BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Guys, yes I have got a bit greedy at 42800 calling the 44 k, BTC never the less BTC looks seeeeeeexy. Stop listening to youtube who pretends to know TA and bla bla . For sure they learn some strategies to be profitable, but now they are all already turning a bit bearish , looking at this level and that level, and we didn't break the 200 MA etc... Listen the chart is clear as the day BTC is bullish , bullish , bullish do not get fool from the noise. We clearly broke the 50 MA on the daily with a nice volume increase (the first impulsive wave is never characterised by massive volumes as uncertainty still in the market, usually it is the 3rd impulsive wave that is aggressive and characterised by very high volume which will start in the next 15 days). Also in the weekly frame, we bounce perfectly on the 50MA which has been support for months now. The last time we broke the 50 MA on the daily chart was the bearish reversal at 55 k so we can expect the bullish reversal this time at this level. We clearly broke the descending rectangle which is a bullish formation for accumulation. Nevertheless, we clearly formed a SAUCEPAN pattern ( bullish pattern ) with 50 MA as back support. I expect the retracement to touch the 35500 that is the 50% normal retracement for the saucepan bottom pattern. From there then 54k is the ceiling. Do not trust youtubers...most of them read 1 - 2 books top on TA and pretend to be a genius, do your own research and study a lot so you won't swing like a flag under the wind.
Feel free to comment so we can have an interesting discussion.
enjoy the ride
CFcryptoTA

Comments

I agree with you , I am willing to study but what books do you recommend , frankly I have been on the lookout for good books on technical analysis is for Crypto but can’t find any worth my dime. Please recommend
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CFcryptoTA victr2tinz
@victr2tinz, Hi thanks for the comment. There are not books specific about crypto however TA works on any market. The best book in my opinion are:
- Technical analysis explained (Martin J. Pring)
- Five ways to financial freedom (Ramki)
- japanes candlestick charting techniques (Steve Nison)
There are many others, i read at least another 4 of them, but after reading those you will be able to chart anything.
I hope that will help you.
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