The Bitcoin price won the very unlikely low chance uphill battle against the bears and made it back above $340 again. I'm now finally convinced and bullish. Not too many people cashed out. We have the first green candle closing above my pink line which I drew yesterday: Look at the white DEMA line. The bottom is finally stable. My target $395
-- UPDATE -- This long-term this risk is still there, but as long as we keep on slowly going up (earlier ) since the massive correction down to $275 then this chart scenario posted here is going to be proven invalid. ----------------- The precise rules of Bitcoin price bubbles vary but it usually involves traders hopping from square to square, missing out the...
As much as I want Bitcoin to succeed we need enough buyers to get out of the overall downtrend. Maybe this pink line from the Fibonacci circle can help us see if we get a stable uptrend. We need a candle above it or the price could sink - again.
BTC could go as low as $250 and even $85-$110 is possible. Here is why: My original chart which I made one month ago had the title: "Bitcoin price doom analysis - Why Bitcoin might crash to $333" Sadly BTC is falling even faster than anticipated. BTC is now below a two year moving average price (EMA 720 - the red line) which was at $369! Therefore I'm lowering...
We need to find out where to go next - a strong move up or down are both still possible. The Fibonacci retracements from this year (from the price rise this summer) seem to leave some space for price discovery as we currently move in some kind of empty space between $400 and $450. The Gann fans may guide us a way. My original chart from 5 days ago:
Since I got so amazed by the Gann fan and the Fibonacci time zone I tried to apply both to the historic Bitcoin chart and they align perfectly. It may look like I drew the purple line of the Gann fan manually below the low of summer of 2013 and the blueish line by myself above the last two peaks, but no - actually the Gann fan is showing up there automatically...
OKCoin started the new uptrend with a very nice bottom. BUY! Since TradingView doesn't offer OKCOin charts I'm using Huobi who follwed OKCoin before BTC China did.
For the worst case: There is some major support in the area between 300-320 US Dollar and unsurprisingly around 100 US Dollar.
I used as many interesting swing high and swing low price points as I could find to create a massive amount of Fibonacci lines (change to daily and zoom out to seem them all). Around $366 seems to be something supporting the Bitcoin price based on old historical Bitstamp prices if $400 can't be held.
I bought back at $388. Stop Loss: $378. Target: $450
Risk/Reward ratio if you buy at $400 and have a stop loss at $378 and if you have a long-term target of $1150 is 29x P.S. My new Gann fan is scary because it is so accurate as you can see here:
Doom, doom, doom. I want you in my room... Sadly the long-term indicators weren't lying. I pointed out one month ago that Bitcoin is doomed with many charts in the comments here: and this week my most bearish doomsday scenario of $333 triggered So instead of publishing more charts as comments I give you my Bitcoin doomsday dashboard. The only reason why I...
$456 on Bitstamp could be the low for the day or week. It was $453 on BTC-E and $462 on Bitfinex so far. UPDATE: While the USD market had already been stabilizing, China wasn't happy and started dumping bitcoins which caused the USD market to follow and break the very fragile bottom we had established when I published this chart. I was thinking about making...
As you can see the Stoch RSI is in oversold area, the Money Flow Index (MFI) looks like it's going up and the Coppock Curve is at a low momentum.All of these correlations don't mean that the price can't fall lower, but it can mean that there is soon room for growth from this low starting point. Interestingly we are at Fibonacci Time Zone 3 based on last Summer's...
Let's see what happens now as we go beyond this Fibonacci Time Zone (April's $339 low connected with June's $683 high).
We are running out of bullish momentum. I expect the usual red Monday. NEWS: Russia plans to ban Bitcoin (again). Russia even wants to avoid access to websites that accept BTC. rt.com www.coindesk.com My last bearish outlooks in chronological order:
MAYBE all the good news like Coinbase expanding to Europe and PayPal accepting Bitcoin soon is going to have a positive effect on the price. In that case MAYBE a cup and handle pattern might form. And MAYBE we hopefully see a breakout by the end of the month. MAYBE :)
NEWS UPDATE: Paypal (eBay) to accept Bitcoin. Paypal division Braintree (Uber, Airbnb) "plans to announce that its customers can start accepting Bitcoin" recode.net ----------------------------------------------------------- We reached a new intra-day bottom or even the new bottom for this week? The lowest price was 456.3 US Dollar on Bitstamp The "Short-term...