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BTC/USD - The LatestSometimes to get a better perspective of things, we must simply change the way we look at them. Most of my recent Bitcoin analysis have been on shorter time frames to try and gage the market move and best decide how to trade the swing at hand. In this analysis I will be looking into the daily chart, and getting a larger perspective of price action to make sure I am seeing the right things happening. My previous cycle idea is flailing at the moment and could possibly fail. Oh well, who cares, I'm not here to be right. I simply went back to the drawing board and found a better way to approach this and now my perseverance and patience will likely result in profit, so everyones a winner. There is 2 investments you should never regret. The first is no investment at all, and the second is the investment of time. I had someone earlier message me and say "TomProTrader, why do you always change your support and resistance levels on your charts?" After I stopped laughing, I said, "The same reason you look left and right when you crossed the road today, just because the road was clear when you crossed yesterday, it does not mean you will cross it today and not get hit by a truck." My point here guys, is you should always reanalyze a situation after analyzing it the first time. If you don't reanalyze a situation, the variables will change right under your nose and your portfolio could be the next thing getting hit by a truck. Onto the analysis, Bitcoin is trading just around the 8100 handle and looks like it's hit a top for the time being. If price fails to follow my cycle idea, then price may correct further as per this chart. If price goes below 8030 and CLOSES there with a 12 hour candle, then I expect the cycle plan to be invalidated for the time being. I would expect price to correct lower now, likely hitting first target of 7790, which also coincides with the side-wards support/resistance transition line before a new up move begins to as potential upside target of 9300. Just because price bounces off of the support, this does NOT mean it will bounce straight to target, this could take some time so bear this in mind whilst executing the trade. As earlier mentioned 8030 is a level of interest for short term bull sentiment. If price bounces on or around this level it could be a good place to buy a short term long. If it breaks below, invalidates cycle idea, and expecting a deeper correction. Look left and right when crossing those roads!! 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 - Long ScenarioThis is the first analysis I have posted since buying my new 27" curved monitor! I must say, using this so far it is VERY good and for people that look at multiple charts at the same time, it's like a dream come true. It also saves the need for having multiple screens as well, meaning it's a great asset to any trading desk and I'd highly recommend it! Moving onto why we're all here, Bitcoin has been trading upward in an uptrend since 15th July. The uptrend has been very good, with a stable uptrend followed by corrections before up swings showing a trustworthy up move rather than a hype uptrend without any sensible corrections within it. I decided to look closer at the up moves to gage some type of market sentiment and look for logical places to enter. When I began analyzing the trend, I deciphered the up move into impulse and corrective waves to figure out what's happening. When I analyzed the up trend, I can see the up trend is broken down cycles. For each cycle, there appears to be an impulse swing, followed by a correction, before the next up move occurs. For each cycle, the price does NOT go below the swing leg before the up move. For each cycle correction, price is falling but is ending it's correction on a key side-wards support line before bouncing for the next cycle. With the side-wards support line in play, price is kept contained in an uptrend. not only is the side-wards support line in play, there is also the 50 moving average right at the side-wards support which may well enforce the side-wards support line and make it more likely to work due to multiple technical indicators showing strength in this specific area. With price near approaching the side-wards support line, I believe we are about to have a cycle 3. When price hits the side-wards support line, this is when the cycle should be watched for. If price hits the side-wards support line and then bounces to the upside, price could complete a cycle 3 impulse leg, and achieve an upside target as high as 9158. The 9158 target also coincides with a 1.618 extension of the previous cycle swing leg, just as cycle 2 was a 1.618 extension of cycle 1's impulse move. Bear in mind that if price breaks strongly below the side-wards support line and the 50 moving average support, then this idea may well not work out this time. If it doesn't work out, I'll simply go back to the drawing board. Being right isn't important, but having a plan, is. Where do YOU think price is heading? Comment your charts below and let's share our thoughts! Please leave a LIKE. I'd really appreciate it. Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
207
BTC/USD - Levels To BuyAn interesting week to be trading in the Cryptocurrency space for all those who have been watching as carefully as I have been. Price has been correcting ever since my last analysis which is as predicted. After all, why would a market that's just broke broke a resistance zone keep going after the target I set? It wouldn't. The target was a tactical measure move target and after that it was almost 100% likely to run out of steam. This is not because of "whales" or "market makers"... this is simply technical analysis and completely standardized Elliot impulse wave then correctional wave behavior. I've noticed a lot of people like to blame whales and whatever else for things they don't quite understand yet. Yes, Bitcoin is an unpredictable market, but there is a huge difference between a manipulated move by whales and standard technical behavior. Despite whales evidently being in the market along with market makers, this does not stop BTC from being easily tradable for anyone with 10 BTC or 0.001 BTC in their portfolio whatsoever. Just follow the market, and don't conspire that every move is some sort of trick and you will be fine and safe trading in this market! Moving on to the analysis at hand, price hit the peak of the move as per my last analysis (See related ideas for more information regarding my previous analysis) and is now correcting nicely down which is exactly as predicted also. What I found interesting today is that price appears to have a lower low in progress. Judging by the shallow move we've had so far, it appears to be legitimate and just adds more ammunition and probability that we are indeed going to the downside for the correction I mentioned. Bitcoin will now do the following: 1- Correct to the downside off of the lower low, and hit the horizontal resistance as a new support zone between 7930 and 7780, before bouncing to the upside into a new wave. 2- Correct to the downside off of the lower low, and break below the horizontal resistance zone and fails to become new support, extending it's down move to the side-wards support line at 7590 before taking a new buy position. Bear in mind that due to this move being so extended, I would like to see scenario 1 as I believe this will show the markets are more legitimately bullish than scenario 2 can. If this is the breakout I'm hoping for it should see some precise choppy moves to the upside after some nice corrections that make geometrical and technical sense. Where do YOU think price is heading? Leave a chart in the comments and share your thoughts with us! I will continue to update this analysis in realtime if it receives sufficient attention. Please leave a LIKE and FOLLOW. I'd really appreciate it :-)
BITFINEX:BTCUSD
by TomProTrader
170
BTC/USD - Live UpdateIt's been a very hectic weekend for me as I've been completing business abroad so I couldn't post/update any of my analysis. Because of this I want to post a new analysis and update my thoughts and ideas on Bitcoin. Since my last analysis there has been some dramatic changes to investors sentiment thus, I have posted a brand new analysis so that you can see my refreshed thoughts and you can see the markets as if you are seeing the markets through my eyes. Price has been reeling ever since price broke the heads and shoulders pattern. As you can see on this chart, the resistance zone has been moved up now, and the support underneath. This is because, if you pay attention to the horizontal resistance line, it coincides with a previous resistance zone that occurred back in March at 7740. This is now the new resistance, and breaking it would put us into multiple month highs which is a great change of sentiment for Bitcoin considering the recent lows we have seen. I have noticed a lot of people are still saying "Bitcoin is still going down" and have said this since it hit it's very lowest. These are making the biggest mistake, because they've missed the early uptrend signs already due to their emotional opinions. Emotions in trading don't make any money, neither do some genius ideas and inventions... Remember that. Bitcoin is currently trading at the new resistance at 7770 and 7960, which coincides with a strong horizontal resistance zone from March 2018. This clearly shows uptrend progress is being made. Price is going to do one of two different things now, which will define the short term future of this trend. They are: 1- Bitcoin will correct from the resistance zone, and correct back to the side-wards support level to 7420, before a bounce to the upside, hitting the resistance zone again back at 7770. When price is here, it could break out, and retest the zone as a support and have more up move (The idea will be updated in realtime if this scenario occurs as it is a complex trading scenario.) 2- Bitcoin trades higher above the resistance zone without a correction, then retests the horizontal resistance zone as a support. If this happens we can find the buy. 3- Bitcoin has a downside correction to the side-wards support line at 7420, corrects up to the resistance zone, and then use it as resistance again before breaking below for side-wards support and breaks lower to the heads and shoulders neckline level at 6940. Bear in mind I am biased to the first and second scenario. I don't really perceive scenario 3 as realistic as it stands, but it's listed here because its a POSSIBILITY, and POSSIBILITY is what trading is all about. If you think trading is about picking a side and putting all your money into it, then only invest money you can afford because you will 100% lose it all after 6 months. Please leave a LIKE. I'd really appreciate it. :-) Thank you for all your support.
BITFINEX:BTCUSD
by TomProTrader
107
BTC/USD - Tactical ThinkingSince my last analysis on Bitcoin, price has continued to stay at the highs, and has been incredibly stubborn at this level! Price did not only hold out at this level, but it has also been trading in an incredibly tight consolidation zone for the time being. Since the up move was originally so strong, it would have been expected that a correction would have taken place already. the question is, is Bitcoin staying at the highs because over excited retail traders/public are still buying expecting further upside, or is the price stubbornness due to legitimate sustained bullish pressure at the highs by bigger money/whales? This is what we will try to figure out today with this analysis. You will notice in this chart the 6 hour chart timeframe was used, there is no particular reason for this except the fact you can see everything that I want to show in this analysis properly and clearly. Bitcoin is trading at a consolidation between 7580 and 7260 and has been since the big pump in Bitcoin that brought us from 6360 to around 7550 in one bullish swoop. Due to the nature of the move, the consolidation has been proof that bulls are maintaining price at the highs. As I mentioned above, is it the public/retail overexcited people being lured into the final part of a short term market cycle lifespan, or is this sustained bullish pressure by big money? Well, with the ETF on the cards, followed by the futures, there has been reason for up move fundamentally speaking too. But for now, I'll stick to what I can prove... Let's look at the candlestick behavior. Candlesticks on the 4 hour chart showing a rounded bottom has taken place thus far, and it does look neat. The rounded bottom alone isn't a major thing for me, but what does make it appealing to me is a side-wards resistance line, that appears to be acting as a support line. Whilst this doesn't mean we are going to the "moon", it does mean that at least we know now that if price breaks BELOW this level, then we can simply scrap the rounded bottom theory because it was negated by the side-wards support failing, and we can just watch for another set up... For this reason the line is a very key indicator to short term market sentiment, which is exactly what we should be looking at when the market is consolidating as is, especially for a volatile marketplace like Cryptocurrency, it's like a holy grail to have this indication. If price breaks below 7330, and retests the current side-wards support line as a resistance at around 7440, then price will be trapped in a bearish situation and chances are it'll correct. If price breaks the rounded top resistance with a candlestick close above around 7540 then this shows are are in a bullish wave again. This wave will last at least up to 7720. However, if it breaks above 7720, it actually has potentially to be a 3 wave impulse and go as high as 8400, but this is the best scenario. Where do you think price is going? Leave a chart in the comments section and let's share our ideas! I'd really appreciate it if you can all leave a like. :-) Thank you all your support.
BITFINEX:BTCUSD
by TomProTrader
131
BTC/USD - The LatestIt is a very exciting time to be trading Cryptocurrency as price has recently broken a multiple month low! price has broken into an uptrend territory with a very strong and clear breakout. Price broke out of a heads and shoulders pattern very nicely, and price also broke a long term horizontal resistance zone which broke us out into a new uptrend. Not only did price break the heads and shoulders pattern and breaking the neckline, and broke the long term side-wards resistance line also all at the same time! This is why the breakout happened with such strength at this level, because it was a key level. Price is now lingering at the 200 moving average and it is acting as a major moving average resistance in turn. Since then, there has been a strong shooting star signal at this level, and it is clear there is going to be correction, and the bulls will likely take a breather before going back to the upside again. No uptrend literally goes up without a pause, and this is definitely no exception to the matter. It will correct off the 200 moving average, likely started by the shooting signal that has occurred now. When correction commences and completes, we will then likely have a new buy opportunity. Let's outline the possibilities. Bitcoin is going to make a correction to one of 2 correction levels before the buy opportunity. When the buy opportunity occurs, it will likely cause another pump, which will exceed the 200 moving average, and could even use it as support before a new pump. If price runs in this manner, then price could actually start quite a significant uptrend that could see price going into the highs like they once were before. I doubt the rally will be as strong as the end of last year, but the rally could be a nice stable uptrend after such a despondent and long term downtrend. Price will correct to one of 2 levels before the move up, they are: - Price corrects to 7080, bounces off consolidation support, before breaking to the upside in a new pump that will either use the 200 moving average as resistance, or break above the 200 moving average and use it as a support before a new up move occurs. - Price corrects to the downside, does a steeper correction at 6780, bouncing on the resistance zone turned support before the new move up. Bear in mind when price hits this level it will more likely use the 200 moving average as a resistance rather than later using it as a support. I will continue to update my analysis if it receives sufficient likes/attention. Please do me a favor and leave a LIKE, and I will continue to update my analysis :-) Thank you for your support.
BITFINEX:BTCUSDLong
by TomProTrader
315
ETH/USD - Levels To BuyEthereum has a very nice up leg up to the support/resistance transition zone that has been effecting price as a resistance since 2nd July 2018. Price has recently been making successive higher lows since price broke the zone mentioned as a long term support. Bouncing continuously at the horizontal resistance isn't really a good thing, however, since there are higher lows whilst hitting the horizontal resistance zone, this could mean we could once again break above the new resistance zone and begin using it as a support zone again. If this was to happen, this would be a huge pivot point for Ethereum, as being above the long term support means the probability of finding a long term uptrend again is significantly improved. If price stays below the support zone which is now resistance, this shows weakness... Let's just see if the higher lows means that price will break through the resistance and get back into the support boundary again supporting uptrend. Not only are there higher lows, but there was also a breakout of the long term side-wards resistance line which indicates a significant amount of bulls... This increases the probability that the higher lows breaking us to the upside is happening. Price is nicely at the horizontal resistance right now. When price hit this level, there was a strong bearish engulfing signal indicating there will a correction to the downside before further up move. I see this as a very good thing because anything that moves up too fast always blows up out of proportion and corrects too steeply. A nice sustainable marketplace is a much better trading environment, and safer for traders as a whole who won't be randomly blindsided by volatility which will destroy noob traders in 1.73757336 seconds. Ethereum will not likely continue the correction started by the bearish engulfing signal down to the side-wards support line of higher lows, which coincides with side-wards resistance turned new support at 440. When it hits here, I highly expect price to bounce upwards again, and attempt to break the horizontal support zone turned resistance once again. If price breaks below 440, this could be part of a longer downtrend as not being above the zone price just tested is not good territory for Ethereum at all. Where do YOU think price is going? Leave a Chart and Comment below and let us all know your thoughts! Please leave a Like and Follow. I highly appreciate all your support :-)
BITFINEX:ETHUSD
by TomProTrader
40
BTC/USD - Live UpdateIt has been a busy weekend on my end hence I did not post any new analysis/update any of my existing content, for that reason I want to post a new analysis with my updated thoughts as my previous primary analysis went against what I had predicted, so I will try again and hopefully and attempt to gage the market condition properly this time. Bitcoin has had some great pumping which was done in such a way where it was so subtle that it looked fake, but it indeed pumped! I was almost taken by surprise actually. Obviously no short position was taken due to the pump earlier in the weekend, and no long was taken either as I was not sure if the pump was legitimate due to Bitcoin's technical position in the trend. So, no loss, but no gain either. I did however buy a few altcoins over the weekend which are now all running into profit which compensates for missing the move I suppose :-). Bitcoin is trading at 6597 as we speak, which directly coincides with a resistance zone that has had an affect on price since the 20th June. If price breaks above the resistance zone, more specifically the actually monthly high at 6844, it'll be the highest prices seen in over a month and this is great news for the coin. Naturally, if price breaks the resistance zone we don't want to just jump in. Let's wait for a retest of the resistance zone to be retested as a support before jumping in. This is so that we are not buying on an overextended pump leg where the stop loss would have to be huge already, also a retest on the resistance zone turned support would prove that the pump was legitimate and the bull run also has some longevity to it, which fake runs usually lack. An alternative scenario is that the pump pauses at the horizontal resistance zone mentioned. It corrects to the side-wards support line of the triangle found at 6480 or the bottom boundary of the triangle at 6240, or lowest pullback could be the horizontal support zone at 5790 before going up once again. I see a retest at approximately 6480 or 6240 as ore logical and I doubt we'll see the horizontal support at 5790 again for a while. Where do YOU think price is headed? Feel free to leave a chart and comment in the comments section so we can share our thoughts! I will update this analysis as Bitcoins moves progress. Please leave a LIKE and FOLLOW, I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
159
ETH/USD - Market RundownCryptocurrency continues to fall in the majority as most of the leading markets are under the mercy of a technical downtrend which is dragging price down despite numerous attempts to support and break out. Since 11th July price in Ethereum has been attempting to find support at 430 levels, and this has been holding for the past few days but has looked increasingly weak at the support as time has gone on. Price looks especially weak now, with weak candlesticks as the 20 moving average was retested as resistance was hit, and price is now rolling over since. If price breaks the consolidation support then price is going o make a solid down move to the downside in the form of a 3 wave down move. The downside target coincides with a horizontal support zone between 369 and 343, and also a long term side-wards support line at 362. Due to there being more supports at this target, logic dictates that there will likely be quite a lot of buy orders at or just under the level I have mentioned, and this is simply because from a technical analysis perspective, price has a high probability of bouncing! More supports and "circumstances" that line up in a trade, the better. In this case, especially. The support could have held with a 50/50 odds in my opinion, until price did a clear retest of the 20 moving average and failed, showing even in the short term, Ethereum lacks enthusiasm from bulls. Why would bulls rush? They can wait for a safer level lower and just buy there! Only people in a rush will get burned trading Cryptocurrency, and experienced people will let the opportunity come to them (Basically cashing in on less patient peoples capital) and ultimately winning. My point being, let's be patient, wait for the opportunity to come to us and until then, just watch calmly, and trade the circumstances. When price has a candlestick close below 417, this will be definite confirmation price is moving to the horizontal support zone between 369 and 343. the only way that my downside idea will be negated is if price has a firm candlestick close above 450, but as it stands, the probabilities are that we're going down. Where do you think price is heading now? Leave a comment below this analysis with a chart so we can all share! Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:ETHUSDShort
by TomProTrader
37
BTC/USD - The LatestPrice may indeed be falling now, but at least in light of this we are no longer wondering what will happen and we can begin to make logical decisions. With price following my scenario 1 on my previous analysis, price failed to have any bullish momentum whatsoever after hitting the final primary horizontal support zone, and price broke below the horizontal support level, showing that the bears defeated the bulls and dragged price into the lows (See related ideas below this analysis for more information regarding my previous analysis). Price didn't have momentum at support, created a consolidation and broke own, this is a clear 3 wave pattern in play, with a measure move down now expected as per normal measurement rules. Price did actually already hit the measure move target in the previous 6 hourly candle, however unless the following candlestick is a bullish reversal candlestick, then I will consider that Bitcoin will at least retest the side-wards support line, or possibly fall even further to 5850. When price bottomed after the strong downtrend yesterday at 6260, this was the final opportunity to bounce and go to the highs, before the 3 wave pattern took gravity on this trend. However bears continued to push to the downside, despite Bitcoin having accumulation for almost 30 hours in which there was time to reverse back to the upside. All this tells me is that the bears are legitimate and here to stay, and they won't go anywhere unless they're defeated by massive bullish enthusiasm, or the bears have overextended the trend, making it oversold and impractical to hold any further to the downside. Bitcoin is going down now, and price will either retest the side-wards support line at 5990, or the horizontal support zone between 5840 and 5730. Bear in mind price has already hit the measure move of the 3rd wave, which hit the side-wards support line equivalent at 5990, so there is a thin chance price does not retest the lows. However, due to the downtrend having been strong recently, I don't think price hitting the side-wards support equivalent is really the emphasis of this down move. I think the downside move really needs to hit the side-wards support line physically. This is when the upside will really pick up confidence and legitimacy. I will continue updating this analysis in realtime if it receives sufficient likes/attention. Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)
by TomProTrader
102
BTC/USD - Live UpdateBitcoin had a hard fall yesterday, following a large selloff which shook the entire Cryptocurrency market as a whole, as Bitcoin's dominance is once again shown in it's full force! Yesterday alone Bitcoin went from a high of the day on day open at 6820 and had a low of 6260, effectively losing around 10% of it's entire value in a single day. The logical scenario after such a drop is to assume there will be some sort of up move to compensate for the sheer downside. When there is such downside, the general logic is "what goes down must go up", and this is partially true. However, this is strongly conditional on how the trend at the time is reacting at the time. Sometimes a down trend will just down trend for months and absolutely will not stop, it can happen, and has happened before. So in order to apply the "what goes down must go up" logic, the scenario needs to make sense! There needs to be levels for this quote to apply, there needs to be SIGNS in the chart, and once we've found those, we can become tactical and decide where the most logical place to see the upside go to is. Saying this, just because something tanks, it doesn't mean it will stay this way. If price tanks down for a month, it can also spend a month rallying without pause and negate the entire downtrend in one swoop. In trading, anything is possible. Currently trading at 6358, price is just above the horizontal support zone between 6340 and 6250. when price hit this level there was some small green candles, with the bottom beginning as a piercing signal, and Doji's following afterwards. Despite bottoming out, price does not look especially strong to the upside. Right now, price is trading right at the 78.6 Fibonacci resistance level, which could potentially be a top before the next down fall. But, this entirely depends if the horizontal support zone mentioned earlier does actually break, first. If it doesn't break, you're trading into potential buy orders, which is not good at all, you must make sure the coast is clear before you make any form of buy/sell to ensure you don't get trapped into a dud trade. Bitcoin will now move in one of a few possible ways, these are: 1) Bitcoin trades up to the 78.6 Fibonacci resistance level (At current levels 6350) and then trades lower, breaking the horizontal support zone between 6340 and 6250, before possibly breaking down further to a long term side-wards support line at 5920. 2) Bitcoin trades higher from current levels up to 6485, a corrective retracement level which converges with multiple moving average resistance. when price hits here, price falls and hits the horizontal support zone between 6340 and 6250. 3) Bitcoin trades higher to the 6485 level mentioned above, and then hits the horizontal support zone between 6340 and 6250, later breaking below this level, hitting the long term side-wards support line at 5920. 4) Bitcoin simple trades higher to 6485, and then breaks higher, using the moving averages as support and then trades higher, towards the resistance zone at 6790. Bitcoin had a fantastic opportunity yesterday to break the moving averages as resistance and use them as a support, which in turn, would have meant that Bitcoin could actually potentially be in an uptrend for months at a time. Bear in mind that when price is bottomed out like this, we need to keep an open mind and assess the possibilities, or it isn't realistic. I personally believe scenario 1 is the most likely, followed by 2, and 3 being most unlikely. This is strictly an observation, and whichever scenario plays out I won't hesitate to take a trade in ANY of these scenarios. I don't have a favorite scenario that I'll be more eager to trade than another, I'll trade any of them with no hesitation. Not because I want to, but because I should do. I will continue to update this analysis if it receives sufficient likes/attention. Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
BITFINEX:BTCUSD
by TomProTrader
122
ETH/USD - Levels To BuyCryptocurrency as a whole took a beating yesterday, with Bitcoin leading, the market went into a short free fall across almost the entire marketplace. If you take a quick look at my last analysis posted on Ethereum, you'll see the plan pretty much went perfectly up until yesterday, except from where price broke the support/resistance zone but instead of staying above the zone as I had hoped for, price actually went below the zone instead, therefore negating the last part of my analysis. This was due to a hard sell off in the marketplace, and I didn't foresee the market going down as steeply as it did. But this has happened, and obviously I will continue to track every step Ethereum takes to make sure we're sufficiently updated, so that we can react to a trade as soon as needed. Now looking at Ethereum, it traded strongly downwards in yesterdays trading session to the horizontal support zone between 425 and 408. since hitting the zone, price has stopped, at least for now and is showing some very small signs of bullish presence. When price has only just hit the support zone, it is too early to predict whether price will actually stay at this support or potentially go lower. So for that reason I will now outline the possibilities, and then just keep updating the analysis as Ethereum begins moving properly. Ethereum is now likely to run 2 possible paths. they are: -- Ethereum bounces off the horizontal support zone it's currently at, corrects higher to around 456, which is the level where the 20 and 50 moving average will likely be by then, and they will act as resistance, before again falling to the downside, hitting the horizontal support zone we're at now, again. -- Ethereum does a small pop now, not more than 10 points, and falls again, and gets dominated by the bears again. If this happens we will break the horizontal support zone and fall lower, probably finding support at a side-wards support line at 362 before a likely bounce up. Bear in mind that if price falls lower to the side-wards support line it has a much higher odds of bouncing from this level, purely on the basis that by the time Ethereum gets this low, it would be in an extended downtrend and it would need to correct here as per normal Elliot Wave behavior. I will continue to update this analysis if it receives enough attention. Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)
BITFINEX:ETHUSD
by TomProTrader
14
BTC/USD - Levels To BuyNew week - new perspective some say... It is good to update and refresh our thoughts on Bitcoin after a weekend, so that we can consolidate and confirm our analysis from the week before, to keep our eyes sharp, and make sure we fully understand what is going on in the Cryptocurrency markets in realtime. To best make an accurate an analysis, it's best to clear the mind totally, ignore all emotion and reservations you have about any Cryptocurrencies and simply look at the chart with a clear mind. If you do this, you are now trading what you see, and not what you think. The amount of comments I receive saying, for example: "Bitcoin is going to 3k" is surprising. It surprises me that many traders have this predisposed opinion on Bitcoin, expecting it to lose half of it's value and not even trading it during this time, thus losing even more, getting frustrated, realize they're not making money, then trade lots to make something so they feel better, then lose... And then blame market manipulation for their bad moves/decisions. This is a common cycle, especially amongst inexperienced traders, and is so avoidable. Trade withan open mind always. Swiftly moving on, let's analyze BTC/USD on the 4 hour chart in realtime. As it stands, Bitcoin is trading at 6790 and 6910, which is right at the long term horizontal resistance zone. Since price hit here, price has gently been moving to the downside, with candlesticks showing weakness in the short term. As it stands, I don't think the upside is going to immediately happen. I believe that price needs to at least have some form of downside correction before the upward move. Just because market needs to go down before a new buy, this is not bad news. there is some very interesting support below which price will almost certainly bounce off of. There is many support levels that are looming just below Bitcoins current price. There is 1) 20 moving average support at 6640... 2) 200 major moving average support at 6600... 3) 50 moving average at 6570... 4) Side-wards support, also at 6600. It is further likely that Bitcoin will stop at these prices and rally because the moving averages are all almost converged. This means that Bitcoin has a huge support floor to break through and it is extremely unlikely to manage to do so simply because there is so many supports in the exact same place. When price bounces within this zone, it is a great time to watch Bitcoin carefully for a buy opportunity. Bear in mind that price could stop at just about any of the above levels. There isn't one that is especially favorable so to speak, but naturally, getting price down to the side-wards support before the up move would be the best one. Why? Simply because price has then hit EVERY moving average as a support and also a side-wards support line has been hit, meaning there is 4 huge support levels here. The more supports we can hit, the better, naturally. I will continue to update this idea in realtime if this idea receives enough likes/attention. Where do YOU think price is going? Leave a comment and chart below, I'd love to see other peoples perspectives of where bitcoin is going! Please leave a LIKE and FOLLOW. I'd really appreciate it. :-) Thank you for your support.
BITFINEX:BTCUSD
by TomProTrader
261
BTC/USD - The Latest Sometimes when people are watching a trend for a long time, it is easy to get into a trend and become confused about where price is heading. I regularly get comments in my posts and private messages on TradingView which ask me if "x" level is the level to be buying or watching or selling, or whatever it is. This shows me that a lot of traders on TradingView are still alienated and do not know where to be entering a position. For this reason, I've developed this grass roots, yet effective chart which will help everybody know where to be looking to trade Bitcoin. Swiftly onto Bitcoin, price is trading at 6540 after breaking below the side-wards support and using it as a resistance. Since then price has been in a gentle fall to the downside, but there's not much enthusiasm behind the move, so I simply consider the move rangebound so far. Let's look at the simple details. Price as of now is trading below the side-wards resistance it just bounced off of, and it's using the 200 major moving average as resistance, AND the price Bitcoin tested the side-wards support as a new resistance also coincided with latest swing high resistance zone. This shows there is a compelling resistance ceiling here and price is not looking to break it so far. If you turn your attention to my above chart, you'll see a thick black line. This isn't just a line, this is what you can call your "Trend meter" (If you like). This line tells you exactly when we are in bear territory, or bullish territory. It tells you a very simple story; if price has a candlestick body CLOSE above 6690, then we are in bullish territory. If price is trading below 6620, then we are in a bearish territory... It's that simple. If you look at price at present, it's clearly in the bearish territory so now you know you should not be entering a position to the upside because of 2 things. 1: There's no candlestick reversal candlestick signals, 2: Price has not closed above 6690 which is required on the Trend Meter to confirm any uptrend. If anyones interested, they can see how I came up with this simple line by seeing what contributed to me choosing these levels, below. = Above 6690 = Bullish — Above 6690 is clear of the side-wards resistance line. It is also above the 200 major moving average, and it is above the highs of the previous swing leg, which has been acting as a strong resistance as of recent times. = Below 6620 = Bearish — Below 6620 is below the 200 major moving resistance line, it is below the side-wards support turned resistance line, and it is clear of the previous swing highs which were created on the lower low when price corrected up to the side-wards support turned resistance line. Where do you think price is going? Leave a comment with a chart below and let's share our thoughts! I'll continue to update this idea if it receives enough likes/attention. Please leave a LIKE and FOLLOW. I'd highly appreciate it.
BITFINEX:BTCUSD
by TomProTrader
144
ETH/USD - Buy OpportunityPrice traded right up at the side-wards resistance line beginning 4th July at 476 and price has been trading at the resistance ever since, until the last 4 hour candle. Price attempted to break the side-wards resistance line multiple times but failed to do so despite some promising candlestick reversal signals indicating that it may be possible to do so. Ethereum is now showing a bullish piercing signal (Providing it closes at current levels) and this could be yet another indication of more upside to come. This candlestick reversal signal comes at a better time than the other candlestick reversal signals that failed because the current signal is not only at the horizontal support zone, but also found support at the 50 moving average as well, which indicates a promising outcome if to be continued. Price will now either break out of the side-wards resistance at 465 levels, hit a high at 483 (Which is the coinciding resistance of the previous breakout), then retest structure at around 457 before later breaking to the upside to my upside target at the resistance zone between 514 and 528. Alternatively, price can hit side-wards resistance at 464, fall into structure, retest the horizontal support structure once more and then later break out, to the upper resistance zone target between 514 an 528. Bear in mind with the first scenario that price could hit 483 and come back down into structure, and need to test the horizontal support zone again. This is because at 483, there is the previous swing highs of when Ethereum tried to break the side-wards resistance the last time, so this could be the level that the price level fails AT LEAST to the side-wards resistance turned support, or further down to the horizontal support. I will continue to update this idea if it receives sufficient attention. Where do you think price is going? Leave a comment below with a chart and let us know. Please leave a LIKE and FOLLOW. :-)
BITFINEX:ETHUSDLong
by TomProTrader
30
BTC/USD - Further Buy OpportunityAfter our recent successful trade in Bitcoin, we now need to reassess Bitcoins movements to best decide what to do next. If you remember from my last analysis, I expected a retest on support and a breakout move to the next structure resistance level. This trade went perfectly to plan and we was highly successful with this. Now that price is at the above horizontal resistance zone, price is somewhat at a juncture. This is because not only is the uptrend slightly extended, but also because the target I chose was exactly where the 200 major moving average began to act as a resistance, which was also predicted in my previous analysis. For this reason, we must now be nimble before placing a long position in Bitcoin to avoid becoming part of a bull trap. Swiftly moving onto the grit of this analysis, Bitcoin is currently trading right at the horizontal resistance zone, coinciding with the 200 major moving average resistance between 6930 and 6820. As it stands the candlestick looks strong showing there was a crisp bullish move to my target without much objection. What goes up must come down. Logic dictates that now price has hit the resistance zone, it will need to catch it's breath again before a new pump. Price will now do one of 2 things before the next move. Firstly, price will correct from the horizontal resistance zone down to the side-wards support line, before bouncing off the line and using it as support, with a new upside move taking place. If this scenario happens, it shows the bigger buyers are still interested in pumping price and it is a safe bet, if, a little aggressive also. Secondly, price could correct from the horizontal resistance zone, trade downwards, breaking the side-wards support line and into the previous horizontal support zone that the previous rally came off of, between 6280 and 6170. If price gets to this level, we want to see a quick, and sharp upside move. Any hanging around at this level after such recent upside would be suspicious and could be perceived as a total lack of interest. Finally, price could NOT CORRECT AT ALL. There is absolutely no reason why price has to correct now, it just seems logical for it to do so, but this is in no way obligatory. If price breaks the resistance zone before having had any corrections, then simply wait for a retest of the resistance zone turned new support zone and buy from there. Either way, everyones a winner. Feel free to leave a comment letting me know where you think price will go, I would be very interested to hear everyones thoughts. This idea will continue to be updated if the idea receives sufficient attention. Please leave a LIKE and FOLLOW. These are my motivation to post more content. :-)
BITFINEX:BTCUSD
by TomProTrader
45
BTC/USD - Live UpdateIt isn't often that I do multiple simultaneous analysis on the same coin, but when I do, that's when you know something big is happening. Bitcoin looks great! Bitcoin is trading right at the side-wards support line, and does look quite bullish. Price did yesterday correct back to the horizontal support zone exactly as my previous analysis predicted (See related ideas below for more details of my previous analysis), price had candlestick reversal candles when it hit the side-wards support and it really does look as though the upside is possible. I know that price is now likely to go up, but the question now simply is, WHERE. There is 2 ways this trade will play out: - Bitcoin trades up and hits the first horizontal resistance zone between 6800 and 6910, then breaks down once to the side-wards support once again, before finally having sufficient momentum to go to the upside. - Bitcoin trades higher, breaks the first horizontal resistance zone between 6800 and 6910, then uses the first horizontal resistance zone as a support level, before then going to the higher horizontal resistance zone between 7230 and 7360. Bear in mind, whichever scenario plays out, price will probably find minor/retest resistance at the 200 major moving average resistance at 6700 before the new up move begins. I will update this idea if it receives sufficient attention. Please leave a LIKE and FOLLOW, I'd highly appreciate it. :-)
BITFINEX:BTCUSDLong
by TomProTrader
165
ETH/USD - Live UpdateEthereum completed a nice up move as planned in my previous analysis up to 480 and has since had reversal candles implying we will have a correction at this level (See related ideas for previous analysis). There is 2 ways that price will now act: 1: Price will correct into a nearby localized horizontal support zone between 458 and 446 before bouncing to the upside. I expect the upside move will create sufficient momentum to at least retest the side-wards resistance line, with the possibility that it can break structure, and go to the upside. Price could see highs of 507. 2: Price corrects into the mentioned zone above, before hitting side-wards resistance once again and stalling. This stall would create yet another retest once again at the horizontal support zone between 458 and 446. Once price completes the test, price will be trapped. It can either break the side-wards resistance, or it will be forced to stall, and break the horizontal support zone. Bear in mind that if scenario 2 plays out, it might take a considerable period of time before the upside begins. I will continue to update this analysis if it gets enough views/likes. Please leave a LIKE and follow. I'd really appreciate it. :-)
BITFINEX:ETHUSD
by TomProTrader
48
BTC/USD - Buy OpportunityIt has been a long weekend for me as I'm continuing to move house. Just whilst I have a moment I'd like to update everybody on what Bitcoin is doing and how to trade it professionally! Another follow up analysis of Bitcoin! Price has moved strongly to the upside since I predicted an up move at support at 5790, so the analysis is running perfectly. Price has now stopped a side-wards resistance level at 6400. (See related ideas for more information regarding this analysis) Now, price looks like it's had a minor rounded top that started on 30th June and has continued since. There is a short term horizontal support zone between 6280 and 6180, which also coincides with the 20 and 50 moving average converged support. This is the logical place to first look for price to correct to, before buying to the upside. Also, if price goes into the horizontal support zone as I'm predicting then price will also hit Fibonacci retracement support, meaning there will be a compelling launch pad for price to go to the upside. When price hits the support zone watch for a buy, with a view of holding Bitcoin until the next structure resistance, which is the only real logical level to hold, at 6820 to 6925. Bear in mind if price doesn't go below 6320, then it might not even correct at the horizontal support zone mentioned for the up move. So you need to keep a sharp eye on price action at around this level. I will update this analysis throughout if it receives sufficient attention. Please leave a Like and Follow, I'd really appreciate it :-)
BITFINEX:BTCUSDLong
by TomProTrader
96
ETH/USD- Levels To BuyEthereum has perfectly followed my previous analysis, so well done to all who followed the analysis and profited from it! Price hit a horizontal support zone, and then bounced up to the side-wards resistance. (See related ideas for more details of this idea). The idea played out to the end, and now it is time to update this analysis so we can further track Ethereum's movements to maximize our profits. At present price completed a measure move target for a bearish flag pattern which hit a horizontal support between 405 and 394 and then price aggressively bounced since. Price is now approaching side-wards resistance, which coincides with a horizontal support/resistance transition level. There is 2 ways that price will now act: 1: Price will bounce at the support/resistance transition zone between 463 ad 476 before bouncing down lower towards swing low at 405 and 394 before the next bounce. The support/resistance level also coincides with side-wards resistance, so this is likely a strong resistance ceiling that definitely needs to be watched out for. 2: Price breaks the side-wards support/resistance transition level, and the side-wards resistance level, breaks to the upside target at 512. Bear in mind that if scenario 2 plays out, that when the side-wards support/resistance transition zone will likely end up being retested as a new support zone before the upside move begins. I will continue to update this analysis if it gets enough views/likes. Please leave a LIKE and follow. I'd really appreciate it. :-)
BITFINEX:ETHUSD
by TomProTrader
26
BTC/USD - Levels To BuyBitcoin has been trading down strongly after the flag pattern breakout confirmed on 22nd June, price is now in wave 3 of the flag pattern, and shall the measure move target be hit, then Bitcoin will continue to the downside to the support level which also coincides with the Fibonacci extension level at 5360. When price arrives at 5360 target, there is a possibility of a new bounce in Bitcoin which might see Bitcoin move higher. As price has descended, a side-wards resistance structure also formed and is proving to be a large influence on price by keeping price down when there is a retest of resistance structure. there is a small structure support at 5790 which could also be a small bounce for Bitcoin so it is worth watching this level to see if there is any type of bounce here. Bear in mind that the flag pattern completion at target at 5360 is conditional because if price breaks above the dotted side-wards resistance line on my chart then it could mean there is a change of trend for the time being, and the flag measure move target may not be achieved. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
BITFINEX:BTCUSD
by TomProTrader
95
ETH/USD - Trading OpportunitiesSo it has been a while since I have written an Ethereum analysis. Ethereum is trading between a resistance zone between 474 and 463 and a support zone between 421 and 411. Price movement was looking quite strong since bouncing off the horizontal support and we could see an up move to the side-wards resistance. Price has been weak with the last 2 2 hourly candles, but the selling is very minimum at this time and some buy orders could see price negate the last 2 bear candles quite easily. Price in the short term needs to make a decision whether it will go higher to the resistance, or lower to the support. If price goes to the support, this will create a triple bottom pattern and would almost inevitably cause some buying even if only for the short term. If price goes to the resistance, I believe price will probably find resistance at the horizontal support/resistance transition level and fall lower again. Whatever happens within this zone will ultimately decide if Ethereum completes a long term bearish flag pattern which would far surpass the support zone outlined on my chart. If price hits the resistance, stays within the zone and picks up move momentum, over time the bulls might be able to negate the long term bearish flag in play with the long term trend and se Ethereum up for some highs, even if only for a while. Leave a LIKE and follow. I would really appreciate it. :-)
BITFINEX:ETHUSD
by TomProTrader
24
BTC/USD - Levels To BuySo it's been a while since I have been excited about Bitcoins price action. We had a breakout on Monday which negated a bearish flag that was in play (See related ideas for more information on our previous analysis) and price still appears to be rallying! Price not surprisingly moved sideways after the big up move which was likely due to hesitation. Price is rallying and approaching the long term side-wards resistance at 6380, which converges with where the 50 moving average will act as a resistance. If price breaks above the side-wards structure and the 50 moving average, price could always use the 50 moving average as a support. With price being down for so long, even seeing a compelling update such as this is exciting, especially in a space where moves generally happen with high amounts of volume and spontaneity. There is 2 ways price will behave over the next few days: - Price breaks side-wards resistance at 6380, breaking the 50 moving average. If this occurs, we will want to see a retest on the side-wards resistance as a new support level. Once there is a confirmation the line is being used as support, I can consider a buy opportunity up to the resistance zone target at 7190. - Price hits side-wards resistance at 6380, also finding resistance on the 50 moving average. If price stalls here, it is likely price will fall back into structure and retest within structure, likely not getting any lower than 5710 before going back to the upside again Bear in mind that if price breaks structure, it is very important to wait for a retest. With Bitcoin's late volatility and unpredictability (In high volumes), you need to be nimble making trades and follow strict trading order of operation and engagement rules to keep your capital safe. Also bear in mind that the breakout of structure will likely hit a resistance which geometrically lines up with where the bearish flag support line turned resistance meets! This means if it breaks down and retests the long term side-wards support on my chart, it could have a lot of difficulty breaking the flag resistance retest level at around 6880! This is extremely important to note, and for this reason I only recommend highly experienced traders take that retest trade for the long run. Novices are likely to get burned. Please leave a LIKE and follow. This will motivate me to post more analysis. Thank you for your support.
by TomProTrader
22