jacobcanfield

jacobcanfield Updated 

Good morning traders! Bitcoin has had little to no movement in the past 24 hours as buyers and sellers are at a stand still on price. Currently, looking at the chart, we can see we had a strong push out of the $9000 zone on a single hourly candle that took us from $9200 to $10700. This also lines up with our 38.2% fibonacci zone on this recent swing. We have...

jacobcanfield Updated 

First off, I'd like to shout out a fellow trading view analyst @filbfilb who predicted with high accuracy a $20,000 top and a regression to the mean of $3,000 in December of 2017 by using a similar style chart of analyzing a parabolic curve on Bitcoin. I'm taking his concept and applying it to the current trend and 2019. There are so many macroeconomic events...

jacobcanfield

Hey traders! It looks like our counter trade strategy worked and we nailed the perfect entry zone at $7550-$7650 zone based on the previous analysis when everyone was bearish. Now, I'm seeing the same bears coming out of the wood work looking to short this $9400 resistance zone. I would be very cautious as a big move is definitely looming. It's easy to be...

jacobcanfield Updated 

Good morning traders! First off, thanks for all of the support on my previous analysis and if you enjoy this one, please consider clicking like below to support me. :) Secondly, don't yell if this trade doesn't work out... look at the title (high risk.) We've had an interesting few days of bitcoin price action as low time frame traders are getting chopped up...

jacobcanfield

Currently, Bitcoin has been in a very strong uptrend for several weeks now, but for the first time has shown some signs of indecision after yesterday's weekly closing. Let's start with a high time frame analysis: The weekly closing was below the previous weekly closing after an evening star doji was printed. The $8750 level needs to be reclaimed by the bulls or...

jacobcanfield

Bitcoin has finally given a few days of consolidation after it's parabolic break out. This has given several days for alts to make their room and get some resets on oversold indicators. Don't start going into 'hodl' mode yet though as bitcoin continues to creep towards the apex of what appears to be an ascending triangle. The pull back zone appears to be the...

jacobcanfield

As I was doing my last analysis around Fibonacci, I discovered this trend line on the logarithmic chart that played a dominant role in the support of Bitcoin during it's last bull run. See my fibonacci analysis here showing a strong resistance at the trend line I highlighted here. The trend line has now flipped to resistance and we are currently facing it...

jacobcanfield

Happy Easter Traders! Bitcoin has been in a weird, no trade zone for a while now without much action, but I suspect that's about to change. Bear traps, bull traps, rising wedges, ascending triangles, bearish divs... WTF is Bitcoin planning here? To be honest, I am not in a margin trade right now as Bitcoin isn't giving much of an edge at the moment and the...

jacobcanfield

Litecoin looks to be coming to a decision point within the next 24 - 48 hours. Keep it on watch. - Bullish RSI - Bullish OBV - Holding 200MA on 4 hour. - Been leading the market for breakouts.

jacobcanfield

I hope you were following along on my 61.8% fractal analysis as we called out this price move back on March 8th! If you read through the analysis, I said it would make sense if we also got a pull back to the 61.8% of the impulse move and right now, we are at a tipping point for continuation or a short term correction (where I would definitely buy the dips.) In...

jacobcanfield Updated 

Hi Traders! It looks like our ascending triangle is still playing out as I had laid out on March 12th. On a short time frame daily chart, we are seeing a breakout above the diagonal and horizontal resistance that has plagued Bitcoin. We are still seeing no volume to confirm the move yet though! We finally got a 10/20 cross on the weekly, which has been...

jacobcanfield

Good morning traders! What a move on Bitcoin last night after I posted my analysis. Bitcoin is struggling to hold the 200MA right now, so the battle is not over. Over $400 million worth of shorts were liquidated last night as they had continued to rise in the face of the bitcoin rise. Do you remember the magnet? It took a while to get to $5,000... but damn it,...

jacobcanfield

I have been mostly focusing on daily time frame analysis with my last two posts showing bullishness. The last two were my 61.8% fractal as well as the ascending triangle. We finally had the breakout that we were looking for, but the volume wasn't as strong as I'd like to see. Longs are looking good and stops are moved to profit after the breakout, but let's...

jacobcanfield

Litecoin has been dominating the market lately and leading the altcoins to higher highs. However, we are now at a very important resistance for Litecoin. It is going to take a lot more volume to break the previous support level that has now flipped as resistance. We are in a massive rising wedge with declining volume and bearish momentum is starting to take...

jacobcanfield

In my last analysis, I showed how Bitcoin has the potential to break out to the 61.8% pull back level that we've seen it do time and time again. If you haven't had a chance to read that analysis, check it out here: In this analysis, I am seeing an exact mirror image flip set-up of the descending traingle at the $6,000 support level from 2018. In this case,...

jacobcanfield Updated 

We saw a strong bounce off of the 61.8% fibonacci zone, but we're coming up on a strong resistance that was previously a strong support. I like to play these Support/resistance flips the first time they test it as the supply usually keeps the price from moving through the level and they are nice shorts with a strong RR for less risk. I have a relatively tight...

jacobcanfield Updated 

Good morning traders! I've found a nice quick scalp opportunity on XRPH19 after we had a nice retest of previous resistance before the breakout. XRPH19 on Bitmex has low liquidity, so it's a higher risk trade but I like the support it's held so far and I've bought these S/R flips before for nice profits on the bounce. I'm looking at a 10X leverage trade with a...

jacobcanfield Updated 

Happy Friday Traders! Today, we explore how Bitcoin has a strange love for Fibonacci and it's strong affinity for the 61.8% retracement level. If this fractal holds up with this most recent downtrend, we could see a pull back to the $5100-$5300 level before deciding on it's next move.. I wrote about Bitcoin's love for Fibonacci before and the 61.8% trend...