Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, you can see that, well, my previous judgement that BTC would likely fail at the major resistance around 6000 and then immediately roll over toward the 4000 range was inaccurate. However, it's always wise to be cautious and, if you're a short-term trader,...
While everyone and their grandmother is focused on Bitcoin, alts like Litecoin are starting to look more and more attractive. While Bitcoin has bearish divergences galore, Litecoin has none. While Bitcoin is at a multi month high, Litecoin has retraced 30% during the past month. While Bitcoin is running into major resistance, Litecoin is testing major support....
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that Bitcoin has rallied into the top of the uptrend channel AGAIN. However, this time we actually made contact with the bottom of the major overhead resistance zone, which is at 5777 on the Coinbase chart. As you can see, price actually extended...
In terms of a potential surprise explosion to the upside, there is also some justification for that. We may just now be breaking out of a cup and handle pattern, which could potentially (although unlikely) cause BTC to explode to 7822ish. Interestingly, if we use THAT as the top for this move, you can see that it raises the 61.8% retrace to just below the recent...
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that Bitcoin has rallied into the bottom of the major overhead resistance zone. In fact, the very bottom of that resistance zone is 5777 on the Coinbase chart. As you can see, BTC rallied into that, but is not currently surpassing it. So, there are...
This is the broad view of Bitcoin. Looking at this chart, you can see how it has progressed throughout the entire history of its existence. There is absolutely no denying that it has held this rising arch (in blue) for nearly a decade. As a technical analyst, I can't deny that this arch is incredibly important to the progression of Bitcoin. Many people don't think...
Bitcoin could catch a little more upside, before rolling over to finally complete the right shoulder of the head and shoulders pattern that I projected over one week ago. I still believe that there is a lot of downside to be seen, with a limited amount of upside. There is still a very small chance that this could end up failing as a head and shoulders pattern....
Hi. I think the top is in for this recent bull run, and that we will likely fall significantly from here. I don't think people are taking the downside risk here very seriously. Price was strongly rejected at the weekly 50 EMA (in black) and it's currently being suppressed by the 61.8% retrace, as well as the top of the ribbon on my screen. Not to mention, the NVT...
Welcome friends, to this update analysis on Bitcoin! Let's dive right in to what just happened today. First and foremost, I want to give this warning. Don't let anyone fool you with the suggestion that today's selloff was due to futures expiration. Futures expiration has been in effect all day, and the selloff triggered immediately after the Bitfinex news was...
In the last BTC analysis, I showed how the first 2015 golden cross happened exactly at the high of the move, causing BTC to retrace all the way to the 61.8 retrace. As you can see, we rallied up to the weekly 50 MA (in black) and pierced above it. However, BTC has now pulled back below the weekly 50 MA. It will be interesting to see where this candle closes. I am...
Hi friends! Welcome to this update analysis on Bitcoin! Today, we're going to assess a comparison between the breakout above the 200 EMA in 2015, and the breakout above the 200 EMA on the current chart. Let's get right to it! On the left side of your screen is the current daily chart, and on the right, I have the daily chart of 2015s bottoming sequence. Looking...
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the weekly BLX chart, we can see tat Bitcoin continues to struggle at overhead resistance. That resistance is the weekly 50 EMA (in orange,) which is intersecting exactly with the 61.8% Fibonacci retracement, which is produced from the decline from 6000-3000. We also have big...
Here on the weekly chart, we can see that price has printed half of an enormous evening star doji pattern, and it's a textbook formation thus far. Since the beginning of February, price has been in an uptrend (pink channel) on the weekly chart. However, we printed a huge bullish candle after we exploded above the weekly 200 EMA (in purple.) Price hit a ceiling...
Sooooo, I've had this analysis sitting on my laptop for several days now, but I didn't post it because the last BTC analysis has been playing out so nicely. Haha, anyway, here you go... Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that price is clearly in a large uptrend channel (in blue.)...
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the four hour chart, we can see that Bitcoin has broken the primary uptrend that it was in, and has rolled over at the 61.8% retrace (grey horizontal trendline.) Now, price is falling back toward the support that it originally held after the rally, which is the light blue...
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that Bitcoin has been printing a bull flag consolidation (in black,) after Tuesday's massive rally, just as I had suggested it would, during the last analysis. When we look at the current price action, and compare it to the fall from 6000, we can...
Looking at the breakdown from 6000, we can see that there was a sharp drop, and then a consolidation. The first three candles are marked as "Candle A," "Candle B," and "Candle C." As you can see, candle A was huge, and had a long lower wick. Then, candle B formed an even lower wick, but in the form of a hammer candle. Candle C then resumed the sideways...
Hi friends! Welcome to this update analysis on Bitcoin! Today, we're going to look at the short term chart, to really dissect the recent rally. So, without further ado, let's get right to it! Looking at the 15 minute chart, we can see that after Bitcoin exploded above the pink trendline (which is the inverse head and shoulders neckline) price spiked up, and then...