I have been marking up the Bitcoin chart as its made it way down from the April high and have noticed pretty text book distribution and redistribution phases according to Wyckoff. The same could be said about the most current set up Bitcoin is presenting. Though, there are those that will argue with accumulation, and their arguments are convincing. Here is my take...
No analysis needed. Decision time approaching Bitcoin -1.48% . One way or another Bitcoin -1.48% will reach ATH -0.26% by 2020 its just a matter of which path it will take.
In the coming weeks Bitcoin will be making a big move. No one really knows what direction it will go. However, one thing I do know for that is is highly probably is that Bitcoin will not make a new ATH this year or the following year. My reasoning stems from the trend that Bitcoin has been on since its inception. So far Bitcoin has had two halving periods. 2012...
Bitcoin painting out an Adam Eve bottom pattern. Yes it looks choppy. But this falls perfectly in line with the pennant case. Pennants are historically neutral so my sentiment remains that way. Either way, Bitcoin should experience a measured move to approx. $8,700 within the next 24 hours.
Bitcoin created a double top a few days ago and began making its way down to critical support levels. Its currently constructing a new bear flag which aims to complete the measured move of the double top pattern with a target of $7,520. Of course keep some tight stops as this has been an extremely difficult trading environment.
I'll post again if this current "mini" bear flag breaks down and meets the target of approx. $8020.
Completion of this would develop the possibility of an addition bear flag...a much larger one.
Obviously just a prediction but BTC is pretty oversold and is bouncing. Thinking it will find resistance at the 1 hour 50 MA and begin a bearish pattern rather than going up more. I really think entering a short or scaling in around those levels will be lucrative. Considering that the Daily 50 MA is coming down quicker now your short entry may have the safety of...
I have been wondering if altcoin season has come and gone early this year and I really am beginning to think it has. Ethereum has been a good gauge on when alt season begins and ends typically moving last. My targets for Ethereum are the daily 200 MA or the long term ascending channel. Good luck to everyone hodling.
So far today has begun bullish for the bitcoin markets. The king is attempting a breakout above the descending trend line that spans from 17k. The channel above presents an interesting play if you day trade. The horizontal resistance levels coincide greatly with potential channel resistance. Of course a break of the channel either down or above would invalidate this play.
Anyone looking to go long may have two options. Stack orders between the tenkan-sen (blue line) and the ascedning trendline. BTC has been creating higher lows and so far entering around the time the 15 min RSI is about 30 has been great.
BTC may just bounce off the tenkan-sen and retest 9k and potentially breakout.
This is a follow up to a post on the current Bitcoin crash. Although Bitcoin appears to have "bottomed" there historical precedent available that may lead to a clue hinting that the bottom is not in.
The previous Bitcoin bubble ended in a period of 3 phased correction before it entered a time of accumulation. Although some argue that today is different and...
