bwy

bwy

Expecting the range to break to the upside. Downward momentum is super weak on big timeframes. Shorts are likely to get punished shortly ;). I do expect the new uptrend to be rocky as any new trend is in the beginning. I expect the next uptrend to lead to >$20K as the momentum on the last move to 20K was the highest ever and should have a followup move to push new highs.

bwy Updated 

www.investopedia.com This is one of the few times I have seen such a large falling wedge in Bitcoin. Using the target rule in the investopedia article, we measure the wedge height and add that to the breakout price to get a target of 10779. I'm pretty sure Bitcoin is going much higher (like above $30K), but just for fun lets do the investopedia target.

bwy Updated 

tIme to buy bitcoin (anywhere in $6Ks is good). Pretty sure the monthly correction is over. Look for >$30K

bwy

Target $1700. It's been a long time since I can recall seeing BTC slide down the lower Bollinger Band on the daily timeframe. It's also been a long time since I've posted a short trade for BTC. I expect this is just a correction on much larger timeframes.

bwy Updated 

BTC just broke the June 2016 highs of 5200 CNY. This was really the last resistance before attacking a new all time high. I would expect BTC to make a new ATH here, in which case the targets become very large. This is one of the better buy signals I've posted in BTC. Prepare for lots of volatility so don't take too much risk as it could swing up and down with big...

bwy

I just happened to look at GBTC today and thought it was interesting how well defined the pullback resistance was. GBTC is back on the uptrend after breaking out.

bwy Updated 

BTC had a monthly pullback that culminated in the drop to $460. If you look at the fast moves almost straight down, it is clear this was a pullback and not a trend change. If there's going to be a lower high to set about a trend change, knowing BTC traders it's likely to take place around 4500 CNY because that's where the new downtrend line is. Personally I expect...

bwy Updated 

BTC/USD is looking a bit bearish at the moment. $470 proved to be resistance once again and has made a lower high at $466 on the daily chart. My concern is the break below this blue dashed line could be a sign of selling to come. The volume is also not matching that of a true breakout from the $420 area. The DMI has been showing lower highs on the weekly (a sign...

bwy Updated 

Current indication is that the new major trend is up. My suspicion is a lot of people are seeing the very long term dashed blue trendline as a significant support line. This looks reasonable to me as well as it has much more significance than the newly dashed red trendline, which has been breached on Bitstamp. The ADX is also at a historic low point, which...

bwy

Bitcoin has smashed back into the new "downtrend line" from ATH. This 3 day uptrend is a solid trend continuation of the previous 3 day uptrend after a nice correction down to the $360 area. At this point the uptrend has serious momentum just starting. ADX has turned up, CCI is just above 100, and MACD histogram is accelerating into positive territory while the...

bwy Updated 

The monthly chart has signaled a resumption of the previous massive monthly uptrend that took BTC/USD from $5 to over $1000. The ADX (the blue line on the DMI), which is a measurement of trend strength or momentum, is the main indicator I'm concentrating on with this post. Currently the ADX has switched back into rising mode which shows trend strength increasing...

bwy

The uptrend on the daily is progressing nicely. Volatility is still relatively low, which is a great sign for a strong trend. This is shown by the ATR indicator which is the 10 period ATR versus the 200 period ATR. RSI is inching close to 70 which is likely to go above 70 for that final push we need to break above $305. The price has formed an ascending...

bwy

Finally there's another really good opportunity for bitcoin to breakout of the downtrend here (last one was in November). I should have posted this chart earlier as my daily breakout was at 232 a few days ago, but I think this is still likely to go higher and still relevant for the larger time frames. A key indication is the downtrend is forming an ascending...

bwy

I believe the bear market is finally over. Looking for a decent upside move with caution that $450 presents potential serious resistance. MACD is back in bull territory above the 0 line, with momentum building up. ADX is currently in strong trend territory. RSI pushing up back above 50. CCI moving back into positive territory as well. The weekly chart is also...

bwy

I think bulls are seeing a large pennant, thinking that $470 will provide support along the lower trend line of the pennant. There is a possibility it might too. I'm inclined to think that it will not hold though. If this is a pennant, there is very little time and range to play around in, so it should break soon. The indicators that I use are all showing this...

bwy

This weekly chart is what I'm using to maintain my short position. Obviously the shorter term signals like the 1D or less are more valuable for spotting reversals, but I'm using this chart to confirm my belief that my 1D signals are all saying this down trend is far from over. In fact it might just be building steam. The weekly MACD has not crossed the 0 line...

bwy

There appears to be a descending triangle, which if it breaks would put us at about a $440 price target. RSI has lower lows and lower highs and is perfectly aligned with the MACD. As you can see on 2014-06-24 the RSI made a new low, yet the MACD histogram did not, which signaled a potential reversal coming. On 2014-07-29 RSI dipped to over-sold territory (good...

bwy

The 1D MACD cross over is a major signal for me that the market is now turning down. It's very important to note the crossover occurs with downward momentum building on the histogram. RSI is also showing continuous lower peaks confirming this potential new trend.