Get started

Btcusdtbinance

BTC: Makaveli🦍& The Bitcoin Bulls,Next TA $68k, But Beware of..Hello!😊, its me the Gorilla Trader again🦍...welcome to Makaveli & The Bitcoin Bulls Technical Analysis. It's easy to make money in a bull market right, but what happens when things starts to slow down? You start experiencing choppy moves, and this moves can get you easily frustrated with trading, considering how volatile the crypto market can get at times. Change can strike at any time but there is always a warning sign that shows you when this will happen like when the bulls force is loosing power. Right Now on btc, The bulls still have strength in them but I do see some signs of weakness building up gradually on the weekly chart so don't see them going far from 68k before a catastrophic Bears thunder strikes them down and here is my reason why..... I see that there is a gap yet to be filled to complete the bulls leg to the sellers line, This gap is most likely around 68k and I do strongly see bulls making another attempt at that 62k resistance but that will not come without a fight from these bears. We see that even though we have a new all time high at 61800, The bulls got rejected and their tails got pulled back down to 54k support area. A quick look at the weekly chart....Lets look at the weekly candlesticks formations, It looks like we have a weekly candle that can change the fate of the bulls, see for yourself... *First observations(Bulls Next Move) I see these bulls will be attempting the 60k to 62k resistance one more time by closing the current weekly candle above the 60k resistance, this will give bulls the force needed to attempt the 68k to 70k sellers line but I doubt that they do have the force needed to make it above this resistance as this will most likely to be a tough crack. It's that simple, the bulls have to hold above my midline(blue line) of the channel to stay relevant or get smack down if they fail to hold up to 54k to 56k support as new home. A deeper look in.... I see that Last week candle tried to breakout of the 60k resistance but got instantly rejected by this current weekly candle, Now this current weekly candle closing will either confirm this 60k breakout or confirm it's rejection. we have two case scenarios that I see that could play out base on the past last big two bar current weekly candle forming Considering the fact that 3 weeks ago, btc gave a two bar bearish reversal candle on weekly chart, this could have strong effect on the trend if this weekly candle currently forming now ends up as a rejection as well. this will be bad for bulls as they will get pushed down as far down as $42k to $38k but we do have some support at 48k up to 52k so this could likely jump in to rescue the bulls. this is what this will look like.. This is absolutely not good as we will see more sideways(consolidation) afterwards....If this happens then this is a sign that we will likely soon be seeing a change in the market structure as we will be seeing bears starts jumping in mass number. For me I already started taking some profit out at 61k so just incase the bulls starts messing up by showing more signs of weakness. Should you be shorting? For me, I won't short just yet until I see a clear change in the market structure on at least 4hrs chart. Currently all that we have been seeing so far are the bulls market structure(Higher Highs and Higher Low) Of which shorting such market will only distract you from chasing the big bags as anyone shorting a clear bull market is likely to get rekt but because its a channel(two sided trading) shorters can escape if you got skills, and if you are not so good at switching positions loosing is easy. what defines a bears market structure is lower low, and Lower highs and this most be printed on a higher time frame to actually affect the market trend negatively. Being too early can cost you lots more than being patient and wait for a clear confirmation of short, I intend switching to the Short side ones Bears starts to leave footprints behind(Bear market structure), on lower timeframe it can only act as a pullback. I do see Bitcoin going back to $16k and that will be the a much perfect short than loosing more trying to be right when the market clearly shows you the otherwise. Supports to WATCH OUT for if these bulls fail to hold the 54k to 56k support: *48k to 46k support *42k to 38k support(major support) Thanks for reading, Like and Subscribe. happy trading.
by MachiavelliTrader
13
This is BTC midterm top?!?As we can see on the 3 day chart of Bitcoin there are some simmularities between now and the last two tops. One of them was in December 2017 when the bull market ended and the other was in June 2019, which was a short term cycle / wave. Those simmularities we see are the high sell volume peak in the volume indicator and the RSI leaving the overbought / bullish area (see white circles). If this will be the midterm top, then it would perfectly match our channel.
by DeCryptoTrader
BTC/USDT breaking all odds, (THE QUITE BEFORE THE STORM MOVE)BTC/USDT is on the verge of performing a MAGIC, but will it favor your position? This is the BREAK OUT against all odds and here is a good explanation for this. "THE QUITE BEFORE THE STORM” Where do we go from here? So many traders believe the market direction can be DISCLOSE by FLOOR PIVOT levels, they see and buy these pivot levels to exist at 1st or 2nd resistance or support levels. WHY? because Prices around pivot levels signal rough or trend market modes or potential reversals. NOTE; A convergence of pivots increases the chance of potential support/resistance compare to a single pivot level p. BULLISH SIGNALS when prices open and consolidate around(much preferably above) the PIVOT LEVELS P, prices tend to pick the prior trend direction and trade HIGHER. BEARISH SIGNALS When prices opened and trade below the pivot level P, suggesting a potential range expansion/volatility and a possible trend reversal. Looking at the above chart on the hourly, you will see three spot with a red circle named PIVOT POINTS, these are the examples I will be using to explain the current market position and how this current Pivot level P will affect BTC/USDT and how it has been affecting it since beginning of 2020( other times exist during this timeframe but I will be focusing this discussion on this three spots. 1st PIVOT POINT EXPLAINED The early hours of the 5th Jan 20, BTC/USDT opened above the previous day low. After the first hours, prices continued to trade slightly above the Pivot level P but below the 1st resistance R1. BTC/USDT traded above the previous day high of $7574 and pivot at 7241 to suggest a potential bullish trend and low-risk trading opportunity . 2nd PIVOT POINT EXPLAINED On the 02nd March 20, BTC/USDT opened below the low of the previous day. the market traded in a narrow range below the PIVOT LEVEL P, the following day opened near the previous day’s high but could not hold unto this high price, but maintained it's position above the key support level S1. the market rallied up to $8938 on the 4th March while pivot level remains at $8977( a big bearish signal). On the 5th march 20, the continued to open below the Pivot point but later rallied to $9156 before close. on the 6th march the price continued to trade above the Pivot this price could not hold for long above the Pivot level P, on the 07th march BTC/USDT broke through the key support level S1 at $7964. 3rd PIVOT POINT EXPLAINED Like I stated earlier, a confluence of pivots increases the chance of a strong support/resistance. On the 13 march 20, BTC/USDT opened above the previous day close The chart above shows floor pivot from BTC/USDT 1hr chart. On March 13 of 2020,a setup presented itself, BTC/USDT opened above the previous day close, 6687, just slightly above the key support S1 at 6609. this lead to a rally to 6959 to close at 6947. the next day pickup but could not hold on to the high price, after the first hours, prices traded back to the Key support S1. On the 16th March 20 however price picked up really fast, rolling up to $7192 above the PIVOT level at $7034. This is where THINGS starts getting interesting, A trade setup was presented when BTC/USDT traded above the hourly high but below the 1st resistance R1, but this is where it gets a lil tricky, On the 17th March 202, price traded below the previous day high at $7192 BUT STILL hold the pivot level. at $7034. the early hours of 18th March 2020 is where we are currently at and so far, BTC/USDT still hold above the pivot level P suggesting a potential bullish trend. In my previous analysis, I stated why bulls should not short btc/usdt and that price will hit $10k, when price was still at $6709 this trade is still in play, we are currently at the first bear zone. HINTS on my personal trading setuP trade; 1.Enter a ‘’ long’’trade 5cents above $7189 Place a “stop’ loss at the previous high at ($7147) Place a “TA” at the 2nd resistance R3 (at $7777 or at most $8k to avoid any bull trap) if you find this helpful, show some love back by commenting your own opinion and also by liking this post.
Long
by MachiavelliTrader
3