Get started

Btctechnicalanalysis

BTC AT RISK OF PULLBACK!We are quickly approaching the apex point of this wedge/ pennant and BTC is looking a bit shaky right now in my eyes, we got big time rejected off the midline of the bollinger bands and aswell the top of the wedge now cruising towards the bottom of the wedge. What catches my eye the most is that if we breakdown further and out of the bottom of this wedge we will be sitting on the bottom bollinger band which could result in a huge fall with not super strong support to catch us. we would likely fall to 28.5K support but my worries are if that level breaks due to the huge bear momentum from the bottom bb we could see a bigger fall all the way to 26.5K aprx or the 0.6 Fib Level. The Macd has been pretty stagnant over the past couple days and we are almost about to see a potential bearish cross that could jumpstart this pullback, the blue MA is quickly coming up on the orange with both ma's beginning to turn to the downside, aswell the histogram has gotten very weak and is looking like we are going to see some red bars in the next day or two. Now one of my favorite indicators the hash ribbons, this is a very very powerful indicator that rarely prints a buy signal, but when it does huge gains follow, i highly suggest back testing the hash ribbons to see what im talking about, now we have seen 2 periods of capitulation recently with the first round not printing a buy and this round being very extended, if we do see a buy i imagine it will be after a pullback or nearing the end of july. Not financial advice just my opinion!
COINBASE:BTCUSDShort
by JacobR905
30K BTC!!Bitcoins continuing on this sideways path but has recently been really sticking to the 0.5 FIB level. We seem to be getting held up here and we are now facing 0.5 FIB resistance and also the midline on the bollinger bands, we are seeing some more squeezing from the bb's and if we keep going this way we could get a big move in either direction. I think we could see some movement soon and i think it'll be to the downside, most likely 30K but even our pivot point at 28K i think either of these levels will provide us with a bounce back up afterwards though. We do have be careful with the bollinger bands though because if we start to slip and start printing candles on that bottom band we could see a fast move downwards maybe even bringing us to the 0.6 FIB level. The MACD aswell i believe is a little overdue for a bearish cross after we have been seeing lots of green on the histogram, we did get a small bearish cross a little bit ago, but didn't last very long and didn't really fall at all. I believe we will see some more bearish or sideways movement until august before resuming our bull cycle, and i look at these times as great accumulation periods. Not financial advice just my opinion!
COINBASE:BTCUSDShort
by JacobR905
Very important close for Bitcoin!!!Bitcoin has recently been cruising around the 0.5 FIB above and below and now we are coming up on our monthly close and this is very important. it looks like we are going to see a very close one as we sit almost right on the 0.5 FIB on the daily and monthly. If we do see a close below the 0.5 we could see another bearish sideways month for BTC and crypto. Not 100% convinced even if we close above the 0.5 FIB though, we have lots of indicators that need to flip back fully bullish. The EMA ribbons being just about flipped fully bearish we need to see a start of resistance and ultimately get some bullish momentum going, that also could happen in july if we start to see some bull momentum we could start the longer process of al the indicators working their way back to bullish. Looking at the bollinger bands we aren't really in any danger of slipping more it looks like since we are far away from the bottom band. But we are getting rejected a couple times in a row now by the midline showing we are still trend for the most part downwards. Which brings me to my next point, the RSI rejected off the midline again and we are heading back down, and this might sound like a broken record but we need to get above the 50. point and hold it if we want to be in a confirmed uptrend again. Until then we are considered in a confirmed downtrend. Lastly the MACD we are seeing a recent buy signal but not much action with now our blue MA starting to curl down towards the orange and its looking like we could see a bearish cross soon, unless we bounce off. It's really hard to tell exactly where we are going because of all the sideways movement but i guess we will see another couple weeks to a month of sideways, slight down and up movement while hopefully those important indicators start to recover, especially the 50 day SMA and 200 day SMA, we really need to start seeing a recovery with those as we recently experienced one of the most bearish indicators out there known as the "Death Cross" Not financial advice just my opinion!!
COINBASE:BTCUSD
by JacobR905
BTC Monthly cooldownLooking at bitcoins monthly chart and the first thing i realized and said to myself is "this could easily be just a cooloff or correction in the macro perspective" and that is exactly what i think. We had an explosive 6 months previous to these 3 and it really does make sense that we need a break or cooldown, and that goes for everything, we need structure/ supports/ floors in order to keep heading up, now if all continues this way we will have a decent looking monthly close for bitcoin. The key here is to definitely stay above the 0.5 FIB level like we managed to do last month and even better would be to close above last months close around 36K. Even if we don't do any of this we could still see another month of bearish momentum which is kind of likely looking at everything from a technical standpoint, but the point is this will be a tiny blip on the macroscale and a much needed cooloff, 6 months of super bullish momentum and im thinking 4 months of cooloff and then we should be back to it. Also this sort of scenario doesn't faze me really, i actually like it for the fact that i can buy more crypto at discounted prices. If you truly believe in blockchain and crypto as beneficial for the future you shouldn't worry and do not let the emotions cause you to make poor decisions, this whole space may feel like we are late but in fact we are super early imo, big companies and institutions only started buying last year and even looking at that is a very very small number of "big money" compared to what can come, countries are starting to adopt crypto and that in itself should say something! Not financial advice just my opinion
COINBASE:BTCUSD
by JacobR905
BTC going for 34K again!Bitcoins rallied the past couple days after touching off of the 0 FIB Level or 29K, as we notice we have been in sort of a slight descending channel or wedge and we have been moving sideways pretty accurately in this wedge. We definitely got a bit of room to run here potentially to the top of the wedge or aprx 34-35K. we could see a blast through but that would be kind of unlikely due to our current mini bear market or strong bear trend. One negative indicator i have been talking about recently is the EMA Ribbons we are starting to see the ribbons fully spreading out more and more bearish. the longer this goes on the longer the bear momentum will stay. Ideally we would like to see the ribbons start to compress again and start the whole process of turning back bullish, i say this because it doesn't happen overnight and can be a longer time frame switch. One of the best indicators for BTC in my opinion the.. Hash Ribbons, these don't print very often at all but when they do they do not lie, you can see this by backtesting yourself. right now we are in capitulation like we were recently and we are now looking for that "BUY" signal, we didn't get the signal last time obviously because the market wasn't ready but now this is a top inidacator that i am watching, usually after getting a buy signal we see huge bullish explosions over a longer TF not in a day, but for example a weeks or two weeks time. Not financial advice just my opinion!
COINBASE:BTCUSD
by JacobR905
Bitcoin heading to 20K??Bitcoin took a hit today like alts did and we have rallied a little bit back up but i am not convinced the drop is over but thats my opinion. We seem to be getting stuck underneath the downtrend resistance coming from our ATH. We are looking a bit positive for our daily close coming up soon jumping back up from underneath the 0 FIB level. The MACD is holding up a little but we are still pointing down heavy and we would need a full reversal to start seeing some real upside. What concerns me the most is the SMA Death Cross of course, the bollinger bands and the EMA ribbons. We are riding the bottom bollinger band with our candles and if we keep it up like mentioned in recent TA's we will likely see heavier downside. The EMA ribbons aswell, are really almost fully flipped bearish and if we start to see separation in the ribbons with red on top the longer we are away from seeing a real uptrend and reversal, i say this because these ribbons don't flip over night as you can see looking to the left it takes quite some time and that's why we have to watch these. Now looking at support levels, the 0 FIB is getting weaker everytime we wick past it or onto it and once that breaks we are looking at 27.5K which is honestly pretty weak, but there is a chance we bounce off as we haven't seen it in quite awhile, but that depends if this very bearish momentum gains more steam. After that we see 20K aprx which is the next major support we have, we do have weaker supports in between but i would doubt they last very long with this downside pressure. Not to concerned though i view crypto as a longer term game and i don't mind when situations like this happens as i usually pick up more, not just BTC but some of my favourite alts aswell! Not financial advice just my opinion ps. If you have a plan stick to it and dont let emotions mix up your thought process causing you to make poor decisions!
COINBASE:BTCUSDShort
by JacobR905
BTC Death Cross!Bitcoin has been falling hard today and over the past week due to China forcing shutdowns of some major mining facilities, BTC Hash Rate fell huge time. We are fast approaching the 0 FIB which is pretty decent support but there is lots of bearish momentum. Next we look at the 27.5K Level which honestly is very shaky weak support. The next very major support is 20K Aprx. There are lots of levels of support in between but they are not as solid as 19.8K. We also see a 50 day 200 Day SMA Death cross which is very bearish but nobody for sure knows. We also are looking at the Bollinger Bands and todays candle is heavily riding that bottom band and almost everytime we do we see a small to larger sized drop, if we continue this way tomorrow there is a definite chance we see the 0 FIB and possibly the lower support levels. The MACD has flipped bearish and is pointing heavily downwards. In my opinion this is not necessarily bad this could provide good buying opportunities and we are even seeing institutional money flowing into BTC like micro strategy. My mindset is focused on the future aswell i believe crypto and blockchain will play a key role in the world in the coming years. Not financial advice
COINBASE:BTCUSDShort
by JacobR905
BTC Possible Climb up the Bollinger Bands??!Bitcoin has rallied pretty well the last few days after heading sideways for some time. We notice price action has pushed up towards the top of the bollinger bands, this could be 2 things, we could see a big climb up the top of the BB or we could see a fakeout sort of like what we saw at the top left of the FIB retracement. I personally think we could see a mini run up to the 0.3 FIB and then get rejected most likely, i doubt we would see a big fakeout as we haven't run up that much compared to times before, IMO we are seeing wyckoff accumulation pattern playing out or starting too, thats where i think we will see a rejection around the 0.3 FIB. The RSI is coming down towards the 50. point i think we could see a little bounce off the midline and then most likely fall back down if we reject of the 0.3 FIB. The MACD looks pretty damn good, we are seeing great separation on the MA's pushing higher and no signs of slowing down! Not financial advice just my opinion!
COINBASE:BTCUSDLong
by JacobR905
1
BTC possible 20-25K?!Bitcoins starting to really ride the bottom bollinger band like we talked about yesterday, which if we continue we could definitely see a fall, if our 0.6 FIB or 30K level doesn't hold the next major support level is around 21K or the 0.7 FIB. Our MACD histogram is getting smaller and smaller bull wise and we are coming up soon to that midpoint where we could see some bearish bars, also the Blue MA looks like we are going to see a bearish cross very soon as we get closer and closer to the orange MA. Now looking at the Coppock Curve we are seeing some curling to the downside atleast starting too, and very rarely or ever do we see a quick reversal on the coppock curve it is almost always a gradual recovery. Today and tomorrow depending if we continue this downtrend or not is very important daily close wise, if we see a bearish close below the 0.6 FIB level aswell as continued riding of the bottom BB and a bearish cross on the MACD i think we are likely to fall somewhere in the 20-25K level. This would be a great buying opportunity in my opinion! Not financial advice!
BITSTAMP:BTCUSDShort
by JacobR905
VERY IMPORTANT FOR BTCBitcoin seems to be building up some momentum as we notice lots of sideways movement and our bollinger bands are starting to squeeze, keep in mind this could be bullish or bearish. If you look back in time when bollinger bands begin to squeeze it is almost certain we will see at some point an explosive move, aswell with the bollinger bands as you can see marked with arrows when we begin to ride the top of the band big upwards movement occurs and same with riding the bottom band bug moves to the downside happen. now noticing our candle today is getting really close to the BB specifically the bottom band which if we continue this movement we could be in for another pullback, we don't want to see the candles start riding the bottom unless of course you buy the dips! The MACD aswell is continuing with close movement of the MA's and this is a must watch as we could definitely see a bearish cross anyday now, if this happens and we start to ride the bottom BB we can for sure expect a pullback, no way to tell how big but could be smaller or normal, i doubt a large scale pullback due to the fact we just had a major one that is out of the usual for these cycles. We are seeing some money flowing into BTC but we are starting to curl again downwards with money flowing out, we gotta see some momentum from the buyers if we are going to see a reversal to an uptrend, also need volume which has been very low. Not financial advice just my opinion!
BITSTAMP:BTCUSD
by JacobR905