Past Performance of Bitcoin Bitcoin prices were technically unmoved over the weekend, looking at price charts. Therefore, while there was a notable contraction on July 6 at the back of expanding volumes, the rejection on July 7 relieved buyers. Still, from an effort-versus-result perspective, sellers have the upper hand in the short term. This can only change if...
Past Performance of Bitcoin Bitcoin is lower when writing, dropping towards the $30k level. The sell-off stems from developments on July 6 and follows a refreshing surge to $31.3k before tumbling to spot levels. Despite traders--and the general BTC structure supporting buyers, the failure of buyers to push prices above the April high is a concern. Subsequently,...
Past Performance of Bitcoin Bitcoin prices are lower, retracing from June 7 highs, and are below $27k. At this level, bulls still have a chance as prices trend above $25.8k and volatility remains. However, for trend confirmation, there must be a close above $28.3k, the immediate resistance, and the buy trigger line. The only formation that will cancel this...
Past Performance of Bitcoin Bitcoin's recovery has been spectacular. Prices are higher and have reversed the losses of June 5. The coin is trading above the $26.3k to $26.5k zone, bouncing from the primary support level of around $25.8k. On June 5, following fundamental events, BTC dropped to as low as $25.9k. However, with prices back to the trading range,...
Past Performance of Bitcoin Bitcoin crashed on June 5 following news that the SEC is suing Binance, the world's largest crypto exchange. The dump was evidenced across the board, with BTC dragging the altcoins. The coin is below the $25.8k and FWB:31K trade range at spot rates in a bear breakout formation. The uptick in trading volumes gives credence to bears of...
Past Performance for Bitcoin Bitcoin prices are lower when writing though trading higher from last week's highs and above the $25.8k support level. Overall, buyers remain bullish. Even so, there must be conclusive rallies above the $28.3k buy trigger level if the May 28 gains will anchor the upcoming trend. On the broader view, the level between FWB:31K and...
Past Performance of Bitcoin Bitcoin prices are lower when writing, dropping from yesterday's lows as gains of May 28 are strongly reversed. Even though the upside remains, at least from a top-down preview, the loss below FWB:27K should be a concern for holders. For now, conservative traders should track how today's close will be. If it closes below FWB:27K ,...
Past Performance of Bitcoin Bitcoin is down but steady, looking at price action in the daily chart. There are attempts of higher highs in the lower time frames, but the downtrend remains. As it is, primary resistance levels remain at May 24 highs at around FWB:27K and $27.5k. #Bitcoin Technical Analysis The path of least resistance is southwards, and BTC is...
Past Performance of Bitcoin Bitcoin prices are wavy, looking at how prices have been moving in the past two trading days. After the coin posted encouraging gains on May 17, yesterday's losses forced the coin lower, wiping gains and swinging price action back to bearish territory. Overall, the downtrend set in motion from late April 2023 remains. #Bitcoin...
Past performance of ETHBTC Ethereum bulls are in control as the coin tears to register new highs versus the greenback. Meanwhile, the coin reverses losses against BTC, looking at the formation in the daily chart. Overall, for now, the path of least resistance is northwards, and aggressive traders may look to align themselves with gains of April 11 and 12. Those...
Past Performance of Bitcoin Bitcoin prices are relatively steady when writing, tethered to $28k, but the uptrend remains. Even though buyers are upbeat, the failure of buyers to push above the immediate resistance level at $29k is a concern. As laid out before, whether BTC will rally or dump depends on the reaction at $29k, marking Q1 2023 highs; and $26.6k in...
Past Performance of ETHBTC ETHBTC remains wavy in a broad, multi-week trade range as Ethereum bulls dominate. Per the performance in the daily chart, there could be more for buyers to gain in the days ahead, considering the general resilience of ETH bulls. Therefore, guided by this, every low above 0.065 BTC, or October lows, may offer support to optimistic...
Past Performance of ETHBTC From the daily chart, ETH buyers have the upper hand and posting gains versus BTC at critical support levels. The bounce of Ethereum prices follows weeks of sharp losses, especially in September when the coin dropped roughly 22 percent, recoiling from September 2022 highs. At spot rates, there are hints of trend resumption. Nonetheless,...
The wave count unfortunately has been incredibly choppy on small timeframes however, the trend remains in a convincing downward motion (for the time being). Previously, my assumption was that Wave 3C was still in play but that particular idea has been debunked, thanks to fibonacci/elliott wave invalidation. The clearest and simplest wave count shows that we're...
Bitcoin traders/investors continue to play Tug Of War as the asset continues its correction south (Wave 4). Expect Wave C to develop as an Expanding Ending Diagonal. With a 3 wave move for both Wave 1 and Wave 2, there's a good chance that Waves 3-5 will also develop in 3 wave sequences. Viewing this formation on smaller, hourly charts looks extremely choppy....
I'm expecting BTC to complete a 535 correction back up towards $58-$59K. Stronger downside should continue afterwards. Bears are currently in control for the short term (days). LONG SCALP Within a zig-zag, the following rules apply: Wave A - can be impulsive or diagonal (in this case it was a diagonal). Wave B - can be any 3 wave corrective pattern (in this case...
The pump up to $48K still seems to be in range for the Extended Flat correction to be valid. Invalidation level is at $60K but technicals make a route to that level look impossible. Which do you think will come first, $60K or $21K?
Small charts under 1D have been extremely choppy which has made for a ton of liquidations on both sides of the market. I myself included. Thank heavens for risk management and stop losses. Zooming out to the 1D chart, we can see a much clear picture and pattern at play. The previous Leading Diagonal formation which I was expecting to play out, unfortunately...