currently we have 2 potential bearish pattern for Bitcoin in short-term ( Head and Should , ABCDE) before mooning
However, we need to break the strong support 7.8k-8k first before seeing it to happen. So we should keep an eye on that level. I believe we will see a bounce if we reach that support level before seeing anymore actions.
Lot of alts have potential Head and Shoulder pattern now too like Stellar on 1 Day chart. And Bitcoin's domination is rising. With uncertainty security status of alts, I don't see any reasons for alts to keep rising now (except alts with big news coming like Tron , ...).
So stay safe everyone. "Best way to trade right now is NO TRADE and have your USD/USDT to be ready"
Note: all of my posts are just my opinion. Don't take them as financial advises
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we have just broken out of the smaller falling wedge with a reason "Tether has just printed 250mil$". I will be interested in getting into BTC again if it can break out of the bigger falling wedge. Right now we still have some resistances waiting to block BTC.
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if today's candle end with a red candle closing at 7935$ or below, I suggest everyone should not set any order around 7.8k$. Right now A lot of people think that 7.8k will be a strong support and waiting to buy there. HOWEVER, if 7.8k can't hold, opposite situation will happen "everyone will be in panic sell". If you were a market manipulator, what would you do to buy cheap Bitcoin in our situation now ? so the best strategy right now is still "NO TRADE" . Observe what will happen during this weekend. If price breaks out of the bigger falling wedge, then it is a buy signal.
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I think either Sunday or Monday , we will know whether btc can break out to resume its uptrend or not. It needs to break pass the 200EMA on 1hr chart which match with the downtrend line on LOG scale setting
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possible Inverse Head and Shoulder if btc reverses at 8140$ and breaks above 8400$.
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a break above 8.4k will be a buy signal with target 8.8k - 8.9k. a break below 8.14k will be a sell signal with a possible rebounce around 7.7k-7.8k
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we have definitely broken out of the falling wedge. Very positive development. If anyone hasn't gotten in yet, you should use smaller timeframe to wait for a pullback in the region 8350-8450$
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so we currently get rejected at 200 EMA resistance as expected on 2hr . There are 2 possible scene: 1. this is our local top and we will drop back to 7k range in next few days 2. we retrace a little above 8270$ and will start going up more. I'm 70% in bullish scene but if we drop below 8270$, then we will definitely head down to 7k range.
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buy zone in the rectangle box. Drop below it, we definitely have to get out
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I still feel this time is different. If you look at the circled zones , last time there was very strong sell when we hit local top. This time we doesn't and we are in bullish falling wedge now. Tomorrow is Monday, we definitely will know whether we will head down or up. I'm 70% up . I will use the 55 EMA as a buy zone
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ideal place to set buy order is in the circle zone.
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we are currently at the uptrend support. If you look at back around May 15th, we are in very similar situation. so if we can't hold the current level, chance for us to go down to 7k -7.2k range increase if we can hold, chance for 10k increasing
there is still high hope for bull because all of previous fractals we trade below 55 EMA . Right now even with the drop, we are still above 55 EMA
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look like bull is not over yet. We are in this falling wedge now. Our bull might be back :)
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if we manage to stay above 8430$ (the black line 200EMA), it is a buy signal because there is high chance we will go to 8.8k within 2 hours, we will know the answer
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I'm back to60% bull 40% bear now. Waiting for confirmation to buy :)
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look at the situation we are in now . Lol. Either bull trap or bear trap :). Going up , then the dip is bear trap Going down , then the bound is a bull trap. next 1-2hr will decide
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price still can't break above 200 EMA so no buy yet but we are in ascending triangle now
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BoilingBand on 30 min is tightening. We might have clear direction soon in next 1-3hr. price still can't pass 200 EMA on 1hr. That's not good sign but our asccending triangle is still value.
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we can't break 200 EMA so heading down is an obvious option. Next support is around 8.2k. We should expect small bounce around that level which will make RSI on 30min becoming oversold :)
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waiting for RSI on 30min drop to 20 to buy for swing trade :)
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higher low is broken. We are going to go down more.
Hope this time we can reach 7.1k-7.5k so we can buy :)
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powerful channel
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4hr MACD shows that we have a lot more room to drop
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another bad signal is that lot of alts have started losing their USD strong supports. So I think btc will continue on dropping more.
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Good thing that we had gotten out of alts last week. I think alts 's bloodbath is coming this week and we will recover on this weekend
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if history repeats, we might drop down to 7k-7.2k zone, then start rebouncing back to max 8k, then drop again, then consolidation, then MOON
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before moving down to 7k-7.2k zone, we need to break 7.5k zone first. This zone is pretty good support too so we might have a bounce there
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7.5k is just a TEMPORARY support. Why ? if we look at ETHUSD, it has just formed Head and Shoulder pattern. By estimating how low ethusd can drop, we can know that 7k-7.2k range is coming for BTCUSD. I think this is the place we will see a rebounce. Be patient , everyone
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if you daily swing trade, then obviously 7.5k is a good chance too. We should at least have a temporary bound around here
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which path ?
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RSI on 30 min is below 16. That's extremely LOW. and we are near the temporary support. I will do 20% swing trade here for some quick buck. Ultimate price to buy is still at 7k-7.2k range
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temporary target is 7.6k-7.7k
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very interesting daily RSI . Break below it we will have another massive dump. However I think we should expect some bounce when we reach the trend line. It also tell us that we can go lower than 7.43k to reach the support line. So 7k-7.3k is realistic
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very nice, we are going up . Current resistance : 7.7k , 7.9k , 7.97k . I'm looking for a chance to sell
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significant resistant on RSI 30 min chart, we can't pass it for 2 days. If we can pass it now, that's definitely a good sign for bull and hint us that 7.43k might be a bottom
if we can't pass that resistant, it will increase the chance to drop to 7k-7.2k zone within 1 or 2 days
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we are moving in channel (bear flag if you want to call it ). Break up : we go higher Break down: hello 7k-7.2k
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if we can hold above 55 EMA on 15min for a while, chance to go up will be very high
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lol, just when i said it, we have broken out of the channel. Now we need to hold it. 7.95k seem more realistic now
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very good sign. We have broken this resistant line which suppresses us for 2 days now ok guys , i think we are heading to 7.95k
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this is really sad. After breaking out in 15 min, we drop back into the channel again. well time for me to go to sleep so I decide to sell everything and stay in $ again. Not going to hold BTC during sleeping. Buy power looks very weak now. Let's see what will happen tomorrow
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it is a good idea to set buy order around 7k-7.2k now :)
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if we drop below 7.4k again, be ready to see 7k$ to be tested
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lot of bullish signs. Im in with 30% -4hr bullish divergence -tweezer pair reversal pattern on 4hr - 1 day chart is forming reversal candle
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buy below 7.6k, stop loss below 7.4k 9hr TD sequential turn green after perfect red 8 and 9
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sell target 7.9k - 8.1k
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bull is so WEAK. still can't pass 55 EMA
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last chance for bull is to hold above the blue line 7450$, if not we have very very high chance to test 7k$
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thing looks good at the moment. Ascending triangle
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bull is beaten again. I'm out . I think during this midnight we will test 7k$
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damn, btc . Always has action during my sleep time.Anyway :) if we drop below 7320$, chance to test 7k$ very HIGH (blue line) IF we do sideway for 1-2 days, chance to go up very HIGH
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next daily candle will be interesting
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approaching decision line next few hours .
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yesterday's midnight, bitcoin has just made an impulse wave . Because I thought the move is so similar to what happened on April 's low so I jumped in at 7500$. Right now we have broken resistance 1, and going to to resistance 2 which is the outer line of the previous broken falling wedge. I think the biggest hurdle is the resistance 3 which match with fib level + bigger falling wedge line = 7.93k - 8k$
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look at what happened on April and decide for yourself
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price is being manipulated to the max during this holiday weekend. It is not advisable to draw any triangle break out/up inside the range for trading. We are trading in range now
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this looks really bad. I don't even think 7k can hold now. We might see 6.5k-6.8k that will be the last chance for bull if not, 4k-5k is coming
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we are still in consolidating range between blue lines. Unless we break the low Blue Line and HOLD (2hr chart), we are still in the range.
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currently there are 3 scenes which I think it will happen 1. 7.26k is bottom (here), we will go up from here 2. go down to 6.8k then pump from there 3. go down to 6.5k then pump from there
scene 2 is the majority thinking. Will scene 2 have more chance to happen ??? I am leaning on scene 1 and 3
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so we have 4 days in consolidation range 7.6k-7.26k. Now we decide to drop down definitely 7k can't hold when we consider how long the consolidation is I think we are going for the 3th scene 6.5k-6.8k
definitely 7K ;) will it hold? that's another question
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@jackfischlum, agree. But at least we will have a bounce at that level before we decide what will happen next so the price range 7k-7.2k is pretty good price to swing trade
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hi what do you think about ETC?
JackieHuynh
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@brolykard, etc is a good long-term project to invest into. It has a lot of good upcoming news. Depending on the big movement of bitcoin , it will affect alts' movement. Just be aware that ETC moves pretty SLOW T_T
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@SamHuynh, i have many ETC do you think i need to short?
JackieHuynh
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if you plan to hold long-term for ETC, then there is nothing to be worry at it. It will definitely rise but the question is WHEN during this year. For short-term, i don't know honestly. I am still observing BTC's movement
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lowest price ETC can go is 13$ according to 1 day chart. However, it doesn't guarantee that price will drop to that range. This coin has a lot of upcoming news on this May and June. Maybe you can observe how its price performs during those events to decide. Short-term is hard to predict because of bitcoin's situation but long-term ETC definitely will rise a lot .
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if ETC drops below 16.4$ , chance for it to head back to 13$ become higher
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So you can use 16.4$ (previous support) to decide whether you should get out or not