Bitcoin has been in tight range between the 29.5K support and 31K resistance for about a week. This can be a confusing area for some, especially those who think this is the "top". In this analysis I am going to lay out a couple of points to consider. Again this game is about interpreting and adjusting to new information as the market provides it, NOT to get stuck...
Bitcoin swing trade support is between 28 and 29.5K. If you are looking for a bullish continuation pattern, that is the higher probability location to look (see horizontal lines forming zone on chart). The 31K AREA is the resistance which has been highlighted on my chart for WEEKS (see blue rectangle). It is clear price is hesitating here, and may be tempting to...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bitcoin has rallied a little further than many expected. The next high probability support zone for swing trade longs is 28,300 to 29,500 (see blue rectangle on chart). If current momentum stays intact, it is also possible that Bitcoin doesn't offer an ideal retrace, and pushes through the 31K resistance. The next major resistance is the 33K area. If you are...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bitcoin finds support off the 25K support area as I have been writing about for weeks. On Thursday I sent a note to my members pointing out the inside bar development. As a result some of them took the swing trade long (almost 1K points in profit). The take profit area continues to be in the 28K resistance area (R:R should be around 1.5:1). There was absolutely no...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
If Bitcoin breaks the 25K support AREA over the coming week, it will point to an important structural change that can increase the probability of a 22K to 20K support test in the near future. That is a BIG IF. The idea here is to gain a sense of probability from both sides of the market, rather than forming an "opinion" like so many "experts". This mindset will...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bitcoin is now fluctuating in a highly random location. This means signals that appear in this range (see long blue rectangle on chart) are likely to have a 50% chance of follow through in a way that you "think". My suggestion is to avoid swing trades in this area and only consider setups on smaller time frames (day trades). This way you keep expectations low,...
Bitcoin has generated a new buy signal off the double bottom and bullish pin bar reversal that confirmed between Thursday and Friday. The entry would have been 26,650. I missed this confirmation and had not shared the idea, but some students have bought into this. For a swing trade, a reasonable stop loss would be 25,450 and take profit 28,450. Buying this at...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bitcoin is now poised to retrace into the 25K key support area. In my previous article I shared a long swing trade idea from the 27,150 level. While this idea started off in the green, it has since produced a conflicting signal and I have suggested to those who took the position to mitigate risk by breaking even or taking a small loss. I do NOT pretend to know...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bitcoin is now starting to meet the setup criteria for a new swing trade long based on my strategy. As you can see by the illustration on my chart (squiggly line) I am anticipating a test of the 30K resistance AREA over the following week or two. In this article I will explain the trade idea further. Keep in mind this "manual" swing trade strategy is NOT the same...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.
Bullish consolidation developing between the 28K and 30K AREA. Highly random price action, within a general resistance area. This unfolds after a week of heavy economic events. The fact that general bullish bias is still intact in terms of price structure is telling. There are a variety of ways to capitalize on this in terms of strategies. One such way is to WAIT...
Bitcoin price action analysis, key levels, potential scenarios for coming week. Question about stock or alt? Ask in chat.