Get started

Decryptoknights

8.5k to determine who ceases control nextBitcoin correctly fell to the 8k support, filling up the 1st gap in the BTC CME futures as mentioned in my previous idea. However, i was caught by the upside surprise towards the 9k level (which i have identified as well), before the plummet to 8k. Moving forward, tbh i have no idea what the next move will be? But i have a feeling that the 8.5k is a crucial line in the sand to see if the bulls or bears regain control for the shorter term. I am confident that the gap in the CME futures, which is around 7.2k in the BTC chart will eventually be filled. But i am just worried about the potential upside towards the 10k resistance. If the bulls regain control and pass the 8.5k mark, i can see them trying to push the price up to test the 9k resistance again. If breaks, we should see 10k next. However, if the bears is able to suppress the bulls and holdout below the 8.5k mark, it is very likely that they may push price downwards to the 7.2k support filling the gap. If this does happen, we can expect a slight bounce after the gap is filled, just like what happened previously when a gap is filled. Thus, the 8.5k mark is a level that i will watch for closely the next few days. On a longer term, i believe that bitcoin will give us another buying opportunity at 5.5k. 3.1k is likely the bottom, given the buying pressure, i cannot imagine price to go that low again. That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :) I will be catching the champions league final. Let me know which team you guys are rooting for hahaha.
COINBASE:BTCUSD
by DeCryptoKnights
Another GAP in the BTC CME FuturesBTC broke above the strong 8.5k resistance, forming another gap in the CME BTC futures . Next target we should set our eyes on is the 9k big figure. If the 9k big figure is broken, we will set our eyes on 9.5k and 10k resistance. It is highly unlikely that we will break above 10k and we should see a major correction by then, filling up the 2 gaps created. That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely start to the week :)
COINBASE:BTCUSDShort
by DeCryptoKnights
5
Time to fill the Bitcoin CME FUTURES GAP In my previous idea , I was expecting the VanEck's ETF decision to once again be delayed to August. Indeed, the U.S. Securities and Exchange Commission (SEC) postponed the decision. The next deadline is 19 August 2019. If it is delayed again, the final decision deadline will be on 18 October 2019, where a final decision must be made to reject or approve the ETF . Moving on, the main focus for this idea is on the gap in the Bitcoin CME futures, which will likely determine the near term price action. Majority of the past gaps in the Bitcoin CME futures have been filled. The recent gap that happened on 10th May was filled on 16th May, with price in the CME futures falling from 8.4k to 6.3k, before we see a sharp bounce back up to the 8k level again. Hence, I am expecting the gap above 7.2k to be filled soon. Although, prices fell to different levels on both the CME futures and Coinbase charts in the previous gap fill. It is reasonable to see 7.2k as the support for both charts. On the coinbase chart, the 7.2k support has a confluence with the 61.8% fibonacci retracement and 61.8% fibonacci extension. My stance for the next few months would be further downward correction. As i have stated in the Bitcoin big picture idea , the 8.5k is a strong resistance and i do not expect a break above in the near term, unless we see bullish news such as the bitcoin etf approval. That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :)
COINBASE:BTCUSDShort
by DeCryptoKnights
2
Bitcoin VanEck ETF's Decision on 21 May21 May is another decision deadline for the U.S. Securities and Exchange Commission (SEC) on the VanEck's ETF. The decision could potentially be another good trading opportunity. There have been a few murmurs that there is a slight chance for approval given that Hester Pierce, one of the SEC commissioners and also dubbed the "cryptomum", will be giving a keynote speech in New York, coinciding with the VanEck's ETF's decision deadline. However, I personally feel this is nothing more than just a coincidence and it is likely that SEC will delay the VanEck's ETF to August. The Bitwise ETF proposal was delayed recently for reasons such as bitcoin being susceptible to market manipulation, which applies to the VanEck's ETF as well. Hence, I see no reason for any special approval to be granted to the VanEck's ETF. So what can we expect from now till the decision dateline? Given the slip a few hours earlier to around the 7600 support, i am expecting a bounce up till 8400 (max 8500) before a reversal after the delayed decision by the SEC. As i mentioned in my previous idea , the 8500 resistance is a super strong resistance. I am not expecting any break in the near term unless fundamental news such as SEC's ETF approval surfaces. If not i just do not see any stimulus for a break above the 8500 resistance. During the previous VanEck's ETF decision on 29 March, which was delayed, there was no market reaction upon the release. Bitcoin was trading around the 4000 range at the point of time, before seeing a rally to 5000 a few days later. Should we expect any reaction this time round? I personally feel there should be no reaction as well given how the recent Binance's hack did not see a major market movement towards the downside. However, my gut feeling is telling me that big players may use this as an opportunity to make a profit. The previous decision came when prices were at the low at 4k, thus it is hard for the prices to go down any further. However this time round, bitcoin is at a high price around 8000 and it is an extremely good profit taking opportunity compared to the previous one. Just imagine the scenario where SEC has delayed the ETF decision. If the big players decide to trigger a huge sell off upon the release, the retail investors may have the impression that bitcoin will go down lower due to the delay and will sell off their bitcoin as well. This is unlike the Binance's hack where it was unexpected, hence harder to make a colluded decision. This SEC's decision deadline is a good and timed opportunity for the big players to take profit and drive prices lower. This is just a scenario that i foresee may happen and everything i have said are not financial advice, just my two cents on how i feel the market may potentially move. Do make your own judgement and invest at your own risk. If the SEC does delay the VanEck's ETF decision, the next deadline is likely to be 19 August 2019. If it is delayed again, the final decision deadline will be on 18 October 2019, where a final decision must be made to reject or approve the ETF. I have identified the support and resistance levels to watch out for below using the 1 hr chart: 7600 support: horizontal overlap support 7200 support: 61.8% fibonacci retracement, 61.8% fibonacci extension 6500 support: horizontal swing low support, 100% fibonacci extension 5800 support: horizontal overlap support, 50% fibonacci retracement 5000 support: horizontal swing low support, 61.8% fibonacci extension , 61.8% fibonacci retracement (strong support) 8400 resistance: horizontal swing high resistance 8500 resistance: horizontal swing high resistance, 38.2%, 61.8%, 78.6% fibonacci retracement (strong resistance) 10000 resistance: horizontal swing high resistance, 38.2% fibonacci retracement (strong resistance) If you agree with my idea, do give it a like and follow me for future updates for technical and fundamental analysis on cryptocurrency. I would also love to hear from you as well, on your thoughts about my idea or bitcoin. So do leave a comment if you have any. Thank you and have a lovely start to the week :D
COINBASE:BTCUSDShort
by DeCryptoKnights
Bitcoin Big PictureHey everyone, i have used the daily chart to create a big picture analysis of BTC's price action since 2018. The indicators and tools i use in this analysis are: stochastic (55,5,3), fibonacci retracement (blue dotted), fibonacci extension (pink dotted), support levels (green), resistance levels (red). The stochastic nicely coincides with the major bounces and reversals of BTC's price action. Of course not all the moves are fully captured using the stochastic, but i think it is rather accurate still in capturing majority of the key moves since 2018. Just some thoughts on the current price action, BTC just got rejected at the 8500 strong resistance recently. My gut feeling tells me that the bottom is in at 3000. If it isn't, any price below will still be an excellent buying opportunity. I am looking for a final correction to the 5000 support now, which is a confluence of several factors horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement. Before we reach that level, we probably will tumble down the 6500 and 5800 supports first, so it will be a good trading opportunity when we reach those levels. Do note bitcoin halving will begin in may 2020, i am confident that we will be in the bull market during this period. Global economic slowdown and trade tensions between U.S-China have caused plenty of uncertainty and fall in equities and commodities prices. Institutional investors are definitely looking into the crypto space as an alternative investment, driving up the prices. If you agree and like my idea, please leave a like. Would love to hear from you too, so do leave me a comment. Thank you! :D 6500 support: horizontal overlap support, 38.2% fibonacci retracement 5800 support: horizontal overlap support, 50% fibonacci retracement 5000 support: horizontal swing low support, 61.8% fibonacci extension, 61.8% fibonacci retracement (strong support) 3000 support: horizontal swing low support, 100% fibonacci extension 8500 resistance: horizontal swing high resistance, 38.2%, 61.8%, 78.6% fibonacci retracement (strong resistance) 10000 resistance: horizontal swing high resistance, 38.2% fibonacci retracement
COINBASE:BTCUSD
by DeCryptoKnights