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Bearish December continues for BTC. Here's a quick lookHere's a quick look at BTC Daily chart. As we can see, the price has previously made several bearish retests of the red trend line and has had no success breaking through it yet. The price needs to penetrate the red trend line in order to avoid further downside. The price is currently being held down by 2 big resistance lines shown with light red and light blue. The bullish scenario is this: The price breaks back above the blue downtrend, then retests the blue trend line and bounces off the blue trend line and in the end breaks and holds the red trend line. For now the price will oscillate within the red box and may do so for the rest of December. But a break above the red trend line could turn things around very fast! ------------------------------------------- What Is a Wedge in the context of trading?: "A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts. Key Takeaways for Falling wedges: 1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods. 2. The patterns may be considered rising or falling wedges depending on their direction. 3. These patterns have an unusually good track record for forecasting price reversals." ------------------------------------------- If you like the content, then make sure to comment and like the post :D Follow me for daily profitable trading setups BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
by MBM_Crypto
8
Bitcoin to $13k? Bulls gaining full control.Bitcoin , sitting at $9500 at the time of this analysis, is sitting on the uptrend side of the Bollinger basis, and all micro frames < 1D showing indications of continued buying support. This analysis is clear cut and suggest BTC will soon be above $10k and potentially half-way to $20k by the time we get though August. The summer is usually a dead season / consolidation for the King, so that means we see $13k-$14k in June before falling into consolidation through August. MY Personal Game plan: Long at $9500 / majority of cash is converted to BTC SL at $9200 TP 1 at $11k, TP2 @ $11.9k and Holding but no longer leveraged at anything above $13k until consolidation and retest of former resistsnaces plays out. Looking forward to seeing how this plays out, I have a bullish sentiment I haven't felt since late 2016 for BTC and early 2017 for Alts.
BITSTAMP:BTCUSDLong
by kingthies
3
BTC bulls failed to claim this week! My Analysis on BitcoinCurrently, Bitcoin has been ranging from quite a few days which shows the 'confusion' or strong 'thug of war' between the bulls and the bears. Technically, BTC has tested the support level of around 40-42k$ multiple times which is the sign that despite of this zone being a "demand zone", it is getting exhausted and we need see it break down as there is fear in the market and bears are claiming their strength. In the weekly timeframe, it is generally considered a warning of bulls if the price closes below the 21 Exponential Moving Average. From a past few week, bulls were claiming their strength by closing the weekly price action above 21 EMA but today, this chance for bull to reclaim their strength has gone in the favor of bears and price has closed below 43500$. Bitcoin is currently struggling to break the resistance region of 44.6-45.1k$. If it gets successful in breaking and then retesting this region, then we can see a double bottom playing out with the targets till my so-called "sell-wall resistance" region - $48700-$49000. BUT VOLUME IS THE KEY! If Bitcoin gets strong rejection from this decisive region of 44.6-45.1k$, we can see a strong sell-off here with the support at around $41000 region and the targets will be $38300 region. We can also see a wick down to $34000 region as a result of panic selling. $35-38k region is the high demand zone and BTC can have a strong bullish reversal from this area. For now, this is the update for Bitcoin Price Action. Comment down your thoughts. Muneeb
BITSTAMP:BTCUSD
by syedmuneebali
1
Analysis played well for Bitcoin! Check what's coming next!So, the decreasing volume in BTC Daily Chart, RSI having bearish divergence played REALLY FAST but we have the major support levels marked. Here is the detailed analysis of BTC I did on August 21, 2021: Also in this chart below: We can see a broadening wedge type of pattern which is neutral pattern but we see where the wedge breaks out. In this case, wedge has broken down and has done a successful retest too. (Look at the main graph for this) BTC Daily has closed below the 50 Exponential Moving Average in Daily which indicates that it can have some bearish movement or at least some sideways movement below this level. Levels are marked, targets of the broadening wedge are marked too and I'm observing if BTC can hold the 200EMA level at around 40-41-42k$, if it breaks these levels, 35-38k$ is the next stop. Muneeb
BITSTAMP:BTCUSD
by syedmuneebali
What bitcoin will do?Currently trading - 46 600USD After 18% dump could come some retracement. Support - 46 000 - 42 500USD Resistance - 49 000 - 52 700USD Why bitcoin dump? Bcs in market was very low volume and below 47k were many SL and liquidation. What to do in this days? 1) follow the 1D chart and the nearest support = 46000 USD 2) BTC is in bullish trend as long as we are above KEY SUPPORT 41-42000 USD 3) Aggressive dumps - most will predicted an arrow at 16k, but it makes no sense because in this dump the whales did not have time to accumulate shorts. If we are on TOP, the distribution = sideways range will have to start 4) Most likely scenario is triangle in the next 1-2 weeks between 44-50k USD 5) Thanks to today's dump we have a beautifully limited level and conditions for another long = above the trend resistance and the limit of 53k USD we can long anywhere, because we will go to ATH). Until then, it is not necessary to take BTC for a long time. 6) Keep a cool head and analytical approach - monitor higher TF and wait for the situation to calm down. We now have ACTION and we need to see REACTION
Long
by UltimateCryptoTrader
2
Another Head and Shoulders on BTCUSDFound another Head and Shoulders pattern on 4h this time! If we got a 4h close below the neckline i.e. around $47000, we can see the price at $46600 which is 100 Exponential Moving Average in 4h timeframe. I am expecting a price pullback from this level to retest the neckline of Heads and Shoulders. If the retest is done successfully, on breaking the previous local low i.e. $46600, we can get a support at $46000 (daily EMA support). Technically, targets are around the same $42000 weekly/daily support region which I have also marked in my previous idea " : Price Action & My Opinion": If we look in Daily Timeframe the price, we can also observe a Ascending Broadening Wedge Pattern which can broke on either sides! Muneeb
Short
by syedmuneebali
BULLS or BEARS ?!Hello Dear Friends . . . First things first: BTC Broke it's downward channel after about 8% correction from 48K to 44K which I think it's enough for moving higher! Second things second: Yellow lines shows my favorite scenario that when ever BTC squeeze before LIQ. AREAS it breaks it and hunt SELL SLs so after that we can see more pumps. Last things last: It's obvious that inside an elevator we have both UP/DOWN keys so, blue arrows shows that if BTC doesn't squeeze before red areas and rejected by them (LIKE What we see at 48K) we will reach 46K again! . . . TRADE WISELY AND BE SAFE ❤️
by Dan_Bilz_Brother
$BTC PRICE PREDICTION/ TREND REVERSALThis price prediction shows a dinamic curve resistence we have been carrying since almost the 60k level to the 34k level that had a breakout and then formed a descending triangle. As we can see the descending triangle ended up breaking above the 35k level forming a price projection of an exponential grow of the $BTC price. It is also important that this price projection was formed after breaking the 50MA that we hadn´t broke since mid-may and that caused this massive dip on the price.
by nazh17