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BTCUSD: Revisiting 58K, Eyes Still on 61K - 62KGM crypto bro's, this morning the Fear and Greed Index is back in the fear zone, while the stoch RSI seems tired of being overbought and may be dropping towards the oversold area. Looks like BTC is not in the mood to hit 61K - 62K this morning and is just hanging out around the 58K range again 🗿. Based on today’s price action, there’s a possibility of a drop back to around 57K, but the potential pump to 61K - 62K is still our target for now. Remember, the market is dynamic. Don’t be FOMO, stay safe, keep calm, and always remember that anything can happen in the crypto market. Always maintain your risk. And as always, that’s the crypto update for today. It’s Akki, signing off with one chart, and have a nice day.
INDEX:BTCUSD
by x_Akki
Pullback to 60.3KMorning folks, Probably I should make it as an update of previous idea... anyway... BTC shows upside bounce from the 1st 52K target. The pullback obviously is taking shape of reverse H&S pattern. Thus, the setup #1 for scalp bulls. You could think about this pattern, and its target around 60.3K For the bears it is nothing so far. You should watch for 2 moments - either H&S failure, or its completion around 60.3K Fib level and consider any ways for short entry there, if we get corresponding trading setup. For now it seems early to bet on downside continuation.
COINBASE:BTCUSD
by Sive-Morten
50.60KMorning folks, So, BTC was so weak that even was not able to form the H&S pattern. Not as bad job data just pushed it below the floor... There are a few bearish signs exist now on higher time frames as well... So, obviously we do not consider by far any long positions. Maybe everything is not as bad yet to consider 44K downside target on 4H chart but... here on 4H chart it is quite possible to consider 50.6K next downside extension. Once it will be completed - keep an eye on major lows here. To keep bullish chances, BTC should not break it down. Otherwise downside action could become faster in nearest 1-2 weeks. Take care.
COINBASE:BTCUSDShort
by Sive-Morten
The same H&S planMorning everybody, actually I'm not sure that we need the "new trading idea" here, because this is just update on existed one. Everything goes with the plan. Now BTC comes to the neckline, and intraday bulls could start watching for small 15-min reversal patterns to make a decision on long entry. Target is the same - 61-62K, the top of right arm of our H&S pattern. Those who trade on daily/weekly basis just do nothing and wait for this area to consider short entry.. So let's mark this idea as "Long", because we're watching for 61K action, but as you understand overall setup is bearish...
COINBASE:BTCUSDLong
by Sive-Morten
1
61-62K for short entryMorning folks, BTC was not able to escape mass revision of public opinion, concerning next Fed move. Not occasionally last time we've expressed doubts that BTC could reach 67K target. Here we will not speak about all bearish signs that we see. To keep it short we have big bearish engulfing on weekly chart which makes us think that H&S pattern on 4H chart is very likely. Thus, scalpers could watch for 55K area for potential long entry. While our base scenario stands for the daily chart and it is bearish. We intend to watch 61-62K area for potential short entry. Although pullback to 61K is possible, I mark this idea as "bearish" based on our primary object
COINBASE:BTCUSDShort
by Sive-Morten
Is it really to 67K now?Morning folks, So, we've got what we wanted - BTC dropped and not only to 61K but slightly lower, to 59.5K. The major question now is whether we indeed will go to 67K or deeper retracement comes? In fact, riddle is relatively simple. BTC now stands at strong intraday Fib support area. To keep bullish context, it has to go up right from here. In this case 3-Drive "Sell" might be formed, but it starts right from 67K target. Yes, the big uncertainty exists, as recent drop was relatively fast. But at the same time, risk is not too high as market stands near the possible lows. IF, still downside drop will happen, it will mean that we get deeper downside retracement. Current setup is not perfect, but it has some attractive sides. To take part with it or not today is up to you. It has more uncertainty that our usual setups.
COINBASE:BTCUSD
by Sive-Morten
BTC Technical analysis: BTC has experienced a sharp rejection near the $60,000 mark, as indicated by the strong red candle in the last few hours. The RSI has dropped significantly, moving from overbought territory back towards the mid-40s, signaling a potential slowdown in buying momentum. The MACD also shows a bearish crossover, with the histogram dipping into negative territory, suggesting that bearish pressure could intensify in the short term. Watch for support around the $58,500 level; if it breaks, we could see further downside.
Short
by Crypto_CAT1
Indecision situationMorning folks, So, pullback that we've discussed on Thu has happened. But now we have two equal patterns on daily chart but in opposite directions. Our elder bearish grabber and new one on the bullish side. If you conservative enough - it would be better to stay aside and wait for clarity. We suggest that bearish pattern looks a bit better, just because of intraday price shape. All upside swings look slow and choppy. At the same time, it doesn't mean that you can't try to trade bullish pattern. Take a look that here we also have reversal bar, suggesting that BTC could move slightly lower. If you want to buy, you could try to use it to open position as close to the grabber's lows as possible. Just to minimize potential risk. If, still, we will be correct concerning bearish domination, next downside target is 54.35$ Fib support.
COINBASE:BTCUSD
by Sive-Morten
Keeping the same scenarioMorning folks, Last time we said - no longs until bearish daily grabber is valid. So, it is still valid. But if you do not want to wait when situation will be resolved, or by any other reason you would like to buy - here is the life hack. ;) On 1H chart we have clear "222" buy shape with 56.70K target and strong K-support area. So you could try this strong area and try to take long position. Once minor bounce will happen - move stops to breakeven. So this strategy could let you to minimize risk or even to get some small profit if you're totally wrong. For taking the short position - it is necessary to wait for the bounce, because BTC right now is near strong support area.
COINBASE:BTCUSDShort
by Sive-Morten
No longs until 63K is takenMorning folks, So, Thursday plan worked nice - market was around 63K. Now situation is a bit tricky. First is, geopolitical situation is coming to the boiling point. Any activation in Iran will make negative impact on BTC, besides [b ]we have bearish grabber on 10-year bonds , suggesting drop back to 3.65% level. So geopolitical worryings are not in vain. Gold is opened up today as well... Besides, on BTC itself we also have bearish grabber. Situation with sell-off in Japan is also not clear by far. And we get GDP numbers this week. So, BTC could become ones again the major sell-off victim. That's why, until market keeps daily grabber valid we stay aside from any long positions. This risk will be erased if price jumps back above 63K area again.
COINBASE:BTCUSDShort
by Sive-Morten
1
57-59K to sellMorning folks, Wow, we've talked about just 60-61K pullback, but BTC just collapsed and has become once again the victim of sell-off. Investors sell "bad assets" to plug holes in balances of "good assets". And from this point of view - BTC is a "Holy cow" of this process. Besides, when 30% of the market is controlled by ETF, I wouldn't be surprised by any action. D. Trump needs as many BTC as he could get and he needs it cheap, so... BlackRock&Co still has a lot of job to do... Obviously patterns that we've discussed last time - just have not been formed, market just dropped, no H&S. So, based on daily picture, BTC is oversold now, but in perspective it is aimed on next downside target at 43K area. Now we're watching for technical bounce, at least to 57-59K area, where we return back to discussion of short entry. Scalpers could try to buy this bounce, if any bullish patterns will be formed on 1H and below. I mark this idea as bullish, because we're watching for the bounce. But our major view is bearish in longer term. Take care.
COINBASE:BTCUSDLong
by Sive-Morten
Watching for 59-60K areaMorning folks, So, retracement that we've discussed on Mon is started, although we thought it will be from 71K area. But M. East escalation has triggered sell-off in risky assets, and even J. Powell comments was not able to support the market. Now, although our 3-Drive pattern still seems theoretical possible, chances stand in favor our 2nd pattern - H&S. So, if you trade on daily and above time frames, I wouldn't hurry up with entry right now. It seems BTC could drop more. At least we could consider next support of 59-60K area. Just keep an eye on H&S... If you're intraday trader - you could consider bullish setups around potential neckline with two upside targets - 66K and 65.7K . They are resistance on 1H chart: Later, it is possible to consider short position as well, with the H&S pattern. It's obvious.
COINBASE:BTCUSDLong
by Sive-Morten
71.65K is the next oneMorning folks, So, our daily bullish setup has worked perfect - grabber has been formed and everything has started. Now BTC in fact has a free space right up to the ATH. So, we suggest that it should be aiming to challenge it. Still, we have another tactic resistance area - trendline on daily chart, based on tops. If we take a look at 4H chart and suggest 3-Drive "Sell" pattern, then it perfectly agrees with the 3rd Drive level - ~71.65K IT doesn't mean that we expect reversal there, although pullback is possible. We just use these extensions to estimate next upside step that BTC could make. Suddenly US bonds yield has dropped sharply which is supportive factor for BTC. Currently we do not see any bearish signs and suggest that BTC will try to reach ATH, if of course coming Fed meeting will not break the game...
COINBASE:BTCUSDLong
by Sive-Morten