Following on from the last analysis - Bitcoin continues to stay at the horizontal support zone as per our last analysis. Now, price is deep within the support zone and a decision must be made whether to buy within the lows of the support zone, or hold out, and find a lower buy and not miss the boat by waiting for the side-wards support line before the upside. If price hits the side-wards support zone, there is a risk that is will use the horizontal support zone as a new resistance so this must be something we bear in mind. Even if price does hit the side-wards support line we can still buy, wait for it to approach the horizontal support zone and then determine the behaviour of price here and see if we can get more upside from there, if not just book a little profit there instead.
The buy at side-wards support does provide little risk since the likelihood of bounce is pretty high (Providing the horizontal support zone does fail) and would be one of the last technical levels for price to bounce for a while. If price does break below side-wards support, this shows a massive long term weakness in bitcoin, and could go pretty low from there... If this does happen a new analysis would be made regarding this. I think the odds of it breaking side-wards support line are pretty low, so I won't talk further about this in my analysis and focus on the situations I have outlined in the chart.
I am expecting price to become a buy opportunity when there is a candlestick reversal in the horizontal support zone. If not, I will simply will look for a buy opportunity at the side-wards support line instead. whichever way this goes, it should be easy enough to make some profits... Even if, the move is only a corrective one and is part of a shorter term picture.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
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Price has so far had a small up move with a bull candle but really this didn't mean a lot alone. But.. With this candle followed by yesterdays candlestick close it does mean bulls are around! (Even if only a small amount but more than usual)
Yesterdays bear candle took us right to the bottom of the support boundary, but before the trading day closed, bulls had managed to claw back most of yesterdays losses and close with a very nice hammer signal.
The hammer followed by the green candle today are early indications that bulls are starting to buy position within the support zone.
I know how much everyone likes to hear it so here it is... This trade is going EXACTLY as planned! :-)
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Price hit the bottom of the horizontal support zone and has had some aggressive buying since, just as I'd hoped for in this analysis, and is going as planned! (So far, that is.)
Whilst this initial bullish move is a good start, we know too well that moves with no follow through are very commonplace. For this to carry conviction I'd like to see the up move continuing in a sustained manner, as well as a higher low near where we are now, which would provide a safer buying opportunity.
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Price has bounced at the support and is now breaking out nicely, exactly as planned.\
Looks like we could have upside if the upside momentum does continue in a consistent and sustained manner.
Had some nice profitable BitMex trades in the accumulation but too soon to buy any longer term holds right now IMO.
Guys I saw this message somewhere, please let read it and reason with the contents.
Bitcoin ETFs
I wasn't sure I would go forward with this, but I feel a moral and ethical obligation to. And while this is really going to upset and possibly enrage the close friends I have who work in some of the larger named Investment Banks on Wall Street, I want to share this with everyone I can reach in the crypto space and let the chips fall where they may. Here's the deal:
The market has done a great job of convincing everyone the Bitcoin ETFs are the end-all be-all for crypto growth. (They're not. At all.)
But they want you to believe this to get the prices down really really low for Wall Street. And everyone seems to be playing right into their propaganda. Realize that Bitcoin ETF's have been applied for and denied going back the last 5 years.
With our recent run testing a $1 Trillion crypto market cap, Wall Street woke up and realized holy hell there is actually a ton of money to be made in this space and it has barely begun. But they missed the boat! So they want in, cheap; Convince everyone these ETF proposals are paramount for the market to ever go up again. (What a joke!). Realize the most likely scenario is these Bitcoin ETFs will not be approved at all this year until early or late next year; all the while using each delay and denial to further drive down the price of BTC. We can stop this if we stop giving credence to their propaganda that is the importance of the ETFs.
Clearly the ETF Proposals are clouding the crypto space to the point it is absurd and ridiculous -- you see it, I see it, and yet we are all playing into it and spreading their manipulative message. Entirely too much focus is being placed on the ETFs.
What everyone needs to be focused on is the technology and adoption. Stay focused on the technology and adoption of crypto, it's what got the market to nearly $1 Trillion already, and let's all let the ETFs do whatever they're going to do.
If we can get everyone on the same page here (and if we work together we can) Bitcoin will brush off the ETF bull shiitake and the crypto market will continue to grow massively with the awesome developments in the crypto space. Do not give Wall Street the pleasure of seeing you Tweet, Post, YouTube, etc anything having to do with the ETFs. Just stop. Let's bring it to a full stop my crypto friends.
Will you do your part to help the crypto community get back on track with focusing on what really matters -- the technology and adoption. Shine the light on this important message and share it with all. Thanks in advance.
Together we are unstoppable.
Very Respectfully
Sorry for forwarding but at least it will help someone.
BitcoinBearSlayer
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@h_btc, After allowing for all of the early bit-coin that were lost forever and the current amount left to be mined there will only be about 20 million total. If 5 million people bought just 4 each Wall Street would have nothing to play with.
I'm doing my part by taking as many whole bitcoins off the cash market as I can afford. You can't trade or short what you don't own or can't buy back. :)
Larrycrypto
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@Kwa, I agree with your sentiment but scum like George Soros can naked short, they dont need to own or borrow anything. Suspect thats what you are seeing here Hedge funds naked shorting, its illegal in US but dos not stop corrupt entities, foreign companies / governments doing it.
BitcoinBearSlayer
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@Larrycrypto, They can naked short the futures contract all they want but that doesn't put a single bit-coin in their pocket. Unless of course they are shorting the futures and taking all that cash and buying bit-coins. Which is what I suspect they are doing as the bit-coin weekly volume has been on the rise for weeks even though the price is lower. What a perfect raping of the real bit-coin fans. My dirty little secret is that I have been buying bitcoin too as they push down the price. :) I suspect that eventually the bit-coin cash market will disconnect from the futures market. The futures market is bought with fiat cash and settle in fiat cash. They might was well be pricing beaning babies because nobody can take delivery in bitcoin. A total scam in my opinion. Once this is realized I believe the cash market will sky rocket. I suspect the scammers know this too. They not only know it, but are planning it in my opinion. If I was a crooked Wall Street asshat that's what I would do.
TomProTrader
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@Kwa, you can. People do this in forex all the time.
BarkyBryan
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@h_btc, Thank you for this. I needed to read this today. I am new to all of this. I have bought a handful of BTC. It scares me, lol. Like I said, I'm new to all of this. Not just Crypto, but trading as well. So I'm trying to catch up as fast as I can. There is this voice inside of me telling me this is all very important, even though I don't understand it completely, and I feel as if I have little time to buy before I can no longer afford it. I bought another Bitcoin today. I feel like it is important to buy as many as I can afford for a reason I can't fully articulate. But then I start to get worried. I needed to read this. Thanks!!!
weslad
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barrymecrypto
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@weslad, wow!!! this is so perfect, I just hope it work as expected. thanks for sharing this great view.
BULLS, don't fall for the trap! If they are going to bring it down, then let them bring it down as far as it can go. Then there won't be anymore questions about where the bottom is. We will know where it is when Bears are FINALLY exhausted and stuck holding bags.
Bitcoin ETFs
I wasn't sure I would go forward with this, but I feel a moral and ethical obligation to. And while this is really going to upset and possibly enrage the close friends I have who work in some of the larger named Investment Banks on Wall Street, I want to share this with everyone I can reach in the crypto space and let the chips fall where they may. Here's the deal:
The market has done a great job of convincing everyone the Bitcoin ETFs are the end-all be-all for crypto growth. (They're not. At all.)
But they want you to believe this to get the prices down really really low for Wall Street. And everyone seems to be playing right into their propaganda. Realize that Bitcoin ETF's have been applied for and denied going back the last 5 years.
With our recent run testing a $1 Trillion crypto market cap, Wall Street woke up and realized holy hell there is actually a ton of money to be made in this space and it has barely begun. But they missed the boat! So they want in, cheap; Convince everyone these ETF proposals are paramount for the market to ever go up again. (What a joke!). Realize the most likely scenario is these Bitcoin ETFs will not be approved at all this year until early or late next year; all the while using each delay and denial to further drive down the price of BTC. We can stop this if we stop giving credence to their propaganda that is the importance of the ETFs.
Clearly the ETF Proposals are clouding the crypto space to the point it is absurd and ridiculous -- you see it, I see it, and yet we are all playing into it and spreading their manipulative message. Entirely too much focus is being placed on the ETFs.
What everyone needs to be focused on is the technology and adoption. Stay focused on the technology and adoption of crypto, it's what got the market to nearly $1 Trillion already, and let's all let the ETFs do whatever they're going to do.
If we can get everyone on the same page here (and if we work together we can) Bitcoin will brush off the ETF bull shiitake and the crypto market will continue to grow massively with the awesome developments in the crypto space. Do not give Wall Street the pleasure of seeing you Tweet, Post, YouTube, etc anything having to do with the ETFs. Just stop. Let's bring it to a full stop my crypto friends.
Will you do your part to help the crypto community get back on track with focusing on what really matters -- the technology and adoption. Shine the light on this important message and share it with all. Thanks in advance.
Together we are unstoppable.
Very Respectfully
Sorry for forwarding but at least it will help someone.