"Bitcoin is ponzi scheme", "Can't you see it is parabolic and dangerous?", "The bubble will soon burst". These are only a few of the common phrases that Bitcoin (and crypto in general) skeptics use to add value to their claims that BTCUSD will not last. Especially its parabolic nature. Well what if I tell you that the world's most popular financial asset (EURUSD)...
I received a lot of enthusiasm by the community with my latest series of Fibonacci cycles and thought to go this a step further and plot & compare Bitcoin's current (2018-2020) and former (2014-2016) cycle before the two Halving events (2nd and 3rd). The goal is to determine which phase of the Cycle we are now based on the pre-Halving price action of the...
I have been into ETHUSD for a very long time and was always interested at the fundamental similarities with BTCUSD. I always thought that Ethereum was repeating Bitcoin's first Cycle and even published this study: I am not going to go into much detail on this analysis. The candle action resemblance of ETH with BTC's first cycle is striking. I am gonna leave...
Pattern: Channel Down on 1D. Signal: Bullish as the Channel Down broke to the upside and the price crossed the 1D MA50 by a wide margin similar to December 2018. Target: 0.01400 (0.786 Fibonacci retracement on the wide 1M Lower High trend line).
Pattern: 1D Rising Wedge. Signal: Bullish if the RSI hits 45.000 or if the green line (0.000425) breaks. Target: 0.00053 (just below the 1W Resistance).
Pattern: Bullish 1D channel. Signal: Bullish on a Bullish RSI divergence. Potential Golden Cross. Target: 0.000016(below the 1W Resistance).
The Descending Triangle on 4H is testing the 8900 Support that was made right after Saturday's 10500 peak. At the same time the Triangle is just below the Lower High trend line with no room for extension so a break out will come either way. What are the scenarios? * If the Triangle breaks to the upside, I am expecting a 0.618 Fibonacci rebound before a -12%...
Another short term pattern on Bitcoin. This time the chart is self explanatory. The 1W Descending Triangle has been following a Lower High rejection pattern on the 0.786 Fibonacci retracement level. Only one time this level wasn't reached but still the 9100 1D Support held and didn't break the sequence. Proof is that on the next bottom the 0.786 retrace was...
This is nothing but a simplistic illustration of how Ethereum is currently replicating Bitcoin's 2015 RSI price action. It is obvious how ETH reproduces the RSI trend pattern of BTC often trailing by as much as 4 years! Can this mean that it is lagging behind Bitcoin in market cycles? If yes then this chart is definitely a road map to be looking into for Ethereum traders.
With both Bitcoin and Gold rising aggressively over the past few weeks, I thought it would be both useful and interesting to make a quick analysis of the relationship between the physical store of value (Gold) and the digital store of value (Bitcoin). The GOLD/BITCOIN ratio started off in huge favor of Gold as Bitcoin was still in its early stages requiring vast...
Last week Bitcoin closed its first bearish 1W candle (-7.32%) since April 21 (-2.82%), which was the strongest red candle since February 24 (marginally as this one was at -7.34%, the next one was at December 2 at -17.91%). So how bad can this be for BTC? A quick answer is not bad at all! Such a formation doesn't hurt Bitcoin's bullish chances, in fact it enhances...
Before claiming that it is pointless comparing Bitcoin to Gold take look at the charts below: On the first chart, the $9000 mark has been hit purely based on a signal given by the similarities of Bitcoin's price action after its bottom to Gold's respective pattern and the buy signal it gave after the +33.50% bounce. See how smoothly Bitcoin's price action...
Bitcoin has been very volatile lately after the parabolic rise made a stop. 4H is trading on an Inverse Head and Shoulders pattern and its neckline has just been marginally crossed. This is an early bearish signal as it brings BTC face to face with a pivotal Support, the 7600 level. This is were many major Support levels cross paths creating a strong Support...
Bitcoin broke through the final MA barrier (1W MA100) and even crossed over the Historical Parabolic Accumulation Curve. This is a very significant development as it this curve has been used historically as a strong buy zone during the distribution phase before every logarithmic bull run. Doesn't this mean that the new bull market will be even more aggressive...
Well the title says everything so I might as well make this analysis a short one. BTCUSD is rising aggressively having almost filled the Gap from November 2018, when the final big drop took place. It is now about to test the MA100 (black) on the weekly chart, which is essentially the final bearish barrier before it starts rising and never look back. If the MA100...
Comparing Bitcoin to Gold?? That can't give you any meaningful trade indication can it? Well first of all look at the perfect buy signal it gave back in December, which I posted in February, on that +33.50% bounce from the low. Right when everyone was wondering where the bottom was, "Should I buy?", "Is this going to $1000?", "Buying on a bear market, that's...
Despite the fact that Bitcoin has (most likely) reached a bottom, the bear market hasn't officially ended. Although traders call the current phase the "Accumulation/ Distribution" stage, it is still an extension, even though the final one, of the bear market. So where does the confirmation of the new bull market comes? I tried to pinpoint this using the Mayer...
The symmetrical 1D Channel Up is close to hitting the 4190 target but more significantly to meet the MA200 that has been holding the bear market in place. This is a very important benchmark for Bitcoin as any break above this level technically signals the end of the bear market. High significance 2 - 3 weeks ahead of us.