I'm choosing to use the daily line chart because it shows the situation so clearly: 1. Two-month-long pennant consolidation in mid-term uptrend, long-term downtrend. 2. Now under 50-day MA (black line) and it's turning downward. 3. Breakout within a week and potentially within next few days. 4 Move will be fast and furious and take us to one of the blue boxes...
(NOT FINANCIAL ADVICE AND PLEASE DYOR) But... based on where the stock market is -- ie, hitting a major macro resistance area after a massive run-up/bubble artificially infused by government stimulus money that is now running out, and with all major higher time frames on TD sequential 9s and HUGE BEARISH DIVERGENCES on all major time frames -- I believe Bitcoin is...
"BIG MOVE COMING!" There's ALWAYS a big move coming in Bitcoin, you just don't know when it will come. Judging from this formation, though, it should arrive by mid-July at the latest and some time this week at the earliest. Until this formation breaks, Bitcoin could go all the way back down to 9K and still be potentially very bullish or all the way up to 9.9k and...
NO! It's a... Diamond pattern? Okay. Let's go with that. Gotta love trading :)
Gonna have to go back on my previous analysis, which was short- and mid-term bearish, because upon analyzing the 2-day chart I saw this clear ascending triangle. Doesn't mean it has to happen right now but it should happen pretty soon - I'd say within the next 48 hours. Target is blue box area. Ascending triangles do break downwards about 30% of the time in...
Symmetrical triangle with fake-out. Clear slanting trendline going all the way back to mid March. Breakout coming in about a week. Could go either way BUT... BTC appears to still be heavily correlated with stock market and the stock market just closed weekly candle under a huge resistance area. I'm expecting about a 7% pullback in stock market over the next few...
Just happened to notice it and am pointing it out. Purple MA is 30 simple. I've never traded based on a fractals and never will, but, if I did, this is a trade I'd probably take.
People are getting very confused and thrown around right now, but zooming out you can see we're still in the same massive upward channel. The 10K area is huge resistance. If we break it, it's a nice long. Alternatively if we break the channel to the downside, it's a nice short. In between it's just day-trading and scalping and being at the whim of the MMs and...
4hr forming a POTENTIAL - certainly not yet confirmed - ascending triangle that would have a measure move up to the 11.4k area. Need to break 10k, though, to confirm it, and at the moment we are much closer to invalidating it. All it would take is a 4hr candle close under 9600 to invalidate it and then we are likely headed back down to lower 9ks at least, if not...
This is just ONE WAY (of many) to see it, but looking at the 4-day logarithmic chart, we can see that what Bitcoin has done is essentially a massive fake-out, falling out of the long-term trend and then sneaking back into it, just before the apex of the giant symmetrical triangle we've been forming since the 20K peak. The current 4-day candle closes in a few...
I've mapped out the two different weekly-time-frame narratives currently in play. The first is the symmetrical triangle everyone and their grandmother already knows about (pink arrows). Note that we could come ALL THE WAY UP TO 11,500 OVER THE NEXT FEW WEEKS AND STILL BE IN THAT SYMMETRICAL TRIANGLE. I don't think people looking to short this area on high leverage...
We're now above all major moving averages on every single time frame and consolidating above prior resistance (blue line at 9150 area) as the lower time frame oscillators reset. There are definitely bearish things going on, though, like bearish divergences and TD sequential 9s and sitting just below a major macro/higher-time-frame resistance area. Unfortunately...
Which means Bitcoin will do the same. If it breaks 9200 it's a pretty clear shot up to 9.5k and if it can break 9.5k the move should go up to the 10.5k area, where I would expect a very swift and violent rejection.
Which means Bitcoin will be doing the same. If Bitcoin can break 9200 it's a pretty clean shot up to the 10.3k. If it does make it there I'd expect a double-top formation and very swift and violent rejection.
My April 18 post (see link below) was titled, "I'm sorry but it's time to short Bitcoin." The pink arrow points to April 18, the day I made that post. Unlike a lot of other analysts, I do always put my money where my mouth is and I shorted right after I made that post and Bitcoin indeed proceeded to drop 7% - a very nice short (If it was possible to share...
Can Bitcoin close the week above the 21 moving average? If so that would be HUGE and I would expect it to be the start of a nice run up, over the next 1 to 2 weeks, to the upper 8ks maybe even mid 9ks. It would likely be the start of the next bull run, too, although first we'd probably come back down to test the 21 MA and maybe even dip below it, momentarily (on...
Hopefully the featured chart says it all. Oil hit a 21-YEAR LOW and, of course, bounced, leading the SPX to bounce, leading Bitcoin to bounce. Simple as that. This is just a natural reaction rally and really illustrates just how strongly Bitcoin is correlated to the traditional stock market right now. Already on the SPX chart it appears we are simply headed back...
Per the volume profile and that trend line, by tomorrow morning we should see a break upward or downward. Upward break will probably be first leg of a quick trip to 8k. Downward break would take us pretty quickly to the blue box area (around 6650). Cheers and happy trading.