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BTCJPY

Bitcoin - Systemic cracks have started to appear During the current week, Bitcoin gained slightly, and in the process, it constituted a new high at 24 280.30 USD. However, since then, it has started to move sideways and struggled to move higher. Because of that, we will continue to pay close attention to the volume and technical indicators. We think BTCUSD might continue a little bit higher in the short-term; however, in the medium and long term, we remain bearish. That is mainly due to bearish fundamental factors like higher interest rates, economic tightening, and looming recession. We expect these factors to weigh on the U.S. economy and stock market, eventually dragging the price of cryptocurrencies lower. Furthermore, systemic cracks are appearing in the cryptocurrency sector, beginning with the recent fallout of the Luna stablecoin token, followed by the bankruptcy of Celsius Network, and the spill-over effect into other institutions. The list of affected companies by restrictions on withdrawals of funds/cryptocurrencies and bankruptcies continues to grow. Voyager, Sky-Bridge Capital, and CoinFlex now welcome the latest addition to the list: Zipmex. These are, however, just a few to name. We expect the list to grow in the future with many cryptocurrency projects going bust. Besides these issues, we also foresee more threats from the U.S. regulator, which will further complicate the situation by tightening market conditions via setting new rules for stablecoins and token issuance. These are several reasons why we are very careful with calling the bottom. Indeed, we think it would be premature. Illustration 1.01 Above is the setup we introduced to our readers a while ago; it still remains valid. Technical analysis - daily time frame Stochastic performed a bearish crossover; however, it stays in the upper area. MACD strives to break through the midpoint, further bolsters the bullish case. RSI is bullish. DM+ and DM- are bullish too. Overall, the daily time frame is bullish. Illustration 1.02 The daily chart shows Bitcoin struggling to move higher; simultaneously, a declining volume can be observed. This development suggests buyers are harder to find after the recent bullish breakout and BTC trading between 23 000-24 000 USD. Technical analysis - weekly time frame RSI is bullish. MACD strives to reverse to the upside. Stochastic points to the upside but remains in the bearish area. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish. Illustration 1.03 Interestingly, the price of BTCUSD fully retraced to its medium-term moving average. That hints at a strong correction of the downtrend in progress. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Editors' picks
BITSTAMP:BTCUSDLong
by Tradersweekly
203
Santa rally cooking...After the latest moves there is a strategically interesting structure setting up for the year end flows. Here I am tracking a pullback towards $52,000 support for an opportunity to load for the next exchange. In desperation, late buyers succumbed to the fomo which was buying the highs while sharp hands are taking profits (very similar to our latest ETH charts). Now that the highs have been taken, profit taking becomes apparent. This excellent setup is remarkable not only for the transfer of the momentum, breakout, retrace, breakout, nowadays we consider wave 5 to meet at least the length of wave 1 which will take us at least above $75,000 with extensions (unbelievable) all the way at $217,000.
BITMEX:BTCUSD.P
by ridethepig
12
AB=CD Fibonaci pattern BTC gonna pump! We see AB=CD pattern at weekly chart with Decreasing volume. We find support at 0.618 fibonacci level to find C. The bearish AB = CD is a Fibonacci based pattern, meaning Fibonacci ratios determine the turning points. Formula: D = (B – C)/ Ratio + C=(64895-28600)/0.618+28600=87300$ How often does price reach or exceed D? 95% of the time.One of the best performing strategies. 57% of the time price goes more than the D target. AB is 224 days so CD should be in perfect pattern execution also around 224 days which is 31st January 2022. This could differ greatly also like D price. But we are with 95% security going to at least 87300$. Mega bullish on BTC! Bulkowski, Thomas N.. Encyclopedia of Chart Patterns (Wiley Trading) (Kindle Location 3643). Wiley. Kindle Edition.
BITSTAMP:BTCUSDLong
by CryptoBull17
the last mileHere we are tracking the ending of a 'C' leg in the 4th wave retrace (invalidation for sellers comes into play with 50,130 because it will mean the move is impulsive rather than corrective). Expecting sellers to step in here with risk storming the base for August, the next leg down would mean the lows are no longer protected via the meme prince. Elon now uncovered and exposed if we breakdown, we may witness the nuts being squeezed. In case of any doubts recommend reviewing the macro chart as flows are a lot clearer. A breakout on the log chart unlocked the impulsive 3rd leg where we ticked $50-60,000 which constitutes the necessary target. We are now on our way back to the original blockade via increased regulatory pressures.
BITMEX:BTCUSD.PShort
by ridethepig
16
Gaming juiceLooks like the bulls have shat themselves where it counted the most, it is highly unlikely that there are enough hands in the market at this stage for btc to pump through the 44k-50k region, main players at the moment are bots that are just following a basic continuation pattern preying on beginners that are buying in believing in delusion .we are heavily favoring a downtrend we may touch the bullish channel peak 42-44k but will just fall to the very bottom of the bullish channel where we started,16k-21k.at the moment market conditions are absolute dogshit to make bank off alts which also gives point to a bearish continuation. Heavy resistance 44-48kregion Realistic price range within the next 3months 24-28k
Short
by Glo1235122
ridethepig | BTC Market Commentary 14.01.2021📌 Bitcoin Market Commentary 14.01.2021 It is sellers turn to move, we are hitting the main target for this third wave as widely expected since before the yearly close. The lows are clearly still mobile and the leg lower should now be safe to play. After much thought, and completely recognising stepping against the train, this should be a decision for experienced speculators only . When faced with the choice of protecting the retracement swing and continuation towards and impulsive leg (in this case it will be our invalidation at $42,800), is important in the sense that we are at a decision point. Sellers are looking to take advantage of the very contemplative buyers who will be late to react and before they know it we will be $10,000 lower. The pullback is completely healthy, a 5-3-5 typical corrective pattern will mean business as usual (BTFD) later in the year. For now, the main target belongs to $27,600 lows. As usual thanks for keeping the feedback coming 👍 or 👎
COINBASE:BTCUSDShort
by ridethepig
5
Parabolic advance always ends up crashingWe came up to near $20,000 from the $12,000 breakout of the Cup&Handle pattern, but with a rapid parabolic advance. Whenever prices change too quickly in a short period, it tends to correct hard. Right now we're seeing similar pattern happening across the board, gold is also showing a parabolic roll over. With that said, Bitcoin is still in a bull cycle makes it hard to short. For the moment I'm not engaged in any trade, being patient is also a part of the job. ###NOT FINANCIAL ADVICE###
Short
by JoE
1
ridethepig | BTC Market Commentary 2020.10.21📌 What have we got in play here? On the news flow Paypal does matter but it was expected and is done at the right time if you ask me. I mean the retrace here will be healthy, to trap the late buyers who are unaware thinking its non-stop-moon while also opening an attack on the previous breakout traders at $11,500. A positional play. Sellers can now work on the profit taking and arrive on the support for nothing less than a retest. The long term view remains intact but it is also extremely obvious that we are set for another flush before the elections.
BITMEX:BTCUSD.PShort
by ridethepig
3
ridethepig | BTC Market Commentary 2020.10.20📌 Bitcoin - October 2020 Well done those still holding longs in what has been a rather slow but simple grind higher. Buyers could have developed quicker according to the flow models but we maintained flexibility. Next comes the wave 3 target at $12,364. And buyers are not particularly favourable to break through without a retrace. The correct course is to take some profits and reload from cheaper levels. Rinse and repeat. And now, I present the whole macro flow chart, because of the log-chart breakout it is a good example of how even strong hands and advanced players are frequently unable to understand the core strategy. Thanks as usual for keeping the feedback coming 👍 or 👎
BITMEX:BTCUSD.PLong
by ridethepig
4
ridethepig | Next leg up for BTC?I love it when BTC goes for a walk.... cheap cheap coins on sale here with buyers back from their vacation. Moreover they have their eyes on the $12,000 highs which they seem too fancy. 📍 And here for a change of scenery we shall dig into the LT macro chart. The multi year battlefield adds all kinds of clarity for our attack, buyers want to load the lows and trap any late sellers walking offside and catch them out of position. The technical setup here constitutes a buying opportunity from a strictly risk:reward perspective too. The purpose of protecting the $9,765 lows is endurable for the most part, naturally the retest of support is easy to defend. As long as it is holding there is still hope! Here tracking for a move back towards $12,000 over the coming sessions with a tradable momentum gambit through the breakouts. As usual thanks for keeping the feedback coming 👍 or 👎
BITMEX:BTCUSD.PLong
by ridethepig
16