VanBenno

VanBenno Updated 

COINBASE:BTCUSD Here we see that BTC has been in a long-term downtrend since June of 2019's high. More recently, at the beginning of this year it appeared as though we could be breaking out of this bearish trend, only to see a major correction to the downside spurred by macroeconomic events. Since the spike downward the price action of BTC over the past 2 weeks...

VanBenno

Taking the serious news with a side of humor. But it looks like the DOW is gonna go to 12000. Get your shorts on and get ready to pop some bottles. Never waste a good recession. Or, in this case, possible 10 year long depression.

VanBenno Updated 

For the sake of being a contrarian, here's the one bearish BTC post you'll see on the page today. But I'm not really sure why no one else seems to be seeing this. Typically, a Descending (bearish) Triangle indicates distribution of an asset and is usually seen as a continuation pattern during a bearish trend. However, it can also indicate a reversal of a bullish...

VanBenno Updated 

This is a rehash of a chart I posted on April 4th. This time I changed the timeline from 1 day to 1 hour. You can see a bit more detail this way. The chart is very simple. All I'm looking at here is how the price action is moving within this descending wedge and analyzing how strong prior supports have been and their association with fib retracement levels. As you...

VanBenno Updated 

Bitcoin has been forming a very large Falling Wedge over the past several weeks. We can see that support and resistance levels are bound by the wedge, and that we are nearing its apex. What will happen at the end of this wedge? Considering market sentiment and the current global financial climate, I'd say it's more likely that BTC will break downards. But there is...

VanBenno Updated 

Instead of completing the potential Cup and Handle formation yesterday, the price of Bitcoin decreased further and is now resting upon the neckline of a Double Top. There have been large spikes of selling volume at a couple of key levels which have ended in pennants before the trend continued downward. These pennants may also be interpreted as miniature Double...

VanBenno

In this variation of my most recent chart we see that the downward pennants (continuation patterns) are playing out and the price has finally broken the neckline of the Double Top. This validates a downward breakout. This should have triggered stop losses if you hadn't sold already. In addition to the neckline being broken we also see that the crucial 50% fib...

VanBenno

This chart looks like it's been turning into a Cup and Handle for a while now. Last night the ridge of the cup formed which resulted in the beginning of the formation of a Handle. Something which many of us called and accurately predicted. Now, it appears that we are nearing the support of the Handle. Soon the apex of the cup will be tested for the third time and...

VanBenno

If you followed my previous post, you'll have seen the H & S we were following. So far we are seeing strong signs of a trend reversal in favor of the Bulls. Right now we are witnessing the completion of another bullish sign of an overall market increase in value. The Cup and Handle to the right of the Head and Shoulders is actually integrated with the right...

VanBenno Updated 

If any of you have seen my comments around here, you know that I'm no Bitcoin Shill... In fact, I pretty much detest the stuff. But the facts remain. The perceived value of BTC still directly correlates to the price action of all other coins and tokens. As asinine as it is that we all trust and believe in a coin which is centralized in China, owned by a couple of...

VanBenno Updated 

Cup and Handle. Bullish sign that the consolidation is over and the bulls are starting to take over the balance of power. This coin has been really chomping to take off but the 20 and 30 BTC sell walls which are placed all over the first 50 orders in the book have been successfully stopping what could have been some very strong upward momentum. At the time of...

VanBenno Updated 

The Head and Shoulders pattern is typically a bearish sign of a trend reversal. We see one having appeared here and at the moment we are just at the neckline. If the neckline is broken we may see a continued trend reversal. But we have also seen this pattern reverse and lead into another bull run. What I am most uncertain about in this analysis is the volume. As...

VanBenno Updated 

Here I'm seeing a Head and Shoulders pattern which has broken the "Neck-Line" and the most recent flag on the far right of the chart appears to be a "Bull Trap". The volume appears to confirm the pattern as well. Considering that there has been no major news or events regarding NEO which could possibly explain this kind of movement, I believe that the majority of...

VanBenno Updated 

Nothing profoundly exciting is notable in this chart. Things appear to be consolidating with little risk of a downward trend. Buy orders far outweigh sells on Bittrex at the moment. But there is no clear Bullish purchasing volume present. XLM traders playing conservatively and appear to be awaiting their next move. This phase does not appear to be unlike what we...

VanBenno

Is it consolidating for a breakout? Volume looks decent. RSI middle of the road. Any thoughts? I'll analyze in more detail when I get a moment.

VanBenno Updated 

Here we have a chart playing out which satisfies many (if not all) of the requirements of a Cup and Handle formation. First we see that there was the beginning of an upward trend prior to the left "rim" of the cup being formed. Next we would expect the cup height to be between 1/3 and 2/3 the height of the prior upward movement and this chart measures within...