GBTC: Weekly uptrend triggeredUpside to $180 is highly likely here, low risk buy if you're not already in it.
Good luck!
Ivan Labrie.
BTCCNY
Consolidation at the handle with a bullish BTCThis is a zoom of the handle forming, after the 1/3 retracement for the (A) corrective wave ended, and now ahead of schedule this is the uptrend (according to my point of view) to form B (impulsive wave) and their possible targets in fib levels.
I attach below the central chart
BTC/USD Short and long BTC/USD
BTCUSD Was decanted to the upside after a weekend of very ugly Sideways & Traping Market
Expose a complete of CD Leg and any retraccement near (B ) point will be the excellent oportunity for Demand this Asset.
BTCUSD Is testing key Ressitence at $898 AREA @38%"" from $1161.47 High to $744.57 "" and we can see a kind of INVERTED H&S else..
at this point am very neutral. under bullish technical influence awaiting for breakout
a consolidation or corrective down leg for next 12/24 hours will be totall normal and expected why not. IF not.. that mean the bulls are taking the control hard.. and the jump will be inminent inside 900$ level towards highs.
Thanks 4 your time.
BTCCNY: Anatomy of a correctionI think we have completed the correction in Bitcoin here, with the recent fundamental events potentially serving as catalysts for continuation of the long term advance here. With lower volatility, manipulation, and perceived risks for investors seeking to get involved with Bitcoin, to a more favorable prospect for adoption, there will probably be higher prices and long term growth in this market.
It's interesting to note each time we get a major correction, specially during an uptrend, we can observe this shakeout pattern, where sellers get trapped after selling near the lows, after the market rapidly pulls back above the mid point of the range expansion bar's range.
I have labeled these levels on both monthly and some recent daily range expansion bars.
I'm long as you know, and recently added positions during this correction. At the moment, my crypto account is 80% BTC and 20% ETH, and I'm looking to capture the upside in both throughout the year. I might reduce some exposure to BTC though, depending on how prices evolve from here onward.
Cheers,
Ivan Labrie.
ZOOM OF THE HANDLE PATTERN AND BTC UPTRENDThis is a zoom of the handle of the pattern in formation after finishing the cup.
Possibly we enter inside a channel by the approach of the Bollingers and then form the wave B (impulsive) with those possible targets.
We continue in the fourth and final phase (consolidation) to then correct B with the formation of C (2) and finally break up the resistance level of the handle and go in a bullish and strong direction towards wave 3.
Thanks to followers and likes
BTC Three dive pattern to channel low. Crucial times.Crucial times ahead for bitcoin and we are not at the bottom for this move yet.
I expect us to fall further to the bottom of the channel, completing the three dive pattern with an overshoot possible to the 50% fib. If we break this channel with volume we can expect lower lows and we will test the 61.8 fib level.
This price actions coincides nicely with recent China events which should soon see some light shed upon (PBOC investigating exchanges). If we can get some positive catalyst to hold the channel we can potentially see the top of the channel again and continue within.
The fake trades on BTCCNYLooking for bottom truth in the recent volumes drop on btc, i made a volume compare tool. The reasoning is that if volume on btccny really disappeared due to the forbidden margin trading, there should be a big difference in the ratio since a few days ago.
Blue and green lines are a ratio against the same base volume. the red line is a 5 day average of the 2 ratios.
The idea is that while volume goes away in the china exchanges due to the margin trading evaporating, it should remain the same in western exchanges, so the ratio shows a big drop. BUT:
1 - the avg of volume ratios is so irregular, no clear correlation shows up
2 - the last days (from the "margin prohibition") have a little dip then spike, but appear well in the bounds the general fluctuation
so, the recent volume drop was both in china and the west, and "fake margin" trades didn't impact market after all?
comments welcome...
Rip Van Winklevoss?As many of you know crypto is not my field and I would rather leave this to the experts, after many requests from previous btccny idea (see below) falling just shy of 100 cny from out 9k target we came close but no cigar.
On the macro side CNY buyers have put the moon path on pause for the second half of January - 5841.68 is the flip, if we don't put our fists through this then expect another test of 4898.12 and possibly 4442.33 before any further relief.
To date, 4898.12 held giving more meaning to our next attempt at punching through 6897.18 and 7009.13
Gl guys, please comment your views and if the levels helped give the idea a thumbs up, cheers!
BTCCNY: Daily updateThis is what we're looking at here. We're already in a full position, so, we're limited to use leverage to add trades here. We took a long, currently in profit, and we're aiming to book profits and reduce our long term position against resistance higher.
We'd like to see the following happen next:
No new lows after today.
Daily close above 5175.
Price not hitting going under 4811, and not hitting 3991 by the 16th (if #1 and #2 happen...naturally, this won't occur)
Price return to 6300 give or take, within a few days, and then go up to test the PBOC key level.
After this happens, we'll need to see how price action evolves, in which case, I'd favor booking profits from our longs, except for the core long term position of 15-30%. In my case, I aim to hold 20/20%, in ETH and BTC, and not close these until we achieve the long term targets described in my other charts.
Good luck to us all.
Cheers,
Ivan Labrie.
Overbought -- Short term --- Time for more of the sameEntered short here xbt 834..... 1/2 position will add if it goes up --- making sure we dont break out of the 5900ish channel top
Bitcoin Short Term Bearish Descending Wedge - Target $660 USDThis is for my followers, a quick chart to draw a clear picture of this irrational market that killed the megabull and started this nonstop sell-off due to the PBOC imposing regulations on Chinese exchanges to stop illegal insider activities, wash trading and any other form of elicit activities that have been plaguing the exchanges etc.
It was pretty clear that exchange insiders were aware of the PBOC incoming announcement (before it was announced publicly to us) and hence they started the sell off after breaking the ATH on Chinese exchanges. We can hope that the PBOC's exchange regulations will finally put an end at these years of illegal activities so Bitcoin can really start to shine with less manipulation.
Levels (support and resistance) on chart depicting a simple descending wedge.
Short-term: Expecting some more chop/sideways short-term then a quick retest of $680-650. That dotted yellow line represents the old major bull neckline of 2015 (very important for it to hold else we will have bearish repercussion long-term). Once we hit $680-660 I forecast that the 1D RSI will be roughly around 23-27 in the oversold area which represent my perfect buying opportunity indicator as you know.
Long-term: Expect to bottom at $660s roughly. By year end around October, 8 2017 (235D Cycle) I expect a retest of the ATH if not higher targets ($1500 or $2000)
Check out my profile for my social media links and website.
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Short bitcoin to the ground 4500CNYAn outlook of incoming retracement back to fib 0.5(7100-ish), I'll short to TP1(5600) and TP2(4500). and finally might goes to 3000 but I won't short cuz the risk will be too high
China and their love of 8'sThe number 8 has always been of great significance for China, and for that reason, I believe we may see values as large as 88888CNY, in the not so distant future.
The manipulation that continuously occurs. has allowed consecutive 8's, to become either a final flash of support or resistance. A milestone, followed by a swift return to the median. Thus far, both local lows and highs respectively.
Now, once we factor in halving, a parabolic move of this nature does not seem so far-fetched.
LONG ON BITCOINas described, stop below 5940, we need to go higher than 7380, then the market will decide whats next for us
What will she do next?She burns you every way you go --- watch out for fake outs ---- buy and sell the trend don't get rekt in the chop --- Right now i am neutral waiting to make a move --- Slept through the big sell off -- not trying to force anything here are my zones for the few hours
BTCCNY: Intraday viewBTCCNY's correction appears to have ended, at least for now. We need to determine if it'll hold here, or break lower before finally resuming the long term advance. I'll monitor price action to manage my position size accordingly.
I'm currently long, after trimming down to 20% exposure before the PBOC news fueled 37% decline, and added 60% gradually, over 3 days.
Keep an eye on RgMov and volume and ATR here, for now, things are quiet, but this won't last. I expect to see a retest of 7498.90 in the short term, but what happens after that is yet to be seen, so, I'll look to reduce my long exposure back to 20% once we hit this target, or at least place a trailing stop loss, to reduce risk on part of my position. Remember to always hold 15-30% that you never sell, spot, no leverage, and no stop loss.
Cheers,
Ivan Labrie.
BTC & CONSOLIDATION PHASE
The pattern of the cup is already formed, completing the first three phases.
Currently the BTC is in the last (the consolidation/4th phase) always in the forming part of the handle to conclude with the corrective waves B + C and then the possible and most likely breakout of the resistance formed by the cup.
In addition to being in a moment of pure consolidation, the BTC is going through levels of resistance that comes from the past (example 6400)
The retracement after breaking the resistance of the cup 1/3 (0,33333) of the total depth of the same plus the increase of the volume in the formation of the handle makes even more solid the prognosis.
LONG LONG AND HOLD
Thanks for the likes and followers.
Good trading!
BTC Possible measured move to 4444 in bearish triangle formationCare should be taken following resolution of this wedge continuation pattern for BTC. We could be looking at a measured move to half value of base 4 extension price 8888 to 4444 mentioned in my previous chart pattern of BTC's parabolic state and subsequent exhaustion of the base 4 extension.
BTC - Possible measured move to half of B4 Parabolic ExtensionCareful around resolution of this triangle as it could become a measure move to half the base 4 parabolic extension (BTCCNY 4444) discussed in my earlier post "Bitcoin Parabolic curve may be coming to end of base 4 extension." Heavy congestion around 4300 "CNY" previously.
1-9-17 Bit Coin Can't Make up its MindExpecting a sidways day of choppiness --- Going to be scalping --- Just woke up so I am studying this chart and will zoom in and post my plays as I make them. I personally am beginning to think that this is just a setup for another consolidation based on the way that its trading ---- but the further you zoom out to like a weekly this could just be a blip on the radar. --- Making a new upwards channel today if it breaks I will redraw chart --- Updates to come. Happy Monday lets start the week off right with some profit.
