MoonTrader

MoonTrader

Bitcoin is at a huge juncture at $300 and it looks very close to breaking through. Plenty of room for upside and once it cracks that $300 mark, it's on like donkey kong. Depending on the risk you can handle, you can pick a stop-loss at various levels. I'm personally keeping a pretty tight stop-loss below the breakout zone on a 2h scale because I believe this is...

MoonTrader

On the 4h chart, we can see price steadily climbing at an insane rate as volume steadily declines. Major sign of a local top for the medium term.

MoonTrader

Just thought I would share this observation. The break of the first one would have been an excellent trade, but I was too lazy to notice at the time.

MoonTrader

Bitcoin has now established a strong support area in the $210-230 range with a solid double bottom formation and higher lows, higher highs being formed at the moment, setting up a solid launch pad for a bullish rally. As we can see in the last major bull run, there was a period of tight consolidation followed by a pop up and some more consolidation, which is what...

MoonTrader

In this purely pattern-based analysis, I highlight the areas of importance for bitcoin to enter for either a bearish or bullish run. Based on the descending triangle that appears to be forming and the overbought condition of the market, I think a stop in the strong support area of $228-232 is probable if the blue support line breaks. Conversely, a break of the...

MoonTrader

For the first time in a long time, bitcoin seems to be breaking out of its most major bearish trend. With $210 support proving its strength, the bears will probably retreat to at least $260 in the coming weeks, right at the .382 fib retracement zone. That said, price is unpredictable and trend lines sometimes aren't accurate to such a precise degree, so I'm...

MoonTrader

Although there is still room for the current drawback to expand even further up, it still has a lot of barriers before the long-term downtrend is broken. For now, the downtrend remains in force with two touches of strong support at $210-$220 that may serve as a breakdown zone. If and when the price returns to this level, we may get a quick snap to $170-$180 for...

MoonTrader

Just noticed this interesting pattern. Price is pressing up against $224, but if it doesn't break out soon, then it's not going to.

MoonTrader

Looking at a 60m chart, we can see a lot of resistance at the $235 area, so I think the price will at least retrace that far, then we will have to look for signs of either a bullish trend break or a continuation. The short term trendline looks very steep and is bound to be broken soon, but whether the bulls can hold this trend depends on the intersection between...

MoonTrader

It's hard to define exact levels of resistance around this area, but we seem to have a descending wedge into strong support here in the $210s, which should result in snap back up for a correction. After that is anyone's guess, but I'm still leaning toward a long term bear market. Given the oversold condition, I would say a snap back to the $240s is likely. ...

MoonTrader

It doesn't look good for the bulls. We're still in a consolidation period, but once we break the blue line, it's a good sign of more downside, and I would be looking to pick up a short. From the looks of things, we may reach the consolidation low before the last bubble, and after that, who knows. In any case, as long as this bear trend holds, there's no basis...

MoonTrader

We're either going to break the trend here, or we're going to get a fast move to the $220 area, followed by a bounce. I'm leaning toward breaking the trend here because we are already quite oversold and the pattern still has the look of a double bottom. Furthermore, this is at least the third attempt to break support, and the probability gets lower every time...

MoonTrader

The downtrend seems to have lost steam at the $235 level with the market failing to make new lows and currently in oversold condition. We can see a nice double bottom beginning to form on a higher time frame. This will be the make or break point for bitcoin's long-term trend decision. If we get rejected at the long-term dowtrend again, then it would appear that...

MoonTrader

A short term bear flag is appearing, so I think we we will reach $226-$230 before a pullback. I'm bearish long-term anyway, so I decided to take a small short position and wait for something in this level before shorting the bounce.

MoonTrader

It looks like an ascending triangle could mark the beginning of the small rise I was expecting to re-test the recent highs, touching the long-term downtrend line, which we haven't done yet. These mid-range trades are a bit risky, but the signals are clear enough if it breaks $264. If you take this trade, it would probably be best to keep tight stops at $255-$258.

MoonTrader

In order for the bulls to prove their case, they must convincingly break above the uppermost resistance outlined on the chart. A stable move over $300 would be an indication that the bull trend would continue. Barring that, the prevailing trend is still down and it appears that it is going to play out as I suspected and indicated in my earlier ideas in which I...

MoonTrader

I think that's the question on many people's minds right now as we come up against strong resistance and seem to be having trouble breaking $300. So far, the breakout pattern is still intact, but not without signs of weakness. $290 will be a key price level to hold if we are to continue the bull run. The market is showing signs of being overbought on the 3d...

MoonTrader

Going against my earlier idea, this triangle break appears to confirm the upside. It could still be a fake-out, but given the bullish sentiment over the last few weeks, this looks to be a continuation of a larger trend.