wepens

wepens

ETH seems to be forming a rising wedge that is very similar to the BTC rising wedge ahead of the previous sell-off, however I will not be opening ANY short positions in such a strong rally. This post is to make you aware if you are considering adding leverage to a long position.

wepens

Following an almost perfectly mapped correction, BTC has completed an ABC Elliott Wave-type correction into the 50% fib retracement of the July-Sept rally. However, I am of the view that BTC will rally from current levels following the FOMC meeting today (7pm GMT/8pm CET/2PM EST), as investors seek an inflation hedge that has outperformed gold. As you are aware,...

wepens Updated 

BTC seemed to form an ascending triangle that would have threatened the next leg lower if it completed, however the rising support has a confirmed break, which keeps the initial price paths that I published intact. As per the chart drawings, BTC rallies should be limited to the descending channel resistance until it reaches the fib levels that coincide with...

wepens Updated 

The original price path outlined in "BTC: 2 Week Potential Price Path" on the 7th September is still intact. As such, I thought it prudent to publish an updated forecast based on recent price action. Based on multiple factors, it is in my opinion that the price action will follow the following parameters: - The recent price action to the upside following the...

wepens Updated 

BTC has marginally closed below the symmetrical triangle support on the 30min chart, which may signal the continuation of the sell-off to 38k Note that the green lines are fib extension levels that coincide with previous support/resistance and may create a bumpy ride. If the 100% fib extension support at 38k is broken, the next support is the 1.618 fib extension...

wepens Updated 

BTC has certainly thrown a few patterns our way during the correction, however it is now at channel resistance. In light of the recent price action, the 100% Fib extension is now at 38.8k, which revises our target bottom to the 38.5k-39k range. At time of writing, the breach of 48k should be considered a potential false break.

wepens

Despite the BTC consolidation drifting through the resistance of the initial descending wedge pattern, I am still of the view that we will have a final leg lower to the 37.5k-38.5k range before a continuation of the bull-run. As illustrated on the chart, BTC is in a potential descending channel and the support at points A and B are still valid. As a reminder of my...

wepens

BTC remains aligned to our "Q4 2021 Prediction" from the 6 September, "2 Week Potential Price Path" from the 7 September and "10 Day Potential Price Path" from the 9 September. I am of the view that BTC will find a bottom within the 37.5k-38.5k range and recent price action adds validity to this opinion for the following reasons: - Point A: 38.3k is the 0.618...

wepens

BTC remains aligned to our "Q4 2021 Prediction" from the 6 September, "2 Week Potential Price Path" from the 7 September and "10 Day Potential Price Path" from the 9 September. I am of the view that BTC will find a bottom within the 37.5k-38.5k range and recent price action adds validity to this opinion for the following reasons: - Point A: 38.3k is the 0.618...

wepens

The break of the descending wedge resistance does not invalidate the pattern, it merely shifts the resistance to the parallel linked to the top of the sell-off creating a larger descending wedge. As such, the breach extends the wedge apex lower, thus providing a lower target price for short positions and a better entry for long positions. Trade Plan: the target...

wepens

BTC seems to be forming a potential descending wedge (highlighted in yellow), which could signal the end to the BTC correction at approximately 39.5k between the 14-16 September, as originally targeted. By identifying the probability of the price reaching a specific level within a defined time frame, option traders can align the strike and expiry of their option...

wepens Updated 

A perfect "head and shoulders" pattern is complete on the BTC 15min chart for those who like to trade shorter time frames or those looking for confirmation of a reversal

wepens Updated 

BTC broke through the support of a completed symmetrical triangle, with a false break at point 8 resistance. This should start a sustained sell-off to 38k, however 41k is also at the 50% fib retracement from July 2021 low to the September 2021 high, in addition to previous support/resistance. As such, there is a possibility that we may bounce at 41k, instead of...

wepens Updated 

BTC seems to be forming another (larger) asymmetrical triangle, which if it plays out, could trigger a sell-off to the 37.4k level (100% fib extension). This coincides nicely with the previous support/resistance level at the 4 August low. If indeed this scenario plays out, I believe the correction low will be in place and it should be followed by a continuation...

wepens Updated 

BTC formed a rather vague asymmetrical triangle last night, which sometimes identifies the mid point of a large market move. If true, a 100% fib extension will take us to approx. 40-41k, with the potential to hit 38k. Do not FOMO into a short with the expectation that we will have a violent move like yesterday, as it is more likely to wind down to those levels...

wepens Updated 

I am sending out this trade idea to confirm that at the time of writing I consider the temporary breach of the ascending wedge resistance (yellow line) and the breach of the trend-line channel resistance (blue line) that spans from the January 2021 high to the April 2021 low, both false breaks on the BTC 4hr chart. As such, my original short investment strategy is...

wepens Updated 

For those who enjoy reading candles, we have a confirmed outside bearish vertical bar in place on the BTC 4hr chart, which may trigger the other bearish patterns in play (namely the rising wedge and trend-line channel resistance)

wepens Updated 

A large ascending wedge has been forming in BTC on the Daily and 4hr charts. Combined with September being an historically weaker month for crypto, over-euphoric sentiment in the broader market and this market in need of a healthy pullback, I am of the view that we should see a September correction before re-testing an ATH in Q4 2021. Furthermore, many of the...