the buying zone of this bullish Gartley pattern the price action took a powerful bullish divergence as per prediction entered in the sell zone. Now the question arises that “is the game over now? or the price action will continue this bullish rally ? “ The answer is that even though the sell targets of this bullish Gartley pattern has been achieved but still we have very powerful supports of 100 and 200 simple moving averages on the weekly chart unless these supports will be not broken down we can still hope for a powerful bullish rally. Conclusion: At this time the Bitcoin is fighting with the resistance levels on the daily chart and also on the long term weekly chart as well. Based on some certain indicators Bitcoin can start a correction rally and may re-test the support of the channel that has been formed on the daily chart.
BITSTAMP:BTCUSDLong
by moon333
Is This V Shape Recovery Of Bitcoin Is A Warning For A Big Drop In my previous article we have seen that the Bitcoin was forming bull flags on the small time period 4 hour chart and during the bull flags formation the price action also formed a down channel. And after breaking out the down channel resistance the Bitcoin was forming more bull flags. The price action was being consolidated in next expected flag and now it can be easily seen that the price action has taken another bullish divergence and now we can expect the new bull flag. Bull flags formation of daily chart: Now the Bitcoin has turned more aggressive in forming new bull flags even the these bull flags can be seen on the bigger time period chart as well. If we switch to the daily time period chart then it can be easily observed that so far we have received two bull flags and now the 3rd bull flag is expected. Rising wedge the bearish reversal signal is being canceled: As we have discussed in my previous article that a bearish reversal pattern is appeared on the daily chart and that is the rising wedge. This is strongly considered a bearish reversal pattern among the traders community but this time the priceline is likely to breakout the resistance of the pattern rather to break down the support. If you look at the chat then a strong bullish candlestick is crossing up the resistance of the rising wedge pattern and this bullish candlestick is also crossing up the 100 in 200 simple moving average resistance levels. And once the priceline will be completely closed above these resistance levels then we can consider a complete breakout from this rising wedge pattern after that the priceline may re-test the resistance of the rising wedge pattern as a support and move up again or there is also a possibility that the price action will turn more bullish and move more up without retesting the previous resistance as support. However if the priceline of the leading cryptocurrency won't be able to completely break out the resistance of the rising wedge pattern and if it will break down the support then it can be moved up again after hitting the $5700 levels. Because the volume profile of the complete pattern is showing very low interest of the traders below this level. Is this V shape recovery is warning of Kiss Of Death? Now let's talk about the situation that most of the traders are talking about and that is the V shaped recovery of the Bitcoin. After strong bearish move the Bitcoin has started a bullish rally that has formed a V shape and most of the traders are thinking that after a strong bearish move this V-shaped rally is a warning to a big drop that is also called “Kiss Of Death” and this expected bearish move can lead The priceline to retest the previous low or it can be moved more down. But if we see the recent bearish rally that was started from 13th of Feb 2020 then during this rally the Bitcoin has formed a price rejection line from where the price action of Bitcoin has been rejected again and again. And finally after been rejected on 9th of April on the second attempt on 16th of April the priceline of leading cryptocurrency has broken out that rejection line. This rejection line was very strong resistance for the Bitcoin now it is working as a strong support therefore if the price line will move down from here then this support will stop the price line to move more down than this level. Will Bitcoin be rejected by EMA 21 on monthly chart? Now let's talk about another situation that the traders are talking about. And that is on monthly chart. Here most of the traders are thinking that if the priceline of Bitcoin will be rejected by the exponential moving average 21 then there will be more chances of this Kis Of Death Situation. But this theory is wrong because if we see closely on the chart then it can be clearly observed that sofar the price action did not break down the EMA 21 therefore using the word “rejection” is not appropriate. In fact the price line is getting bounced from this exponential moving average. We would use the word rejection once the priceline completely breakdown this EMA 21 and then it would try to move back and break out this exponential moving average. Even we have a kind of double bottom situation on this EMA on this monthly chart. And we have two more bullish signals. If we see the candle stick of 1st Jan 2020 then it is a strong bullish engulfing and now on the current candlestick that was started on 1st April we can see that this is another bullish engulfing candlestick. Af these two more bullish signals we can expect a powerful bullish move from here. The Bitcoin has broken out the 100SMA resistance on long term chart: Now if we switch to the weekly chart then we can easily see that 1st the candlestick has taken a strong bounce from the 200 simple moving average on the weekly chart. And now broke out the 100 simple moving average. After the complete breakout the priceline will have very strong support of these two simple moving averages and it will be easy for the priceline to hit the next resistance level at $12325. The big bullish Gartley has done its job: Here I would like to recall the big bullish gartley pattern that has been formed on the monthly chart by the price line of Bitcoin. After entering in the potential reversal zone of this big bullish gartley pattern the price line is getting bounced and moving towards the Fibonacci projection area of A to D leg. Now for the safe trade if you have bought the Bitcoin from the potential reversal zone as I have defined on the chart then you can sell it between the sell targets that I have defined as Fibonacci sequence. But I am expecting that this time the priceline will turn more bullish and will make another attempt to breakout the $12325. However the stop loss is important therefore the potential reversal zone of this bullish Gartley pattern or the 200 simple moving average on the weekly chart can be used as a stop loss. As per Gartley targets are as below: Buy between: $7231 to $5424 Sell between: $8654 to $12070. Conclusion: The bearish theory for rising wedge pattern is likely to be failed this time. A resistances are converting to supports for Bitcoin. The bullish journey that was started on hourly chart is being converted to monthly chart that can lead to more powerful bullish move. 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
3
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
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
Bitcoin is forming bullish BAT | A good long opportunityIn my previous idea we have seen that on 2 hour chart the Bitcoin was forming bullish Gartley then finally as per prediction the priceline entered in buying zone and after hitting the sell zone dropped down. Formation of new BAT pattern: This time on short term 4 hour based chart the price action of BTC is forming bullish harmonic BAT pattern and soon it will be entered in potential reversal zone. Buying And Sell Targets: The buying and sell targets according to harmonic BAT pattern should be: Buy between: $6853 to $6777 Sell between: $7034 to $7307 Stop Loss: The potential reversal zone area which is up to $6777 can be used as stop loss in case of complete candle sticks closes below this level. Possible profit and loss ratio: As per above targets this trade has the profit possibility of 7.8% and as per stop loss the loss possibility is 1.10%. 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.
BITFINEX:BTCUSDLong
by moon333
2