Happy Bitcoin halving! If you haven't heard, Bitcoin underwent its third network halving, which means that now for every block discovered, only 6.25 Bitcoin will be rewarded. It is a great day to be a crypto enthusiast. Alright, let's get right to it.
So, U.S. markets continued to show strength at the start of the session and fade towards the end. I feel as though this is becoming a trend. What propped the market up? Apple, Inc. (AAPL). Apple is attempting to blow through resistance and is only 4% away from matching its all-time high. Apple is now a must watch the rest of the week. Now let's look at some charts I got my eye on: Zoom Video Communications, Inc., Litecoin, and Bitcoin.
Zooming to the Moon!
Zoom (ZM) is really setting up a pretty ascending triangle pattern. On the daily chart below you can see how ZM is now testing resistance for a third time in less than a month. Normally a bullish pattern, the ascending triangle target would be 227.
However, despite the beautiful set up. A breakout may be premature. Chaikin money flow (CMF) on the daily is lagging within the negative. I would feel more comfortable buying a retest of the triangle or if ZM pulls back toward 150. Nevertheless, this is a no brainer and an extremely bullish chart. Bias: Bullish.
Litecoin Hinting on Bitcoin Relief Rally?
Sometimes I turn to the altcoins to get clues on the next Bitcoin direction. It isn't a bad thing to do once in a while. Bitcoin is a tough asset to trade and any additional clues you can gather from the crypto space is a plus. Below is the Litecoin (LTC) daily chart.
Here, I am looking at LTC's support. It is now being tested for a third time. Sure, support should be weakening. I do eventually suspect this support to break, whether it is tonight or a month from now. If LTC can consolidate at this level I am confident Litecoin and Bitcoin will rally from this point.
Of course, we need to check out what the King is doing. Below is the 4-hour chart of Bitcoin (BTC). Currently, it is very unclear. I posted earlier that there was an inverse head and shoulder bottom on the 1-hour chart. I warned that lower time frame patterns such as those tend to fail more often than not. Guess what? If failed.
Now, we can argue that there is a bear flag developing. Though, it may take into the evening for volatility to wane and create a more clear picture. Keep in mind, BTC > LTC when it comes to analysis. So for now my bias remains...Bias: Bearish.
Again, Happy Halving!
I bought my first Bitcoin back in February 2016. I will never forget how exciting it was to send my first transaction to an exchange and to begin my journey trading.
It is truly is a remarkable achievement that Satoshi Nakamoto accomplished and I am thankful to have met so many people within this space. Now, remember, no matter how bearish I get on Bitcoin I will always be a bull in my heart for the long haul! To the moon!
So, U.S. markets continued to show strength at the start of the session and fade towards the end. I feel as though this is becoming a trend. What propped the market up? Apple, Inc. (AAPL). Apple is attempting to blow through resistance and is only 4% away from matching its all-time high. Apple is now a must watch the rest of the week. Now let's look at some charts I got my eye on: Zoom Video Communications, Inc., Litecoin, and Bitcoin.
Zooming to the Moon!
Zoom (ZM) is really setting up a pretty ascending triangle pattern. On the daily chart below you can see how ZM is now testing resistance for a third time in less than a month. Normally a bullish pattern, the ascending triangle target would be 227.
However, despite the beautiful set up. A breakout may be premature. Chaikin money flow (CMF) on the daily is lagging within the negative. I would feel more comfortable buying a retest of the triangle or if ZM pulls back toward 150. Nevertheless, this is a no brainer and an extremely bullish chart. Bias: Bullish.
Litecoin Hinting on Bitcoin Relief Rally?
Sometimes I turn to the altcoins to get clues on the next Bitcoin direction. It isn't a bad thing to do once in a while. Bitcoin is a tough asset to trade and any additional clues you can gather from the crypto space is a plus. Below is the Litecoin (LTC) daily chart.
Here, I am looking at LTC's support. It is now being tested for a third time. Sure, support should be weakening. I do eventually suspect this support to break, whether it is tonight or a month from now. If LTC can consolidate at this level I am confident Litecoin and Bitcoin will rally from this point.
Of course, we need to check out what the King is doing. Below is the 4-hour chart of Bitcoin (BTC). Currently, it is very unclear. I posted earlier that there was an inverse head and shoulder bottom on the 1-hour chart. I warned that lower time frame patterns such as those tend to fail more often than not. Guess what? If failed.
Now, we can argue that there is a bear flag developing. Though, it may take into the evening for volatility to wane and create a more clear picture. Keep in mind, BTC > LTC when it comes to analysis. So for now my bias remains...Bias: Bearish.
Again, Happy Halving!
I bought my first Bitcoin back in February 2016. I will never forget how exciting it was to send my first transaction to an exchange and to begin my journey trading.
It is truly is a remarkable achievement that Satoshi Nakamoto accomplished and I am thankful to have met so many people within this space. Now, remember, no matter how bearish I get on Bitcoin I will always be a bull in my heart for the long haul! To the moon!
