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Tomprotrader

BTC/USD - Trading ScenariosThere is a very interesting trading opportunity in Bitcoin right now. This was not something I would have necessarily said yesterday, until I saw the last 2 12 hour candles, clearly showing indecision at the resistance zone, whilst finding a brand new support on the 20 moving average which confirms that the short term up trend is UP, whether you like or not, it's a technical fact UNTIL the 20 moving average is broken as a support. Until then, its up short term. If price negates 6360 level, in the form of a 12 hourly candle closing below it, then this is a possible opportunity to SELL. If price continues in this fashion without downside, then we should wait for a break above 6590 where there appears to be a strong possibility that price will get some upside. For the upside, however, there is far more obstacles than the sell signal outlined. To begin with, the horizontal resistance zone is effecting price severely as is. As well as these, there is the 50 and 200 major moving average which are keeping price to the downside also. Price would have to break ALL of these for a bullish move, however by doing so, the buy opportunity will be a breakout move and will be a very high probability success trade! Conclusion: Above 6590 look for a buy, below 6360, sell. Easy. Where do YOU think price is heading? Leave a chart in the comment section and let us all share our thoughts! Please leave a LIKE and FOLLOW. I'd highly appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
86
ETH/USD - Live UpdateYou may recognize this Ethereum analysis from my previous one. You may also recognize this analysis from my Bitcoin analysis that I have just posted a few hours ago (See related ideas for more information regarding this). The reason for this is simple, because they are following the same movement. You probably all saw lately that Bitcoin and Ethereum have not been following each other and somewhat decoupled from one another as Ethereum tanked when Bitcoin was seeking Bitcoin dominance at the same time! As it stands, Ethereum and Bitcoin appear to have stopped hemorrhaging to the downside together and have both made recovery. the decouple has totally stopped now and they appear to be in harmony yet again which is GREAT news for people holding a diverse Cryptocurrency portfolio as their portfolio (For the time being) can be considered stable. Both Bitcoin and Ethereum are above the 20 moving average at present and both appear to be at least proposing that 20 moving COULD act as a support level now. If Ethereum trades above 201 without having a candlestick close below it, then technically we're in bullish territory still factually (Because the lower high remains confirmed and the 20 moving average isn't negated). Above 235 and can be a comfortable buyer. Anyone who think's Ethereum is bearish from current levels despite what I said above, do let me know when you're selling them so I can buy personally from you... I could do with a new set of golf clubs as it goes. Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
25
BTC/USD - Live UpdateCurrently trading right at the juncture level, and now we must best figure what best to do to tackle a buy opportunity. as it stands price is trading right at the bottom of the predicted resistance zone at around 6570. when price hit the level price did have a gentle fall to the downside and thus confirms the level does indeed exist. I still consider price to be up on an intermediate trend scale if price stays above 6260, since 6260 is the level where the accumulation started it's bullishness and any negation of this could see us go lower between 6030 and 5800 approximately. If price doesn't go below 6260 then it's still up, regardless of how bad it looks, this is just the facts. So along as it's above there it's buy territory. The best buy is still waiting for a break above the resistance zone at 6780. The best technique to buy is to wait for a breakout of the resistance zone then a retest. Why is this buy so reliable? Because a retest on the horizontal support zone as well as it supporting on the 200 moving average is a major retest and should be taken seriously. Bear in mind that you should NOT buy now, (unless you're scalping). you'll either enter into resistance, or enter into an immediate correction. Wait for the market to tell you what to do, do NOT tell the market what will happen, the market will never care to listen to you. Where do YOU think price is heading? Leave a comment with a chart below and let's share our thoughts! I will be posting a DAILY analysis for the next 14 days. :-) Please leave a LIKE and FOLLOW. I'd really appreciate it, and it motivates me to post free content. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
42
BTC/USD - Opportunity To BuyBitcoin currently is approaching a strong horizontal resistance zone which was the previous resistance for the bottom of the previous impulse down leg. For this reason it's a level we certainly have to watch. The resistance zone between 6770 and 6570 is extremely strong at this point due to the structure resistance, and the converging moving averages are also acting as resistance. The major moving average correlates with the top of the structure resistance zone so this is a level that needs to be considered especially. If price breaks the zone, then it will almost certainly retest the top of the resistance zone turned support at 6770 before going to the upside. In this moment it's best to watch and wait. You can scalp around this level but you must be extremely nimble doing this. If you're a long term holder, you can hold continuously and have a stop below the impulse swing. If you're waiting to get in for a mid term hold you must wait for the breakout, and retest on the support as mentioned before. When you buy on the retest, you can happily buy and expect an upside movement to the upper resistance zone target at 7300, giving a nice 10% move with an extremely low risk. :-) The bottom before price went up looks strong, with candlestick reversal signals screaming upside impulse. I expect this bottom to be sufficient to give momentum to desired upper target. There is a probability that price will stall at the bottom of the resistance zone at 6570 and go downwards, but along as it doesn't go below 6290 then I consider it to still be bullish. Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for all of your support.
BITFINEX:BTCUSD
by TomProTrader
38
BTC/USD - Live UpdateSaid I would be gone for a couple of weeks, but decided against it as I am already way ahead of my other commitments and some wonderful comments from the TradingView community! :-). Good to be back and I've missed posting even though it's only been a few days! Bitcoin pretty much perfectly following my previous analysis (So far) so I want to make a new one to continue riffing off the ideas of said analysis. It seems Bitcoin will conform to the previous plan and keep going along with it. There is however something we must pay attention to, and that is the recent price action... Price recently made a low at 6130, which is TECHNICALLY within the support bottom and could count as a bounce. So for now we have a predicament of sorts, and that is, has the bounce even happened yet? Or must we get lower and hit the lower support zone levels between 6000 and 5850 first before anything else happens? That's the question now and one we must figure out before entering the trade or we'll get in too early and get stopped. Well I'll just answer from a common sense standpoint. If you look at the last 4 days price action, you can see a doji/inverted hammer type candle, followed by a green candle closing as a morning star signal, followed by multiple dojis. This could either be indecision picking up momentum for a strong move up or the doji's could show fading momentum. Best way to avoid getting stung by this is zoom into lower time frame, get your fibonacci retracements out and see how price reacts at key hidden levels. Situations like the above are hard for traders as many retail ones generally want to jump in due to impulse/rushing in to the trade. Just be patient, stop caring, be more robotic and follow logic. If price negates 6170, it's going down. Where do YOU think price is heading? Leave a comment below with a chart 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
96
BTC/USD - Levels To Watch (Continued)I made an analysis earlier outlining the potential levels Bitcoin could drop to amidst the large fall seen yesterday,. and would like to continue on with the same line of thinking by using a smaller time frame to explain more clearly the levels that price will fall to, and most importantly why. Having a larger time frame with the bigger picture is good for measuring the overall concept but need the smaller time frame to finesse the move, and obviously to find the entry levels for selling into the correction or buying at the anticipated level. After all if you're using the daily chart to buy a reversal, you're either too late or too early (And that's a fact)... Because you could have used the hourly time frame to get in much earlier. Onto the Bitcoin analysis, it is currently trading at 6440 after a small upside recovery intraday from 6300 level. Price then recovered slightly, and appears to have almost immediately found a resistance at the 76.4 Fibonacci retracement level, where I expect price could fall further. (This will show up as 23.6 on your retracements, I always draw my Fibonacci's backwards purposely) Price had a bearish harami and some nice follow through, and does look particularly weak at this level. I suspect Bitcoin could now fall victim to technicals and fall as per my original analysis, from the 76.8 Fibonacci level outlined on my chart, to it's destination support zone, in a minor 3 wave downside pattern. Bitcoin still looks weak, and needs to shake off the bears further before the bulls jump in again. Where do YOU think price is heading? Leave a chart with a comment and let's share our thoughts! Please leave a LIKE and FOLLOW. these are my ENTIRE motivation to post this content for you guys! Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
68
ETH/USD - Market OverviewEthereum continues it's weakness since my last analysis meaning so far it's going exactly as predicted! :-). there has been an intraday bearish engulfing signal which wiped out the possibility of yesterdays doji signal producing any type of upward reversal which is a good thing, since if it managed to pull up, it was NOT a safe buy and we would be sat there waiting longer for any upside action here as a faulty uptrend at that level would be negated and a consolidation before anything new happened again. So thankful that it failed and kept going downwards. For a buy here we need to see a retest on the horizontal support zone at minimum, between 199 and 149. You may think, this zone is incredibly wide, why is it? Simple, the support zone I have drawn into the chart is simply the Pre-December rally price, this zone is extremely important. As outlined in last analysis if somehow the zone fails, not only will Ethereum take one of the biggest beat downs it's had for over a year, but will pretty much cause further panic across the entire Cryptocurrency spectrum. I mean, it's already been in a sheer downtrend for 9 straight months, mathematically speaking if carried on depreciating at the same pace Cryptocurrency would only have 4/5 months to live before bitcoin hit's a flat 0. For this reason it's important that something does make a change and soon. Would be a wasted innovation battered by panic. Bear in mind that I do foresee that price bouncing in the horizontal support zone as an extremely likely occurrence, and when price nears this level, I'll be sure to keep everybody updated. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. Your LIKES are the ONLY reason I post this content! Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
40
ETH/USD - Live UpdateIf someone said to me that Ethereum would be at 226.80 in September last year, I likely never would have believed them. But this is what is happening across the CryptoCurrency markets right now. When Bitcoin rallied in December, all the other coins were dragged along with it to the upside, even the most useless altcoins were brang to the upside, creating a swirled market cap. This year, for most traders, has been about excepting the fact that most altcoins don't carry much value and watching them go down and just not trying to pick off the lows and lose more capital. Although I knew that some altcoins would always tank after the rally, there's some I didn't expect. 2 of those were (Maybe almost obviously) Litecoin, and Ethereum. Ethereum has been the victim of a technical downtrend, and ignorance. When Bitcoin has been going downward, Ethereum has been dragged with it at every turn, and when price rallies, Bitcoin ends up with around 50% domiannce and the other markets tank. Can you see the paradox? Simply put, people simply LIKE Bitcoin, that's why it stays high. It's a belief system created by hype that's always been centralized around Bitcoin so that's how it is now. Because market makers know this, they can just manipulate it, and take significant positions in altcoins, and drag everything along with it, and just come out of the markets when done with it. This is the consequence of people believing and relying on Bitcoin to be the best. Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
36
BTC/USD - Levels to WatchPrice broke the side-wards support zone, as well as the horizontal support zone today in some dramatic downside due to a murky sense of fundamentals. Price really took a beating, and broke below the level which I said would invalidate any upside, as quoted ""2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated."" So, well done to those who got out at 7120 when I recommended because you managed to close before the big fall came and wiped peoples profits out and induced panic across the marketplace. I mention levels for a reason, and when they're broken, then that is very bad. I will always be here to try and protect as many peoples capital as possible though... Even if I just save 1 person a year from making a calamative trading error, then my job here is done. :-) Anyway as promised, I said if 7120 is broken, the upside is invalidated.. so here i am back again to tell everybody where price is likely to go after the fall! As it stands, Bitcoin is trading mid-range impulsively bearish at 6420. Price looks like it is mid-wave, and needs to push down further. Only way it could negate current downside is with a huge hammer candle, but I see this as extremely likely and believe the bears and noobs will need to panic sell before we jump in and monetize on the market cynicism. Once they're done, can look for buy opportunities at the lower horizontal support zone between 6010 and 5800. If price breaks the support zone between 6010 and 5800, then Bitcoin could be in a spot of bother, and could get as low as 4800. Of course, if this was to happen, I'd update you all along the way about levels to watch and heed. I did want to make this analysis hours ago but my PC had a meltdown - that's fixed now and back for some action! Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
110
BTC/USD - Buy OpportunityBitcoin having some great movements lately that I've tracked perfectly so far!. Now, in my last analysis I predicted a correction which was to a support zone between 7120 and 7000. This is still my opinion however I have al;so discovered another small zone which could be intact, and that is between 7320 and 7140. This zone is a great level which was previously the support zone of price action previously creating the last impulse and also resistance on the corrective move, meaning this zone is obviously a pivot level we can rely on to make a structure swing trade. Price so far has just kind of limped beyond the support zone mentioned, but with no real strength at all and it's pretty weak. I think price could have a small pop and then correct into the side-wards support line and the support zone at around 7280 which is a great biting point for a buy, which we should watch. Until price either completes the correction or goes up and retests support zone top and runs, there is no trade here. We must wait for resolution of the current move before it's worth jumping in. 2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated. Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
121
BTC/USD - Market OverviewBack with another Bitcoin analysis! Someone kindly asked me to change the way I deliver my analysis, so I decided to deliver it in exactly the same I always do every single time because this page is mine, and is only for people who appreciate free content. :-) Bitcoin appears to have extended itself towards the target zone of my previous analysis that went EXACTLY to plan! :-) Because the last marabozu came so close to the target arrow it's a bit of a catch 22. We could argue that price extended itself just to hit my target before stalling, or we could say that people simply took their profits a little earlier than anticipated and that price could extend higher again to the actual arrow as we just came short before. Which one is it? it's impossible to tell. Usually I can read between the lines but due to massive over extension and near the target you simply never know. I will be able to know using key hidden levels though! If price goes below 7185, looks like we are correcting to the downside and could see a downside move to between 7120 and 7000. If price has a candle close above 7360 (Especially if its the current 4 hour candle in this chart) then it looks like price will extend to the upside target of 7580 before the having the correction back to the support zone as indicated by the arrows in my chart. Where do YOU think price will go? Leave a chart in the comments and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. Thank your for your support.
BITFINEX:BTCUSD
by TomProTrader
105
BTC/USD - Live UpdateAnyone who's been following me religiously for a long would have caught the very bottom of the BTC downtrend, all the latest updates, and also caught almost every single up swing in Bitcoin, making significant profits in the process. To those who are following me, I hope you're enjoying your profits, well done to each and every one of you for your consistent profits over the last couple of months. In my last analysis I predicted an up move to 7160, which is going exactly to plan. I think Bitcoin will nail this move, and afterwards is when we need to anticipate the move after target. When price hits 7160, Bitcoin will likely need a relief rally (Not because it's a manipulated market or some other ridiculous theory, but because it's perfectly normal market behaviour) to the downside before the next pop up. Finding where bitcoin will likely correct to is actually pretty easy, this is due to the nice technical layout of bitcoin on the 4 hour chart at present. Bitcoin was using a strong side-wards support line, before elevating and picking up bullish steam, and began supporting on the 20 moving average and left the line behind before the bullish pop giving us the breakout. The obvious buy opportunity was when price failed to hit the side-wards support line again and price went higher to the upside and supported on the 20. The 20 support test was the easy buy here and was a nice move to take advantage of. With the above in mind, price is predictable, it's literally either going to correct to the 20/50 moving averages as a support level, or simply hit the side-wards support line. The only other alternative is that price goes above my target level of 7160, which is fine since we're holding the trade. But... Even if trade runs above 7160, the levels I am mentioning for a correction will still be valid even if Bitcoin goes to 100000. so bare in mind that the higher it pumps the harder it will fall here. so be nimble, trade with a firm plan, and don't get trapped. Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts! Please leave me a LIKE. Likes motivate me to spend my free time posting free content for you. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
222
LTC/USD - The Level To WatchLitecoin is one of those projects that from a valuation perspective did not deserve to fall with the downtrend at all, but, well, did. Technicals are stronger than people think. Always have been, always will be. Happened so many times, where there's a recession and the markets generally receive fundamental news showing massive signs of high probability recovery but the asset is caught in a technical downtrend and thus continues to fall for absolutely no reason whatsoever. This is the movements we've basically seen with Cryptocurrency... A pointless charade of down moves, at the mercy of a strong, technical downtrend. What causes technical downtrends? Well I can tell you now, it isn't trivial indicators such as RSI or other indicators that indicate absolutely nothing in a downtrend... It's moving averages and Fibs that are the primary suspects. Whenever price breaks below major moving averages on reasonably large time frames, almost always then the price is caught under the mercy of it for a long, long time. Usually price has to find 1) Compelling structure to use as a support for a new up move or 2) Ride the down move until people stop fearing the market and taking the market almost completely unnecessarily. This is just how markets work.. All the way from Soybean futures to Turkish Lira exchange rate speculation, they ALL act the same EVERY TIME. Don't get confused about what you're seeing, or make up conspiracies, or you'll just burn your accounts. Litecoin has been one of these victims, caught under the major moving averages and with littler volume, they were able to keep price going further and further down and Litecoin was drowning with no way out. This was until price found a compelling structure to find support, which it did and has since been trading in a range bound/accumulation type area. Litecoin is caught under a resistance since making accumulation, which appears to be Litecoin's last obstacle to conquer. I think it will break to the upside of the resistance zone. Why? simply because there's been higher lows and nice candlestick reversals at the troughs at the side-wards support lines, showing a sustained, accumulative buying pressure. Cryptocurrency relies on sustained, consistent buying or selling pressure to make a move, and that is what makes Cryptocurrency market a lot different from Equities markets. A market maker can quite easily jerk the trend in another direction on their own and it sticks, whilst in Cryptocurrencies it needs to be a long string of consistent buying/selling pressure, with continue participation over quite a period of time to get the ball rolling properly. Simply put, let's let the big money offer the buying pressure, then we can jump in and get the ball rolling. Where do YOU think price is heading? Leave a comment with as chart and let's share our thoughts! Please leave a LIKE and FOLLOW - These motivate me to take my time to post these analysis :-) Thank you for your support.
BITFINEX:LTCUSD
by TomProTrader
30
BTC/USD - Opportunity To BuyThis is a follow up analysis of my previous analysis on Bitcoin (See related ideas for more information regarding this). Bitcoin is currently following the path of my previous analysis perfectly, by breaking the resistance zone and trading nicely to the upside after-ward. When making this analysis, I did mention price could correct to the downside slightly before the upside but I couldn't put my finger on exactly where. After watching price move for some time I have now discovered the best place to look for a correction/a new buy opportunity. This correction can be used to make a totally new position, or to add to an existing mid to long term bitcoin existing position holding. Price recently broke above 6570, which was a considerably strong resistance zone that was the resistance of the accumulation after the previous impulse down leg. After this was broken, price was free to roam and explore the upside with relatively low interference. Price had a nice follow up move to the upside, before losing momentum currently. There is currently reversal candles at the high, and I expect that price could have a healthy downside correction to retest the accumulation resistance as a new support before going further higher. (There was a previous high of the same level in the consolidation that turned out to be a bear trap). If price manages to correct here and go the upside, this would actually indicate short to mid term uptrend because price has had an impulse downtrend, then accumulation, then broken out of accumulation to the upside, retested it and left it behind. This is how all good and stable uptrend begin, and I do hope to see the correction very soon. Do bear in mind, that price will soon correct regardless, but it doesn't necessarily mean it will tank from exact current levels. But it will be on, or around this level where a correction should be expected. I would not recommend shorting the corrective move as it could be snappy and leave a lot of shorts burned if the correction happens in the form of a downside corrective candle. Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
63
BTC/USD - Trading OpportunityA follow up on my original analysis that went EXACTLY to plan!! (So far...) ha. Looks like a nice trading opportunity as price nicely broke the side-wards resistance. Does this mean it could now potentially turn into a new support? We will soon find out. Bitcoin has been pretty unpredictable as of late so it's wiser to wait a bit longer and wait for very firm set ups before jumping into the trade to monetise. Price followed my previous analysis perfectly and correction to side-wards resistance as support before a big move is a perfect follow through that makes complete technical sense. I am happy to see this and providing it holds as support then looks great for upside. Another thing to bear in mind is that price can actually still retest the side-wards line as a support again before going up. Currently price just has a hammer rejection type candle which alone isn't much without the force of bears following through to validate the signal so this is something to definitely consider when executing trades at a corrective level after an impulse in this situation. If Bitcoin fails to hold as support, the likely path is to the downside, with a test at the horizontal support zone just below the side-wards support line before a next potential bounce. Where do YOU think price is heading? Leave a comment with a chart 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
32
BTC/USD - Live UpdateAs price is beginning to manoeuvre in a way that can be perceived as stable (for now) it is time for us to zoom into the chart using the 8 hour chart and best gauge bitcoin's intentions. As it stands price is hovering around a support zone as outlined on the chart. the line isn't as wide as my previous analysis as I have zoomed in, obviously we cant trade in a super wide zone so making it smaller for finesse entry trades is highly necessary at this point. Now that bitcoin has stabilised we can make logical observations not based on emotion but rather technical fact. Now, price can either go up down or side-wards, that's obvious, but WHERE to? That's the question. Well, Bitcoin just did break a side-wards resistance line but appears to be rejecting in real-time (This doesn't necessarily mean price will close here and could close higher after candle close) but this imply the side-wards resistance has been acknowledged. I know what what some people will say... "TomProTrader, who cares if a resistance has been acknowledged??????" The answer is, me. Or anyone who knows how to trade. Everyone who trades should know - "A level acknowledged is a level learned.". In other words, an acknowledged level does usually imply we're in the zone where impulse trades can be made. Price can do one of 2 things now, as outlined below: 1) Bitcoin rejects at the side-wards resistance zone at current levels, and retests the horizontal support zone at 5880 before bouncing to the upside again, retesting the side-wards resistance one again before a possible break out (If breaks analysis will be updated) 2) Bitcoin stays beyond the side-wards resistance line, uses the resistance line as support after some consolidation and then moves higher, ultimately hitting the upside target at 8035. Bear in mind that Bitcoin is in a volatile state and you should be extra nimble whilst executing trades. Where do YOU think price is heading? Leave a comment with a chart and let us know your thoughts! Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
57
BTC/USD - The Level To Watch!During the down move there has been many levels where we have watched for corrections, up moves, down moves, and so on. But, there is probably none AS important as the current support zone outlined in my chart. As you all saw in my last analysis, I have outlined the same support, and a lower side-wards support line where price will likely bounce for the up move (See related ideas below for more information on this analysis). This support level is so important... why? It's the level where price bounced before the rally that began the entire hype on Bitcoin, everything that Bitcoin became, Bitcoin becoming ubiquitous, all started at the support level we're now at. It's a level I recommend everyone watches extremely closely as it's the level which will tell us whether bitcoin will survive the downtrend or not. Breaking below this (Especially also breaking below the side-wards line slightly lower) shows a massive defiance of a support that WOULD hold if the value was behind it... If it fails, the fundamental value is therefore LOWER. How can I be sure of this? It does NOT take 8 months for an asset (In this case bitcoin) to fall to it's fundamental value... So, breaking it would show it's value is below the support level 100 percent, and only ETF would change that. The above may seem pessimistic, that's because it actually is. HOWEVER, I don't actually really see bitcoin breaking the horizontal support zone and especially the side-wards support line slightly below. I am hoping bitcoin stays above the support where we could get an excellent up move! Today is looking weak, but I am hoping that bulls come in after the weekend and keep the sustained and constant buying bitcoin needs as I always say in my analysis. Anyway, previous analysis going perfectly to plan so far, and hoping support holds. Watch this chart VERY carefully, I've tried my best to tell you all how important this support zone is... So stay vigilant! Where do YOU think price is headed? Leave a comment with a chart 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
45
BTC/USD - Live UpdateFollowing on from the last analysis - Bitcoin continues to stay at the horizontal support zone as per our last analysis. Now, price is deep within the support zone and a decision must be made whether to buy within the lows of the support zone, or hold out, and find a lower buy and not miss the boat by waiting for the side-wards support line before the upside. If price hits the side-wards support zone, there is a risk that is will use the horizontal support zone as a new resistance so this must be something we bear in mind. Even if price does hit the side-wards support line we can still buy, wait for it to approach the horizontal support zone and then determine the behaviour of price here and see if we can get more upside from there, if not just book a little profit there instead. The buy at side-wards support does provide little risk since the likelihood of bounce is pretty high (Providing the horizontal support zone does fail) and would be one of the last technical levels for price to bounce for a while. If price does break below side-wards support, this shows a massive long term weakness in bitcoin, and could go pretty low from there... If this does happen a new analysis would be made regarding this. I think the odds of it breaking side-wards support line are pretty low, so I won't talk further about this in my analysis and focus on the situations I have outlined in the chart. I am expecting price to become a buy opportunity when there is a candlestick reversal in the horizontal support zone. If not, I will simply will look for a buy opportunity at the side-wards support line instead. whichever way this goes, it should be easy enough to make some profits... Even if, the move is only a corrective one and is part of a shorter term picture. Where do YOU think price is heading? Leave a comment with a chart 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
132
BTC/USD - At Key SupportIt is that time where price is at a do or die level. Not a do or die level in the sense will Bitcoin fail completely or not, but rather will it hold a very important support level that was the level that was responsible for being support before the major up move in bitcoin that started in November. At the moment it's clear price will continue correcting/consolidating for the time being. even if price stops right now at a standstill and doesn't go lower, it'll be a while before the upside begins properly. Bitcoin is now trading at a horizontal support zone between 6470 and 5780. This zone is indeed wide, but when finding a bottoming of a structure (Especially long term) then it's required to use a broad level to cover all hits on support, therefore covering all possibilities of where price can bounce from very highest to very lowest. As it stands now, price is halfway into the horizontal support zone and it still having a bearish bias. Price may well stop in this zone eventually then the upside can ensue. If this level DOES happen to fail, then there is fortunately a contingency level that price could fall back on before a confirmed failure. There is the side-wards support line with a low of around 5510 that could hold up and allow upside to ensue. If price hits the side-wards support line however, it'd be good to see a STRONG rejection candle such as a pinbar or a hammer signal showing that the level was not simply bounced off of, but rather bounced at aggressively and totally rejected. If this happens there's a buy opportunity right there. Despite the side-wards line being a fall back, there is an inherent risk that price could come up to the horizontal support zone as a new resistance and just get trapped for even more downside, so preferably I'd like to see a bounce within the support zone outlined, but at least we have a fall back if things continue to go down as they have. I will continue to update this analysis if it receives enough attention. Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
83
ETH/USD - Live UpdateIt's been a while since I posted an Ethereum analysis and I decided to make a quick one now before I go out. Ethereum has been trading downwards, breaking a higher low on 30th July and trading downwards ever since. Price did something that I did not expect on the 8th august, and that was to break a very key support level on Bitcoin. With bitcoin breaking such a key level, Ethereum naturally followed it's movements to the downside. I actually scanned Ethereum on multiple timeframes to best agge what is happening in the markets right now, and what I did realise is that ETH is about to hit a MAJOR weekly support level. this level is key because if price fails at this weekly support level then price could go very, very low. ETH right now is heading towards the weekly support. When I began analysing price on the 8 hour chart, I discovered that price is currently in a 3 wave flag pattern. When measure moving the flag pattern for a target, I discovered there is a support at this level. What I later discovered was that the 3 wave measure move target directly coincides with the WEEKLY support level! This indicates that buying at the weekly support level at 350 level could be a great idea! Although a good idea, of course conditions need to be met. Obviously when hitting 350, I want to see reversal candlestick signal of some kind confirming the bulls/a rejection candle to the lows at this level, and some other technical factors. As it stands, price is diverging on the Stochastic, but obviously IF the move does lower, this could be negated at a later stage. HOWEVER, price has already hit the low that's good for a buy, SO price does NOT have to necessarily come down and retest it again, even though probabilities say that it's likely to do so. Please leave a LIKE and FOLLOW. I'd really appreciate it. Thank you for your support.
BITFINEX:ETHUSD
by TomProTrader
20
BTC/USD - Market RundownIn the last analysis I attempted to buy a hidden support zone and profit from a corrective move, however the bears are still in force and are destroying the marketplace! Even that last down move I didn't see coming. Sometimes however prepared and "In the loop" you are, you cannot always predict market sentiment correctly (Asides from the fact it's mathematically impossible to be right every time). Something happened today which pretty much defined Bitcoins short term future which I will share with you in this analysis. Unfortunately for anyone hoping for market to recover as I hoped, it's not going to, for now. The market is likely going to continue it's downside path. Why is this? Bitcoin today broke a level that was not only a long term uptrend supporter, but also a structure supporter which was endorsing uptrend. When price broke this level Bitcoin was basically doomed to fail here. If you take your attention to the dotted line on my chart, this level was the side-wards support level for the uptrend. It was pushing Bitcoin to higher lows and significantly effecting the uptrend. However, when we broke this, the uptrend integrity was immediately shaken. this alone wouldn't have been TOO bad, and we could have possibly figured out a good way to wiggle out of the situation. HOWEVER, then something else happened, price broke the primary structure support zone which is the single horizontal line on my chart. When price broke this line, it destroyed the entire progress of Bitcoins up move since June 29th because price was no longer able to find support on the lows. Bitcoin can now do one of the following: 1) Bitcoin, during this correction, has a corrective up move to retest the structure support/side-wards support lines turned resistance before having another leg down to the horizontal support zone at 5820. 2) Bitcoin goes to the downside without correction, hitting 5820 before we then watch for a bounce. Bear in mind that IF Bitcoin was to break the structure support line, this would be a very bullish sign, and may well negate the down move that has just started, so you should keep a sharp eye on this. Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
88
BTC/USD - Short Term OutlookInteresting weekend moves for bitcoin saw it find support right where was predicted in my previous analysis (See related ideas for more information regarding this). Before we get into this analysis I just wanted to address something quickly - Lately I've noticed quite a number of people criticising me for writing "This trade is going exactly as planned", and "Going as predicted". This is my profile, these are my thoughts, and this is my idea. I am NOT going to stop writing as I please on my own page. I used to use TradingView entirely as a watch list for myself, but lately decided to spend a lot more time writing articles simply to help newer traders and I don't expect to be lectured for how I write FREE content. If you don't like me patting myself on the back or think praising oneself for a trade is somehow a bad thing, then just UNFOLLOW me. I will not stop doing it. I'm here only to serve good TA, not to hear about how my writing style is wrong. No one's forcing you to read my stuff! :-) Moving onto why we're all here, let's analyse Bitcoin on the 4 hour chart. Our previous Bitcoin analysis went exactly to plan and price is currently loitering at the support zone. Now that price is here we can watch and consider long opportunities. As it stands, price is below the 200, 50 and 20 moving average showing that from a technical standpoint Bitcoin is actually rather weak. HOWEVER... There is a long term 3 wave pattern that expired at this level (Labelled on this chart as 1.618) where price has a key hidden support, so there is a high chance of a bounce here either in the form of a corrective or impulsive move. Price has been accumulating at this level very well and the candlesticks show some firm bullish behaviour in the chart. Now, I am not suggesting this level is the "holy grail" level where price will go super high. no, we're no where near a true bottom and that's a fact. BUT, we can take advantage of a short term corrective/impulsive move and book some profits in the meantime regardless, some scenarios I can see playing out are: 1) Bitcoin corrects from current levels, bouncing on the 200 major moving average and 20 moving average between 7180 and 7260 before finding resistance again and falling to the downside. either back to retest support or a lower fall. 2) Bitcoin corrects to the upside, breaks the 200 major moving average resistance, before retracing and using it as a support. If this happens the bulls will be very strong and you can expect price to go strongly to the upside from here, potentially to next structure resistance at 7710 if we're lucky. Bear in mind that we can take these corrective moves, but the key here is to be patient! If we wait for the market to be at our feet that's a lot better than pushing ourselves into the market... That's like going to a Bakery store to buy a TV.. The compatibility isn't there. Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
226
BTC/USD - Levels to BuyMy previous bitcoin analysis is still intact but there is also signs of weakness at this level indicating that price could also go lower. The 8 hour chart is not one I'd usually user but it has it's uses when you are trying to fit a certain amount of price range into a chart for easy viewing, so there's no special reason for that if anyone is wondering why I chose the 8 hour chart. Looking at Bitcoin now, it is holding the support level as per my previous analysis but there is some indication that bears are pushing in the market thus I have carefully analysed bitcoin to determine where it is likely to bounce from next if the current horizontal support zone fails. At present the price is trading within the previously predicted support zone, then the new zone to watch would be between the levels of 6960 and 6760. If price does break current support level and go the the lower one, then ideally we would want to see it bounce around the top half of the support zone. Why? Because where my new horizontal support zone is, also coincides with the 200 major moving average support level on this time frame, and I'd rather not see any price action below this. Well except, of course, if price does test the support zone deeply and then has a pin-bar rejection candle which shows we did indeed test the support zone all the way through and the bulls came out on top by rejecting the lows then this would be a great thing and be a very bullish set up. The main idea here is that if we break the zone, watch for my next support zone to be hit, and see how price behaves at the support. If it bounces nicely with a compelling candlestick this shows reversal. If price consolidates at lower support, then this shows uncertainty even when you had the chance to buy BTC at an incredibly low value of recent times. This would be bad news for bitcoins trend in the short to mid term. Bear in mind, the quicker the price bounces into the lower support and bounces again, the better this is for price. We don't want to see bitcoin hang around this low for too long or the integrity of the support zone will also be in jeopardy. Where do YOU think price is heading? Leave a comment with a chart below 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
233