The weekly chart shows very good momentum for BTCUSD at the start of this week. However with RSI entering overbought territory we may see some consolidation at this level during the week, setting us up for a major upswing in the following week.
BTCUSD has followed our green arrow projection, but Team Sparkster thinks price action may accelerate as the weekly candle comes to a close. Next week... early... we may see a $1000 candle. Got your signals ready? Just saying.
This is a very interesting pattern. It follows Bitcoin's price action from the December 2018 bottom until now on the 1W chart. As you see excluding the candles that pushed BTC above the Channel (LIBRA euphoria) and below the Channel (COVID panic), the price follows a fairly well structured Channel Up. Interestingly enough, both anomalies outside the Channel were...
A lot of talk is being done lately about what most people will be the next market high: $100000, but more importantly when. I will keep this idea simple, as simple is the application of the Pitchfan tool on Bitcoin's historic cyclical run. The top end of the tool is put on each Cycle's peak (the top of the Bull Market) while the other on the low (the bottom of...
Hi guys, I hope you are all fine. I have tried my best to mention all the things using only candlestick analysis and trend line analysis. IMPORTANT POINTS: 1. 23 July CandleStick has rejected from Fibonacci Level 0.5, which indicates a strong signal for reversal. 2. Candles have broken the Triangular wedge causing it to breakout. 3. Accumulation of 25 days...
A drop of 5% would suggest an extended drop, however based on momentum turning positive on weekly time-frame and cloud support visible on 3-day and also on 1-day charts, Team Sparkster is feeling a little more positive about bitcoin direction. At this point, it would take a big dose of bad news to push prices down. With a 12% target and 5% stop loss, the risk...
A sudden 2% pump in price for BTCUSD is exciting... it suggests we may finally see the market start to rise. However: On closer inspection we have cause to be cautious... Until we see a breakout or a swell of momentum and volume on higher time-frames, Team Sparkster is skeptical. The problem is that Market Makers (whales and institutions) can easily take...
This is a short-term update on Bitcoin's price action. I illustrate all the dominant patterns that are involved since the early May top formation. ** Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** ** The Channel Up ** As you see within this Rectangle (blue) consolidation since...
Higher time-frames have more influence then lower time-frames. With the weekly candle close showing almost no movement, a peak at the 2-week time-frame reveals short-term moving averages showing a top-heavy formation. This suggests price could move down. MACD confirms downwards direction too. We also see a double top (green circles). A burst to the upside...
Have you ever thought of Bitcoin's Cycles in the way drawn on this chart? This study is highly speculative so I will not spend much time analyzing such a probabilistic scenario. I will let you observe the chart and tell me our thoughts. Sure thing is that all of BTC fundamental factors such as its Parabolic Growth nature, the eventual asymptotic ending, the...
I just want to set all the confusion straight regarding Bitcoin's ranged price action since May. After each BTC Halving, the price always consolidated for several weeks before a bullish break-out from the range. To put this into perspective, following Halving 1 (November 28, 2012), BTC consolidated for 6 weeks within a roughly 12% range. After Halving 2 (July 9,...
A signal to close positions is now occurring on the 3-day chart with the conversion line (blue) falling down to meet the base line (red) on the Ichimoku indicator. We could easily see a 10% correction back down to cloud support. Price is also dropping below cloud on the 1-day chart. We need to see a 4% price boost to save the momentum turning bad over the next...
You’re not going to get all the technical jargon here. Takes too much time and I don’t use many indicators anyway. Look for long opportunities near $8700. When you see $9777, don’t think jackpot. Think ‘SHORT’!!
BITCOIN IS GOING SHORT|LONG TERM
Do you remember this chart I posted a month ago regarding Bitcoin's underlying trend-line? : Well it is more relevant than ever today. As you see this trend-line has been indeed setting up the tempo since late March when the recovery following the COVID fueled melt-down stated. ** Before we start, please support this idea with your likes and comments, it...
In May I posted this idea expecting a strong bullish break-out on LINKBTC from its Triangle: For reference take a look at this too: It happened as planned and now it is time to give an update as the rise has been very strong and already hit the inner Higher High trend-line (red dashed) of the 2 year Channel Up, which can be seen also as an inner Rising...
We see a lot of alts posting impressive gains lately. How long can this last? Based on this pattern here, Bitcoin's dominance is close to finding a support and around the start of Q3, should start rising. Maybe that will kickstart the start of the new parabolic Bull Run for the whole market. What do you think? ** Please support this idea with your likes and...
Bitcoin eventually followed the short-term formation I posted a week ago, and hit the $9400 target. The Falling Wedge has been broken to the upside and since the price is still within the Channel Up pattern on the 1D chart, it turns bullish on the short-term. On top of that the LMACD has made a clear Bullish Cross and if BTC forms another green 1D candle...