Hi, this based on a video by an analyst I like called Alessio Rastani. Basically Bitcoin is currently caught between a rock and a hard place, that is a strong resistance and a strong support. This is the reason why both bulls and bears have been disappointed with the rate of progress.
Either way it's crunch time and Bitcoin must make a decision. If we fail to break out then we will lose support on the 20 dMA. That means retesting the 200 dMA and if that fails, going down to the 0.618 level.
He explains his idea in more depth and it's good for TA novices. Link to video www.youtube.com/watch?v=z7A-V5_R...
In general I am quietly confident about Bitcoin, when things look bad it tends to pull a few surprises or two ;)
Here are my previous charts on this correction, I shall just be updating this one now
Either way it's crunch time and Bitcoin must make a decision. If we fail to break out then we will lose support on the 20 dMA. That means retesting the 200 dMA and if that fails, going down to the 0.618 level.
He explains his idea in more depth and it's good for TA novices. Link to video www.youtube.com/watch?v=z7A-V5_R...
In general I am quietly confident about Bitcoin, when things look bad it tends to pull a few surprises or two ;)
Here are my previous charts on this correction, I shall just be updating this one now
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Fair warning: Bitcoin is attempting a breakout. It's popped out of the down channel and is trying to consolidate in the previous up channel. I don't give any advice on this one, it's up to you. Happy Trading !
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Lol what was that about surprises ;)
So BTC is going up and yes they'll still be ups and downs, but momentum is definitely strong right now. Volume looks reasonable.
I like fractals, and I think we're basically repeating the big 19k peak from December. Check out the chart and match the colour-coded peaks and see what you think. based on this I'd say is 10k7 is possible. Can possibly go higher as sentiment will probably turn more bullish. I refrain from calling this the end of the correction though. Happy days!
So BTC is going up and yes they'll still be ups and downs, but momentum is definitely strong right now. Volume looks reasonable.
I like fractals, and I think we're basically repeating the big 19k peak from December. Check out the chart and match the colour-coded peaks and see what you think. based on this I'd say is 10k7 is possible. Can possibly go higher as sentiment will probably turn more bullish. I refrain from calling this the end of the correction though. Happy days!
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Fractal overlay
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Like fractals dude....
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Hi guys, so we're cooling down a bit and are developing good support above 10300. Don't sweat it. BTC goes up and down, but step out and try and see the bigger picture; we're going up now. Enjoy it. I'm long on this, make your own mind up what you're comfortable with and don't use the troll box for serious trading advice lol, that place can be pretty toxic when bitcoin is moving. Lots of sharks, actually more like piranha, swimming in those waters.
Trade closed: target reached:
I'm not saying buy or sell, but I took profits at this level. Target was reached for me.
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Just because we have a fractal pattern, doesn't mean it will continue forever. My impression is that psychologically, the bulls are trying to re-play their December glory. It is possible that we'll breakout or we may follow the fractal back down, another failed high. Keep an open mind.
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Was pointed out to me that my pattern my be wrong slightly, in which case this is the last peak and we could be in for a re-test of 10k9 (Kraken). Breaking this will see us retest the resistance at ...
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If price drops now, it could be something like this
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Wow, I still underestimate btc bullishness. Anyway btc is approaching an important point. 11k2 will decide whether this will copy the Dec 2017 fractal pattern or whether we will continue up. Check it out.
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Triangles...
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Very bullish sentiment, looks like BTC is being pushed up instead of completing ABC correction, which would make this part of an impulse wave. However we are still under the 200 weekly MA, this is an important resistance for us. So often in the past BTC has failed at this level and been deflected back down to the 200 daily MA signalling the start of the bear market. If we close today above this level approx. 10800, I will consider going long.
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sorry should be weekly 20 MA
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This is ultra bullish idea for Bitcoin. No guaranties, no liability
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Weekly RSI turning bullish ?
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Bitcoin is at a very dangerous level with many mixed signals. I can see a case for both breakout and pullback. I shall not be buying back in until confirmation. Be careful, with patterns. Everybody is waiting for the inverse head and shoulders pattern to complete but of course as a group this means we can't make it happen if we are waiting. Too much expectation. Sidelines for me.
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I'm thinking this is the most likely scenario. Old school cup and handle. Target is 14000 for me on Kraken. Just be aware this is a very heavy resistance zone. Happy days!
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This is an update to a post a made back in January. I said the minimum correction time was about one month. It looks like we're back on the old trend line
Trade closed: stop reached
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Hanging Man candle formation indicates possible reversal of uptrend. Whilst this powerful candle can signal a reversal it must appear in proper context: preceded by an uptrend and followed by a bearish candle. In other words be on the look for signs of a reversal today folks.
Trade active:
Breakout inverse head & shoulders, previous 14k target stands. Intermediate target 12k.
Trade closed manually
Trade active:
BTC broke up-channel, short trade target 10k5
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Crash, panic, blood in the streets. Here's today's dip, it happened so fast I'm using a 1min chart
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Here's 60, I think it'll drop more maybe to 8.9 or 9k. I expect a bounce then. This isn't the end im :)