1BigPapi

1BigPapi Updated 

Potential breakout scenario assuming Wyckoff Re-Accumulation occuring past month. Background : Cards are lining up for what could be an explosive breakout North. After the ATH in late February we entered a combination correction, dropping as far as ~19% from the ATH and setting the Selling Climax for this patter- but bears failed to push the price below ~50k at...

1BigPapi

This isn't so much meaningful TA as much as me kicking around a potential path to a breakout North. My day job has me too busy to post better TA, maybe later tonight. This doesn't mean I'm convinced of a breakout, I'm honestly feeling a little more bearish at the moment, but this could go either way in the coming day(s). We are still ranging within the same 10%...

1BigPapi

Lets talk timeline to set the stage. Note that all of these metrics/growth percentages assume a start date of 01 December 2020. DEC-JAN: we saw the market gain momentum in December and we entered the new year with the altcoin market ( TOTAL2 ) in a corrective trend and Bitcion flying on its way to a new ATH . At Bitcoin's peak it was around 30% above the...

1BigPapi

Not TA, just another observation. We see a declining volume since the start of 2021. We've since marked several local tops and bumped the ATH to low 60ks. My food for thought: Is retail tapped out at this juncture? Industry seems pleased to accumulate at this point- we have healthy exchange outflows and lack a meaningful selloff like we saw in previous...

1BigPapi

Quick update but looks like on the 4 hour we are running out of runway inside this ascending triangle. Stoch RSI looks healthy, VFI crossing over bullish, we might see a breakout North here. I think thats the most likely scenario but there is heavy, heavy resistance at 60k and a rejection here would see us retesting support at ~56k and possibly 53k. I could see...

1BigPapi

This is informational, not really TA. Bitcoin continues to range the high 50s, and in week 6 of testing 59-60k but no supported breakthrough. Bitcoin currently sits at ~58.8 at the time of writing this, firmly within it's best supported price range in the current pattern. The longer we range the 50s the more momentum altcoins gather and the more market dominance...

1BigPapi

Watch the charts in the coming hours for potential strong short term long position. If BTC breaks 55k it will probably fly, that trend has been strong resistance for the past two weeks.

1BigPapi

Background: Bitcoin has been in an ascending channel (past 48 hours), within a larger descending channel (past 9 days). This is the last leg of a combination correction starting after we reached 58k in late February. Of note the 61k was an ambitious corrective B wave, confusing a lot of traders who expected a breakthrough. The fact that this correction dragged on...

1BigPapi

The question on everyone's mind, are we off to the races? Industry analysts believe that we need to retain bullish sentiment through to options closing Friday to stay in the game on this bull cycle. I believe we'll continue ranging between 55 and 57k until then. We could even retest 53k, but ~55k is forming up to be a short term support zone, falling below that...

1BigPapi

BTC bullish pennant formed, breakout to next trend within 2 hours, multiple indicators and most timeframes flashing bullish indicators. VFI indicating short term bullish movement. I don't think this is the big brekaout we are all waiting for, I think Friday will have to come and options expire for us to move on, but we could resume the uptrend and retest...

1BigPapi

Bitcoin formed a pennant over the past two weeks. Many of us were expecting deeper corrections to follow the strong downtrend on 13/14 March, but the market found strong support at 53k and reversed rather decisively the next day, climbing eventually to retest 60k. Since then volume has consolidated into a pennant pattern with a slight bullish bias by 4 degrees...

1BigPapi

Bulls and bears just put down your arms, close your orders and let it ride to 100k. No? Okay back to our regularly scheduled March bearish indecision. Best of luck traders.

1BigPapi

So here we are again, another day of bearish ranging in the low to mid 50s. On the day chart we see an ascending triangle shaping up nicely. We are also in a second day of negative VFI which indicates continued bearish movements short term. If we look at the last two impulses up on the supertrend they were preceded by 5-6 days of negative VFI before swinging...

1BigPapi

Note of caution- this could mean nothing compared to the continued bearish price action for BTC, but VFI as a momentum indicator can indicate future growth when you see the VFI moving bullish against bearish price movement. Run a tight stoploss on your shorts today, VFI could prelude a swift reversal, but its not guaranteed, other indicators like MA indicate a...

1BigPapi

We see Bitcoin in another triangle for a second day in a row. Lots of indecision. We have a second chance to see if that indecision leads to a breakout North or South of the triangle. Statistically I think the breakout South is more likely, with a bounce off ~53.5k and reversal. It also could break North and this would indicate a rise to ~58k. Bullish...

1BigPapi Updated 

Looking at today's chart we see Bitcoin forming a symmetrical triangle, with a slight bullish trend angle at 9 degrees (from bottom trendline). Also volume flow appears to be retracing towards bullish territory, sitting around -5 now, and rising. Breakout is likely between 1900 and 2100 Eastern time (USA). If we break out, first target will be to regain 58k where...

1BigPapi

I've seen a lot of predictions for this cycle. From zero to 1 million. The most commonly believed (and dare I say supported?) forecast is 100k. While I think 100k is feasible for many reasons, particularly because stock 2 flow, fibonnaci and EW would support it; I am erring on the side of a more conservative forecast here around 88k. The reason I'm slightly...

1BigPapi

If we assume the standard ratios for wave 5 EW .. low end ~61k, high end ~100k. My personal target around 88k by second week of April.. though EW supports 100k at the high end too. Link here to the snapshot , 9 times out of 10 TradingView skews any angle trends I plot based on how zoomed in/out you are on your web browser, apologies but not sure how to fix that....