BTCEUR trade ideas
SHORT TERM: ASCENDING TRIANGLE ON BTC/EURIN THE SHORT TERM WE COULD SEE A CONTINUATION OF THE TREND. IF WE BRAKE TO THE UPSIDE WE CAN EXPECT A PRICE TARGET OF €10165. HOWEVER, WE CAN ALSO EXPERIENCE STRONG RESISTANCE AT THE 0.5 FIBO LEVEL. IF WE BREAK DOWN WE COULD REACH A PRICE TARGET OF €8900. THIS PERFECTLY COVERS WITH THE STRONG RESISTANCE OF $10500. HOPEFULLY, WE CAN TURN THIS RESISTANCE INTO SUPPORT... WHAT DO YOU THINK?
Be careful, do not FOMOHello Wonderful and beautiful person!
Just came back from summer holiday, and for a while there it seemed like BTC was at holiday as well, but we got some massive response these last couple of days (7 days).
- Market cap increased by billions
- BTC market dominance fell by a couple of percent
- Enormous influx of interest and investment in alt coins.
- Large companies finally release their financial reports which confirmed my suspicion.
- Unemployment rate are very high in U.S and Europe.
- Precious Metals had major uprising.
Those of you who have read my previous posts (thank you very much), know that I was not convinced we were in a recovery but rather we saw a "dead cat bounce" (not a V-shaped recovery).
September was the month I kinda prophetised, in a Nostradamus kinda way, that we would see more or less the real effect on most of the markets. That month is still on the table for my part and has not changed, but we seeing more and more the real story now.
---- On the side note, Europe has opened up their borders in desperate act to make business flourish, and they are already reporting a large increase in Covid cases. Second wave is also still on the table ----
How will all this impact BTC?
well, I believe we will see a dip like we did on the "fire-sale" of Mars-April (investors will liquidate), and then we will see the anticipating massive increase in demand for precious metal and btc.
For my part, this increase we see now came unsuspected and it does not seem to hold its momentum.
- The RSI is not being convincing that this uprising has support.
- CCI has actually downward move, and in divergence with price action.
- Stochastic also are showing little momentum like RSI, but also in divergence like CCI.
- Price action is very contested as pointed out with the blue arrows.
- Volume does not support anyway near the new highs we have now
So, to sum up:
be careful and do not FOMO, as this could be short lived price increase.
USA are again turning on their printing machine and Europe have approved financial aid to all EU countries, which WILL impact the market; but not sure how.
Precious metal, especially gold and silver are artificially held lower than the demand with Future market. Physical gold and silver are not easy to get, and new mines are not being started yet.
Clear addam and eve spotted .Imminent breakout (bullish)This is a bullish pattern with a high rate of failure . Expect aggresive move to the upside and even more agressive one to the downside .Short term trade .Take your 1-2-3% gains and get out .
BTCEURAs part of the funding round, investors were offered a 16.4% stake in BTCS Holding AG.
The round was led by the Swiss banker Roger Studer. He joined the board of directors of the company along with the ex-director of the Center for Research Credit Suisse Giles Keating.
The received funding will be used by Bitcoin Suisse for scaling and business development.
The current valuation of the company is 302.5 million Swiss francs (over $ 327 million).
Bitcoin Suisse founder Nicklas Nicolaisen said the company "is determined to be the first European unicorn in the digital asset industry."
Bitcoin Suisse also reported receiving a guarantee from a Swiss bank to protect assets.
As a reminder, the company announced the start of a funding round in May.
BTC/EUR - Why I am waiting for a long signalI use the BTC/EUR on a daily chart because the EUR is way more stable than the USD and only 2 indicators - 30 SMA (a month of data) for a directional baseline and standard ATR for volume.
The price have to break the trendline from 13. feb. and close clearly on the other side of 9200 before I consider to go long. Next resistance is at 9600.
BTC - IS THE WEAKNESS OF $ MISLEADING US ON ACTUAL BTC STRENGHT?Hello,
Bitcoin is a commodity, even if a digital one, and as all commodities it tends to increase its price when the USD is weakening and it decreases when the USD strenghtens, all else being equal. So le't take a look at the BTC chart in another currency to have the picture clearer.
As we can immeditaly see, the distance from actual prices to after Halving highs is DOUBLED than what shown on the USD Chart. However, even on the EUR Chart, the pattern which is forming right now is bullish. The descending triangle is broken to the upside and the way it is being broken signals that it is not going to be a false brekout.
What do you think? Is the relative strenght shown on BTC due to external variables such as the USD or it is structural?
BTC/Euro 7/21/2020Hello and welcome to this analysis on BTC/Euro.
BTC has been in a very boring sideways range since the 7th of May. I choose to show the Euro pair because I believe the price action is much more visible on this pair compared to the USD pair.
Looking at the consolidation on the daily chart, the price has been making series of lower highs other than the fake-out at first of Jun that price broke above its diagonal resistant but couldn't manage to hold above it and instead it got smashed back down on high volume. looking at the bottom of the range, the price has consistently tapped the horizontal support at 7900 but each bounce from the support got shorter, and at the moment it is consolidating on the support. Support and resistance tend to become weaker the more price tests them. Also, the failure to make any higher high after almost 3 months of consolidation and resting on the support is a sign of weakness and distribution. The technical formations that I mentioned are describing a classic descending triangle which is usually a bearish pattern and can act as a topping formation. The target of the pattern is at 6660 Euro if price breaks below 7900 and don't manage to regain it back.
Looking at the volume you can see it has been falling since price topped at 9200 back at may and it has almost dried up. Also looking at the BBW at the bottom which is a volatility indicator you can see it has been going down and is resting at its historical lows at the moment. These 2 indicators are telling us that a very big move is likely to happen soon and they also confirm the deciding triangle pattern. BTC tends to trend for a while and move between 20 to 30% after it breaks 3 or more months-long consolidations while its volatility metrics are at the historical lows.
There is not any major horizontal support below the formation from 7900 till 6900. As you can see on the volume profile there is a volume gap in that price range. So the price can rapidly move down if it breaks below the formation. Also, there should be a lot of stop losses and liquidations below the support that will get triggered and push the price lower if it breaks the 7900 support.
These technical formations suggest a 15-20% drop in the price in the coming days as long as price doesn't manage to make a higher high above 9350 and break above the diagonal resistance of the formation.
Hope you enjoyed this analysis, good luck trading. :)
BTC/EUR distribution patternas we can see BTC vs EURO trap into a descending triangle as a distribution pattern for 4 months. due to this pattern and low volatility we can see, there would be a short opportunity here.
This trade idea has a 2.5 risk to reward ratio.
COINBASE:BTCEUR
