CryptoTraderMark10

CryptoTraderMark10

This is just a POTENTIAL scenario and I'm only pointing it out because I haven't seen anyone else mentioning it or talking about it. The lower time frames are painting a descending triangle. But if we switch to a line chart and look at the higher time frames, such as the 3-day, BTC is actually painting something more like a falling wedge, which would, of course,...

CryptoTraderMark10

As predicted in my previous post (see "related ideas" link below), Bitcoin was setting up for a major bounce from the 19K area and any wicks under 19k should be seen as major buying opportunities. Now, we have a clear break out from an obvious falling wedge after a clear breakdown from an obvious rising wedge that hit its target perfectly. The 21.8 and 24K areas...

CryptoTraderMark10

The Bitcoin weekly chart shows us setting up for a pretty big double-bottom/W-shaped bounce from this area and back up to the 89 EMA if not previous all time highs The thing is, the previous bounce and established weekly low of mid- to- late June has created a huge manipulation opportunity for the whales and a really nice wick zone under 19K. At that point, tons...

CryptoTraderMark10

BTCUSD has been on steadily and rapidly declining volume since that massive spike in late 2015, which occurred around the price of $200. We will very likely first go back up to test that descending trendline (ie, somewhere around 30K) over the next month or so, but after that, it's going to be bombs away and we will eventually return to the $200 level. Look at the...

CryptoTraderMark10

Hopefully the chart says it all... Massive falling wedge breakout with estimated move back up to the 1985 high.

CryptoTraderMark10

I know everyone loves to see a very clear "buy" or "sell" signal, but the reality right now is that we're still operating inside of a relatively large descending triangle, which is a bearish pattern, and on top of that it's coming off of a large down-leg, meaning, technically, this is a bearish continuation pattern, but there's no confirmed breakout yet and...

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This is a very odd situation for Bitcoin right now. The technicals just became extremely bullish. However, as much as all the Bitcoin maximalists and YouTubers selling courses and VIP accounts don't want to admit it (and never do), Bitcoin is still directly correlated to the traditional stock market, and the traditional stock market WILL crash if Russia invades...

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We have a nice green candle in the works right now, as expected after consolidating for so long at a key support area. BUT -- we still have the daily 21 SMA to contend with. You can see from the yellow arrows how common it is for price to experience a major rejection from this MA, especially on the first or second test of it. IF (and it's still a big if) we close...

CryptoTraderMark10

I believe the chart and lines say it all. If you have to ask about it or are confused about what this chart is saying about the most likely direction for the next major move, then you are too new to TA to be trading.

CryptoTraderMark10

Crypto traders have VERY short-term memories, so I'm just going to remind everyone what happened the last time we were forming a massive head & shoulders on the weekly chart. This one is playing out very much the same. Doesn't mean that it wont' actually play out this time, but nobody seems to be recognizing that we are doing the same thing we did last June, after...

CryptoTraderMark10

Every major Bitcoin bottom has happened on the 2-day 200 SMA. If we break under the 200 and it become resistance, then yes, we're definitely entering in the bear market. However, until that happens, there's no solid reason to be bearish here and this area is an unquestionable buying spot, especially because we also have a massive bullish divergence from the...

CryptoTraderMark10

Please go back and look at the history of weekly bullish engulfing candles and reconsider. EVERY SINGLE bullish engulfing candle on the weekly has been followed by exactly six weeks of bullish price action accounting for gains of 34 to 108%, including the previous two weekly engulfing candles. There's still a few days left in this week, of course, and we'll have...

CryptoTraderMark10

I haven't seen anyone talking about this potential pattern forming yet so, since I noticed it, I thought I'd share. This is what potentially could be happening. Emphasis on POTENTIALLY. It is, of course, a massive and very bearish rising wedge that would give BTC a high of around 80k next September before plunging down to retest our July (2021) lows of 29K. Not...

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If we look at the 4-hr line chart, we can clearly see the previous major dump coming from a consolidation period that formed a very clear descending triangle (that had one fake-out to the downside and one fake-out to the upside before playing out). And if we look at the current consolidation period coming off of that dump, we can see that it's a clear falling...

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If we look at the 12-hour line chart it makes it pretty clear we will see resolution of this consolidation period by this weekend -- Sunday at the latest -- if not today or tomorrow. We'll either plunge to around the 53.5 K area or surge to the 60K area.

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Of course - NOT FINANCIAL ADVICE AND THIS IS PURELY HYPOTHETICAL GUESSWORK - but given the upcoming ETF decision expected by the end of the month, plus the tendency (actually it's been 100% so far) of Bitcoin to retest the opening price (current at around 35K) of a quarterly (ie, 3-month candle) reversal, plus Bitcoin's love of rising and falling wedge patterns,...

CryptoTraderMark10

We're touching the bottom of a downward sloping channel that leads to the bottom of a huge 10K range that corresponds with the same consolidation range we had on the way up, during the bull market. We're in a bear market again - and the bear market will eventually take the price down to the 12K area. It's very likely, though, that we will first have some kind of a...

CryptoTraderMark10

We're closing in on the tip of this symmetrical triangle and Bitcoin doesn't have much more time to make a decision. Volatility is at an extreme low. This next move should come within 8 hours from now and will take us to mid 40ks or mid-20ks. TA leans more to the upside than downside but it's Bitcoin and it can always go either way. Good luck and godspeed...