BTC for BITSTAMP:BTCUSD by etfsandstuff

Not lookin good.

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30 min perspective. We broke major triangle support decisively. Needs to hold at the area i have circled. If it goes below there things could get ugly.
.. just look at ALT coins and ETH etc. They have been warning for a while now.

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I have a new update for BTC HODLrs... buy GOLD !!!

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Weekly perschpective ....

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BTC held the lower channel line which is mildly positive. If we fail there again here are 2 more support levels we may see a bounce from.

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Another reason that i hate cryptos is we have so many different exchanges which make this a whole lot more difficult from a technicians standpoint. Besides there being no possible way to analyse supply/demand, earnings, or any fundamental aspect, we have conflicting technical signals from the many different exchanges not to mention the USDT price. When we are in a bull run it is easy as almost all exchanges are giving the same signals, but when it comes to a choppy corrective market like we are in right now and technical levels are of utmost importance it boils down to a crapshoot. My advice for any newbie traders trying to trade in conditions like we have right now i suggest to step aside. Try trading stocks instead and stick to issues on US exchanges with high liquidity. Im Canadian so many of the mining shares i trade are listed on both US and Canada so i track them both... but this is only 2 options and i still have fundamental data to go on , earnings, etc. and also options activity which is a big deal. This is the reason i only trade BTC very short term and i try to take trades where all major exchanges are in agreement. I usually use bitstamp and bitfinex for my TA... bitfinex seems to be the most reliable for myself... so here is my 30 min Bitfinex chart. What i see here is we have broken major support, we are making a corrective flag pattern below the 50% FIB in a mini H&S so i am expecting a downside breakdown. Good luck trading!

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new triangle... steppin down ...

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New traingle... we steppin down baby...

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Relax... enjoy the show, make more popcorn! Buy for a bounce around 10,800.

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TOTAL market cap has broken yet another trendline. Im looking for lower prices yet.

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correction almost over. Ready for next move down.

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We have entered in to highly bearish territory. I dont even want to bet short term longs at this point. If you are hodling i would not be!

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Yep!

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BTCs strong move ran it right into major overhead resistance. I expect a pullback to the 10,100 - 10,200 area where a long position may be taken for the next leg up. I would again exit at this resistance, then wait and see if it can take it out. If it can take it out we may be starting a new uptrend here. As always, dont get too greedy (or stupid) by buying at resistance! Buy low sell high.

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Looking for at least 10200 here for a long play to 10600 . Will look for structure around the 10200 area to set stop loss (important) as they may be a bull trap !

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next stop 10300

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It appears bearish momentum is kicking in. Looks like a top at the retest of channel bottom. Either way bull or bear i really believe we need to revisit 10,000 to retest it. I wouldnt get too excited here.

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Xtra large pinbar @ channel resistance plus H&S pattern should take us back down to 10,000 for a retest.

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GOLD vs CRYPTO chart. I can't even count the times i've hear the mindless comment "gold is dead" or "crypto is better" in the last six months... I actually read people still saying this... lol... do any of these morons ever pull up a chart? or is it pure tunnel vision ? Dunno. So i thought i'd put this up, in case anyone reading my stuff is still under the illusion that gold is not blowing cryptos out of the water. This is total market cap, which is a good representation of an average crypto HODLrs portfolio. Very few have had all bitcoin until recently. One look at this chart should tell even the clueless that one group of people have been clearly losing a lot of money since the end of 2017... and the other have been making a lot! One is a group of bag HODLrs and the other is a group of profit HODLrs. It is also interesting to note when this "GOLD IS DEAD" propaganda went into hyperdrive... check the chart! Do you trust grayscale? This is one crooked market.

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Here we are back at 10,000 as i said earlier. I picked some up at 9861 (see my newest BTC post). I think it could rally from here.

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