Get started

CRPTOCURRENCY

Chainlink Update (The same playbook )Since October 2022 I have been getting things wrong with chainlink a lot , pretty much the only coin where I missed the target and time over and over . Most of the time its easier to trade Litecoin because it actually has organic movement. Chainlink has not been moving organically in my opinion , there is no historical price movement that we can compare this sideways movement for over 400 days. For me atleast it was looking like this was some sort of wyckoff accumulation period and we just had a spring event. In my previous TA I tried to give traders a heads up that this was highly likely a coordinated move to get Chainlink at much lower prices. It was very clear to me that this was the case just based on the wave of news and timing of the flash crash structure that came shortly after. Its the same playbook over and over if its not a ETF to bring price up , its SEC hammer to bring it down or "China ban" or Elon musk selling btc holdings for tesla etc etc you get the picture. So where are we now , still under the 1/2 Gann Fan , at 6.8 dollars Chainlink will be over the 1/2 Gann Fann , lets see if its start closing above it that would signal a big change for LINK in terms of market structure. We also have this very nice support line here which until now I didn't notice , seems to be bouncing off this support for a long time. As I posted in my previous post of LINK , my indicators have been flashing bullish divergence and 5 wave counts across the board. This EW count suggests wave 5 is in and target is just under 8/1 Gann Fan , very interesting. and finally we have the most important Chainlink chart , the LINK/BTC dominance last LINK TA I talked about potential hidden bullish divergence if it bounced on this trendline. We got that bounce. So to conclude here , never sell your Chainlink at these levels , there is clearly big things happening in the background , when a coin has coordinated attacks to dump price and goes into some sort of Wyckoff accumulation its extremely bullish long term it might not seem that way short term and its been a long road for LINK holders but the play in a bear/sideways market is always to load up on fundamentals .
COINBASE:LINKUSDLong
by Sporia
21
ChainLink End Of The RoadChainlink has posed a challenging cycle thus far, with an extended period of sideways accumulation for over a year. However, the time has now come for the asset to make a move. The Gann Fan indicator illustrates that there is limited room for further sideways action, with three rejections of the 1/2 Fan occurring in the last two years. If we do break out of this range, we must either move downwards or make a significant upward move, which will likely last until late June 2023. At this point, a move to the 1/1 Gann Fann level with 20 dollars as the maximum price increase seems the most plausible. Looking at the facts, the monthly histogram for LINK indicates a building momentum, with lighter closures suggesting a potential shift in trend. Additionally, LINK has experienced four straight months of weekly lower highs since the start of the year. My hypothesis is that we will reach a peak in June 2023, which lines up with the predictions for LINK based on the chart below: The USDT dominance chart has completed its 5 waves and ABC correction, with the final wave most likely to start next week once the yellow support level is broken Furthermore, the Bitcoin Dominance chart has also completed 5 waves and is currently experiencing a rejection of the 8/1 Gann Fan, indicating that alt season is likely on the horizon. If Link fails to break the 1/2 Gann Fann level to the upside, the downside target would be HKEX:5 , though this scenario has a lower chance of playing out at the moment.
COINBASE:LINKUSDLong
by Sporia
12
Long Trade (Bitcoin)It is beautiful sight seeing these patterns again, ascending triangles on bitcoin uptrends have very high chance to break to the upside in my experience. Here are some examples last bull run. The momentum is heavily to the upside guys its time to long the trend. Its time to use moon cycles again this equinox? will it be as easy again as 2021?, lets take a look at the chart . Since October 2022 we have had 6 full moons that have resulted to fairly good moves to the upside. We just to happen to have one today aswell so something to look at it, in 2021 it had a crazy hit rate. what a run that was using moon cycles , could we be entering the same period again now? Breakout target is 32.4k Stop loss :27.5k
COINBASE:BTCUSDLong
by Sporia
4
Path to AltseasonHello traders, today we will talk about Path to Altseason BASIC INFO Altcoin season, or ‘Altseason’, is the home of face-melting gains & high volatility. It’s pretty much Christmas for crypto traders. Within a brief period (usually a few weeks or months), the prices of altcoins (all coins besides Bitcoin) skyrocket as investors move their money out of Bitcoin and into other cryptocurrencies. Once prices start to rise, FOMO investment kicks in, causing a snowball effect which drives altcoin prices even higher to astronomical (and often overvalued) heights for a short period of time. Many investors can make the majority of their profits for the year during an Altseason if they are able to sell their altcoins before Alts Bitcoins & Altseason Put simply, Altseason begins when altcoins start to outperform Bitcoin (when prices of alts rise in comparison to Bitcoin), and Altseason ends when Bitcoin outperforms altcoins. However, this does not mean that when Bitcoin’s price goes down alts automatically go up. In fact, historically, Bitcoin has tended to lift altcoins when it rises and also bring them down after a major crash, with the price of Bitcoin and altcoins often being closely correlated. Previous bull markets have generally seen Bitcoin enjoy an uptrend before altcoins join the wave and head for the moon. Key Takeaways An altcoin is simply any other cryptocurrency that is not Bitcoin. They are usually more volatile than Bitcoin, offering high-risk high-reward opportunities. When Bitcoin dominance (the amount of the total crypto market share held in Bitcoin) declines rapidly, it leads to an increase of investments in Altcoins, which causes an Altseason. Predicting Altseason is not an exact science, and it is not something that’s officially announced at a certain time or date. An Altseason can occur several times a year and they often happen within a relatively short period of time. For maximum gains it’s crucial to sell your altcoins before Altseason is over. Alt’s prices drop just as quickly as they rose. There have been many Altseasons in the last decade, with all of them beginning right after Bitcoin dominance declined. The sharper the decline in BTC dominance the bigger the Altseason. How to take advantage of Altseason? The key to taking advantage of Altseason is to have your money in altcoins before Altseason begins, or just as it is beginning. Pay close attention as prices begin to rise, and make sure you sell out from most of your positions before Altseason ends and prices fall as quickly as they rose – don’t worry about trying to sell at the very peak, just take profits on the way up and be ready for things to end as quickly as they begun! Top tips for navigating Altseason Altseason is often the most lucrative time during a crypto market cycle, however, it is also the most volatile time. As the potential for gains rises so does your risk. Here are some tips to keep in mind during an Altseason: Altseason is both an exciting and emotional time. If you’re a new investor, proceed with caution. Separating your investment decisions from your emotions is a tried-and-tested strategy for mitigating risk and maximising profits. Having a solid exit strategy prepared will decrease the chances of you HODLing your alts through the peak only to see them fall when Altseason comes to an end. Depending on your commitment level, spreading yourself too thin by investing in lots of altcoins can be confusing and difficult to keep track of. A bit of diversification is always good but don’t invest in more coins than you can keep track of! Accept that you cannot be involved in every pumping altcoin. Choose your best picks and stay up to date on the relevant news and market movements. Be sure to take profits on the way up to ensure that you realise most of your gains before prices come back down again. If you get a sizeable gain, you may want to reduce your position before the inevitable price correction! Using your profits from Altseason to reinvest into Bitcoin while it is at a good price (and vice versa) is a popular strategy. Risk management is the best way to make the most out of Altseason, given the sheer number of investment opportunities that will arise. Never risk so much that you won’t be able to keep playing – there can be multiple Altseasons in a year! The key to taking advantage of Altseason is to have your money in altcoins before Altseason begins, or just as it is beginning. Pay close attention as prices begin to rise, and make sure you sell out from most of your positions before Altseason ends and prices fall as quickly as they rose – don’t worry about trying to sell at the very peak, just take profits on the way up and be ready for things to end as quickly as they begun! The Altcoin Season Index is a helpful (but not exact) tool to see where we are in relation to Altseason. According to the Altcoin Season Index, if 75% of the Top 50 altcoins performed better than Bitcoin over the last season (90 days), it is Altcoin Season. They also give an indication of where we are in terms of an Altcoin Month or Year, with an easy to interpret graph that shows the general long-term trends of previous Altseasons. Altcoin season is not something that’s officially announced at a certain time or date. Nobody knows for sure when it’s upon us, nor when it will end. All we have are certain indicators that can help us know if we have entered Altseason. Why does Altseason see such huge gains? FOMO and the snowball effect play a big part. Part of the reason Altseason sees such a dramatic rise in prices is because many new investors see prices beginning to rise, and immediately invest out of FOMO. This creates a snowball effect which pushes prices higher and higher until they are overvalued and in a bubble. When people realise they are riding a precarious rollercoaster that may crash at any moment, they begin to sell. This causes panic which leads to more mass selling and the price plummeting back down to earth, bringing Altseason to an abrupt end. When is the top of Altseason/the bull market? The million-dollar question that no-one can really answer. While crypto markets follow cycles which can be predicted based on past market movements, every bull run is different and it is incredibly difficult predict the very top of Altseason, or any bull run for that matter. Given the fact that no-one really knows exactly when the top of the bull run or Altseason will be, it is wise to take profits along the way as your portfolio gains value. Dollar-cost-average selling (DCA) can be useful to minimise the impact of the market’s volatility while you invest. If Bitcoin’s price goes up will altcoins also go up? Generally, yes. The price of most altcoins is highly correlated with the price of Bitcoin. It is Bitcoin dominance, however, that indicates when Altseason is beginning. Why are altcoins dependent on Bitcoin? A major reason that altcoin’s and Bitcoin’s prices are so highly correlated is that many altcoins are purchased with Bitcoin. Bitcoin is often bought before the purchase of an altcoin, pushing the price of both coins up. Similarly, if someone wants to cash out on an altcoin, many exchanges require you to first sell that altcoin for Bitcoin, and then sell the Bitcoin for cash, which pushes both prices down at the same time. Another reason the prices are highly correlated is simply because they’re in the same asset class and things that are in the same asset class tend to go up and down together. What to look out for to predict an Altseason The most important thing would be a decrease in Bitcoin dominance, usually occurring after an exponential increase and subsequent consolidation. Additionally, relative trade volume, social media activity, mainstream interest, new coin listings and the volume of news articles published from crypto projects seem to be good indicators of when Altseason might be approaching. What is Ethereum’s relationship to Altseason? ‍Ethereum, seen as the second most trusted cryptocurrency and the silver to Bitcoin’s gold, is at the heart of the altcoin market. The start of bullish moves for Ethereum is often the start of Altseason, especially with so many alts and DeFi projects being built on top of the Ethereum Blockchain. Generally, after Bitcoin rallies upwards and consolidates, Ether’s price will also need to break out before altcoins can see a sizable rally. Can altcoins lift Bitcoin? Not really. Bitcoin rarely gets boosted by altcoins. Generally, once altcoins have pumped and claimed dominance from Bitcoin, the steps in to take back the bulk of the crypto market share, marking the end of Altseason. What is an example of Bitcoin Dominance influencing Altseason? On December 9, 2017, Bitcoin Dominance had gone from 69% to 37% in the space of just 35 days (which means it went from owning 69% of the total crypto market share to 37% in just over a month). Looking at the Altcoin market cap chart, December 9 coincides exactly with the beginning of the largest Altseason that crypto had ever seen. The sharper the decline in Bitcoin Dominance, the bigger the spike in Alts. History also repeated itself on March 30, 2018 when a sharp decline in Bitcoin Dominance from 50 to 38 in 40 days led to a significant increase in the Altcoins market cap. What have previous Altseasons and bull runs taught us? Previous bull runs and Altseasons suggest that larger-cap altcoins (starting with Ethereum) pump before smaller-cap altcoins begin moving up. This usually happens after Bitcoin has had a big move up, followed by some sideways movement, causing investors to seek gains in altcoins, thus decreasing Bitcoin dominance and starting the party that is Altseason. IMPORTANT BTC Rises - Altcoins Not Rising BTC drops - Altcoins Super Drop The scenario is confirming this - Be sure to survive before Altseason arrives Never stop learning I would also love to know your charts and views in the comment section. Thank you
Editors' picks
Education
by CRYPTOMOJO_TA
21
Alt Market on the VergeThe alt coin market is on the verge of a potentially volatile move, with several interesting factors at play. The recent candle close above the 0.5 Fib fan, which has acted as resistance, now appears to be holding as support, signaling that something significant may be stirring However, the most critical chart to watch right now is the Bitcoin market cap dominance. In the past, whenever the RSI poked outside the 70 zone, it signaled a bottom for the alt coin market. Last week's close put us just past that 70 zone, and it took 91 days for the dominance to come back down to the range. During that time, the alt coin market moved $285 billion and $255 billion dollars. Therefore, a move of $250-300 billion from where we are now could put the market cap at around the 0.382 Fib and under the 0.75 Fib fan. This is one of many reasons why I believe the top for the market will be in late June 2023. I use Fib time sequences frequently with great success, as we caught the big move down in the market months before it happened last year. We plan to do the same this year. So, when will this move happen? For me, it's straightforward. Once we break the support on the USDT dominance, we will see the next and possibly final leg of this relief rally. The entire year, we have failed to break this level, which shows very strong support. However, I am confident that a break of this level will signal the start of the next significant wave up for the market. There is alot of money to be made in the next 90days its going to be a easy x2-5 on most alt coins the move is going to be volatile , greed will come into the market heavily but come late June 2023 it will be over so there is very limited time to take advantage before the next big crash.
CRYPTOCAP:TOTAL2Long
by Sporia
2
BEAR TRAPThis could be a huge bear trap setup right here just like 2019. The SPX500 holding support nicely for now , even though we are hours away from opening yesterday close was pretty good . If we remain in this ascending channel it would be the final flush out before the next leg. Lets not forgot the higher timesframes are looking good , contracting histogram momentum to the upside . The legendary hash ribbon buy signal with crazy hit rate. If we break this ascending channel the 2019 playbook goes out the window and we go back to the charts see what we can find but until then , setup for a long ,could take a week to build divergence.
COINBASE:BTCUSDLong
by Sporia
45
Buy the dip?"The Formation of a Bump and Run Reversal Pattern in Bitcoin!" This is an incredibly bullish sign, with a 60% success rate of breaking to the upside, if the neckline is held. In the past, Bitcoin has exhibited this pattern multiple times. For example, in 2019, it formed a textbook bump and run after a 14.5% pullback following capitulation. Currently, Bitcoin has only pulled back 10%, if Bitcoin pulls back 14.5% it puts at 20500 level,which is a important level to remember. In 2015, another bump and run was formed after a similar pullback. Taking a closer look at the daily RSI of Bitcoin, there is a noteworthy pattern to observe. Over the course of its 4500-day history, the 89 level on the RSI has only been hit 20 times. On January 14th, 2022, this level was hit, which is an uncommon occurrence. Every time this level is reached, it indicates that Bitcoin is either in a bull market, at a major top, or has just come out of a capitulation. The red dashed line represents cycle bottoms, and the green dashed line marks the first hit of the RSI level following a cycle low. 2011 2015 2019 2023 (Present day) Examining each cycle in detail, we can see that every time there is a capitulation, Bitcoin experiences a massive move on the RSI, followed by a bump and run reversal. The main chart above shows the 20500 target. It is possible that there may be a quick dip to 20500 while keeping the bump and run reversal pattern intact. The 20500 level is important due to the presence of a CME gap, which sits right on top of the 21 weekly moving average. This moving average is one of the most significant in Bitcoin's history and has been a key factor in preceding major rallies. Before each rally, Bitcoin tends to drop down to the 21 weekly, testing it as support, before starting its move, just as it did in 2020. The Mayer multiple band is also at 20500. In conclusion, for the pattern to remain valid, the price must hold 20500, close the CME gap, and hold the 21 weekly, which serves as the neckline of the bump and run reversal. If a weekly candle closes below 20500, it will render this technical analysis invalid.
INDEX:BTCUSDLong
by Sporia
6
Bitcoin Update 2023The bitcoin market operates in repeating cycles, like clockwork. The left chart shows Bitcoin's performance in April 2019, after a significant increase, taking it out of a capitulation range. The right chart displays the current situation, and the strategy so far has been straightforward: just look at history. If the cycle repeats, we can expect a breakout in 10-15 days with a target of 35,000. 35,000 is a crucial level for multiple reasons, including being the 0.382 Fib and the highest CME gap. This level could potentially be the top of the relief rally, but it is expected that human emotion and FOMO will drive the price higher. Mayer Multiple bands The chart is clear , the cycle is repeating. We even formed a small base over the yellow band just like in 2019. The only concern currently is the descending wedge in USDT on the daily, which could impact the move to the upside. In a short time, Bitcoin is projected to reach the value of 35,000. The inclination to purchase, accompanied by an emotional disturbance in the abdomen, is commonly referred to as Fear of Missing Out (FOMO).
COINBASE:BTCUSD
by Sporia
4