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Bitconi

Bitcoin Breaks Down!! 📉Bitcoin has broken down from a pennant consolidation pattern. We are currently finding support at $38.4K which could mark the formation of a new technical level. It appears that BTC is just not ready to break through the $40K boundary which has proven difficult for it and remains a hard upper bound to its recovery. If we can't sustain current levels, we will find further support in the mid $30K handle at $37.7K and $36.7K. If we can muster another burst of momentum, then $40K is still the level we must break to confirm that we are back to bull mode
BITSTAMP:BTCUSDLong
by quantguy
BAT parallel channelBAT chart is good because it formed a nice parallel channel. When channel is formed price tend to follow its borders untill they are broken - then it will move into breakout direction. Now price in the middle. Support at 2424, center at 2525 and resistance at 2626 (easy numbers easy to remember). Now you have a roadmap. Follow it. Buy support, sell resistance. Breaking channel down will take price to ~2222 support. Breakout will meed 2727 resistance and then move towards ~2950.
by WiseAnalyze
1
Bitcoin Still Bullish - Don't Get Left BehindBitcoin pushed higher than I expected when looking back at my April 29 analysis. Many called me wrong for being bullish then, and I'm sure I will be called wrong for being bullish now, but let's take a look at the chart. Bitcoin blew passed the 6.5k resistance and ran on to 8.4k before hitting a wall. This did not give time for the bulls to build a proper support at the underlying levels. Anytime an asset does this traders should be cautious and keep a close eye on their trade. After stopping at 8.4k Bitcoin fell back and pushed at it again creating a double top. It was at this point, via Twitter, I detailed that Bitcoin was going to retrace to the 6.3k - 6.5k region and that it would be quick and violent. It was - an actually quicker and more violent than I originally thought it would be. Having taken a short position for this move I was met with great success on the trade than I expected. Bitcoin tapped the 50 fib on the fall almost perfectly and has since been consolidation in the range of 7.2k-7.4k. Many analysts have now gone bear bias and are predicting further moves down to 6.5k, 5.4k, and even in the 4k's. However, given the nature of the market, I see this as the least likely of the possible scenarios. Instead, during the violent dip I believe that Bitcoin hit the Wave 4 retrace target, is consolidating, and will next move up to complete a five wave structure with the Wave 5 target coming in at $10277. It is here we can look for Bitcoin to make an ABC correction where it should remain above the overall upward trend and continue the bullish market cycle. As always - trade safe and set appropriate stops if the trade goes against you.
KRAKEN:BTCUSDLong
by Ryan_W
1