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Btctechnicalanalysis

BTC Update!Checking out our Bitcoin daily chart i mentioned we were trading inside of a bullish pennant and yesterday we had a false breakout and a close outside of this pennant, since then we have recovered quite nicely and are moving our way back into this bullish pattern! we do have a ton of work to do though, we are facing resistance at the midline of the bollinger bands, 49K, 50K, 51K and 52K, personally i think a great first step is making our way back and above the 51K mark, this gives us a great base of support and the ideal spot for us to start making some upside rallies, think breaking 50K is very bullish aswell but personally would like to see a break of 51 and 52K before we really jump the gun! A must break for us short term is the midline on the bollinger bands, we gotta get up and above here to gain that bull momentum, doing so effectively opens the door for a climb up the top band and an explosive upside move that is much needed right now. The RSI is coming up steadily and we aren't very far off of the midline, however we are facing resistance coming from the SMA (yellow), this is definitely a must break aswell before we can make that midline push. The reason our midline is very important here is due to the fact that being below it keeps us in a confirmed downtrend or sideways price action, getting up and above while holding this midline puts us back into a confirmed uptrend and relieves some of that downside pressure. now the Stoch RSI which goes hand and hand with the RSI and is also a faster mover, we notice we are on quite the fall to the downside but what interests me are the very possible reversal spots where we could see that upside bounce in turn bringing the RSI and price action along for the ride, we have a couple obvious spots where we could expect to see a bounce, uptrend support leading to the bottom of our zone and aswell as regular support slightly above that! Think the uptrend support is more likely due to it being in the oversold zone and its a bit aways away from the stoch rather than our horizontal support being just below the Stoch RSI! NFA Just my opinion!
COINBASE:BTCUSDLong
by JacobR905
BTC Weekly Update! Bullish Close!Checking out our weekly Bitcoin chart we are still trailing to the downside but we actually had a bullish close on sunday, we managed to climb up and above the 49K mark where we had our weekly close, we have since fallen down below this level but thats not very crucial, we have another whole week to make progress moving back to the upside We just missed out on closing above the 51K level, both last weeks candle and this weeks have wicked up and above the 51K which is a good sign and i wouldn't be surprised to see us make a push for closing above here next sunday! Another good sign that i noticed is we are trading inside of a bullish pennant which historically leads to breakouts to the upside. We are pretty close to the apex point and could see a breakout soon but i would say the longest period before we get that true breakout would be a few weeks, thats the maximum time period before we would be forced to breakout, now we could see some crazy momentum this week which brings us to a breakout point this week but we must confirm with a weekly close above the pennant. We have wicked multiple times above the pennant and even had a false breakout awhile ago so we are effectively weakening the resistance every time we do so, if we were to breakout this week we would be looking at an incredibly bullish close due to the top of the pennant lining up directly above the 51K resistance! Now the EMA ribbons, this indicator even on the daily is a very slow mover but powerful indicator, it shows the bullish or bearish momentum we have over a longer stretch of time. On the Weekly this indicator is very powerful and is still pointing to heavy bull momentum shown by the green ribbons ontop, when things get bearish we see these ribbons squeeze really tight before then flipping to red ontop, and i personally would say we are a far ways away from that happening, what we want to see is the ribbons start to point upwards and begin to spread out even further carrying price action with tons of bull momentum! Now the Wavetrend, keep in mind this is slow but powerful due to us being on the weekly timeframe, we are approaching the midline on this downwards wave but things are starting to look really good, we seem to be flattening out along the midline which is getting me thinking we are getting ready for a reversal and a push into a next bullish wave, the red crosses are getting closer and closer to our actual wave which is what we wanna see in this scenario, and eventually we gotta see that wave cross overtop of the red crosses and that is when we can confidently say we are in the midst of a reversal! Overall looking bullish on the BTC weekly and could be seeing a strong breakout any day/week now with a maximum of 3 weeks before we see a true breakout! Not financial advice just my opinion!!
COINBASE:BTCUSDLong
by JacobR905
BTC Ready To Move Up!Bitcoin has been moving pretty nicely the past few days, we are pushing up and above the midline on the bollinger bands and its looking like we are gonna get a for sure close above here which is a bullish sign and we are approaching the 51K level, if we can get a push up and above here and get a daily close at some point we are going to be really looking good! Another great thing if we closed up and above the 51K is that we would end up directly ontop of that top band on the bollinger bands, this i personally think will spark a massive run to the upside and bring us some much needed momentum. on the MACD we just recently had a bullish cross and we are looking great, seeing growing separation which is perfect, it lessens the chance of us having a near term bearish cross and also gives us some breathing room, what i mean by that is we can afford to have a down day or two without triggering a bearish cross. the wavetrend has seemed to bottom out in the buy zone and we are now starting the push back upwards, due to us being way down in the buy zone for quite awhile i think its pretty likely we are going to see very bullish wave going forward, likely an extended bullish wave before resetting with a small dip, on everything we got a ton of room to move to the upside and i think we are getting set for our next leg up in this bullrun! Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
Bitcoin Update!Looking at BTC we have been stuck in this downtrend for a few weeks now and a couple bottoms could be in sight, the Fed tapering news could be playing into this for sure and aswell as the evergrande defult, seems like everytime we start making some progress some form of news pops up lol. personally i think we are seeing big time accumulation phase going on in the background, remember the market gets very greedy quickly and usually results in a correction/fear. Its very hard to point out a direction just because how volatile the market currently is, we have a couple different scenarios to go over. First of all know one knows exactly, but in my eyes this would be a perfect bear trap, reason being is because we just saw a 9 day phase where we we're bouncing inbetween 51.2K - 46.9K also shown by the significant level (blue turned orange rectangle ) Bear traps are meant to fakeout the bears with a "significant" breakout just to rebound to the upside stopping many traders out. The second scenario would be a continued fall to the 0.3FIB as our first level of major support where a bounce is possible, next we have 42.7K level which isn't as strong and then our next significant support in the 40K range. Lets look at the RSI, we are in a little uptrend but more of a bounce and travelling up our support line there are clear areas of resistance above us and its going to take a good push to get back over that key level that is, the midline, we want to see a strong push up and above here and hold to get back in a confirmed uptrend. Lastly the Stoch RSI, in a pair with the regular RSI the Stoch is indicating a possible bearish cross here which could pull things down along with it, wouldn't be super bad we still have a ways to go before the 0.3 FIB level where it does give us that chance for a bounce, not financial advice just my opinion!
COINBASE:BTCUSD
by JacobR905
Bitcoin Bullish Divergence!!taking a look at our BTC/USD daily chart here ive realized that we have formed a bullish divergence! This pattern signals a bullish reversal from our current trend and can be identified from seeing lower highs on price action shown by the yellow trend line and then higher lows on the oscillator and i prefer to use the Stochastic RSI to identify these patterns. Now what this means is that at some point coming up soon we should see an explosive breakout from Bitcoin towards the upside (reversal from our current downtrend) in turn the market overall should get a significant move from this and we can expect everything to start running hot if this plays out! We do have some big hurdles to clear if this is true, we have the yellow downtrend resistance, resistance at a heavy level of 58.8K and then aswell as the bollinger bands midline which is currently resistance and finally very heavy resistance at the aprx 60K level. Now breaking through these is definitely possible its just a matter of how long and when, with some major momentum we could easily smash through a couple of these before possibly getting rejected, now even getting rejected isn't a bad thing it is normal and some of these levels will take more than one attempt to breakthrough. The MACD looks ready to boom in my opinion, we have seen multiple flat red cycles recently with not a ton of movement but we are now approaching the point of a bullish cross. We want to see on the histogram is a strong push into green territory with our bars making increases day after day showing that rise in bullish momentum! With the MA's we want to see separation with the blue on top pushing away from the orange making it more difficult to get a bearish cross. Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
BTC Dominance In for a BIG drop!!Taking a look at our Bitcoin dominance chart and we notice one thing right off the bat, a big shift in momentum and lots of pressure to the downside, want to point out aswell i have called this from quite some time ago and just recently in the past week or so! We have fallen right out of our bearish wedge, rather than taking the long way we decided to drop out nearly right after i made a TA talking about that possibility. We are currently sitting under the strong 43% support level and its looking like we are going to get this bearish close for our upcoming daily close, we are slightly above the 42.62% support level which i think we are likely to break any day now. Also take a look at that 42.62% support level you will notice that it lines up the bottom band coming from the bollinger bands and i think yall know what im gonna say... if we do see a close and grab onto this bottom band it could easily spark a big move to the downside and thats exactly what we are looking for, the altcoins will be loving any drop in BTC dominance and will likely explode if we do see a sharp drop, now keep in mind if BTC follows the dominance and has a spike down the altcoins will likely feel the pressure at first but once we settle the alts should start to rally. Our MACD is looking good we are seeing yet another increase on our histogram for our red bearish bars, effectively putting pressure on BTC and its dominance, we had a recent bearish cross that has confirmed and we are seeing a decent spread within the MA's which is exactly what we want to see, the Blue MA has to start moving further away from the orange MA making is more difficult for us to get a bullish cross. Now the squeeze momentum indicator, we are having around 4 days now of very flat green bars which is not a big deal, i don't think we will be going into a bullish squeeze here i think this is just following our slightly sideways price action, i think when we see a fall in the dominance it will push the SMI into the red zone which we will then be looking at a bearish squeeze, we will want to see a steady increase in red bars confirming the bear squeeze shown by the black crosses on the midline, then we will have a confirmed bear squeeze and we will then be looking at a squeeze release shown by the black crosses turning white, now this part of the indicator is the very explosive part and when we do actually see the release portion we can expect BTC.D to take quite the tumble to the downside especially pairing that with a grab onto the bottom bollinger band, altseason is on the horizon! Not financial advice just my opinion!
CRYPTOCAP:BTC.DShort
by JacobR905
Bitcoin Possible Reversal??!Btc has been pumping recently leaving a wreck for the altcoins and we are currently on our 13th green daily candle in a row, we have come to a point thought where it seems like the momentum is fading and we are now asking if a little pullback is due for BTC? Now i have pulled up some indicators that can possibly show and signal a reversal and things on the technical side are pointing to that currently, looking at the pivot bands we notice that we have been riding up on the top red band which is the downside pivot band, as you can see previously we had the same thing occur just with less upwards movement and less consecutive candles, if you look just before the first red vertical line you see we pushed up and had many touches on the top red band and shortly afterwards we saw a strong 1-2-3 move to the downside, we do have lots of underlying support but we could be in for a little bearish short term "cycle" and by no means is this actually bearish it would simply be a healthy needed cooloff/correction. 1 thing we should watch for that is actually a good signal is the darth maul like transition candles, where the body is less than the 2 wicks above and below, an example can be found by looking down to right before we started this run upwards, you see 3 strong transition candles highlighted in purple, our current candle today is starting to look like a transition candle and especially will if we see a little more of a push to the downside before our daily close. Always keep an eye on the actual candle structure because each shape and size can be different and can all mean something different, these transition candles work both ways (bullish & bearish) Now lets take a look at the reversal momentum indicator or the RMI, this is where those vertical lines come into play, if you follow each vertical line upwards you see that they all line up perfectly with reversals in price action, red for to the downside and green for the upside reversal, now if you take a look at the actual blue and orange lines which are very similar to how the MACD works you see that we are potentially on the verge of a heavy downside reversal, and the reason i say heavy downside reversal is due to the fact that we have reached just about the top of the zone and historically when we see a push this high a heavier downside follows, now this might not be the case either, we could have a mild downside swing and then catch a reversal on the way down but we will have to wait and see before speculating too much. Now lets take a peak at the RSI the one thing that is very clear and that plays into my whole theory here is that we are very overbought and we have been since october 6th, now its also starting to look like we are seeing a bit of a downside curl in the RSI and we could potentially see a fall out of this zone in the coming days, and as i always say and will continue to say, the most important thing is the RSI midline and keeping above this level, if we do we stay in a confirmed uptrend and thats exactly what we want, just pointing that out but i definitely don't see this being an issue we are a far ways away from the midline and i don't see BTC breaking below here anytime soon! Not financial advice just my opinion!!
COINBASE:BTCUSDShort
by JacobR905
Bitcoin's reversal in play!!As you all know i recently came out with a TA regarding the bullish divergence for BTC and we have since seen bitcoin make some nice moves to the upside starting our path to this trend reversal to an uptrend after a strong short term downtrend. We are currently facing some heavy resistance at 48K aprx as we expected, this level over the past year has been either very strong support or really strong resistance pending which side we are on, now my thoughts are that we are due for a little couple day cooloff after making 5 strong green candles and posting a % gain of 19.5% from the bottom of our first green candle to the top of our current candle, plus due to the fact that we are really struggling to take back this level, we have had 4 touches and attempts at 48K and we have been unsuccessful, now we will have to see about todays daily candle at close but even then i think we could see a little cooldown for even a day than get back to business. A retest of 47.3K and 47K could be a likely scenario and a healthy one for sure if we can hold without breaking down and would strengthen these supports, we have many many under laying support levels so i wouldn't count on going to far if we do see a red day soon. On the other hand we do have many overhead resistances but honestly i don't think these levels will be much of a problem once we really start gaining momentum. Now looking at the pivot bands, many traders or TA guys may look at the bollinger bands and think we are easily going to keep pushing up to grab onto that top band but i don't think this is the case yet, thats why i put on the pivot bands, we notice we are constantly poking into that red zone and what usually happens shortly after having a few touches we see a little bit of a pushback from the bears, vise versa on in the green zone as you can look and backtest, we are on our forth touch in this zone and that is part of the reason i believe we are going to see a red day or two but like i said before there is absolutely no need to panic, this would be natural price movement after getting these 5 green candles in a row. Also to add to our support we have the PB midline which is currently acting as support just like the bollinger bands, so we have quite the solid floor below us. Now lets check out the RSI, as we can see we are currently facing some longer term downtrend resistance coming from back in early august, we look too be getting a bounce off here but the main thing is that we are once again above the midline back in uptrend territory, i've highlighted the midline because as most of you are aware we have to continue to hold this level we don't want to break below here and get stuck because like i said we are in uptrend territory and don't want to loose that already. Now the MACD is looking fantastic we are seeing steady increases in the green bars on the histogram showing a rise in bullish momentum and we are getting some great separation from the blue MA, we are quite a ways away from a bearish cross and that brings me to my final point. If we do happen to see this more than likely day or two of red candles that realistically shouldn't affect this MACD cycle due to the fact that we have big spread in the MA's and the Blue can afford to fall a little bit without even coming close to a bearish cross! Not financial advice just my opinion!
COINBASE:BTCUSD
by JacobR905
BTC Dominance Hidden Bearish Divergence!!!Checking out BTC's dominance i have found something very clear if you know what you are looking for and that is a hidden bearish divergence, and yes this pattern signals a continuation of trend, and we are very clearly still in a strong downtrend as shown by the multiple move path to the downside and aswell as the RSI being below the midline for months now. So by the looks of this very strong pattern we are set to continue the downwards fall on BTC's dominance meaning altcoins will thrive soon enough! Now there is a couple different ways to look at this and they both point to the same thing, look at the purple trend lines on both the candle sticks and the stoch RSI, the candles show a lower high while the stoch RSI shows higher highs which means a hidden bearish divergence! Now look at the yellow trend lines on the same two areas, the price action one shows again a lower high while the stoch RSI shows a higher high signaling once again this bearish continuation pattern! This overall is very positive for the whole market but especially altcoins, with BTC dominance likely too continue its fall as we get lower and lower we will see altcoins start to have some explosive breakouts! Now whats even more interesting and more bearish is the fact that we are actually trading wiithin a bearish pennant, this pattern is known to be historically bearish and as we approach the apex point of the pennant we can expect and watch for a breakout of the bottom of the pennant, and likely an explosive move downwards as we have 2 very very bearish patters playing out ontop of eachother! Now check out the RSI we are at the midline which does act as resistance currently but even if we do break above here i think its going to be short lived as we have strong longer term resistance directly above and this level hasn't been visited in months so i would personally expect a big rejection off here. The stoch RSI besides playing into the hidden bearish divergence is actually into the overbought zone adding to this bullish looking chart! plus the resistance levels we will face if we do move up more! Now finally the MACD still is moving bullish but that is clearly fading away as we are seeing a decline in the green bars day after day and with us approaching that midline which acts as resistance, plus we are getting very close with the orange MA so any sharp moves down will almost 100% lead to a bearish cross. Like i have said before these patterns don't have to play out the next day to still be valid and we could see this draw out over the rest of this week or maybe not, i think something huge is coming and we should start seeing this play out the closer we get to this pennants apex point which is roughly 2-3 days away! Not financial advice just my opinion!!!
CRYPTOCAP:BTC.DShort
by JacobR905
6
Explosive BTC Move On The Horizon!!??Bitcoin has been holding strong over the last 5 days and we seem to have found some footing here above the 42730K level, we have been testing both the pivot point and our closest support day after day and it really seems to me like the momentum is building up, and that is usually the case for sideways action like this! And don't forget that we have a confirmed bullish divergence that signals a trend reversal, since we had a strong 1-2-3 move to the downside before this divergence appeared we were in a confirmed short term downtrend which means at some point we are very likely to see a reversal back into a confirmed uptrend, and keep in mind these divergences don't always have to play out the day after it could be a week before we actually see true signs of a full reversal! We seem to really be struggling with regaining this pivot point which will be crucial to our trend reversal, we have had many wicks up and above here but can't hold on, this is likely due to the looming bearish momentum that is still gripping the market. And that brings me to my next point, the MACD we have slowly but surely been seeing a push for an upcoming bullish cross, we have recovered significantly on this MACD cycle and my thoughts are that this will be the "last" red cycle, we have seen 3 strong bearish cycles here on the MACD and during our 2nd one i talked about the possibility of a fakeout with another bearish cycle, now of course thats always still possible but in think the bearish momentum is draining quickly and the bulls should be going on quite the run coming up soon, we are most likely a day or 2 away from a bullish cross and we want to make sure we see it confirm, with separation in the MA's with the blue on top and we also want to see an upwards projection from the Blue MA and i think that is very likely due to the fact that we are below the midline and like i said we have had 3 very strong bear MACD cycles in a row. We also want to see rising green bars day after day showing us growth in bull momentum! Now checking out the Wavetrend, we notice on the histogram we are slightly under the midline and bear momentum seems to be shrinking fast, we want to see a rise up and above this midline with a strong initial push, we also are getting close to a bullish crossover with our red crosses getting closer and closer to getting below our actual wave, we want to see this happen and start to give us that push upwards to start a new uptrend wave! Plus keep in mind that this indicator is a slower mover and is very unlikely to make sharp jagged turns, we usually see a full sized wave with smooth transitions into bullish/bearish waves, we are also very very close to the bottom buy zone and we usually don't see further decline from around these areas! Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
Bitcoin NEXT move!!!!!!!!!!!Bitcoin on it's high rally didn't continued and took reversal from 52,800 due to bitcoin adoption in El Salvador and now its moving on 42,200. Market tried to catch up price but due to aspects of El Salvador bitcoin adoption and now FUD like china against BTC. It is yet not clear tends to further fall in price tp 38,000 as china enforce on bitcoin. The market sell-off can be traced back to developments in China, where the central bank has issued a nationwide ban on bitcoin transactions, blaming fraud, money laundering and energy consumption. China officials are also taking aim at bitcoin mining once again. Meanwhile, fears surrounding China’s debt-laden real estate developer Evergrande also seem to have spilled over into the crypto market.
by ProTradingPoint
2
BTC Possible Bullish Divergence Shortly ago i called a continuation hidden bulliush divergence on BTC and it played out beautifully and now i noticed something very very exciting that has a very possible chance of playing out! A reversal bullish divergence, and so the main difference between the hidden divergence and the regular is that with the hidden we see a continuation of the current trend and after i called that the next day we started to run up since we were technically still in an uptrend or just starting to roll out of one, and for this bullish divergence it signals a reversal move from the current trend and we are actually technically in a short term downtrend as you can see by our RSI, it briefly regained the midline but not for long and we have since came back down into downtrend territory. My thoughts are we could be seeing 1 final flush out of weak hands, liquidations of traders and to overall put fear into the market before really starting to gain steam! you can also tell we are in a short term downtrend due to the clear 1-2-3 move to the downside shown by the path. What we really need to see happen in order for this to play out successfully is for the Stoch RSI to come down and touch roughly around the trend line i have drawn, we need to see a bounce and a reversal from around that trendline and then once we successfully do that we have a clear higher low on the Oscillator and on price action we already have a clear lower low and that will form the bullish divergence! Looking at the RSI as i said we are in a clear short term downtrend but if this pattern plays out what we want to see is a rise up from the RSI pushing through the midline at 50. and regaining this level in order for us to see another confirmed uptrend! Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
Very important close for Bitcoin!!!As i talked about a couple times recently this hidden bullish divergence has really played out perfectly with us starting to see some upside momentum with us taking out 2 key resistances with ease! We are currently struggling to get up and above the midline coming from the bollinger bands but we are very close to doing so! I think there is definitely a chance we see a strong push before close tonight hopefully able to regain that midline and turn it back into support, we are still quite a ways away from daily close (8PM EST) and if we manage to climb above we are looking very bullish, and don't get me wrong either way we are looking very bullish! We are facing multiple resistance spots in the 48K area but with some strong momentum we should be able to cut right through, probably not today but in the coming days so lets just focus on the midline of the bollinger bands for now! Now the MACD looks very exciting to me and looks very healthy, we have had 2 periods of bearish momentum (red) and we are finally coming to what looks like a reversal, we are continuously decreasing in red bars on the histogram and thats exactly what we want too see, it means the bearish momentum is trickling away. Now i really really doubt this would happen but have to say it so everyone is aware, there is always a chance no matter how slight that we see a fakeout bullish cross and continue for another bearish cycle, but i really doubt that and if i was a betting man i would say its not going to happen! But what we need to see is of course a bullish cross which looks like its coming soon but aswell as separation in the MA's, we want to see almost right off the bat an explosive bullish cross with the blue MA on top and starting to separate from the orange, and keep in mind the bigger the spread the more momentum and less chance of a near sight bearish cross or reversal. Also like we have talked about many times, don't overlook the histogram it tells you much more than you may think, we want to see everyday increasing green bars, doesn't even have to be a huge increase just a slight one works too, this shows growing momentum in the current cycle and how much strength the bulls have, once we start to see bars flatten out and then start to decrease we can expect a chance at a reversal once the bars return to the midline of the histogram. But also like i just said just because they are shrinking and coming back towards that midline there is always a chance we see a fakeout and then a return to the current trend we we're just in. Overall i think we have lots of upside potential here with lots of space to move up, especially because first of all we haven't even seen a bullish cross yet and we are already moving to the upside and also because the stoch RSI is pretty close to the bottom still with us just now starting to see that bullish crossover, we are just making our way out of the oversold zone! NFA just my opinion!
COINBASE:BTCUSDLong
by JacobR905
BTC Bullish Hidden Divergence Update! As talked about yesterday i have found a hidden bullish divergence on BTC 1D Timeframe, and this if all goes to plan is absolutely bullish for us, this divergence pattern signals a continuation of trend and we are in a clear uptrend. This pattern can be spotted by noticing higher lows in price action but then lower lows on an oscillator, the best ones i find is the Stoch RSI and the CMF. Even without this divergence i think we are definitely due for another leg up in PA, we have had a significant pullback which in times like this is needed and is 100% healthy for our overall structure and is necessary for us to keep heading upwards in a healthy way, if we didnt have pullbacks we would collapse ontop of ourselves. A good way to look at it is look at a skyscraper and the construction that is needed to build it, supports need to be built starting at the floor and more supports need to be made in order for the building or in our case market structure as we head higher and higher upwards, and if these rules aren't followed the skyscraper would collapse ontop of itself. Now i think if we start t shoot upwards i think a very conservative target for us shorter term is the 50K level or the 0.2 FIB, we will definitely need lots of momentum to breakthrough here and we could still have some trouble breaking through the first time, there are other levels in our way for sure but not as significant 47-48K i think will be our biggest challenge other than the 0.2 FIB. Very positive news coming from the MACD as you guys can see the histogram is shrinking and it may not be fast moving but we are decreasing in red bar size each day and thats exactly what we want as we come to a possible end for this bearish MACD cycle, we probably still have a few more days to go before we see a bullish cross but always keep an eye out. The blue MA is slowly but surely starting to make its way upwards and coming back towards the orange MA but we are still a bit away, and this is why i say for our bullish cycles we need to see big separation in the MA's because it lessens our chances of seeing a near term bear cross! Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
BTC HIDDEN BULLISH DIVERGENCE!!!Bitcoin is starting to slow down on the dip and its pretty clear and i just found something great! A hidden bullish divergence, this signals a continuation in trend which in our case is still an uptrend! we have had a healthy correction for our structure and in order to keep going up, there is still a chance for us to see a little downside but it isn't super likely, the possible level i could see is 43K which we wicked at the beginning of the dip, what im thinking is possible is a retest of 43K and i would say a likely hold of that level. Looking at the MACD we are starting to look positive on the histogram with our daily bar starting to flatten out, this shows resistance on the bearish momentum and could more than likely lead to the start of a reversal and then ultimately a bullish cross! One thing we also have to watch is the bollinger bands this is where we can further tell where we are likely heading, if tomorrow or even tonight before close we start to press downwards we have to watch for our candle grabbing onto the bottom band as we would probably fall right down to that 43K level. On the other hand we are currently seeing 2 transition candles which could also be giving us a sign, what we want to see is some pushback from the bulls hopefully going to regain the 46 & 47k levels and then another test will be the midline coming from the BB, it is now clear resistance we are going to have to break above sooner than later. Besides the hidden bullish divergence on the stoch RSI we saw a nice bounce and we are now looking for that confirmed bullish cross and separation with the blue ontop of the orange! Not financial advice just my opinion!
COINBASE:BTCUSD
by JacobR905
BTC Fear On The RiseSince our recent flash crash we have seen a decent drop in bitcoin and we are holding up on this 46K support pretty well but there is definitely fear rising in the market. It is looking honestly looking pretty unclear right now, lets take a look at the bollinger bands on the initial crash we came back up super strong and managed to regain the midline but since have fell back down, we are seeing that price action is sitting right on that bottom band and majority of the time we see this we tend to go down a waterslide. Now we could actually see a fakeout or reversal but if we do indeed fall i think we will find some support directly below us and if we dont hold that level at 45K we could see a further drop to the 0.3 FIB, now if you remember in august i was talking about a pullback to the level and overtime started to think it wasn't going to happen but that option is definitely on the table again. the MACD is not looking too great we are seeing both the MA's spread way out and pointing down with no sign of pulling back upwards, the histogram aswell is increasing in bearish bars every day and if this goes on the bearish momentum will increase until this macd cycle reverses. The RSI is looking good actually we have found support coming from a bit ago and we had a good bounce and now are pointing slightly upwards, most important thing is that we need to see the rsi make its way back up past the midline to remain still in a confirmed uptrend and if we fail to do so we could be looking at a shorter term downtrend! Not financial advice just my opinion
COINBASE:BTCUSDShort
by JacobR905