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BTCEUR

Bitcoin - Bullish, Bearish, and Neutral Scenarios Played OutHey team! As I was charting on the different time frames, I wanted to give my thoughts on the bullish, bearish, and neutral scenarios of Bitcoin and what it could mean for the market as a whole. BULLISH SCENARIO First, let's start with the bullish scenario and point out the obvious bullish triangle in blue. Notice how I placed my support lines on the candle bodies of the price action? I did this to emphasize the buyer support creating those wicks on the price. Buyers are scooping up cheaper BTC every time it dumps. To me, this is the real support area and strengthens the case for the bulls. The price action in the short-term, however, is far from bullish. If we continue to the downside I think $11,000 will be the bulls area of support. This area is right in line with the pink uptrend that has support BTC and pushed it higher. Given Bitcoin's demonstrated buyer support on lower prices, I think a bear trap could likely outcome so be aware bears! Bitcoin is in a bullish uptrend and it broke the All-Time HIgh resistance, a trend it has never broken. Sticking with the trend, the bulls have the advantage. NEUTRAL SCENARIO Let's be honest, Bitcoin can't grow forever. And as Bitcoin has been going sideways, the alts have been jumping and showing the best signs of life since 2017. I think that Bitcoin remains sideways and above the All-Time High trend, this is bullish for the alt market. If BTC starts moving into Bullish or Bearish territory, it might be best to leave the alts and stick to BTC or USD. BEARISH SCENARIO The situation that Bitcoin currently finds itself in, however, is a great chance for the Bears to take the reins and push BTC lower. I see a big head and shoulders pattern with a head height of $1,000. The reason $11,000 is a key area for the Bears is because this is the neckline for the HS pattern and it's also where the pink uptrend is acting support. If this were breached, the All-Time High trend would be the last hope against the bears. If this head and shoulders pattern were to complete, its target price would be around ~$10,100 which is well below the all-time high trend. Bitcoin has been following the DJIA . Be aware that a crash in the stock market would likely cause the Bitcoin market to follow suit. I am most definitely keeping my eye on the DJIA and other indices in case another April dump comes. If it does, I will have my bear hat back on and will be shorting the market hard. My bias: I am biased to the bullish/neutral scenarios at the moment. It's hard to favor the bears with Bitcoin being so bullish. Although I know the stock indices will soon crash and I believe it will take the crypto market with it, I have to stick with the trend until the bears demonstrate they're a threat. So until then, MOON BITCOIN MOON!
Long
by jpbrown1023
Long Bitcoin Nearterm (2% Allocated) My position in this is around 2% of my account. I have no connection and don't follow it-- there's plenty for yall on here--either way it's a great way to shown a disdain for the U.S. gov't spending. With the more trillion dollar fiscal stimulus that get's injected, why fight gold or bitcoin , as they are looked at as alternatives. However, until bitcoins market cap i above $500b, it won't take it seriously. It's just a easy way to speculate with no more than 2% of my account. Do not speculate on this with more than 2% of your accounts value, as it's not a "currency", and moves sometimes 30% in a day. (which takes something like gold a few months to go down -17%). 13:25:48 (UTC) Tue Jul 28, 2020
NLong
by TayFx
ridethepig | The Nature of the Work Breakouts and impulsive swings 📌 @ridethepig June Map Buyers had the move and played to exchange at the key support lows, which despite the length of compression can also be expressed in an impulsive breakup in no other terms than: Buyers in full control and gunning to take out the highs in the compression range. I managed to carry out the deeply laid plan towards the second target although it should have been broken on the first test in my opinion as was well within reach. I see no other ending here than for BTC to outperform, the 'ideal asset' for a time when confidence in the public sector is diminishing by the hour. Things proceed as follows: buyers load the 9012.x lows and accumulation begins. And now that we are finished with this phase we can clear the way for buyers to test 10,800.x into August. Here the only prevention can come from state bans on exchanges although the inevitable outcome in this case would be, as many know, private markets and auctions. In the swing cooking here, buyers are liberated from the grips of compression, an interesting setup! How keenly will buyers attempt to achieve the ground? Where are sellers stops? Why? For those wanting to further the conversation we can track the inner flows together in the comments below. Thanks as usual for keeping the feedback coming 👍 or 👎
BITMEX:BTCUSD.PLong
by ridethepig
13
Is BTC/USD bullish ? Current Daily Chart OverviewHi there, In my last analysis I commented that there weren't enough reasons to justify that Bitcoin was going to have a bearish scenario soon since the price action was still positive. I wouldn't be looking for facts like inflated action of the SPX500 to justify Bitcoin is holding very well at 9k levels. For me price is everything, i know this can change very quickly to a bearish scenario if price drops. However, I do not have a crystal ball and i cant be talking about bearish scenario will happen until price movement suggest it. Daily Timeframe - Breakout of the triangle formation and testing MA50 in daily timeframe. Price should pullback in 9250 area to make another leg up and stay above MA50. If this happen, then we could have a good LONG entry for futures/margin traders and we could be looking for 10k+ price - CCI next to enter in a green territory - RSI higher lows + Breakout - MACD crossing + STOCH RSI upward movement - Volume is really TINY. I would like to see more volume in order to confirm upward movement. Any false breakout and price rejected by MA50 could drive price below 9100$ being dangerous for Bitcoin. Be ready for any scenario if price turns! Mike
BITSTAMP:BTCUSDLong
by MikeCryptoSignals
ridethepig | BTC Market Commentary 2020.06.17📍 A highly interesting move for BTC would be followed by triumphal progress at the $9,000 lows again... The main feature of interest to me is the lows played on 11th and 15th June. It has a strong bid as a barrier and was well backed up, by the 2nd June lows. The next climax to the attack can begin over the coming sessions, what we need to be asking ourselves: What are the chances? Why would they buy that..? Start writing things down... If this goes up? Why would they sell it... write stuff down. You can build a powerful argument, getting under the back of a successful halving, confidence in governments and risk appetite etc. I hope this gives you a good idea of how to find cheap discounts - if you are a buyer, you start to look below... look for context; where am I? You can say you will pass on $9,000 but instead stick a limit in at $8,900 ... sure something can happen outside of markets on the virus front and we may have to work it out, it might be bumpy, but we can pan the idea, as long as we keep a cool head you can ride through the bumps. Lets get it done. I'll leave it at that....Hope it helps to make lives easier, keep at the grind and keep the feedback coming!
BITMEX:BTCUSD.PLong
by ridethepig
5