CryptoTough

CryptoTough

Now in day 4 of a seven-day selling pattern. I think there may be three more days to go. There was an immediate drop in price on the four-hour chart when BTC price action neared the 20 MA. Not a good sign at all.

CryptoTough

Decision time has come and the descending triangle resistance strikes again. Right now, BTC bulls are paralyzed like a deer in headlights. While there's obvious support, 7 straight days down would not surprise me. You see, people hold until the pain becomes too unbearable -- then they sell near the bottom. We will see if this pattern repeats itself once again.

CryptoTough

It's obvious BTC is heading into some resistance here near the 7500 to 7700 level. Will the Bears win once again? A few altcoins have made it to their 50 DMAs. They really need to push through.

CryptoTough Updated 

Typically, descending triangles are a continuation pattern to the downside. On the daily chart of BTC, you can see that this question is going to be resolved soon. BTC was stopped twice on the upside by the 200 DMA. It really needs to move above that if it's going to gain any traction higher. If we do see a move above that descending triangle, it has to hold. A...

CryptoTough Updated 

If you look at the 50 day moving average for BTC, , you'll see that it has flatlined. Yesterday, when the price surge occurred, it immediately stalled at the 50 DMA. I would get excited about any type of rally until BTC can move about and hold the 50 DMA. This may just be a shakeout, which really wouldn't surprise me. We'll see if we can gain some traction here...

CryptoTough Updated 

After a seven-day slump, BTC has bounced off of its 50 day moving average. It's time to dial down to smaller time frames and put in some higher highs and higher lows.

CryptoTough

After stalling near its 200 day moving average, BTC has retreated to the 50 day moving average. It's likely that it will fall further to 6500 before finding support at the bottom of its channel. Failure there would not be good. We really need to see some type of volume come in and a move to the upside before getting excited about the bullish side.

CryptoTough

It's really not surprising that a nine-day run in BTC is now pulling back after stalling near its 200 DMA. I keep seeing people calling for higher targets of 10,000, 12,000 or 24000 by the end of the year. Well, that 200 DMA is going to be a decent hurdle to get through before thinking about those targets. I am bearish until I see the 200 DMA breached to the...

CryptoTough Updated 

BTC managed to find that double bottom higher low on the 30 min. chart. Similar to the bounce on the 24th, this bullish move has some volume behind it as well. So far, it is holding the 20 and 0 moving averages on the 30 min. time frame. On the 60 min. chart, you can see that the 200 moving average and 50 moving average are now sitting at about a 50%...

CryptoTough

The BTC four-hour chart is showing promising signs that Bitcoin has found some support. The higher low and higher high warrants taking a position on the long side. Some volume did come in on the initial burst higher. Trading needs to hold above the 20 and 50 moving averages on this four-hour chart.

CryptoTough

Support coming in from a trendline that began on July 16, 2017. 1) BTC needs to make a quick drop below, shake out stops and then recover to have a chance at rallying 2)Dig in here and make a higher high. 3) Lose the support and quickly drop to previous support on the daily, which was 6500-6800. Lack of volume is showing complacency. The current trend down is...