mastaplan

mastaplan

Possible next opportunity to go long on BTC if it breaks $8900. Note the divergence on the RSI which is a slight concern, but hey, it's Bitcoin.

mastaplan

Don't believe the hype.

mastaplan

Bitcoin showed strong rejection at resistance with shooting stars on the two day and three day chart. But over the weekend it regained most of those losses, closing above key EMAs on all high timeframes. The close of the week saw BTC close above the 21EMA on the weekly, the 50 on the 3D and the 200 on the Daily. I feel a short term correction to $7500-7750 is...

mastaplan

A bounce in the area was to be expected, but hold your horses. It hasn't closed yet. The gap is shown on by the green shaded box. On Bitfinex and Binance it bounced around $7675, which uncoincidentally was the gap low on CME. BUT this level has not yet been reached on CME. In other words, many traders placed long orders around $7675, but it seems they didn't...

mastaplan Updated 

Bitcoin is showing some promising signs of bullishness after it broke and closed above key resistance of around $7700 which has been under for over six weeks. Before we get too bullish though, many might not have spotted the gap in the CME Futures chart that formed overnight when it stopped trading. Based on history, these gaps tend to get filled, especially on...

mastaplan

The spike following the US-Iran news gave credence to Bitcoin's position as a risk-off asset. But as tensions cool and the stock market reaches crazy highs, we could conceivably see several more months or even a year+ of kicking the can down the road before Bitcoin's time to shine. Currently the two day seems to be offering the clearest picture around Bitcoin's...

mastaplan

Other than some wicky price action on the weekly, there aren't many signs of a turnaround for the tumbling altcoin market. Altcoins never retraced past the .236 at about $140bn from their all time high to the bear market low. This is a bear market rally with no convincing signs of a macro trend reversal yet. A bounce of 10-20% this month is possible. There is a...

mastaplan

Bitcoin technicals are showing signs of short term bullishness. I switched long on the break of $7360. We have an uptrend, support on the EMAs and rounded bottoms everywhere. We also have a close above the 200 EMA on the 4H. We have not held above the 200 EMA since early November, except for a fakekout last week where we held it for about 24 hours. We have...

mastaplan

Bitcoin has been erratic over Christmas which is unsurprising. However a summary of the Price Action on the 3-day chart points to the possibility of another dip. We have a clear downtrend, a pullback into the 10-20 EMA zone and bearish candles forming over the last 7 days with strong rejections to the upside. We also have convgergence on the MACD and RSI...

mastaplan

There are many confluent reasons to suggest Bitcoin is in a re-accumulation phase of a new bull market. To set the scene, BTC has been in a clear downtrend and mostly trading below all key Daily EMAs for several months. So this has been a good time to be stacking sats whilst protecting dollars. However, Bitcoin is still finding key support at a 61.8% retrace of...

mastaplan

Gold and Silver are making moves over the last couple of days with each breaking out of their respective wedges. Interesting times on the horizon. I also believe this could also hint at a bottom for Bitcoin as smart money looks to hedge in a precarious global economic climate.

mastaplan

It's hard to find any reason to be bullish on the technicals of Litecoin. Yesterday saw a test of of the 21 Daily EMA plus key resistance of its February breakout. We also have a bearish cross on the stochastics and no signs of RSI divergence yet on the higher timeframes, hinting at further downside to come. With so much confluence it's likely many will be...

mastaplan

Bitcoin has taken another drop as predicted. But whilst sentiment is very fearful, the bears aren't out of the woods yet. It might be a bit premature to be calling lower prices. Bitcoin is still sat in the Golden Pocket and now sits neatly on the 65% retrace from 2019 highs. These levels have been respected over the last three weeks suggesting significant...

mastaplan

Gold has rallied to retest its October lows, now resistance. Could Bitcoin be about to follow? I am still short Bitcoin, but gearing up for a possible sudden rally to the $7800 region. Starting to feel like the bottom might be in....

mastaplan

Pattern suggests possible reaccumulation by a handful of whales on Bitfinex, where Longs skyrocket to all time highs on taps to the .618 and .65 retraces of the macro bull run which began back in April. Meanwhile funding rate on Bitmex remains fairly neutral, suggesting the Longs are from Bitfinex only. A long squeeze, if it happens, may not kick in fully unless...

mastaplan

BTC Longs on Bitinex have risen parabolically to at an all time high. Since 23rd November there has been an increase in Long positions equivalent to about $100m. Surely this is begging for an epic long squeeze? Not so fast.. here are three reasons why this parabolic rise in Longs might not be what it seems. 1) The rise is on Bitfinex only. Funding rate on Bitmex...

mastaplan

Bitcoin market dominance has been making lower highs since September. It is now testing the upper trend line once again. Momentum seems to be to the downside. If it breaks 68%, technically we could see a further 5% break to the downside. Could this be budding a new altcoin run?

mastaplan

Whilst market sentiment is very bearish right now, let's not get caught out by a sudden pump. Here are three reasons to be extra careful shorting BTC right now. 1) We have strong support in the Golden Pocket of the current macro structure which began with the bull run earlier this year. We are currently sitting exactly on the .618 line. 2) This lines up neatly...