ridethepig | Bitcoin Market Commentary 2019.11.15

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
A good time to update the Weekly Bitcoin chart as we enter into the next impulsive wave; markets have been positioning in choppy waters since I called the huge crash last year:

Bitcoin , perhaps with an eye on the economic cycle , delivered very much at the bullish end of expectations as Libra started to cough. A breakout here will leave markets in no doubt that the only options are to buy here or buy higher. Currently I am trading the former as the most preferably option.

Ever since we traded the lows it has been a simple textbook case of profit taking (see next chart) which transitioned into an impulsive swing:

For the long term we can comfortably lean on the macro chart after taking $6,200:

The USD devaluation has a lot further to go, data will be monitored closely and BTC will start playing USD from the short side. We are back to the Bakkt magnet that is acting as a central pivot point , I am conscious that the price action has started to gradually eek out further marginal gains and will continue adding on dips.

Key resistance at 13,500 is going to get cracked open, for those tracking the current floor we remain in the same flows as before:

Good luck all those trading BTC and other Cryptos from the buy side as we go into the weekend, also very much in play and on the menu is ETH, EOS and to a lot lesser extent XRP.




Thanks for keeping the likes coming... Jump into the comments with your charts on BTC and other cryptos and we can further the discussion for all to benefit from.

Comment: Momentum starting to show signs of turning bullish here

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Busy busy, very classy TA! Thanks for sharing!
+1 Reply
Thanks @keifer for the love
keifer ridethepig
@ridethepig, Cheers bud!
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