chrisdunntv

Be Prepared For The Next Bitcoin Pop Coming Soon!

BITSTAMP:BTCUSD   Bitcoin / Dollar
3161 22 27
Check out the full post here - http://www.dailytradingprofits.com/536/get-prepared-for-the-next-big-move-in-bitcoin/

I think Bitcoin is poised for another decent
sized pop. After confirming $560's as strong
support, sellers have been holding price below
$650's for a while. This is classic consolidation
with higher lows and lower highs. ANY major
news event could squeeze shorts or cause longs
to panic.

So, as of right now I'm still bullish long-term but
watching news and breaks of this key consolidation
pattern to determine if we're gonna move towards the
next long targets of $680 - $775, or if we'll get a retest
of $560's first. Either way I think a good trade is coming.

BE PREPARED FOR A POP IN EITHER DIRECTION!
YOU CAN MAKE MONEY ON EMOTION IF YOU'RE
PREPARED AND QUICK ON THE TRIGGER.
HarounKola
2 years ago
Thanks Chris. Appreciate your analysis...
+2 Reply
jmoz
2 years ago
Thanks. At what point would you pull the trigger? As soon as the trendlines are broken?
Reply
chrisdunntv jmoz
2 years ago
looking for a catalyst (positive or negative) with a technical break
Reply
DaleMitchell chrisdunntv
2 years ago
What are you using/who are you following to get Bitcoin news updates?
Reply
chrisdunntv DaleMitchell
2 years ago
check out coindesk.com, reddit, etc...
Reply
JeroenHouttuin DaleMitchell
2 years ago
I'm using an RSS sidebar on my second screen, with the following RSS feeds:

http://bitcoinowl.com/feed
http://blogs.wsj.com/moneybeat/tag/bitbeat/feed/
https://news.google.com/news/feeds?hl=en&ned=us&q=bitcoin%20OR%20bitcoins%20OR%20BTC&ie=UTF-8&scoring=d&output=rss
http://www.reddit.com/r/bitcoin/.rss

I you think I'm missing something important, please let me know.
+3 Reply
Jameve chrisdunntv
2 years ago
too bad the Dell news didn't do much of anything it seems...(?)
Reply
MoonTrader Jameve
2 years ago
Good news doesn't seem to have as immediate an effect as bad news, but I wouldn't say it didn't do anything. Adoption helps strengthen the market and increases the chances of a break to the upside, but it won't necessarily interrupt consolidation for an immediate bull run. Bull runs don't happen just like that. The market has to be ready, and should see which direction it takes in the next couple of days. I think the Dell news helped increase the chances of a break to the upside, so that's what I'm betting on.
+4 Reply
Jameve MoonTrader
2 years ago
That is true actually, good point
+1 Reply
chrisdunntv MoonTrader
2 years ago
I agree... bad news typically has a quicker/stronger affect. That's why I like shorting breaks of technical areas.
+3 Reply
MoonTrader
2 years ago
Chris, thanks for your analysis. What do you think of the low volume?
Reply
chrisdunntv MoonTrader
2 years ago
Low volume goes hand-in-hand with the consolidation pattern... it'll spike once it breaks out.
Reply
johnrfraser chrisdunntv
2 years ago
Hi Chris. Seems like our last chance for the pennant to complete...before we range sideways out of it into something else :-/ And like the long term trend line, I suspect we may pass through it, the majority expecting some massive action, but nothing really happening.
It was an odd pumpy day today...something going on on Bitstamp...Finex not really playing along.
Is this perhaps some institutional influence on the price?
I noticed a pennant on 4hr chart that we broke out of upwards from on 18 July...the rally failed at 633 and we fell down only to be curiously cushioned by the upward line of the pennant we'd just left.
This is odd isn't it?
Reply
chrisdunntv johnrfraser
2 years ago
I don't try to over-think it when there's low liquidity and volatility, just react when emotion and clear setups present themselves.
+1 Reply
Dafinci PRO
2 years ago
a
-1 Reply
Dafinci PRO
2 years ago
Chris,

Seems BitFinex longs to shorts ratio with swaps is 20:1. Do you think we'll see a massive long squeeze to the downside?
Reply
chrisdunntv Dafinci
2 years ago
good question... I don't think it would take much to create a washout and run stops
Reply
Jameve chrisdunntv
2 years ago
Yeah there is barely any shorts. In fact it's been months since short swaps was this low.
Reply
johnrfraser Jameve
2 years ago
Hi, I'd had the impression most people were bearish and expecting a short to 565 or below...this suggests the majority are actually long. If so many are Long, why are we not going anywhere?
Reply
Muwa johnrfraser
2 years ago
Most of the bulls have already bought in (many on margin!) and newcomers are not that numerous. Add to that short interest is low and you end up with price stagnation.
Reply
johnrfraser Muwa
2 years ago
Thanks Muwa, that makes a lot of sense. I was looking for some sort of conspiracy theory about price fixing. Logic is a refreshing option, thank you :-)
Reply
jago25_98
2 years ago
hmm... made some profit on the short but got the position sizing a bit smaller than I should have... wonder if I've missed the boat (to be displined...)... or whether to reenter short on possible resistance at $600 ...
Reply
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