GunMoney

GunMoney

Bitcoin and other cryptos had a solid rally this morning when Bitcoin wicked sub $6,500; that triggered a relatively massive order pool as there were many buy-orders around the $6,400-$6,500 range. The rally stopped just shy of $7,500 as there are also significant sell-orders at that price level as well. Regardless of all that, we're still in the same down-ward...

GunMoney Updated 

XRP has been in the dumps all year. Now that the bitcoin rally has halted we're on the verge of a full market melt-down. We hold here and maintain this "rising wedge" we may be on the verge of a break-out. Will it be a 1600% surge like we saw 2-years ago, doubtfully, but maybe. The next week is critical for the market. The 1D MACD shows a potential bullish...

GunMoney

This downward channel has been nasty for BTC. We're coming to a point where this downward channel meets the long-term support line that has held for 4 years. We breach the support and we can expect BTC to $5K, then possibly $3K, and maybe even lower. Fully annihilating all the gains for most alts from 2017 and resetting the entire market. I'm not going to...

GunMoney

We're holding decently well above $7,100, a major support zone . Looks as if we may be in a 1,2,3,4,5 Elliot wave count and a week long surge to around $8,500. There will be strong resistance at $7,500 and $8,000, but could possibly break in the short-term as we test the long-term resistance at the pennant formation. I entered at $7,305 with stops at $7,230, just...

GunMoney

We failed to break above $8K on the inverse head and shoulders off the bounce from $6,500, and now keep getting lower highs. The market is looking incredibly weak. I've gone from bullish to bearish this last week. 1 month MACD showing a nasty MA cross-over into bearish territory. November candle below $8K is not a good sign as well. A re-test of $6,500 will...

GunMoney

As I was looking for, Bitcoin is creating one of the biggest and most symmetrical inverted H&S patterns we've seen since 2017. Bitcoin historically reverses MEGA with this formation. A day or two holding above $7,500, with another surge to above $8K, and the pattern is complete. Get ready for blast-off.

GunMoney

Now that that's behind us let's look at what's to come. Bitcoin bounced exactly off the long-term trendline at $6,500 and has taken back $7,300. Looking for some sideways movement here to establish a base at $7,200-$7,300 before we're back above $8,000. The MACD and RSI are at pretty heavy lows on the 1D suggesting we're prime for a reversal as well. A few...

GunMoney

It seems many traders prefer log vs linear when it comes to TA. Well, my last chart was linear and showed a dismal picture for bitcoin. However when taking the same analysis/concept and applying it to bitcoin in a log format we get a very different view. This method shows that, barring another drop to $6,500 or so, we are holding the trendline established back...

GunMoney

After being disappointed by the failed rally, and the subsequent drop to sub $7K (soon to be $5k IMO), I think it's best to take a big step back from it all. Note, this is my first chart. So bitcoin loves pennant formations. We've seen them time and time again for the past few years. What we have here is two pennant formations that have formed inside of...