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Luckyhelper

Trend reversal at BTCUSD?Given the massive depreciation of Bitcoin against the USD, it is time to think long-term and hard about where the journey is headed. Bitcoin is still in its downtrend. For five waves (1-5), it went down between the green support line and the red resistance line of the channel. On February 27, 2018, it changed the channel and is heading South between the red support line and blue resistance line of the new down channel. BTCUSD is approaching two very interesting levels where an important decision on the further direction of the Bitcoin’s price is being demanded. The two levels are 6000 and 5511. Both levels are strong support levels. These support levels will not be broken easily. The Pivot system levels are close together. This is another indication that Bulls and Bears are fighting for the future direction of the Bitcoin price. Trend Reversal Scenario The trend reversal scenario occurs when a double bottom forms in the chart. This requires a low between the current low and the low of February 6, 2018, which was 6000. Such a double bottom confirms once it breaks the ceiling at the 11700 level. Breaking the 11700 level would set a minimum target of 17225. Be careful, it is very likely to see a bull trap at the level of 6000. Trend Continuation Scenario If the Bitcoin rate breaks the level of 6000 US-Dollars to the downside, the double bottom scenario is no longer valid. Once the 6000 level is sustainably broken, BTC will head down to the 5511 level, which is an intermediate target. This level is a strong support and it will take some time until Bitcoin will be able to break it. In my opinion, it is more likely to see a further downmove of Bitcoin , as there are no fundamental facts that would suggest an uptrend. Happy Easter Days!
BITFINEX:BTCUSD
by luckyhelper
5
Zero MomentumWe have to remember, that there are three directions in a technical chart analysis: bullish, bearish and sideways. To get the big picture, I analyze the monthly chart of Bitcoin today. We realize that on the monthly chart, the down channel is not yet broken. Furthermore, the last three months closes are approximately in the middle (blue square) of the high and low, which are marked with a blue line. This means nothing but there is no momentum in either direction. For already three months, BTCUSD is in a sideways movement and the swings are getting smaller and smaller. However, during the month of March, there has to be a decision. Will it break out on the upper side of the channel and either move upwards or continue its sideways movement? Alternatively, will the red upper channel main resistance line be strong enough for pushing the price of Bitcoin further down to 1140 USD at the green channel main support line? I still stay at the sideline until a new trend establishes. In such a sideways movement, losing money in narrow swing trades is highly probable.
BITFINEX:BTCUSD
by luckyhelper
The price of Bitcoin almost drew a cup… Almost.BTCUSD is still within its sideways movement. A little bit up, a little bit down, but no direction. Slowly, slowly it was drawing a cup, a long awaited bullish signal. However, it seems that this cup will not be completed. Right now, BTCUSD is climbing along the green dotted uptrend-line, touching the blue curve twice within this uptrend. However, it is still far away from reaching the upper side of the cup, drawn by the blue curve. There is a huge lack of upside momentum. BTCUSD even broke the blue curve to the downside. I think that we have to forget about reaching the target of 12000 for now. Soon, it will touch the double support Pivot point and green dotted uptrend-line. Will it be able to break this strong support? Pivot point is at 10738. Should BTCUSD drop below Pivot point, we will have to expect an accelerated downward movement. Support levels will be 10380, 10128, 9853, 9470, 5511.
BITFINEX:BTCUSDShort
by luckyhelper
1
Sideways movement still prevailsBTCUSD is still fluctuating around the red dashed downtrend line. This sideward movement will probably continue until BTCUSD touches the blue curve again and reflects upwards. There is a quadruple support (blue circle) that will keep BTCUSD above the blue curve: 1. Support level S1 at 10029. 2. Support level 10128. 3. The blue curve. 4. The blue, thin, dotted downtrend line. Alternative scenario: If BTCUSD breaks the blue curve, the old target 5511 comes into play again. However, it will be very unlikely that the blue curve will let go. Pivot point is at 10547. As the above-described scenario will happen below Pivot point, a bearish touch will be added to the described scenario.
BITFINEX:BTCUSD
by luckyhelper
1
Keep your’s coolThe red dashed down trendline, which is also the upper borderline of the channel, is of the past. The price of Bitcoin is above that important trendline. Resistance R1 at 10902 was also tested, but could not yet be sustainably overcome. I expect a retracement and another test of the red dashed down trendline. The double support of the red dashed down trendline and the Pivot point at 10514 are probably strong enough for keeping Bitcoin above the channel. This will be the long awaited confirmation of the newly established bull-trend. I will wait with a trade until resistance R1 at 10902 will be sustainably overcome and the target at 12000 comes into reach. Alternative scenario: If Bitcoin enters the channel again, it will touch the blue curve once more and be reflected there. Should it break through the blue curve, the down target of 5511 comes into play again.
BITFINEX:BTCUSD
by luckyhelper
2
Bitcoin gained new momentumThe price of Bitcoin seems to have found its direction up South. However, there is a strong double resistance right now: the red dashed upper border of the channel and resistance R1 at 10’720. I expect that BTCUSD will fluctuate that level for a while. I have no open trade right now. I stay still at the sideline. I will start a new trade once hurdling resistance R1 confirms the uptrend. The Pivot Point system reflects this new uptrend and the higher momentum with wider spacing between the support and resistance levels. Pivot Point is at 10039. Next targets are around 12,000 and at 13017.
BITFINEX:BTCUSDLong
by luckyhelper
2
At the crossroadI have no open trade right now. I stay at the sideline. The price of Bitcoin still has no direction. While I expected after breaking the 10128 support level two days ago that the down movement will get more momentum, the opposite was true. Will BTCUSD follow the blue curve? Will there be an outbreak on the upper side of the channel in a few days? Will BTCUSD break the blue curve and continue its slow descent to 5511? The Pivot Point system reflects this undecided scenario as support and resistance levels are close together. Pivot Point is at 9568.
BITFINEX:BTCUSD
by luckyhelper
Which trend will prevail?The Pivot Point System in this idea is from yesterday. Inside the blue area: On Wednesday, the red dashed down-trend-line, the blue dotted uptrend-line and the Pivot Point at 11366 crossed in one point. Today, the red dashed down-trend-line and the green dashed uptrend-line will cross. It is very unlikely that BTCUSD can break these triple and double resistances right now. The opposite is the case. The price of Bitcoin was sent down towards the 10128 support. Today, BTCUSD will remain fluctuating between support 10128 and the red dashed down-trend-line. An outbreak on the lower side would establish a target at 5511.
BITFINEX:BTCUSD
by luckyhelper