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Bitcoin buyers. Now!In my last post I recommended to wait. Now, I am recommending a buy. Technically, this sell off is perfect and exactly what I had been hoping for. We hit the $3800 price point I had hoped for and we are right back in sync with our 50MA and smack dab in the middle of my bull channel. In other words, Bitcoin is back exactly where it should be and the consolidation here represents health NOT sickness as many of the doomsdayers would like to suggest. Could we go lower? Yes. We can go all the way to the bottom of my bull channel (BOTTOM BLACK ASCENDING TL - currently $3500) and I will still be extremely bullish. However, I am not going to bet we'll get there. Rather, my recommendation is to buy anything in between $3500-$3800 for a nice LONGER TERM SWING TRADE. Here's my case for buying: - Good support on RSI (I see us potentially bouncing here) - 50 MA support - Bottom of Bollinger Band - All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun. Again. Can we go lower? Of course! Your stop outs would be anything below the BOTTOM ASCENDING BLACK TL. I've set mine for $3450. BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned. Happy Trading all.
BITSTAMP:BTCUSDLong
by stewdamus
2
OMGUSD OmiseGo Target $15.28. Double your money!!!I want to show you something. I'm not saying this will happen but... Take a look at this chart. It is beautiful. And according to what it is telling me, we have two (possibly three) more days MAX (but probably less) of consolidation for OmiseGo. Once complete, we would break out and above our shorter downward sloping ORANGE trendline. Of course, the possibility remains that we could break down too, BUT remember, the trend is your friend. And there is more reason to believe OMG will go higher including but not limited to: - Bitcoin continuing to lead upwards - Great support at 78.6% ($7.60) - Current trend for OMG - Middle Bollinger rising rapidly for support - etc. Our longer term (maybe not till October) target is $15.28 (161.8% Fib), DOUBLE CURRENT PRICE! At which point you will be yelling, "OMG"! WARNING: This is a high risk trade with risk of big losses. You MUST put in your stops properly. Stop out would be at $7.60. Trade carefully and, as always, happy trading my friends.
OLong
by stewdamus
5
LTC hold the lines! Litecoin line battles.This analysis is simple as always. Either LTC holds above the lines (purple circles) and remains strongly bullish, OR it doesn't. If LTC breaks below the bullish trendlines, we remain long term bulls (as we are still in the bullish GREEN channel long term); however, we will become short term bears. If we break down, we will go to: STOP 1: $46.01 STOP 2: $43.66 or STOP 3: $42.00 While the first two stops are a in sight, the third is more unlikely. Reason? We will have a ton of support at the first two. The first is our very strong $46 support and stop two includes: our support line, the 50 MA, AND the Middle Bollinger. If we break down and you want to throw a short term short trade out, I wouldn't fault you. But be aware of these strong supports. If you are a longer term swing trader as I am, you could sell here and repositions. But again, the risks are the same as in shorting. You have to be on constant watch as I am sure you are well aware. These markets can move fast and at night while you sleep. The safest approach is to stay LONG. "HODL!" as they say. We are still in the longer term bullish GREEN channel and our target remains $57. Happy Trading all!
COINBASE:LTCUSDLong
by stewdamus
Bitcoin Bulls are amped! Back into bull channel! $4000 Target!Wow! Wow! Wow! These Bitcoin bulls are furious and charging through everything. There is a ton of strength behind this move! Really the only major resistance we have to break is our TOP of June 12th. After that? $4000+ We are seeing slight consolidation here as we rest on our $2760 support. Now is the time to BUY, BUY, BUY. We are back in our bullish GREEN channel and I don't see us breaking back down through this, especially with all the strength in this move we've already observed. If you are a swing trader like me, there's really not much of a better opportunity to buy. We may bounce around between our TOP of $2980 and the bottom of our channel for a few days leading up to Aug 1, but sometime around the 1st of August (+/- a couple days) I expect us to break the TOP. Target is at/around $4000 or top of GREEN channel. Trailing stop should be adjusted frequently to follow the bottom GREEN trendline of our channel. Time to cash in on all your patience. Have fun. Happy trading friends.
BITSTAMP:BTCUSDLong
by stewdamus
Bitcoin/Bitstamp. Your best price before another breakout -$3146Bitcoin is on a tear! These bulls don't want to rest. There will not be many more chances while we consolidate slightly here to hop on this train for a mad ride up to $4000 plus. However, if we do rest in the next couple days, look to buy at any price between now (currently $3446) down to $3146 and in the next 3-6 days. Consolidation won't last longer than this. If you can nab it at $3146, you've just entered long at a great price! In 3-4 weeks we'll be at $4000+. Hold tight y'all. Happy trading.
BITSTAMP:BTCUSDLong
by stewdamus
If Bitcoin does this we could go to $4000 or $4800 before downAs stated in my last post, the bulls just do not want to rest. Bitcoin is still in the hype driven stage of the gartner hype cycle: www.google.com This makes is hard to get in a good price. While many are claiming Bitcoin has reached target on their charts, or that Bitcoin is due for consolidation (which is true), or that Bitcoin bears should have entered their short positions, I SEE SOMETHING ELSE. My charts are telling me that there is still actually more room for Bitcoin to move UP! Here's my case: First, notice the top circle. If we close above this steep ascending wedge, we are entering into yet ANOTHER breakout mode. However, I do believe this to be the last as we will be going vertical at this point. If we close above this ascending wedge on the daily then one of two things will happen: 1) We touch the top of the GREEN Channel at around $4000 or, 2) We go all the way up (and FAST) to around $4815 before breaking down badly. You'll also see room to run into overbought territory on the RSI (bottom circle). One interesting anamoly that I've spotted is some divergence from the bottom Bollinger Band (middle circle). Keep an eye on that. This could indicate a correction within the week BUT MAYBE NOT BEFORE WE BREAK THE ASCENDING TRIANGLE and head higher first. BE CAREFUL. WAIT FOR CONFIRMATION HERE. If we don't break this triangle on the daily, correction may start now. Be careful and happy trading.
BITSTAMP:BTCUSDLong
by stewdamus
3
TenX PAYBTC price projections. Levels.It is definitely harder to predict price patterns on these brand new coins, but Ima give it a try. Here we see Fib from low to high. You'll also see some trendlines that have started to form and support levels I've drawn. So, let's make heads and tails of this. Fib. is self-explanatory. I've drawn it from around the low to around the high of this coin. First major resistance comes in at .001. So, that will be our TARGET. You can see that the current trend is upwards. I've drawn in these trendline both on the price chart and the RSI chart. Support levels are: .00059 (this will be our stop out), .00053, and down from there .00036. Resistance levels are: .00072 and .00079. We are currently fighting both. We are also forming an ascending triangle pattern against both (a good sign). However, we are also at the top of our Bollinger Band and nearing overbought conditions on the RSI. This is our caution to put in your stops. In conclusion, the charts favor an upward move but they are also admonishing us to be careful. My TARGET for this trade is .001. Happy trading all!
PLong
by stewdamus
5
Bitcoin UP! Out of bear channel! Now what?BIP 91 looks to be locked-in now. As hypothesized in my last post, this has given us enough boost to push our way through some MAJOR resistance points. Bitcoin's behavior here is extremely bullish! At the time of this writing, BTC is currently wrestling with resistance at $2599. Once through, it's on up to $2670 or the bottom of our bullish GREEN channel, whichever comes first. Once we get there, I am not sure how much energy the bulls will still have. If we do end up getting to the bottom of the bullish GREEN channel today, I don't think the market will be able to power through. My analysis today is that we either tap out at $2600 or somewhere around $2670. Tomorrow is another day but I don't see us breaking back into our bullish GREEN channel today. And, if you are a day trader (which I am NOT), these are excellent areas to short back down to the 50 MA or even possibly the $2420 support. Happy trading folks!
BITSTAMP:BTCUSDLong
by stewdamus
13
Bitcoin breakout to occur this weekend! BIP 91. Coil Pattern.As I analyze my chart and concur chart signs with price, time, and news, I must conclude that Bitcoin has the most probable chance to break out and UP by Sunday. Here's my case: 1) BIP 91 lock-in. We got 80.5% this morning. See www.xbt.eu 2) Two more days until activation. This puts us at Friday. Markets move to the far East around this timeframe. 3) Symmetrical pattern (also known as Coil) forming with descending volume and a bullish spinning top Doji (so far) on the daily. Generally, when breaking out of these triangles, we follow the long-term trend. 4) We want to test support again, the upward sloping RED trendline currently below us. If done, we'd experience nice bounce momentum to push us through our overhead resistance points at around $2344 (78.6% Fib retracement), $2420 (huge past support/resistance), and our Middle Bollinger and top of our channel, wherever those end up being. However, CAUTION is to be exercised. There is a ton of resistance overhead and a chance we could still break down through our RED trendline support and back into negative territory. REMEMBER, we are still in our bearish channel so these predictions are really a bit premature. At the same time, I don't want the higher risk traders to miss out on good buying opportunity here. Dollar cost average yourself in. I usually start at 20%. Up or down, keep adding in. If we break UP we may go all the way up to the GREEN trendline and test. If we do go down we WILL go all the way back down to $1845 but probably not lower, unless something disastrous occurs news-wise. Happy trading friends and remember that buying here is not advice. It is a high risk trade. Your best bet is actually to wait until the breakout is confirmed. You'd have to get in at a higher price but it is a much lower risk trade and direction will be confirmed.
BITSTAMP:BTCUSDLong
by stewdamus
13
Litecoin continues to hold $45 and probably will continue holdNot surprisingly, Litecoin (LTCUSD) is holding it's $45 support today. While it is possible that it could go lower, my suspicion is that it won't. Instead, while Bitcoin (BTCUSD) continues to unravel until our Aug. 1 target date, I suspect Litecoin (LTCUSD) will bounce around in here between the $45 support and $50 support until our middle Bollinger Band or 20 MA comes up a bit to give us a boost. Once this happens, it may provide just enough steam to propel us back over $50 which is now currently acting as resistance. Then onto $60-$75 for Litecoin! Happy Trading friends!
COINBASE:LTCUSDLong
by stewdamus
Bitcoin BTCUSD to test $2465-$2485 support levels - Get ready!As you all have probably observed from reading my last few posts, my enthusiasm for Bitcoin is waning. However, as I've noted all along, as long as we remain inside the green channel, I'll hold my longs. We are about to test some important support levels once again with BTCUSD. The first is that 50 MA which currently sits at around $2485. And then, down from there, is that lower level of my channel again at around $2465-$2470. You can only hammer on a support so many times before it finally breaks. I'm uncomfortable down here, but true to principle I'll remain long until we fall below our bottom green trendline support. There is also the possibility that we bounce up one more time from here. I won't get my hopes up and will begin to focus more on Litecoin analysis now. Stay tuned and as always, happy trading friends.
BITSTAMP:BTCUSD
by stewdamus
2
Litecoin LTCUSD to test $45 support - Should bounce hereAs I stated in my last post, I may have jumped the gun a bit on my Litecoin purchase. I knew this. But because I am a swing trader, I did not want to miss out on opportunity at that $50 level which provided fairly strong support. The next support level I see is even bigger. Why? 3 reasons: 1) I have redrawn my Fib retracement from the lows on 3-30 to the high on 07-05. This now provides .236 retracement support at approx. $45. 2) The low of our 07-04 candle sits at around $45 3) The middle Bollinger Band and 20 MA should intersect the first two supports at this level. If you have not already picked up some Litecoin, I would advise doing so at $45. You could always DCA down from there, should we go lower. I happen to believe we'll bounce at $45. Happy trading friends.
COINBASE:LTCUSDLong
by stewdamus
Major Bitcoin Bounce Expected by July 4thIn the next few days, I am expecting some major price action to occur in Bitcoin. As I analyze the charts, from a purely technical perspective, I see many signs that indicate the price will shoot up. Of course, there is always a chance we could go the opposite way as well. And thus, caution should be exercised as we flirt with these lower levels. If we do break through our supports, the drop will be UGLY! Very ugly! However, as I've stated before, as long as we remain within the channel I've drawn, I remain very bullish on Bitcoin. Here are a few of the indicators that I can see which help point to the upward direction of Bitcoin in the next few days. Let's all hope we are not being deceived by these chart indicators. Convergence of (4) four major supports: 1) $2420 support 2) 50 MA 3) Bottom Bollinger Band 4) Bottom of channel Additionally, we have observed a couple of weeks of healthy consolidation, contracting Bollinger Bands, and we are once again headed into oversold territory according to the RSI. With all of these signs, I suspect that within 3-4 days, we will see price action shoot up like the 4th of July fireworks. Happy Independence Day my American friends and as always happy trading!
BITSTAMP:BTCUSDLong
by stewdamus
13
Bitcoin Bounced - Now What?So, we bounced before and on the 4th as expected. But now we're up against that $2600 ceiling again and can't seem to close above it. As we continue to struggle with these upper levels, it is becoming increasingly clear that the market is not willing to do much more here before BIP 148 on August first. I've said all along that I'll remain bullish as long as we continue to remain within the green channel on my chart. However, it is looking more and more like we are going to test channel support once more, and if we do, I am not sure how much longer we can hold until breaking through. Long story short. It's uncomfortable down here near the bottom of our channel. But it's this simple. Above the bottom channel support = hold. Below the channel support = sell. And for me personally, I will probably sell and sit on the sidelines and observe until these forking issues all look to be resolved. Until then, have fun trading my friends.
BITSTAMP:BTCUSDLong
by stewdamus
Look how perfect!Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held today, bounced, and it now looks like we will even close this candle far above $2420. As the market hits the far east tonight, we should get even more support. With this long awaited consolidation, the crypto market has had it's chance to catch a breath. We can now continue our move onwards and upwards. As always, happy trading friends.
BITSTAMP:BTCUSDLong
by stewdamus
3
$2760 - So you're telling me there is still a chance? Last night I had hoped we'd break through our overhead resistance of $2760 as the far east took over the helm. However, the show of strength that I was hoping for was nowhere to be found and Bitcoin closed the last candle in anticlimactic fashion. As I've stated in previous posts, if we are unable to break through this resistance, we are in for a few more days of sideways (and possibly downward) consolidation. I am actually a fan of more consolidation here, as it will spring-load any future moves upwards and give us much more strength. If we do consolidate, we will end up breaking through support of the bottom of our ascending triangle. Once this happens, we may rest for a few days and either bounce around between $2599 and $2760, or, we will break through our $2599 support as well and fall back down to the $2400 area. There is also still a chance we can hammer through our overhead resistance of $2760 today. However, this probability is not very likely.
BITSTAMP:BTCUSDLong
by stewdamus