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Bullish: Is this a clear breakout of the down trending channel and a retest of previous resistance as new support before a move to a new high?
Bearish: Price has still not made a macro higher high and has been rallying without a re-tracement. Could it be a long squeeze become capitulation down?
share with us what you think is happening :)
- BTC is trading at a macro resistance.
- The momentum up is slowed down considerably.
- Price tending to consolidate closer to the 21 daily EMA, possibly looking to test under the moving average to establish bullish strength. If not enough bullish strength is found, price will dump further.
- Price is potentially consolidating above...
The bitcoin price has back back up to retest previous support, now resistance and currently looks like it has created a a lower high.
RSI14 and the price is making an argument for 2 divergence patterns:
Hidden Bullish Divergence (Higher Low Prices and Lower Lows on RSI), which is a continuation pattern to the upside.
Bearish Divergence (Higher High Prices with...
On the last drop, BTC was supported by the previous monthly and weekly close. However, the price movement from support and the price action volume does not suggest a very bullish bias.
We are looking to add to our SHORTs if price goes back up to test the 21 daily EMA, unless there is a large Bullish volume.
From the last posts, we concluded the pattern is looking more bearish than bullish. We shorted many tops as the price bounced up every time, took profits on the bottom support of the channel, and was looking for a rise in price to find weakness. When price moved up to 9.3K, the decreasing volume suggested the rise price is going to switch. We took a SHORT position...
An update to our last post, the Bearish Diamond played out and the target is reached.
Price is at local major support and was bought up on the close. However, we are still suspect of the bullish volume. Currently monitoring for a sign of weakness for the bulls, where we will look to enter some SHORTs.
Last night we spotted a bearish divergence on the hourly chart and the pattern broke down more than 4% almost immediately. We are currently eying a potential bearish diamond in the mid-term, signifying a trend reversal. If this pattern breaks down, our next support is at the monthly close, low 9K region.
Let us know if you like this type of quick real-time...
The price is making a higher high, while RSI-14 is creating a lower high as highlighted in the chart. This is a text book reversal signal as a bearish divergence. Let's see if BTC will stay true to the technicals and drop in price.
With the hype of bitcoin halvening, there has been a lot of noise. Lets take a look at the actual price action of bitcoin and see what technical analysis has to say about it.
For the last half a year, bitcoin has been trading in what looks like a descending channel (if you draw the lines from the top of the wicks) or a Broadening Formation (if you draw the lines...
From our previous chart, the Bullish scenario outlined played out and now we are back in the resistance zone.
Currently, we are looking to find good SHORT entries in the outlined red zone. We are looking for any weakness based on volume and divergences mainly, which seem to play-out with higher accuracy in the current market.
Be careful of traps and squeezes...
BTC price is creating an ascending triangle inside an ascending channel supported at the golden ratio of 0.618. That in combination with the CME gap at upped 9K ranges creates a case for a LONG position as shown in the diagram. Keeping a tight stop-loss under previous support, makes this a low risk higher reward play. We are currently entertaining this position....
Our short from the previous chart based on divergence has been closed with beautiful 12%+ profits. We think there will be a retest of the previous support, now turned resistance, before more downwards action. The Fibonacci golden ratio also aligns well in the short term.
Recognize that the price is still trading in a down trend and the trend is your friend, until...
BTC has entered a heavy resistance range.
Can it break pass it? Maybe. However, we are also creating a bearish divergence on the RSI14.
Price has been slowly moving up without any real pull-backs.
We have entered a short at around 9.9 K.
Stay Safe Traders! :)
Bitcoin has shown great strength and has already tested the top of the large channel. It currently looks a bit over extended for us and we are expecting a retracement.
However, in the long term, BTC is looking to break this large descending channel and push up higher, potentially being the start of a parabolic market in the years to come.
Is the price of BTC ready to break out and test the highs of the channel or is there enough weakness to push the price lower to test the lows of the channel?
We think the price is likely to fall because the price has slowly ascended while the volume decreased. This suggests that the market is not in agreement with the direction of the price. Also, the fib...
The bulls have defiantly showed their strength and it is something to keep in mind as the price was at mid $3000 ranges not too long ago. However, the is a descending triangle in the formation, inside of an ascending triangle. Ascending triangles break up and descending triangles break down, most of the time.
We are still in out short from the last post, we...
Bitcoin is currently breaking out to the upside. If the next 4h candle closes above the below red rectangle area, we would be looking for a long positions, if the price retraces a bit with small volume. This was meant to be a quick update, cheers!