Bitcoin has established the higher low formation and generated a new buy signal in the process. If you have been following my analysis closely you should recognize this scenario since I have been describing it publicly over the previous week. I am not going to provide specific swing trade details but I will offer general clues in terms of managing risk and...
The 50K support area is now in play after a dramatic sell off and test of the 42K support, all in a matter of hours. This move supports the argument that Bitcoin is in a very broad consolidation which I have talked about the possibility of months ago. This type of dramatic move also offers a buying opportunity for position traders even though there is no technical...
After trying to reverse twice off of the 57K support, Bitcoin has broken the level and is now poised to test the 48 to 50K support. While current prices offer an attractive location for a swing trade long, there is no signal to take such a position. So how can Bitcoin prove that a new long is within reason? Understanding market context is key to making an...
Bitcoin cleared the 62K level that I mentioned in my previous analysis and has tested prices as low as the 55K area which was in line with my 57K support area forecast (small blue box). There is a bullish retrace attempt in progress which is still in line with the broader bullish structure, but is now the best time to go long for a swing trade? The green candles...
Since the CPI report earlier in the previous week, Bitcoin has printed an outside bar which also established a FAILED high or fake out pattern off of a projected resistance area where probability favored such a scenario. This price action has also printed a bearish pin bar on the weekly chart. What does all this mean for price in the coming week? Watch the 62K...
Since Bitcoin made the 67K high followed by the 59K low, price has made NO progress. In case you haven't noticed, price continues to gyrate within a consolidation. In these situations, a greater focus on the larger structure is key to managing risk and trade ideas effectively. Those who are reacting to every candle movement on this time frame are reacting to...
Bitcoin structure continues to point to further strength while at the same time price is stuck in a notable resistance area. This type of conflict can be tough to reason with, but the solution will all depend on how much RISK you are willing to take. In this article I will point out the momentum continuation setup (swing trade) and what can go wrong. The previous...
Bitcoin retraces off of the 67K high but I thought "it was just getting started!". Isn't that what "everyone" was saying a week ago? The herd is usually wrong especially at market tops and bottoms. I stick to my rules and one of them is: I don't buy highs. And the higher it goes without me, the less interested I become. NOW as price starts testing supports I am...
Bitcoin price action analysis. Have a stock or market you would like to see analyzed? Just ask in the chat.
Bitcoin pushing highs on the highly anticipated Bitcoin ETF that is set to start trading this coming week? Are you familiar with the old saying "buy the rumor, sell the news"? I think it applies here. In this brief evaluation I am going to outline why current prices are VERY unattractive for new swing trades and investments long while being much more ideal for...
Bitcoin price action analysis. Where is pricing likely to go this week? Plus a look at the stock market, Gold and the Dollar. Have a question about a stock or market? Just ask in the chat.
Bitcoin still has a bullish argument BUT the risk is much greater at current levels. Here I'm going to provide the bullish and bearish scenarios for the coming week. How you choose to operate within either context is going to depend on your RISK tolerance and flexibility. The Bullish scenario: while...
Bitcoin reversal is now in play and the bearish price structure is now compromised. For those who managed to get long somewhere between the 40 and 44K area, the 48K resistance is a good place to start taking profits, especially if your risk is more than justified. For those who missed the move, there are two continuation scenarios to consider for the coming...
There is a lower high established off of 45K while at the same time, price is not breaking 40K. The current candle generated a sell signal which has quickly failed. This is a potential higher low scenario, which is one of the swing trade long scenarios that I have been describing recently. IF 44K is broken, a new long signal will be in effect. The risk from this...
Price action evaluation of Bitcoin, the stock market and Gold. Have a question about a stock or market? Just ask in the chat.
There was a buy signal that appeared between Friday and Saturday which is now in the process of reversing into a sell signal. What is going on here? The current location is about a 50% retrace off the low of the broad bearish engulfing candle from 2 weeks ago. It also coincides with the mid point of a recent congestion area (see blue box). What does all this mean?...
Is now the time to buy Bitcoin? While a new buy signal is in the process of developing, the broader structure at the moment is not favorable. Reward/risk can be defined from 44K, but its the probability that we get follow through from here is what is not obvious or clear. First, it is important to understand that I am evaluating from a swing trade perspective...
Break outs usually occur quickly as do rejections off of resistance levels. What is going on here? If this is a 50K break out, it is extremely slow which may have something to do with the lower than usual volume associated with a holiday environment. Here's what to do, and what not to do: 1) Baby sit. If you are long from a recent trade signal, there is nothing...