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Tomprotrader

ETH/USD - The OutcomeEthereum has played out the outcome - from my previous Eth analysis (See related ideas below for more information on my previous ETH analysis). Looks like we're coming in nicely lower now with little technical obstacle to actually stop it from happening. Bear in mind that if price breaks to the downside, it does NOT necessarily mean that price will come to 124... But this is the worst case. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
25
BTC/USD - Live UpdateIn my previous analysis I zoomed into one of my scenarios from my previous analysis, and laid down some criteria for whether the bounce was going to work or not. Let's review the quotes I said from the previous analysis: "That's good stuff... But doesn't mean a lot if some factors don't come into play" "Bitcoin did just hit the massive converging moving average resistance above, and needs to break and retest that to confirm the bounce actually worked before this qualifies as a successful analysis." "The candle before was a huge red one, so the bounce isn't majorly exciting, it's just something to take heed of." "Just because it bounced that does NOT mean buy. No point jumping in early and facing these obstacles... Just wait, watch a movie, sit on your hands, something..." ^^^^^^^^^^^^^^^^ Let's see. Did any of these conditions happen above? NO. They all failed completely therefore invalidating the analysis. In a way I'm relieved it failed, a bounce at that level would have meant we're in a minefield watching for a correction for a while... Regardless of this, I will ALWAYS make analysis on possible movements, even if I DONT believe in them or see them as a possibility. Why make an analysis of a scenario that you don't like/see happening you ask? Because what sort of idiot would I be to ignore a scenario just because "I did not like it"... If I ignored scenarios in trading because I simply did not like them, I'd be fired from all my previous finance jobs, not to mention probably bankrupting myself because I believe that trading only what I "FEEL" is logical. The sooner the newer traders realise the above information, the better. Onto the analysis... Bitcoin failed at the side-wards support, quite epically I might add. Now we're going down to the horizontal support zone to see if we can get another POSSIBLE buy at this level. If we can get a bounce here, it'd definitely be my favourite scenario. If we break below the zone, we're breaking long term support which is actually quite concerning, so I will be keeping the idea updated regarding this scenario taking place. Trade carefully, it's a tough one out there at the moment. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
48
LTC/USD - Market OverviewLitecoin has been at the mercy of technicals for a while. It just seems to get beaten down repeatedly which is a shame because I actually think it is a fantastic project overall but oh well. The market doesn't care what I think about the project, markets are not run by emotions. LTC is currently trading up at the side-wards support line after some higher lows ave occurred, but this was within a tight range so needs to be watched before a trade takes place. Theres a couple of scenarios I can see playing out here at the current level. They are: 1) It breaks side-wards support line at 58.08 and breaks down to the long term side-wards support line at 43.50. When it hits here there is a large chance of an upside move. 2) It bounces off the side-wards support at current levels and moves to the upside, hitting structure resistance zone at 75.50 before probably bouncing down again. Bear in mind that price is actually wicking at the side-wards support at the moment, and this could signify a breakout. Let's see if it breaks lower or not. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:LTCUSD
by TomProTrader
2
BTC/USD - Bouncing?Bitcoin appears to have bounced EXACTLY AS PREDICTED on the side-wards support! That's good stuff... But doesn't mean a lot if some factors don't come into play. - Bitcoin did just hit the massive converging moving average resistance above, and needs to break and retest that to confirm the bounce actually worked before this qualifies as a successful analysis - The candle before was a huge red one, so the bounce isn't majorly exciting, it's just something to take heed of. - Just because it bounced that does NOT mean buy. No point jumping in early and facing these obstacles... Just wait, watch a movie, sit on your hands, something... Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
168
ETH/USD - Which Way?Ethereum has been one of interest lately - Looking now for a nice trade which we can take when Bitcoin has a nice defining move - as Ethereum follow Bitcoin in turn. Eth is currently trading right up at the 50 moving average resistance, with some side-wards movement lately after hitting a bottom. There's not much bullish enthusiasm right this second but we're getting those lower highs under the resistance, so that means there's 2 possibilities. They are: 1) Eth breaks above the 50 moving average resistance, retests the resistance as a new support at 242 before breaking to the upside. 2) Eth breaks below 208, which is breaking below the side-wards support level and it knocks out the last 2 last lower highs. If this happens, I expect price to come down, and could go as low as 124 before hitting side-wards support (At the expanded level) before coming to the upside. Bear in mind that if price breaks to the downside, it does NOT necessarily mean that price will come to 124 in scenario 2... But this is the worst case. Also bear in mind, if price breaks above 242 and tests it as a support, then price will likely hit the 292 level as a resistance. If price breaks higher than 292 (A strong horizontal structure resistance) then price could potentially hit the highs at 334 before the next swing takes place. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
11
XRP/USD - Live UpdateXRP moving EXACTLY AS PREDICTED! I only say that because I know it's everybody's favourite line :-) Price is correcting nicely and fallen very nicely since the move began downwards. Price is in a limbo at the moment and the chances of it rising right now are quite low. Price needs to come lower first and blow the steam off of the bears. Really, this isn't a sign of pessimism in the market place. The trade looks like a mean reversion trade, where price corrects to a neutral level, for a sustainable decision to be made thereafter. XRP is going to trade downward to one of the scenarios. They are: 1) I believe price will probably hit the horizontal support zone at 0.4440 and 0.4140 (Which coincides with the previous corrective high.) 2) If price breaks the horizontal support zone between 0.4440 and 0.4140, it could go lower towards 0.3500 and 0.3160. Bear in mind that had price break the first support zone, there is also a small chance price will find support on the 200 major moving average support level before hitting the secondary support zone, but this is subjective and will update analysis if this becomes a stark possibility. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:XRPUSD
by TomProTrader
60
BTC/USD - Continuation Move?Same thoughts as before, but upside possibility is increased now due to promising candlesticks. There's a few conditions to be met in order to fully confirm the up move. They are: 1) Bitcoin 0.77% must NOT close below 6560 again in order for the bullish breakout to stand. 2) Price must break above 6660 (If taking an aggressive stance), or 6749 (Conservative trading strategy) and RETEST it for a safe buy opportunity. Now there's the huge shooting star signal, we now need to break the top of the shooting star range before taking a buy. By not waiting, it's too risky. There's also a condition that qualifies for a short. 1) Break below 6550 would break side-wards support which negates ALL the higher lows recently. It'd be a nice short opportunity. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
78
BTC/USD - Breakout Or Trap?Bitcoin, in spite of breaking out from the side-wards resistance, doesn't appear to have done so with much strength. The overall market sentiment seems to be weak. Yesterday price broke the side-wards resistance line. It initially started off with a HUGE green candle, which by candle closing, closed with a HUGE wick resulting in a shooting star signal, which implies general rejection of the up move. This is why it's so important to ALWAYS wait for a retest after a breakout before investing, because only the noobs buy the breakout and they get burned. As it stands, price is in the bullish territory, but in reality, how important is that when the candles are showing a possible bull trap? This is something that needs to be determined by making some conditions. There's a few conditions to be met in order to fully confirm the up move. They are: 1) Bitcoin must NOT close below 6560 again in order for the bullish breakout to stand. 2) Price must break above 6660 (If taking an aggressive stance), or 6749 (Conservative trading strategy) and RETEST it for a safe buy opportunity. Now there's the huge shooting star signal, we now need to break the top of the shooting star range before taking a buy. By not waiting, it's too risky. There's also a condition that qualifies for a short. 1) Break below 6550 would break side-wards support which negates ALL the higher lows recently. It'd be a nice short opportunity. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
61
BTC/USD - The Bigger Picture (Part 2)Yesterday I made a very clear analysis that contained 2 absolute FACTS. They are - If price is BELOW 6790, it is BEARISH territory. If it goes ABOVE 6790, we are in BULLISH territory. After reading peoples comments in my comment section lately, it is clear to me that people are not reading the text of the analysis, but rather, look at the arrow and make an assumption of the content of my analysis. For that reason, I won't be posting detailed text in my analysis anymore. It's time wasted if no ones reading it. All details can be found on the chart. This is the alternative scenario IF Bitcoin breaks 6790 above (Yesterday you got the BELOW 6790 scenario, this is the latter counterpart). Where do YOU think price is headed? Leave a chart in the comments section and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
161
BTC/USD - The Bigger Picture"You can lead a horse to water but you can't make it drink" - This analysis is what Bitcoin will almost certainly do. I am saying this as to warn the bulls in advance. Bitcoin is in a technical juncture. Price has been at the mercy of technicals which just keep getting the better of BTC at every turn. It recently found resistance on long term side-wards resistance, and more recently used the 200 moving average as a resistance before coming lower. When it used the 200 this was the start of a down trend on this time frame. As it stands, there is only one support level left before Bitcoin potentially tanks to the downside, and that is the side-wards support line drawn on my chart which is sat right on current price action. If price breaks below the side-wards support level, and retests it as a resistance, then we're going much lower in a breakout type move, likely to an incredibly strong support zone between 5770 and 5610 levels. This support is very strong why? It's the long term side-wards support line level, and a ong term horizontal support zone level. This zone would quite likely hold up for a bounce. The ONLY way this analysis would be at all invalidated is if price breaks above 6790 (A break of the side-wards resistance and the 200 moving average resistance) AND retests it as a support! ANY other conditions do NOT negate this analysis. Below 6790 - bearish. Above 6790 - bullish. Where do YOU think price is headed? Leave a comment with a chart below and let's share our thoughts! Please kindly leave a LIKE and FOLLOW. Would be highly appreciated. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
173
XRP/USD - The LatestFor those of us who trade XRP, it has been an exciting couple of weeks to say the least. 18th September saw XRP take a huge upside move which was very good to see in a market that's seen nothing but downside for so long. Like any large up move of this scale, there is going to be a correction, and with corrections sometimes they take longer than others. When XRP broke to the upside, it made a move breaking the 20,50 and 200 major moving average support. This indicated to me that these could now become possible retracement support levels for XRP's downmove to bounce off of and go higher. Today however, price broke the 20 moving average as support, and looks incredibly weak still as it heads lower towards the 50 moving average which is just below it at 0.490000 which is likely a minor psychological handle. If price fails to hit the 50 moving average and use it as a support then it's very likely price could simply go further, using the horizontal support zone between 0.42000 and 0.36400 before a bounce. If we hit here, we've basically corrected to the extent of the entire up move and this would be a real shame as it looked as though XRP was going to bring hope to the crypto world that enthusiastic capital does exist in the marketplace, ready to invest into new fundamentals. As well as the moving averages being broken, the new XRP move did also create a new side-wards support level, which ended up working really well for a time until we recently broke it. Danger of this kind of move is now that we're below it, even if price rallies nicely, it will struggle to break the side-wards support turned resistance line again for 2 reasons. 1) because it's a resistance (duh) and 2) because the line is steep in nature, and would take a SIGNIFICANT amount of bulls to have a crack at breaking that resistance. Not, realistic, at all. Where do YOU think price is headed? Leave a comment with a chart and let's all share our ideas! Please leave a LIKE. It's the motivation for me to post free content for all you guys. Thank you for your support.
BITFINEX:XRPUSD
by TomProTrader
50
BTC/USD - Live Update Bitcoin has been awful to trade for a while now and continues to consolidate. I've seen a lot of people posting bias analysis here because they can't figure out the current trend rationally, so I've posted my 2 cents here with a balanced analysis so that you don't lose money on the impending move. Bitcoin is trading smack bang on the side-wards resistance/support line at 6560 at the moment, and looks poised to stay for a bit longer. There's 2 outcomes here that are likely to ensue, and both are honestly as equally likely as each other in probability. When price gets locked in like this it's tough as a technical analyst however good or experienced you are because it's just so 50/50. Onto the scenarios Btc could do the following things 1) Btc could rally from here, decisively breaking side-wards resistance and breaking to the upside with a potential target of around 7240 (Previous swing high) 2) Price could nudge lower, hitting the 50 moving average as a support level, before getting momentum from here to go to the upside, doing the same as scenario 1 and hitting target of 7240 which is the previous swing high level. 3) Price goes even lower, hitting horizontal support zone at 6130 before anymore up move. Bear in mind if scenario 3 plays out, hitting the 7240 upside target is VERY unlikely. Instead, price would likely just retest the side-wards resistance again and remain in the triangle. Where do YOU think price is headed? Leave a comment with a chart and et's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
69
BTC/USD - Live UpdateBitcoin seems to be lingering in a rather average range at the moment with not a lot going, but despite this we can (With a degree of accuracy) predict 2 possibilities for Bitcoin to move. Price is currently supporting above the 20 and 50 moving average, and looks like it could use them as support. The candles however, look weak. Price doesn't look very strong, but has not negated the morning star signal yet, so we cannot say that this trade is going to the downside without a verified breakdown below 6440. If price breaks AND closes below 6440, then it's a short, as the side-wards resistance has worked out as a resistance and the 20 and 50 moving average support have failed. Price breaking below 6440 negates the morning star signal also and is a huge downside move, which would hit the horizontal support zone at 6150 and 5850 before any possibility of any bounce to the upside if 6440 is broken. For now we must wait and see. No long as the candles are weak, and no short as 6440 (Morning star signal) is not negated yet. So, wait. Where do YOU think price is headed? Leave a chart in the comments and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
30
XRP/USD - Upside Continuation?In my last analysis, I predicted XRP would have a nice breakout to the upside from a side-wards resistance line that I drew on the chart (See my related ideas links below for more details of this analysis) and since then, it's gone EXACTLY AS PLANNED! :-). Price broke out nicely, and the buy was exactly on the side-wards resistance turned support according to my last analysis and the move went absolutely perfectly, anyone who followed would have made some good gains. Now, price has hit a minor high, which coincides with the previous swing high. XRP is showing very early signs of weakness in the technical trend. when price hit the previous swing high there was a clear dark cloud and lots of indecision candles since. I expect XRP will need to take a correction from here to the downside (Even if only a small correction). Price will likely correct to 0.5550 (Which is the 20 moving average which could be potentially used as a support), 0.51200 (Which is the 50 moving average support level) or finally at worst, a correction to 0.43700 (Which is the side-wards support level which where the last rally originated from. There is a lot of support levels as you can see, but in situations such as these, it is subjective and we must just watch the market play out before anything is done. Furtherly confusing, if price breaks above 0.61000 then we're going to the upside... But this is ONLY if at least the 20 moving average level is hit, or it's not safe, and isn't a go. Where do YOU think price is headed? leave a comment with a chart and let's share our thoughts! Thank you for your support.
BITFINEX:XRPUSD
by TomProTrader
38
BTC/USD - Which way?Yesterday I posted a bitcoin analysis where I expected BTC to take a quick tank to the downside from current levels, however price did indeed go to the side-wards resistance line and then later break down from there. Price did actually try and break the resistance line but stalled after breaking the line, creating a bull trap where the noobs got burned because they did not wait for a retest at side-wards resistance as support before entering. Due to this, bears came in heavy as well as people closing weak longs causing a strong down move amidst the breakout, back below the side-wards resistance again. There's some things happening in BTC now that need to be considered before making any new logical move. They are: - Price action saw a very strong morning star signal yesterday - this shows that in the SHORT term, the bulls are in control. The signal is still confirmed from a technical standpoint, and will only be invalidated when price breaks below the bottom of the morning star signal itself at 6440. If any candle closes below here, it's a great level to look for short opportunities to the horizontal support zone. - Price is currently supporting on the 20 and 50 moving average on this particular time frame. This also suggests bullish intermediate term. If price breaks below the averages, then this is a bearish sign. If price breaks the moving averages, it also breaks the moving averages at the same time, which would be a SIGNIFICANT technical sign of bearishness. - Side-wards resistance is at 6780 and looks pretty strong. A breakout above this WITHOUT breaking the 2 above rules would therefore be a bullish scenario. - Below 6640 would negate ALL bullish signals, and below here is a great level to short in towards the horizontal support zone. Overall take from this analysis: Follows the first 2 conditions, then can go LONG. If third condition comes into play, SHORT below 6640. Where do YOU think price is headed? Leave a comment below with a chart and let's share our thoughts! I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
27
BTC/USD - Trading OpportunityMade considerable profits over the last 2 days with Bitcoin and some altcoins, and my V.I.P members followed my signals and profited the same! Well done to you all :-) Bitcoin right now looks weak after a move down from the side-wards resistance line at 6830. Since breaking down, price has attempted a small recovery rally that in my opinion has ultimately failed. Price looks weak right now and I only see downside for the SHORT TERM. Price has just rejected the 20 and 50 moving average as resistance whilst giving a very strong dark cloud signal at the same level showing a strong and legitimate rejection to the upside. Following the dark cloud signal, there was some upside, almost breaking the dark clouds range to the upside negating the bearish outlook, but then a large wick was produced, showing that the bears yet again defeated the bulls at this level. This tells me factually bears have been stronger than bulls for AT LEAST the last 19 hours, and I expect this to continue for the time being. Any candlestick CLOSE above 6620 would negate this bearish outlook and my analysis would be invalidated. If this happens I'll keep the idea updated. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! :-) I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-) Please leave a LIKE and FOLLOW. It motivates me to make more content! Thank you so much.
BITFINEX:BTCUSD
by TomProTrader
134
XRP/USD - The LatestI have received many messages regarding what I think of ripple. So why did it take so long for me to post on ripple? Because I like to know what I am talking about before I speak. Ripple began a spectacular pump that begin on 18th September and continued until hitting a major high at 0.7860. Since then, price had a violent upside wick, which then made price have a down move again. Price then tanked, losing almost 50% of it's up move within just several days. Since this, price is now supporting on the 50 moving average... Finally, a logical place to start looking for long positions. You cannot find longs in the down move, and you should NEVER chase the upside once it's ran away, so if I was to start looking for a trade opportunity, this would be the time to do so now, providing that certain conditions were met for this. Ripple is now supporting on the 50 moving average, and supporting perfectly on the 0.5 fibonacci retracement. Now, what are the conditions for a buy? There's 2 scenarios... 1) Wait for Ripple to break the resistance zone/20 moving average as resistance at 0.5450, and wait for it to retest the side-wards resistance and the 20 moving averages as support. Once it confirms it's tested successfully on these 2 indicators, you can proceed with along with an upside potential of 0.7830, which would coincide with structure resistance from May highs. 2) Price corrects before breaking the side-wards resistance and the 20 moving average once again before coming to the downside to once again retest the 50 moving average. Once it hits the 50 moving average, if it shows compelling signs of reversal then you can long, with targets of the resistance line itself at 0.5450, or the upper target at 0.7830. Bear in mind that The first scenario is significantly more bullish than scenario 2. also, scenario 2 is more risky as price shows the bulls aren't persistent in keeping price higher, and a move to the side-wards resistance line would be the only logical target, with the upside target probabilities being significantly diminished. Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:XRPUSD
by TomProTrader
102
BTC/USD - Market OverviewIn my last analysis I gave a "left or right" analysis where we would either break the side-wards resistance we was just at, or we would fall from this level. This is now "it's either up or down" move per se, it was me identifying the level where resistance was right now and that was a key level. Those who don't see the point in an "up or down" analysis obviously don't have a contingency when making a long or short trade, so basically have no stop losses (Lol), so that's obviously a poor way to trade... Thus both sides of the trade are ALWAYS given here. If you dislike both sides, feel free to unfollow and find someones work that better suits you. :-) Moving onto the analysis, Bitcoin clearly stalled at the resistance which was scenario #2 of my previous analysis (See related ideas below for more information regarding this analysis) and is now travelling down toward the horizontal support zone between 6090 and 5810. As it stands price is below the 20 and 50 moving averages, and could end up using those as resistance now if the bulls try and push price back up before it's completed the down wave first. Price will now continue down to at least 6245 (Low consolidation support level) before the bounce up. But there is a wide angle where Bitcoin could stop which is between 6245 and 5800. If price stays ABOVE 6090 it is actually technically bullish still as the lower signal that introduced the up move is not negated as of yet. Saying this though, this does not mean I'd hold a long position all the way down to 6090 just because its bullish territory, but it does mean if there's a premature pullback then we can be buyers above 6090. To enter best into a long trade, use 1/4 hour time frame. Any less will put you at risk of a trap, and any higher and you'll miss the core signs of the up move and thus miss some or if not a lot of the move. Where do YOU think price is headed? Leave a comment with your analysis and let's share our ideas! Leave a LIKE & Follow to motivate me to post further free content! Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
96
ETH/USD - Impulse After Massive BottomEthereum had a massive down turn. I mean, not only did it completely get decimated to the downside, but it even decoupled from Bitcoin for a short time and then went it's own path, which was down massively. Price is nicely above the 20 and 50 moving average at present and looks quite comfortable up there. Due to Ethereum decoupling from Bitcoin, even if bitcoin falls some, I bet that Eth has some recovering of its own to do before it foes any more move to the upside. Price over the last couple of days broke a long term resistance line, and the 50 moving average, and then clearly retested it also as a new support level. For this reason I'd say Ethereum is technically strong for sure and some more upside is highly likely to ensue from here on. I am expecting Eth to go up from here, to an upside target of 271, with the possibility of it hitting a maximum target at 302. Price may not shoot straight up right from here. There is always a possibility of a small correction before ANY impulse in history, so let's assume that alongs as price stays above 230 then you can safely trade the upside. If price goes below 230 then it will be below the 50 moving average and the long term resistance line again, and would symbolise that this move was indeed part of a bull trap. Where do YOU think price is heading? leave a comment with a chart and lets share our thoughts! Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
21
BTC/USD - Trading At Key Level!Bitcoin is now trading right at the top of the side-wards resistance, and appears to be showing strength right at this level! 4 candles back there was an impressive pin bar candle which appears to completely decimate the bears and shows a genuine bullish buy back. I know someone will say "But tom that candle looks like a hanging man therefore you're an idiot", yes, thanks username Troll420NoScope, I am aware of this. It is what happened after the hanging man that interests me. Price supported on the 20 with the hanging, then on the 50 with the hanging body and following candlesticks. There's 2 scenarios that will play out for BTC now. 1) BTC will break above 6780, and then retest the side-wards resistance line as a support. This is a terrific buy opportunity, especially if there's a rejection candle on the retest, it would show some enthusiastic bulls are in the marketplace wanting more action. 2) BTC will correct lower, having a candlestick close below 6540. this'd indicate bearish downside, but it isn't worth shorting it, as the correction will likely be volatile and unpredictable, and riding all the way to the lower support zone in one swing would be far from certain. I favour the long scenario here if it appears. If scenario 2 does play out, it's at your own risk that you take it, as I perceive some risks. Despite this, things change in trading in a heart beat and I could change my mind on this. Let's see how it goes for the time being. All depends on this small defined range guys. Be patient. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! Just a side-note: all trolls will be ignored by me for now on. They will immediately be reported to moderators. I encourage all my users who like my content to also do the same, so we can all make the TradingView community a better place. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
41
BTC/USD - Trading OpportunitiesPrice is currently trading at 6700, which is right at the moving average converged resistance levels, and right up against a new side-wards resistance line that can be found on my chart. (For more information on the moving average converged resistance and the horizontal resistance in play, do see my related ideas link below for more information regarding this.) There is so much resistance at play right now, but despite this, Bitcoin has truly held it's own at this level and despite huge obstacle directly overhead, Bitcoin has maintained (rather stubbornly) a strong and confident position against the resistance levels overhead. This shows a constant, and sustained buying pressure which is what I always talk about in my other analysis! This persistence and strength in turn could break resistance. On the other side of the trade, Bitcoin could easily get beaten down. As it stands, rice is at the side-wards resistance line on my chart and price is clearly somewhat weak here too. It's best to let the bulls break price out themselves and stand aside. Let them test it to 7000 and then buy when it bounces on the side-wards resistance line using it as a new support. If price stays below the line and trades under 6550 then this is a downside corrective move most likely. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
46
BTC/USD - Live UpdateBitcoin is trading harshly against the resistance outlined on my previous analysis (See related ideas below for more information regarding this). This is great news for Bitcoin! To be trading against such a huge resistance shows the bulls are eager to see the back of this resistance altogether as it sabotages all uptrend possibilities! Price is currently trading at the peak of the resistance zone, and is trading right at the 200 moving average resistance at 6760. Despite the promising starts of this... Price still needs to break the resistance AND retest it as a new support before a new buy opportunity arises. Just because something is strong in the moment it doesn't mean s***! People see a down day and then a sudden pump (Sometimes not even compensating the days down day) and then call the moon, which always makes me laugh at my PC. A up day in a down trend means NOTHING without being a seriously good trader, where you can then identify the up trend for what is actually is. Wait for a break of the resistance zone and a retest at or around 6730 and then you have the buy. Buying now is like eating like a bird and pooping like an elephant. Don't do it unless you're scalping... Even then, only do this id you're VERY experienced. Scalping without the mind will leave the mind behind, as well as your portfolio. Where do YOU think price is headed? Leave a comment below with a chart below and let's share our thoughts! Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
54
BTC/USD - Trading Opportunities The last 48 hours of price action have been pretty much in the range where a correction and an up move are still almost equally possible. We're going up or down... Useful info right? well luckily there's things we can look for even amidst total market confusion to help us reach more accurate conclusions and turn an "up or down" scenario into watching for tactical levels where a short or buy opportunity can be asserted. Today we will be looking at those. Bitcoin is trading at 6330, an up day from the red candle seen on the last 12 hourly candle closing considerably lower at 6289 after finding resistance on the 20 moving average. The current candle looks strong, but isn't sponsored by any support structure nor any real conviction that we're super bullish here. Sure if you bought a long below this price I suppose it's worth a hold and a speculation as to what happens (Providing I bought pretty early) but apart from that I would be waiting, and certainly wouldn't be short, as that defies the neutral sentiment and short term price action says it's a rubbish idea.) The current green candle shows weakness to me also. It's not really above the previous red candle, which in itself isn't much, but reading between the lines it's soon clear that it's the 20 moving average resistance that is causing that range to not be broken successfully. So it's a catch 22. It defies logic at current levels to short, and upside is severely hindered due to breaking the candle range, and the 20 moving average acting as a clear resistance. Also bear in mind even IF Bitcoin breaks 20 moving average resistance, it then has to break the 200 and 50 moving average not far above it... so a bullish move would require a consistent, quantitative, and persistent set of hands putting pressure on the market to break such levels. Certainly not impossible though. There's no real trade yet. It's jumped out of the long entry zone where best risk/reward can be applied, and it's in a short term pump according to the candles which also must be considered. Conclusion: Sit on your hands. Where do YOU think price is headed? Leave a comment below with a chart and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it.
BITFINEX:BTCUSD
by TomProTrader
59