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Retrace

Elon-mania - How long can cryptos be hyped?What an extraordinary time we live in! In less than 2 months Elon Must managed to change the crypto world. With the power of a tweet, he managed to double his crypto assets value. And he is not getting a sizable fine! If any of my dear readers remember, last time he performed a similar stunt tweeting about taking Tesla private, he received a $20m fine for market manipulation. So, anyone curious why Elon is changing the world for the better with cryptos? What's in it for him? Here is an interesting thought experiment proposed from a couple of my followers from California, USA. Follow the money. We sat down in a social distant manner in web meeting and ran some numbers. Tesla purchased $1.5b worth of BTC in January. There was not a single purchase order of that size. Actually, nowhere near it. Therefore it must have been a slow constant acquisition not to spike volumes or get whales suspicious. We traced steady volumes Dec-Jan and it is very likely that Tesla was slowly purchasing BTC around 24-26k mark. That would have bought Tesla about 60k BTC. We highly doubt that Elon would even mention BTC while Tesla was purchasing not to spike the price. That means that purchase was complete by the time Elon added his famous #Bitcoin. Check the dates and run the numbers 😉 So what's in it for Elon? 60k BTC as of this morning was worth in a ballpark of $2.9b, basically doubling the asset value for Tesla (Elon). Well played, just surprised he is not getting $1.5b fine for this 😂 How about ETH? It is difficult to say today's market's reaction, however, all assets are widely overpriced. That should spell a retrace. Today's technicals: Position is short. Forecasted highs are at 1900 unclear of any limits. There seems to be a resistance forming at 1815. Mid-way point now moving to 1680. Forecasted lows at 1630 and unlikely to drop below 1600. Don't forget that technical data renders useless against people irrational behaviour. Stay vigilant and change to Long in case market shifts direction. Have fun trading! 🤑
Editors' picks
BITSTAMP:ETHUSDShort
by DataMoney
60
BTC POSS. RETRACE / REENTRY POINTSBTC just broke another ATH, largely thanks to Elon Musk committing a 1.5 Billion investment via Tesla. This might lead to another wild 50 - 80% rise, I don't know the future, but I do remember that what directly preceded this rally was a big ole 30% retrace that had major new outlets proclaiming that the bull run was over (lol). During the recent price ranging, we saw retraces of 10, 16, 20+ %. I would expect some sort of retest of recent ATH, and with BTC, I try to expect the unexpected. There's bound to be a lot of bullish sentiment right now, and new retail money Fomo'ing in. What better time for whales to take profits, squeeze longs, hunt stop losses, and load up even more before the next run up really takes off? I'm not saying this will happen. Realistically, they probably already have been buying up BTC during the recent consolidation... BUT here are some possible reentry levels you may want to set some buys at, yknow, just in case... These levels are based on previous support and order volume levels. Nothing too fancy. happy trades CD
GEMINI:BTCUSD
by cryptodonovan
1
BITCOIN - CRASH TARGETS STILL VALID | FIBONACCI & VOLUME SUPPORT Recent updated price action on bitcoin hasn't changed my initial outlook on price action and direction as per my previous idea linked below The head and shoulders target was invalidation however a descending triangle has formed instead and bulls are losing energy as days pass without another breakout As a result, the descending triangle target would take us towards $20,000 and potentially below We also have a fractal from 2017 which is, movement and swing wise, largely being followed with current price action and this would take us to TGT 1 On the way down we have first the minor 61.8 fibonacci resistance in confluence with the CME price gap Then we have the volume support in confluence with the major 61.8 fibonacci Finally we have the other major volume support in confluence with another CME gap As a result, those are my targets and bearish outlook is becoming more and more solidified as days pass
COINBASE:BTCUSDShort
by JayanVarsani
2
4hr chart h&s pattern could send us back to the golden .618 fibAs always we must wait for confirmation of this pattern before attempting to trade it. There is compelling bearish confluence here with the breakdown target from this pattern lining up perfectly with the .618 golden fib retracement. Not only this, but this zone is also just below where the extremely strong support from the weekly 21 ema (not shown here) is located. As we have seen in the previous bull market of 2015-2017, the weekly 21 ema was able to maintain support for price action throughout the entire bull market and was retested every correction except one during that bull market. These 3 things combined increases the probability of a breakdown to this zibe significantly where we could see a wick all the way down to the golden fib fulfilling the H&s breakdown target while the body of the candle still manages to close above that with the weekly 21 ema maintaining support. Of course, it's also possible the correction could be over well before that with such parabolic bullish fever still very much in the air....the coming FUD concerning the 14 trillion tether lawsuit as well as the recent executive order passed against chinese companies also suggests a deeper correction is likely...but ultimately we must still wait to see if this h&s breakdown confirms first. I will be watching to see if this top ascending plum colored trendline from the previous ascending broadening wedge we were in can maintain its support. I will not be convinced the h&s breakdown will occur until it is clear that this trendline has been flipped to solidified resistance. This is as always only my personal strategy and not financial advice nor am I a financial advisor. Best of luck in whatever trade you decide to take and thanks for reading!
GEMINI:BTCUSD
by DrDovetail
2
NEO/USDT Bullish Retrace / Reentry idea 4HRHow far is BTC / the Alts going to retrace? that's the trillion $ question. Looking at NEO's chart, which (unlike some other large cap alts) does not look like a carbon copy of ETH, I've spotted a potential inverse H&S forming on the 4HR, which lines up with the .5 fib level. Admittedly, this may be a bit premature - that wick down from the rising wedge may end being just that - a nasty wick - and we could see a continuation within the pattern. But if the overall market retrace continues, you can expect NEO follow suit, and if you're still bullish on the higher TF, this may be a good reentry point. Remember to let volume be your guide. Previous red candles that have a spike in volume can signify a reversal* . So keep an eye out for that as an indicator to support (or invalidate) this idea. happy trades, CD
Long
by cryptodonovan
LINK- Bullish Fractal Present, But that usually means retrace.LINK seems to be throwing u bullish fractal. This is generally a sign we're gonna get growth, but after a retrace. This will be invalidated if we get a volume confirmation on a breakout from top line, at which point I'd look for a retrace then get in. At the moment I'm not seeing a true breakout, we're at the upper resistance limit, which might be the START of a breakout but no confirmation yet. Two paths we can go here in my eyes, either the bull fractal gives us our retrace and text book entry down the fib levels, or btc.d keeps slipping and link gets the volume to bust through here and we look for a retrace to continue upwards. Both options should show confirmation before they hit, so set your alerts on the volume for a breakout. and trust in the volume to not lie to us.
Long
by cryptosince1963
3
XLM - UPDATE: Breakout in Progress, Catch the Retrace, get PAID$Update on my previous idea, which you can find below: Congrats if you followed and bought when I said to buy, were up 25% since the top of the entry zone. Looking like we're topping out short term, might be a good retrace buy right now. Pretty standard play here, everything has been going plan so I see no reason to deviate. This is not financial advice. But if you want financial advice, Follow Block Party Trading! We're pretty cool. Also don't eat a high sodium diet, stuff will kill you.
Long
by cryptosince1963
4