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Bitcoin Makes Lower Lows!!Bitcoin has taken another nose dive. We appeared to be finding good support in the $34K handle, but a sharp selloff took us down to support just above $32K. We are just $3K away from our final level of support at $29K (see the longer term analysis linked to this article). This is the bottom anchor of our daily Fibonacci levels. If we break through this, recall that the next level of support is around $19K. If we are able to see a relief rally, the next targets are $34K and $34.9K, with a likely ceiling at $36.7K. The Kovach OBV is still abysmally bearish, and keeps edging further down, confirming the selloff.
BITSTAMP:BTCUSDShort
by quantguy
Bitcoin Carnage: What to Expect From Here??We have been calling for a Bitcoin correction since highs in November of 2021 (red arrows on the chart). We even gave Fibonacci for areas of support, all of which were validated during the selloff. It seems that cryptocurrencies are becoming more sensitive to things like interest rates and inflation. The global markets have sharply corrected due to the Fed's increasingly more Hawkish rhetoric, and the crypto markets are no exception. They are in a tough position. Their task is to combat inflation with the only tools they have available. Despite the fact that the economy is still fragile, they seem to be gunning for 4 rate hikes in 2022, a decision which the markets are not taking lightly. We have been highlighting $38K as the next major level for Bitcoin, garnered from our Fibonacci retracement levels. Subsequently, we have breached this level, and are currently in the vacuum zone between $29K and $38K. We do appear to be finidng some support, confirmed by a green triangle on the KRI around $35K which is the upper bound of a congestion zone from July. However, we aren't seeing the kind of buy back we would expect from such bargain prices. From here, we may range a bit and attempt to establish footing. Expect a consolidation pattern like a flag or wedge to form before Bitcoin makes its next move. Currenty levels seem to be critical to stop the selloff from hitting $29K. If they don't hold, this is our next target. The Kovach OBV is extremely bearish on the daily chart, and does not appear to be showing signs of leveling off. If the rout continues and we hit $29K, then the 0.236 Fibonacci from early 2021 suggests that $19K is the next target, which roughly coincides with 2017's high before the great crypto winter of 2018. If we do manage to see some buying come through, then $38K and $40K will be significant barriers to break and we anticipate a lot of resistance here. BTC had been flirting with levels in the low $40K's for months, establishing solid technical levels in this neighborhood. If we are able to break these, then $44K is the next major milestone.
COINBASE:BTCUSDShort
by quantguy
3
KCS - Let's Go!Hello everyone, if you like the idea, do not forget to support with a like and follow. KCS is overall bullish trading inside the brown channel. KCS is now approaching the lower brown trendline and 15.0 horizontal support in green, so we will be looking for buy setups. Before buy, we want the bulls to take over by breaking above the previous major high. on DAILY: KCS is forming a trendline in blue but it is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple) Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone) Meanwhile, until the buy is activated , KCS would be overall bearish from a medium-term perspective and can still trade lower. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Long
by TheSignalyst
7
We Believe in Bitcoin BUT be PREPARED for all Scenarios You know i am a strong believer in bitcoin and it's Potential, but unfortunately from technical analysis we can see some stuff that we can't ignore! Bitcoin is below the Falling wedge that we broke 2 days ago. Now we trying to come back at the entry point of the falling wedge, if we go above and close the weekly and daily candle in the falling wedge our target it's the top of it at 41-42k. But if we touch it and get reject, bitcoin will have another lower low at the 30k range. Believe in Bitcoin but always protect your money and your self! NO EMOTIONS - NO EGO - SAFE DECISIONS - AND PATIENCE make the perfect trader! CRYPTODROU StayStrong!!
by CryptoDrou
BITCOIN'S LAST STAND! THERE IS THE MOMMENT OF TRUTH!Bitcoin had 2 massive head and shoulders patterns, with huge correction effects!, but the blue support zone deffended the price for more than 15 times! Will it hold for once more? If it hold we will have a huge bounce to the upside? If it breaks the SUPPORT the price Target is at 20k range!!... But never panic Sale! The bitcoin is here to stay longer than some people thinks! It's a REVOLUTION and now or later everyone will understand it! The late ones will regret it! CRYPTODROU Stay Strong
by CryptoDrou
Bitcoin Sells Off!! Hits Our Target of $38K!!As predicted, Bitcoin has sold off sharply to find support at $38K. Dedicated readers should be well familiar with this level and we have been calling it out as a target for over two weeks now. We found support exactly at our level at $38.2K. If you recall, this was the 0.236 level on our daily Fibonacci levels. This is the last level, so if this does not hold, there is a vacuum zone down to $29K. The Kovach OBV has fallen notably, and barely shows any sign of picking up. In the event of a massive selloff, we might expect Bitcoin to find support and a generous pivot as investors pile in at lower prices. However, we still aren't seeing the kind of buying interest we'd expect from such a fire sale in BTC. This could suggest that there is another leg to this selloff. The next targets are $37.7K and $36.7K. If we do see a buyback then $40K will provide significant resistance.
BITSTAMP:BTCUSDShort
by quantguy
9
Why Bitcoin may Dip FurtherBitcoin has found support around our levels in the $41K handle. This follows a brief attempt to press lower, which was bought back up to support. Bitcoin is holding a very narrow range, and the malaise from buyers does not bode well for upside potential. The longer Bitcoin ranges without significant buying interest, the more likely it is to see another dump. If so, watch for support in the lower $40K handle, but if that does not hold, we have our eyes on $38K. If we can muster a breakout, then $43.8K remains the level to break before we can press higher into the mid $40K's. There is a vacuum zone above $43.8K to $45.0K. The Kovach OBV has completely flatlined so we will need to see more momentum come through either way before BTC makes its next move.
BITSTAMP:BTCUSD
by quantguy
Bitcoin Sells Off!! Finding Support??Bitcoin has taken a sharp turn for the worse. We anticipated support at $41.9K, and we started to see what looked like a pivot, with a sharp buy that made an attempt to break out back to $43.1K. However this was quickly smacked down and we made another run for $40K. Currently, we are seeing a bit of a buy back, which is currently testing $41.9K. The Kovach OBV is still very bearish, arching down after flatlining for a bit. The volatility at current levels may suggest a bottom and mark a signal to start accumulating a long position, so long as buyers are aware that we could see lower levels. We are still eyeing $38K, and if malaise from bulls persist, we should eventually test this level. If the small rally we are seeing at the time of this writing persists, then $43.1K is the next target.
BITSTAMP:BTCUSDShort
by quantguy
Bitcoin Tests Lower LevelsBitcoin has 'rounded off' in price action and is testing lower levels in the $40K handle. We are seeing good support from $41.9K and $41.6K, confirmed by two green triangles on the KRI. Though we are seeing support at these levels, there is still a lack of buying interest which does not bode well for BTC. If these levels do not hold, then $40.8K is the next level, then $40.0K will be the final barrier between BTC and the $30K handle. Our lowest target for support for now is $38K. Current levels seem to be holding strong, and if we see a relief rally or a small pivot from them, then $43.1K is the next target. We need more buying interest before we can reestablish levels in the mid $40K's.
BITSTAMP:BTCUSDShort
by quantguy
2
Bitcoin Lags in the Lower $40K's 🥱Bitcoin has wavered in the neighborhood of $43K. The Kovach OBV has completely flatined, and we have drifted down slightly from $43.8K which appears to be a prohibitive high for now. Several red triangles on the KRI have confirmed resistance every time we have made an attempt for this level. There is a vacuum zone above it back to the mid $40K handle at $45.0K if we are able to finally break it. There is much more downside risk at this point, with waning institutional interest in Bitcoin, and weak technicals. The price action has 'rounded off', but still remains confined in a very narrow range, bounded from below at $41.9K or so. If the lack of buying interest continues, we expect another dip down to the low $40K's, which potentially may entice buyers. The last time we tested the lower $40K's, we did not see a flood of buying, or at least enough to help us even see the mid $40K's. Our next target to the downside, should $40K be broken is $38K.
BITSTAMP:BTCUSD
by quantguy