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BTC Inverse H&S Reversal - Moving On Up!Get ready for the weekend everyone! BTC seems to be following an inverse H&S pattern - which essentially means we are moving back up to test $7200 in the next day or two (depending on weekend trading). Volume is low right now as we continue to trace the right side. Be cautious of taking any short positions during this time - weekend trading sometimes accelerates things when volume picks up and stops and limits trigger. We are still very much in a buy zone - currently at $6500 - anyone who has followed my charts would have bought in at $7050 mark I predicted (when we were at $7800) as well in the 6000's where I had buy positions down to 6200. Always take multiple positions - good money management techniques are just as important as being able to read the market. BTC is still very much a buy right this second. $7200 is the resistance level we will test again.. at current prices we are looking at a potential $700 per coin gain (which is not a bad gain). We can confidently say that we are going to test $7200 within the next few days - what happens from there is anyone's guess at this point. If you are holding BTC - keep holding to $7200 where we can re-evaluate. Who knows - we might blow through that barrier tonight... Time for the weekenders! ** I am a full-time trader sharing my analysis. Please LIKE or FOLLOW if you find my charts useful**
by rgeddes
3
BTC now under declining resistanceThe recent strong drops in BTC have naturally pulled down the 50 day moving average. Unfortunately since June 8th the 50 day moving average has also been acting as strong resistance. In this bear market expect more substantial drops over the coming weeks as BTC continues to clear out the dead wood. We are currently testing the absolutely crucial $6500 level. I think you all know that if this doesn't hold we are looking to $5500 as our next support stop. Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
BITSTAMP:BTCUSD
by BCryptological
Horizontal support levels for BTC $6,000 + $4,800Here we are looking at the weekly BTC chart, goes without saying currently in a bear market. Weekly VRSI is just insanely low. Monthly still isn't into oversold. I said before that maybe we need to go into the oversold on the monthly before we turn around this bear market. Getting the VRSI lower than this on the weekly is harder and harder, and seems to be slowly down by a factor of 1.75. The 28 week MA is accelerating towards our current level as we move away from that peak of 80+. Said MA is about to move under 50, which is an apparent bullish signal. Market sentiment has me thinking this'll be slow as hell. Extrapolating the drop in VRSI (bar a reversal) shows us not reverting till as late as November. Bleurgh. I'm targeting a bounce for BTC at $6,000 short term for maybe a short squeeze, bull trap. Longer term target is the 78.60 fib level, $4800 area, combined that there is a bit of support in that area, and a nice psychological number. These factors together really should put a barrier on the bear market, and hopefully start a change. Will update idea as we get closer to that area to confirm if i believe in a turnaround.
BITFINEX:BTCUSDShort
by PatekCharts1
BTC In Position To Rebound - Get Ready For The Bull Run!!!Yesterday we looked at BTC and I mentioned two scenarios (which usually bugs me about other peoples TA). I did make the case that we were going to rebound at the level - but I also drew a bear line which would indicate things may drop down a bit further (which is what happened). In the hours since, the chart has given an indication of where the market is set to go. The trades I setup yesterday were for buys - today is another day to take a buy position if you are in cash. Buying while the market is still bear is usually rewarded quite well. It looks like an inverse H&S is forming - you can see the left shoulder and the head highlighted in the chart. This means we should "move sideways" at this level before we start tracing the right half of the pattern and return to $7200. So whats the play? BTC is volatile which is why most of us like trading it. Unlike stock trading there are no rules - there is no regulatory body to report to. This has created a situation where large stakeholders (whales) seem to manipulate the market in tandem (collusion). The future of BTC will involve the institutions overtaking the whales - which will probably profit us all. In today's market we are still very much affected by whale trades - in this instance they are more likely to drive up the price (before they try to drive it back down again). The challenge is to not get caught in the "bear trap". The play right now is buy at $6450 USD and hold to $7200 USD which will likely take until Friday to complete. A whale could change the time frame very quickly - we could very well shoot past 7200 in a few hours. There is also the possibility of weekend traders triggering some big buys and boosting us up even higher. Trading BTC is about technical analysis, momentum and psychology. Is a 2k BTC in anyone's best interest (besides mine)? The chart says we are going up - the only question is - do we take the whale express or painstakingly carve out the right side of the inverse H&S? If anyone is questioning if this is the apocalypse - i'd be glad to buy your BTC from you at a discount! ** I am a full-time trader trying to provide some guidance to those who aren't. Please Like and Follow this post if you would like to see more charts.**
by rgeddes
8
No More Doomsday Predictions - BTC Looking Bullish(ish)Yesterday we had very little indication of what was going to happen next with BTC from a short term technical perspective. We had a little sideways movement – then a run up to the 6900 area – before a bounce back down. On the chart you will see a light blue line indicating a double bottom. The pink line on top indicates a reversal. The yellow triangle is where we are going (to 7200). The red line at the bottom is the bear line – if we drop below this line – we are going bear again for a while so you might want to cash in your coins and buy lower (unlikely). BTC is going up - at least until 7200. Once we start getting close to that number we will have to evaluate what is going to happen next. Many of us have “long” forecasts that put BTC in the 10k-25k range this year. A number of news outlets published a story the other day saying BTC is worth at least 8k because thats about how much it cost to make each one – whether or not that is true – miners continue to mine for future consideration. Future considerations do no pay present bills and there are too many people with too much money involved to allow the network to fall apart. There are many external reasons why BTC should increase in value. The run up to 7200 will not be from the institutional money that everyone is holding their breath for, it will come from retail investors – or a whale trade or two. The best move if your not in BTC yet would be to buy yourself some and wait for 7200 before you re-evaluate your position. Theses peaks and valleys are not unusual for BTC – I remember when I sold at $1000 before we dropped back down to $500 years ago – BTC has put on a lot more weight but it continues to behave in its own special way. **I am a full-time trader – these charts are my personal opinion based on the trades I make with my own capital.** If you think this is quality content please LIKE and FOLLOW Happy Trading!
by rgeddes
1
Bart city to close down!So Bitcoin has been having bart candle after bart candle lately (Pump and dump). I find it better to zoom out so you miss all of that noise and look on the daily. If daytrading though, which i have been doing, long support, short resistance, rinse and repeat for some good profits. I forsee us bouncing around the $7800-7300 region for the next week to reach the end of the pattern before a real move up or down. Watch volume either way to be clear it's not a DCB fakeout. If the move is upwards bulls would be aiming to retest the $10,000 resistance level, but plays into a big double top senario to head back down. If we breakdownwards, i believe we will lose the $7,000 support and retest $6,500. Will have to update if we reach that area, but i would predict it wouldn't hold and we go down nearer 5k for a year long bear market, which imo we need to shake out some of these terrible alt, and overvalued coins before another bull market can begin next year with some positive news and new retail buyers. TLDR: sideways for the next week, before breakout. Watch volume, if it's there long break to upside, short downside.
BITFINEX:BTCUSD
by PatekCharts1
Bitcoin to $6000It seems pretty clear that the multi-month pennant has broken to the downside. It's difficult to interpret this as anything but a sell signal. I added to my short when the line broke and will hold this position. In the very immediate term we may see a bounce or bear flag retrace half of this drop and put us around $6850, but I don't expect buyers to push this much higher. My assumption here is that we're heading to test the prior low at ~$6k before we see a proper bounce where bulls are likely to defend the narrative of a double bottom. Overall mid-term picture looks very bearish. I would not be surprised to see another capitulation move in the next couple months to the $4300-$4900 range if $6k does not hold, with G20 coming in July and all the FUD that will surround it, i foresee us dropping. I would expect large buys in this price range and this will be a profitable range for volatility traders. A return to mean would put us in the low $4k range by year's end. We need to cull the moon shills, unsustainable projects and people waiting to drop bags off before a proper move up is possible. Long term I'm bullish on crypto, but with G20 around the corner, and so many alts that have no need for a blockchain sitting at multimillion market caps, a cutdown is needed. Right now it's difficult to see this mid-term trend changing without new capital in the form of renewed interest from retail buyers or the ingestion of institutional money if/when that happens. This is all just market cycles. In the interim, the crypto space will continue to mature behind the scenes - I still see this space in its infancy, and if/when the next bubble comes it will ride on the back of a more mature usability layer in the form of easy payment systems knit into the existing IOT framework which will go a long way in demystifying crypto and showcasing its practicality.
BITFINEX:BTCUSDShort
by PatekCharts1
BTC - A Pattern Within A Patern Within A Pattern - How to Trade So here we are on June 8th and it seems like BTC is still working on its right shoulder. I talk alot about patterns which confuses some people -here is a breakdown for you of how to trade the current situation. Most analysits will give you a few likely scenarios - I don't like this. I am a trader just like the rest of you - so the calls I make are the calls I actually make. Btc has a momentum to it that doesnt change until its forced to change. We have a situation now where we have been in a "bear market" for some time. I believe its a short term bear market and I am pretty sure that once we finish the H&S pattern and move lower toward the mid to low 6000's which is where I will wait to buy. BTC is a bear market in a bigger bear market trapped in a bullish position. I can draw triangles or point out the MACD or any other indicator but heres the bottom line. The market is going to pull BTC down as its been threatening for the last week. There is a clear pattern in play right now - there is debate as to whether it will go down after finishing the right shoulder or if it will breakout. Being in the cash is never a bad situation if you are playing BTC for a profit. Have a clear entry and exit point. I say to buy in the 6000s and sell around 8500. Once we hit 8500 I anticipate a correction (opportunity buy again lower) before we keep trading. Happy Trading!
BITFINEX:BTCUSD
by rgeddes
BTC To Move Lower While Tracing The Right Side - Breaking BearBTC is tracing the right right of a H&S pattern as was predicted in a previous post, Due to a number of factors - BTC should move sideways as it carves out its right side. There is potential for shorting between 7300-7500 though i wouldn't recommend it - you might close your trade on one part of the shoulder and get stuck on another. If I was in BTC I would try to get out at 7500 with the goal of buying in somewhere in the 6000-7000 range. I don't believe in a long term bear market for BTC - I particularly don't believe it will drop bellow 6k. There are a lot of buy positions that need to be sorted out in the 6000's before we move up any higher. When the right side is traced we should be ready to plunge into the 6000's - this could take a few days - or it could take a few hours. Set your limit's and stops. The "long" play is to buy in the 6000's and get our again in the 8000's where we will likely see some more resistance in the coming days/weeks. If you are holding "to the moon" - take a week or two off - we're going down before we go up!
BITFINEX:BTCUSDShort
by rgeddes
Big ascending channelBTC has been in an ascending channel now for nearly 1 week. Support and resistance trendlines are currently holding well. For a price breakout target it should be the height of the channel, so $8200 for a bull breakout $7200 for the bear. MACD has had a bearish cross on the 15 to 4hour timeframes, so looking more like a breakdown at the moment, but if going long here an entry at 7587 with stops at 7547 would be an okay entry if you're leaning bullish for another test of the upper channel trendline. The upside for the bulls is that currently RSI is going downwards towards oversold which may cause a bounce, and the Stoch RSI is at the bottom which normally means a push upwards. Not financial advice. Happy trading everybody, lets make some money!
BITFINEX:BTCUSD
by PatekCharts1
2
Retracement is comingBitcoin is in a little descending channel here on the 30mins. Still in the bigger acending channel though from the end of May. Expecting a drop here to around $7460, before upwards movement for the bulls. if $7440 breaks the bears have gained control. A big catalyst for the movment of BTC will be th 6th of June, as so many people are waiting for a drive upwards this day, if it doesn't come or it bearish, could be in for a bad month. So i have a buy set for 7460, with stop losses set for if the bears take control. Long term bullish. Short term bearish
BITFINEX:BTCUSD
by PatekCharts1
BTCUSD : Rising motion analysis with support and resistanceBTCUSD H2 chart Upward movement should be expected according to the formation Red line support line. Returning from 7.3K If the support breaks down Blue lines weekly resistances ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** I'm sorry for the impaired expression..Just watch the chart, not what I write. :) PS make sure you give me a like, If you LIKE this analysis .... If you like most of my analyzes, FOLLOW me .
BITFINEX:BTCUSDLong
by KasaDairesi
BTC; NEVER MIND THE BULL(OCK)SAn update to the head and shoulders I put out there not too long ago and a few scenarios for you to keep an eye out for: 1) We exceeded the resistance at 'REVERSAL' (possibly a number of short stop losses extending that run). The head and shoulders pattern may now complete as we descend down to the original target. 2) We find support at the neckline and head back up to form an inverted head and shoulders and really then head out on a bull run. 3) This is just a retrace of the reversal (which I highly doubt) and we soon find support and continue back up. I do believe that scenario number one is the most likely and we will continue with our long anticipated retrace down to approx 4,000 before consolidating and heading up to new ATHs. Whilst I am pleased as we've picked up some nice profits with these extended runs I do feel sorry for the 'man on the street' who got hope and started buying Bitcoin again at these prices. If you like it, give it a like... :)
BITFINEX:BTCUSDShort
by bluesilver3
Bitcoin facing the final Bears vs Bulls battleMany of us are looking forward to this great battle for the end of the bearish trend, but the result is not clear at all. I was calling short positions during a few days ago, and just now I realised that the chances are almost equal for each side, however I still think that we have more chances to breakout for a couple of hundreds and get a considerable drop again. In the 4 hour ichimoku cloud we can see a clear final battle. In my opinion, if we close the current candle below 8560, the chances of the price to retrace are getting way bigger. This is my vision to the current situation: 1. Whales might have a plan to surpass the last high for 100-300 dollars, and squeeze the shorts hard again (around 8880 mark). 2. Bulls win and we go successfully to 9200, where above that price we will go straight to test again the 12k mark. 3. The price just doesn´t breakout and we go straight to around 7100 very fast. Anyway the market is bringing good news, this is the point where the end of the bear season has come or where we will see retest of lower levels again ( going to 7100 will bring 6k again). Good luck and safe trading!
BITSTAMP:BTCUSD
by Coinamic