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Bitcoin, long term ABC examples, Part 2An update on that post i did on 30 Jan, where i tried to show some objectivity on the current stage of the market. If you want to know more about it, read the previous analysis about this. As you can see, i have drawn yellow circles on what i think were Bitcoin currently is. Just to give a picture of what could happen the coming period. It's still not clear if this is just an ABC correction or an impulse wave up to start a new trend. A lot will depend on the coming week i think keeping an eye out for volume and conviction. The 3700/750 is still a big level to break, we can compare it with the 3650 (bitfinex) back in Dec. If that zone breaks with good volume again, chances will be much bigger for a continuation of the rally. But we have to see it break soon, would be best if it happens on Monday already. So far Bitcoin is holding it's levels above 3600, alts look very stable as well, so it's looking all very good at this point. If we look at the others, none of them crossed the 3450/80 level/zone Bitcoin has now. In other words, this whole picture will fail if that level breaks again. Markets needs to keep it above that level, but preferably even above 3570/50 Please don't forget to like if you appreciate this :) Current analysis:
BITFINEX:BTCUSD
by botje11
56
BTC Fibonacci ClustersThis chart is loosely based on Carolyn Boroden's work with 'Fib Clusters'. I have plotted the 0.5, 0.618, 0.786, 1.272, 1.618 and 2.618 fib lines from every swing low to each of the next 3 swing highs (since the start of the bull). I've also got a $20k - $6k in there aswell. I find it interesting to see how at the $11.7k double top, price was rejected by a tight cluster of 5 and the $6k bottom is also comprised of a triple cluster. It's worth noting how price seems to move relatively freely between clusters. In the chart I have highlighted the areas where there are more than 3 fib levels occurring within a very tight range. These are the support levels I'm looking to if the $6k bottom is to bow down to selling pressure. Im eyeing the clusters with at least 1 pink line (0.618) as being the most powerful support.
BITFINEX:BTCUSD
by MissingAnderson
SHORT. Supports broke previous marked targets all hitting. As with my previous targets in my last chart all targets are been hit. We are still in the aftermath of a strong price rejection above $6800 and the weakening support of $6700 until now support has been broken all below $6,400. We have some weak buy volume testing the support here. All my previous targets from my last chart have played out perfectly. Hope you all have profited!! When I look at RSI and MACD levels and progression on 1H, 4H and Daily and other things like the Rising Wedge and bear falg and a few other things I would say it would be very possible to see a pullback and break down through the Rising Wedge to a 50-61.8 Fib Retracement. We have now seen the first pull back to around $6,400 and now looking to 6,270 before confirming anything deeper. As always we have to wait and see what the market makers have in store for us in these situations. As always be ready to play the market both ways whatever the market markers throw at us and beat them at their own game. If you found my previous chart and this one helpful please give a like and a follow. Everything I provide is free and for the betterment of the community. Remember everyday, new data. Stay Frosty!! Thank you!!
BITFINEX:BTCUSDShort
by achtung360
Bitcoins Big Bears Shakeout Part 2, solving the puzzle. UpdateI am going to keep it short this time. So far Bitcoin is having some trouble with the heavy resistance at 9000/9200. But what's not in favor of the bulls as well, there still has not been a healthy correction.We need to see if buyers are willing to buy it at a higher low and push it back up again, instead of everyone getting bearish again if would would drop to 7500/7000 within a few days. That moment the market must show it's hand to give confidence the bear market could be really over. Now it's still to much FOMO and that's just not sustainable for very long. Alt's have been very strong lately, but some of them are showing some top formation's as well. But i have to say, we saw these formations in November/December as well and price just kept pushing higher and higher. But sentiment was extremely bullish than and the crypto hype engine was at it's ATH. I don't think people dare to HODL with big amounts like they did in 2017. I think everyone with serious money has his/her finger on the sell button in case prices start to drop again. IMO this has to change for the market to start get real confidence again and people are willing to catch the price at each higher low. That's why i keep saying, that making a correction is more bullish than making rallies like this that eventually fail (like we have seen many times in the last few months). I have a short position on Bitcoin again, after the first one failed yesterday. Price jumps are slowing down, price is hesitating around a big resistance level. But we need to see a serious drop below the 8600/8500 to be able to say that a correctional phase will start. So far it has made a lower low on the short time frame, but it's still close to the high. So if we keep staying above the 8750 the next 24 hours, than chances increase allot that Bulls will push it through that big resistance. If we do drop today, we could see that H&S getting a real form. Don't forget to like if you appreciate what i am doing :) Good luck trading
BITSTAMP:BTCUSD
by botje11
241
Bitcoin 3 hr thoughtsThe TD 9 only corrected on itself on the 4hr chart (9 candle went down) and I've noticed the 4hr TD count hasn't been very significant/helpful recently. I have found the 3 hour chart to be more helpful over the last few weeks when it comes to the TD sequential indicator so I want to share my thoughts here. We have been working on this symmetrical triangle and the price could go either way in my opinion. I do have a target of $1500 to either side though with a possible rebound at 5k-5100 to the downside and an upside target of $8600. At the very least I expect a 1-4 candle pull back soon when a 9 shows up in 2 candles time (3 to 12hrs downside). If Bitcoin shows strength and rallies up to 7150/7200 with no significant pull back, I will jump back in on the long trade with a stop loss around 6800. Reasons for long : I honestly don't have a lot for the short term and you'll see why in my 'reasons for short'. * The 50 week moving average seems to be holding up the price well *Bitcoin is getting close to being unprofitable to mine and I would speculate that some of the huge companies now involved would try to pump up the price if it became unprofitable. Bitmain declared more profit than Nvidia last financial year so I'm fairly confident there is enough money out there to keep it profitable to mine and I will start buying like a mad man around 5k. Reasons for short: *We have been trading under the 200day ma for an extended period. The last time this happened we had a 15 month bear market. * We had a death cross recently (50 day dipped below the 200 day ma) * We have had too many opportunities to buy within 10% of the swing low (6500-6600 range) and Bitcoin usually doesn't give you this much time to buy that close to the bottom. * I have seen some massive shorts over the last week in the order books which makes me suspicious that the Mt Gox trustee is back to selling (up to 5k bitcoin at a time). * At 5k Bitcoin is still up %500 in a 12month period so it is more possible than people realize. * If the 50 week moving average is broken, the last time this happened there was a about 12 months of trading below it... Not a good sign.. I'm short right now but long term I'm still bullish for BTC so I'm ready to move with the market and change my position as needed.
BITFINEX:BTCUSDShort
by AussieCrypto1
GBPUSD reacted off resistance, further potential drop!GBPUSD reacted off our resistance at 1.4096 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance). A strong reaction might occur at this level, pushing price down to our major support at 1.4013 (horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci extension,). RSI (55) is also facing bearish pressure from its major descending resistance line and a reaction off this level might see a corresponding drop in price. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
Short
by Tickmill