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Why Bitcoin may Dip FurtherBitcoin has found support around our levels in the $41K handle. This follows a brief attempt to press lower, which was bought back up to support. Bitcoin is holding a very narrow range, and the malaise from buyers does not bode well for upside potential. The longer Bitcoin ranges without significant buying interest, the more likely it is to see another dump. If so, watch for support in the lower $40K handle, but if that does not hold, we have our eyes on $38K. If we can muster a breakout, then $43.8K remains the level to break before we can press higher into the mid $40K's. There is a vacuum zone above $43.8K to $45.0K. The Kovach OBV has completely flatlined so we will need to see more momentum come through either way before BTC makes its next move.
BITSTAMP:BTCUSD
by quantguy
Bitcoin Sells Off!! Finding Support??Bitcoin has taken a sharp turn for the worse. We anticipated support at $41.9K, and we started to see what looked like a pivot, with a sharp buy that made an attempt to break out back to $43.1K. However this was quickly smacked down and we made another run for $40K. Currently, we are seeing a bit of a buy back, which is currently testing $41.9K. The Kovach OBV is still very bearish, arching down after flatlining for a bit. The volatility at current levels may suggest a bottom and mark a signal to start accumulating a long position, so long as buyers are aware that we could see lower levels. We are still eyeing $38K, and if malaise from bulls persist, we should eventually test this level. If the small rally we are seeing at the time of this writing persists, then $43.1K is the next target.
BITSTAMP:BTCUSDShort
by quantguy
Bitcoin Tests Lower LevelsBitcoin has 'rounded off' in price action and is testing lower levels in the $40K handle. We are seeing good support from $41.9K and $41.6K, confirmed by two green triangles on the KRI. Though we are seeing support at these levels, there is still a lack of buying interest which does not bode well for BTC. If these levels do not hold, then $40.8K is the next level, then $40.0K will be the final barrier between BTC and the $30K handle. Our lowest target for support for now is $38K. Current levels seem to be holding strong, and if we see a relief rally or a small pivot from them, then $43.1K is the next target. We need more buying interest before we can reestablish levels in the mid $40K's.
BITSTAMP:BTCUSDShort
by quantguy
2
Bitcoin Lags in the Lower $40K's 🥱Bitcoin has wavered in the neighborhood of $43K. The Kovach OBV has completely flatined, and we have drifted down slightly from $43.8K which appears to be a prohibitive high for now. Several red triangles on the KRI have confirmed resistance every time we have made an attempt for this level. There is a vacuum zone above it back to the mid $40K handle at $45.0K if we are able to finally break it. There is much more downside risk at this point, with waning institutional interest in Bitcoin, and weak technicals. The price action has 'rounded off', but still remains confined in a very narrow range, bounded from below at $41.9K or so. If the lack of buying interest continues, we expect another dip down to the low $40K's, which potentially may entice buyers. The last time we tested the lower $40K's, we did not see a flood of buying, or at least enough to help us even see the mid $40K's. Our next target to the downside, should $40K be broken is $38K.
BITSTAMP:BTCUSD
by quantguy
BTC - Potential Bullish Reversal!Hello everyone, if you like the idea, do not forget to support with a like and follow. BTC is approaching a strong support zone, horizontal and non-horizontal, so we will be looking for buy setups. on DAILY: BTC is forming a channel in blue but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple) Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone) Meanwhile, until the buy is activated, BTC would be overall bearish can still trade lower. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
BITSTAMP:BTCUSDLong
by TheSignalyst
21
Bitcoin Tests Low $40K's Again...Bitcoin faced a sharp selloff at relative highs. We identified $43.8K as a key level, and barrier to higher levels in the $40K handle. Bitcoin appeared to make an attempt to break higher, but several red triangles on the KRI thwarted every attempt and confirmed resistance here. This pohibitive resistance amounted to a sharp correction, and we have fallen back to support in the $41K's, currently testing $41.9K. We warned you earlier this week that the rally looked weak. We should see support hold from levels in the $41K's, but if not, the next level is $40.8K, then $40K. We will see how the weekend pans out and whether Bitcoin is comfortable in the $40K's or wants to make another run for the $30K's. If so, then $38K is a key level we are eyeing.
BITSTAMP:BTCUSDLong
by quantguy
1
Bitcoin Rallies, Faces ResistanceBitcoin has caught a lift from the low $40K's and is currently maintaining a very narrow range around our level at $43.8K. There is a vacuum zone above to the next level at $45.0K. The Kovach OBV has leveled off for now, suggesting that momentum has waned for the moment. We do appear to be meeting resistance just above $43.8K confirmed by three red triangles on the KRI. The rally does appear pretty weak, so we will see if this is just a relief rally into a bear trend, or if the momentum can continue to $45K. If so, this is the next level to break before we can consider $50K again. From below, we have $43.1K, $41.9K, and $41.6K to provide support.
BITSTAMP:BTCUSDLong
by quantguy