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BTCUSD Shorts

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BTCUSDSHORTS trade ideas

BTCUSDshorts 4 hour and daily charts for June 18, 2018Good morning, traders. This past weekend may appear to have given no definitive direction for Bitcoin, but we may actually have an idea of the short term direction. Let's take a look. As I have continued to mention for over a month now, this downward movement appears a lot like the previous two movements as seen in these 4 hour and daily charts. The first in February was much more exaggerated and ended with a dip into the daily oversold RSI which propelled price up about 96% in 14 days. The second was during March and resulted in a huge short squeeze that sent price rallying from $6425 to $9990. This time around, price has already dipped into the oversold RSI which resulted in just a few hundred dollars of upward movement, however it has also resulted in price continuing to build out the triangle as in the previous two examples. In each iteration of the movement, we see RSI creating a triangle of its own and MACD breaching the same resistance level. Shorts have continued to grow to just under 1:1 to longs. They are also building within an ascending broadening wedge which should see them squeezed at some point. When the ratio becomes greater than 1:1, we usually see a short squeeze of some sort. With price near the apex of the triangle, this seems inevitable, but just how far will price reach in response? Based on the height of the triangle, the initial target is around $7100. This would place it at the 23.6% retracement of the recent downward move, finding resistance at the bottom of the red triangle, and finding resistance at the top of the descending broadening wedge. This doesn't seem to be a finale to the build up of shorts and, as a result, could be just the first pressure release thereby creating a larger triangle for price, much similar in size to the April triangle. If so, then I would expect something along the lines of the blue triangle I've outlined. The 1 hour chart shows us that price breached the resistance of the descending broadening wedge and then used that resistance as support while it moved sideways. The ascending blue line denotes resistance that price must breach in order to continue higher. We can also see a triangle being formed by RSI. MACD is beginning to build bullishly and %B is in the process of potentially breaching its own horizontal resistance. The expectation is for a move up to the $7000-$7100 at least, if price can breach the top of the small triangle that it is currently printing. Whether it moves beyond that point is yet to be seen. A breach of the dashed descending broadening wedge would suggest that $7600 would be next up, and then $8000 and $8500 as the fibs denote.
BITFINEX:BTCUSDSHORTS
by Chris_Inks
BTCUSDshortsVlongs for June 18, 2018Good morning, traders. This past weekend may appear to have given no definitive direction for Bitcoin, but we may actually have an idea of the short term direction. Let's take a look. As I have continued to mention for over a month now, this downward movement appears a lot like the previous two movements as seen in these 4 hour and daily charts. The first in February was much more exaggerated and ended with a dip into the daily oversold RSI which propelled price up about 96% in 14 days. The second was during March and resulted in a huge short squeeze that sent price rallying from $6425 to $9990. This time around, price has already dipped into the oversold RSI which resulted in just a few hundred dollars of upward movement, however it has also resulted in price continuing to build out the triangle as in the previous two examples. In each iteration of the movement, we see RSI creating a triangle of its own and MACD breaching the same resistance level. Shorts have continued to grow to just under 1:1 to longs. They are also building within an ascending broadening wedge which should see them squeezed at some point. When the ratio becomes greater than 1:1, we usually see a short squeeze of some sort. With price near the apex of the triangle, this seems inevitable, but just how far will price reach in response? Based on the height of the triangle, the initial target is around $7100. This would place it at the 23.6% retracement of the recent downward move, finding resistance at the bottom of the red triangle, and finding resistance at the top of the descending broadening wedge. This doesn't seem to be a finale to the build up of shorts and, as a result, could be just the first pressure release thereby creating a larger triangle for price, much similar in size to the April triangle. If so, then I would expect something along the lines of the blue triangle I've outlined. The 1 hour chart shows us that price breached the resistance of the descending broadening wedge and then used that resistance as support while it moved sideways. The ascending blue line denotes resistance that price must breach in order to continue higher. We can also see a triangle being formed by RSI. MACD is beginning to build bullishly and %B is in the process of potentially breaching its own horizontal resistance. The expectation is for a move up to the $7000-$7100 at least, if price can breach the top of the small triangle that it is currently printing. Whether it moves beyond that point is yet to be seen. A breach of the dashed descending broadening wedge would suggest that $7600 would be next up, and then $8000 and $8500 as the fibs denote.
BITFINEX:BTCUSDSHORTS
by Chris_Inks
Bitcoin Shorts on the RiseThe crypto markets have been completely hammered as of late. Volume has completely dried up and there is very little volatility, despite massive spikes as massive players move whale sized amounts around. This behavior gives rise to the onerous 'Bart Simpson' pattern. At first, it did look like we were out of the woods some time around April, when markets picked up slightly. But this was just a brief respite from the massive onslaught of sell orders to come. Today looks no different we appear to be seeing an inverse head and shoulders pattern in the making with Bitcoin short positions. If this breaks, we can expect to see BTC come very close to breaking down through a vacuum zone. If that happens, we could see $5K or even $3K Bitcoin very soon. The Elliott Wave analysis is dangerously close to turning bearish for BTC as it has for BCH, XLM, and even ETH. I'm certainly not a crypto bear. I've been around cryptos long enough to know that these things move in cycles, and this is very reminiscent of prior crashes that happened in 2012 and 2015. Although my long term outlook is bullish, crypto bulls should buckle up and wait for better prices.
BITFINEX:BTCUSDSHORTSLong
by quantguy
BTCUSDShorts charts for June 12, 2018As mentioned, the BTCUSD Shorts continue to build ridiculously. We can see the pattern playing out as the previous two times we have had the same indicators at the same point -- the build up, the small drop, then the large drop. All three times have created ascending broadening wedges before falling out of them. The upper is the daily chart while the lower is the 4 hour chart. The latter gives us a much closer look at the similarities in current price movement and price movement prior to the April 12th short squeeze. Notice how we just saw RSI hit a high in the overbought territory while %B dropped out of overbought. This is the same sequence of events that happened prior as well, setting up the squeeze.
BITFINEX:BTCUSDSHORTS
by Chris_Inks