Bitcoin has been on its way down since yesterday when it hit $34,800, but we might have to wait a little more before hitting the bottom. There is another bear blag being formed on the 4-h chart.
Basically, all gains from yesterday were erased and we are still below the 26-day EMA on the daily chart.
Still, the big bull flag on the daily chart is still in...
Here is my take on what is happening with BTC right now.
On the daily chart (the main one under this idea), we see a big bull flag pattern currently being formed. As the highest point, we take the all-time high of $42,000 where we also put the start point for our downtrend reversal Fibonacci retracement. The lowest point will be...
We are seeing a slight reversal in the BTCUSD trend since we touched $28,800 during the Asian session.
All eyes on the $32,000 horizontal level - previous support on the daily timeframe, now could be te turned into resistance in combination with the 4-hour chart 200-day EMA.
If surpassed, then this will open the door for recovering to the $34,800...
The United States Secretary of Treasure Nominee, and former SEC chairman, Janet Yellen suggested "curtailing" cryptocurrencies due to the risk they pose for the system. She pointed fingers at Bitcoin calling it a proxy for illicit activities. In the meantime, the DXY index made a sharp upside reversal reaching 90.703 during intraday.
These two events...
SNX is one of the best coins to trade recently, posting some serious gains. It is now flirting with the lower boundary of the uptrend channel on the 4-h chart. It is a good opportunity to add some coins to the positions.
Targets in green
Resistance in red
Stop at the 50-day EMA
Bitcoin keeps on moving upwards ever since closing near $31,500 on January 11. Some of the altcoins managed to gain some strength against BTC during the weekend - mainly LINK, DOT, ADA, and the DeFi stuff AAVE, CRV, RUNE, YFi.
Now back to major alts action on Monday morning. ETH, LTC, and BCH are on the move posting some serious gains today.
As for BTC,...
The lower timeframe bearish scenarios were invalidated by the daily/weekly setup. The potential head and shoulders and inverted cup and handle did not result in a continuation of the downside reversal. Instead, bitcoin added more than 11% percent to its value for the last two days and is taking the alts with him.
DOT for instance broke into the Top...
Just as commented in my idea from yesterday, BTC hit the $32,000 line and the 100-day EMA on the 4-h and found support there. This resulted in more longs being opened that triggered the reversal.
Obviously, our next goal will be to re-take $37,000. Let's see if the previous diagonal support line will serve as support once we hit...
Last night was tough for us all BTC buyers as the $40,000 level was way too windy for us to stay too long there.
The first drop to the zone below $34,700, which I considered to be also the first serious test down, resulted in a lot of long positions being drowned. That level, in my opinion, was strong due to the combination of horizontal and diagonal...
Quick update on the price of Bitcoin Cash (BCH). The coin is now sitting at $594 after reaching $630 in the early hours of trading. The zone in front of bulls represents a solid resistance cluster from back in the day. I'm talking about the $630-$660 zone that combines both daily and weekly timeframes highs. A break above that level will open the door...
TradingView blocked for some strange reason as I haven't broken any of the rules, so I hope that won't happen again.
As my last idea was taken off I will just quickly paste here its second part, where I did a short 4-hour chart time frame analysis. Remember, this screen is from January 5th.
BTC is in a...
Long time no see. I was on a vacation for the last ten days just to get rid of the accumulated stress, but no back to the rat race as Robert Kiyosaki formulated it once. It means - you are not poor, nor rich, but considered part of the middle class, which often falls into a trap called the middle-income trap. You think you earn enough money to buy stuff,...
BAT is breaking out now just as expected. The reversal to the upside was in the making ever after we surpassed the diagonal resistance. Now the BATBTC pair is going after our next target as marked on the chart. I would take out some profit once reached as a pullback is to be expected.
ETH is making a slow, but good progress trading out of the symmetrical triangle now. On Sunday, bulls managed to end the losing streak and formed a green candle to $242.
Next target up will be to consolidate the price above $240 and prepare for a further attack of the levels near $248-$250
I would open a long position if ETH breaks above $245. If not...
Yesterday, the leading cryptocurrency once again hit the $9,300 resistance line and closed near that mark. It was 2.5 percent up on a weekly basis.
Bitcoin still trading above the diagonal support (blue-dotted line) but failed to break above $9,300 and continue the uptrend towards the next major S/R zone $9,500-$9,600. Volumes are going down since...
So, as discussed yesterday the bull flag on the 1h chart resulted in a breakout and run towards the lower end of the $9,600-$9,500 resistance zone. The price did not reach that point but was rejected near $9,480 and moved down to $9,350 today.
Additionally, we found support above the 200-day EMA on the 4-h chart,...
WAVES also looking good after breaking out of the downtrend today. The coin was previously caught in a correction mode but found stability near the horizontal support which triggered a reversal to the upside.
I'll be expecting a continuation of the uptrend and consolidation above Target 1 then another "wave" to Target 2.
Stay safe !
BAT is looking quite interesting now against BTC. The pair I'm looking at is on Binance.
As you can see on the daily chart, the coin is now on critical horizontal resistance, which if surpassed will open the door for the next stage to the last reached high from February.
The downside reversal was exhausted after BAT found stability at a previously solid...