Bitcoin has found overall support just off the 56K level (on my chart) and has rallied back to the 64K resistance only to retest the 60K level (see illustration on chart). This is the scenario I described in my previous article and price is now in an ideal location for a swing trade long on this time frame. Interestingly enough, my Trade Scanner Pro system...
Bitcoin has retraced off the 56,400 area support (level has been on this chart for months), straight back to 64K. The arrows on the chart point to the consecutive lows that characterize a failed low pattern. This brings price to a tricky area for new swing trades. The 64K area is a resistance and NOT an ideal spot for new longs on this time frame. In this scenario...
Bitcoin has retraced but not back to the 60K major support which I wrote about in my previous article. Instead, it is in the process of establishing a higher low along with a bullish pin bar (see arrow). The current candle has taken out the high of the pin bar which can be interpreted as a signal for a swing trade long. IF momentum takes hold, it is within reason...
Bitcoin continues to maintain its consolidation, halving appears to be a non event which again is typical. The actual catalyst (institutional buying?) has been STOPPED for at least a month. If anything, I suspect large players who instigated the "run to 100K" nonsense have been quietly reducing their exposure into the hands of the retail trader. That may be one...
Bitcoin has rejected the 70K area resistance as the pre halving consolidation unfolds. In hindsight, you were better off listening to things like support/resistance LEVELS and price structure rather than all of the social hyperbole going into the halving event. "Buy The Rumor, Sell the News" seems to be what is in play here and usually makes fools of people who...
Bitcoin appears to be in a consolidation (see converging lines on chart) as the halving event nears. Makes sense, especially since events like this tend to be "buy the rumor, sell the news". There is no way to know how Bitcoin will react going into the halving because there are many factors in play, often too many to effectively act upon. Many like to resort to...
Bitcoin trend, key support/resistance levels and expectations for the coming week.
Bitcoin continues to flirt with the 70K resistance zone (blue rectangle on chart) and has followed the first leg of my previous chart illustration. With the halving coming very soon, there continues to be over exaggerated claims of Bitcoin "going to 100K by next month" nonsense. Again stop listening to people, LISTEN TO PRICE. Let me explain some scenarios to...
Bitcoin trend, key support/resistance levels and expectations for the coming week.
Bitcoin has peaked in the 73K Area which completed the 5th of the 5th wave. I specifically mentioned this in my previous article when I said "THE PARTY IS OVER". If you were fooled by the internet hype, you can only blame your own greed. Markets don't unfold in straight lines, they unfold in cycles and now we are in a corrective one. Let me explain what I am...
Bitcoin trend, key support/resistance levels and expectations for the coming week.
Bitcoin is now correcting from the 73K all time high, just above my short term high probability reversal zone (upper blue rectangle). Prices between 64.5 and 69K were highly vulnerable to this type of move to begin with and coupled with the 10K retrace of two weeks ago, there was plenty of warning for investors who understand markets. I hope you were NOT one of...
Bitcoin trend, key support/resistance levels and expectations for the coming week.
Bitcoin first pushes all time highs earlier in the week, followed by a 10K point retrace, only the climb back to the top and push the highs again. Wild price action for sure, but what does this mean in terms of the probability of continuing higher? The fact that price retraced 10K points in one day is very telling and demonstrates the amount of risk one faces at...
Bitcoin trend, key support/resistance levels and expectations for the coming week.
Bitcoin has rallied over 10K points from the 52K break out level that I wrote about in my previous article and refuses to deliver a meaningful pullback. In situations like this, you must not give in the the hype and fear of missing out. I see talk of 100K, etc. and all the video titles popping up on my feeds. What you should be focused on is how to best...
Bitcoin continues to find support around the 50,500 area. This is particularly important for intraday strategies. The consolidation that Bitcoin is within is still part of what looks like a Wave 4 configuration. This wave can expand to 48K and even lower and still maintain the integrity of the broader bullish impulse structure. The idea here is to look for trade...
Bitcoin trend, key support/resistance levels and expectations for the coming week.