We are approaching a very interesting spot for Bitcoin. In fact, I sincerely believe that what happens over the next 2-3 weeks will determine Bitcoin's trajectory over the next 1-2 YEARS. Yes - that's how important I think this spot is. From this area, we will either go back down to lower 8ks/upper 7ks, and then, after a bounce and consolidation, capitulate back...
This next move should take us back to retest the 8920 area - perfectly normal and very typical thing for Bitcoin to do: restest a breakout area to confirm it as support.
We appear to be forming a second/smaller falling wedge that would break out some time tomorrow and take us back up to the resistance line at around 8950. It's a small trade but worth playing if you can wait for it. As always, don't try to front-run or be a hero. Wait for confirmation. Any higher-time-frame candle close under 8640 invalidates the wedge and most...
Target would be around 15k. Neckline is above 10.5K, though, so if you are going to wait for "confirmation" you will need to be patient for this one.
First let me be clear: I am NOT recommending to long from here. We are in a precipitous downtrend linked to a worldwide virus outbreak and stock market crash -- neither of which appears to be even close to resolution. THAT SAID Bitcoin is currently resting on many higher time frame moving averages that in the past have proven to be major bounce points/support...
We've come back down to test the resistance-turned-support blue box area of 9200-9500 in what is a completely normal and healthy correction that also coincides with the 0.382 fib retracement line, which you can see has given us major bounces in the past. This correction is even the same exact size (11%) as the prior correction that occurred before we broke up...
Instead of saying to short or long from here... I present the last 9 months of price action to you in the form of a simple riddle...
(PLEASE LIKE AND LEAVE COMMENTS - THANKS!) Late last week when BTC was at around 9600 I published an update here in Trading View saying that absolutely nothing had changed and that this was just a correction and we were still in a parabolic uptrend, and that - unless BTC was going to reverse the trend from here, we should expect a big green candle next (see idea...
It's always helpful to step back and look at recent price action in the context of the bigger picture, and here we can see that, despite all the volatility over the last few days, absolutely nothing has changed in terms of the overall trend. We're still in a parabolic uptrend and still making higher highs and higher lows. In fact, this most recent correction was...
It's of course very easy to analyze market behavior in retrospect, but just because it's easy doesn't mean it's not beneficial, and here we can see that what we've had over the last three days is just another shakeout in a still-parabolic uptrend. These shakeouts can be extremely convincing, though, as they always start at a place of macro/higher-time-frame...
You can see that every time BTC has gotten into this channel it tends to spend a lot of time in it and require multiple tries until it actually breaks out of it. It took BTC SIX attempts to break out of it in 2017, and now it's testing the top of it once again for the first time since the breakout last April, so I think it's very likely to get rejected and send...
Will likely get rejected from here but if it can keep retesting this resistance level and ultimately break through, the the next bivouac will be at around $350.
Should break out some time in the pink box area - ie, by end of day tomorrow. A 4hr close above the top of it at 10400 would probably be enough to incite the next move up, which, per the size of the triangle, would be to around 10600. Since this is a lower-time-frame structure, though, it's not exactly super trustworthy and whales/MMs can easily use it to...
I've said it before and I will say it again: Crypto traders are extremely emotional people with very short-term memories. I'd say well over half of all retail traders are gambling addicts who don't even bother to look at price action in the context of lower-frame-structures and simply trade on pure up and down emotion and their gut feeling. As price dropped back...
The 4hr is painting an ascending triangle and the historic volatility has dropped to almost nothing, meaning we should have our next big move within the next 24 hours. Ascending triangle is of course bullish, and we're definitely in an uptrend, so the likelihood is for the move to be up, but of course it's Bitcoin so anything can happen. Break to the upside will...
We're in a pretty clear rising wedge and there's a CME gap still to fill at 8550 (although 5% of them don't ever get filled). BUT We're also in a parabola and have had a bullish surge to well above the key resistance level of 9500. So - either we are going to continue our parabolic uptrend and make a new higher high on the weekly or fall out of this rising...
I'm seeing the potential for Bitcoin to finish forming a giant cup & handle pattern between now and the beginning of March, which would set us up for a massive surge that would finally break us through the 9.5K resistance ceiling and get us to a new higher high on the weekly. Of course -- just a possibility, but the rough target point for the fallout from this...
Bitcoin LOVES these big indecision periods because it can wick up and down and f_ _ _ with everyone's heads :) We are either forming a local top and about to head back down to mid-8ks or forming a bull flag and about to make a new higher high on the weekly in the mid 10ks. Let's look at it time frame by time frame to see if there are any hints at the direction...