Since the LTC/BTC ratio broke below .004, the accumulation / distribution indicator has been rising (on Poloniex). For the last 40 days, traders have been acquiring Litecoin. Today, over 1.6mm+ LTC were bought on Okcoin, which is an unusually large amount of coin. Buy volume is increasing and sell volume has decreased.
I am bullish.
We are seeing a bit of bullish momentum in LTC today. Right now the weekly StochRSI is at the floor, the weekly BBs are tight, and price is coiled nicely at the tip of a triangle. Combine this with a Supermoon, and we could have a big move in store (If you believe in that kind stuff).
Since I am inherently bullish by nature, I am long. In any case, regardless of ...
This is starting to look like one massive falling wedge, for which Bitcoin is famous for. Although it is a bullish pattern, the last one we found ourselves in during the summer of 2015, failed miserably (with a Bitfinex stop run below $200). This time around I tend to be an optimist, expecting a great buying opportunity between $300 - $320. Of course I assume ...
Looks like we are in another infamous Bitcoin triangle. We had a nice short squeeze to $465, followed by a brutal long squeeze into the $350s. I suspect once this triangle resolves we should get a juicy move out of it. Personally I am leaning (and hoping) for a push to the downside. Simply looking at the Open Interest levels, I just don't see us having the buying ...
I suspect we are witnessing a massive inflow of South African Rand into Bitcoin, which becomes quite evident in the above chart. The Rand has already reached record lows against the US dollar, and could show further weakness. Although I am expecting a pullback in BTC eventually, this bullish trend could continue for some time.
For further info watch the ...
If we exclude the 10,000 BTC stop run on Bitfinex and use a floor of $220, a cup formation becomes evident. After recently going parabolic, a healthy pullback of 1/3 the depth of the cup would set us up for a C&H continuation pattern. Now if the pattern resolves bullishly, a target of $375 is achievable.
Good luck and happy trading!
Since the January 2015 low, we have been following a strong trendline upwards. This trendline is represented in bold orange, and regardless if BTC is trading above or below it, it has been acting as a magnet for price. Currently after the strong sell off, we have found ourselves right on top of it again.
Please view the following chart: http://pasteboard.co/1n41ddKG.jpg
Today Bitfinex reached record open interest levels. We have overtaken the previous high set on 07/18/2014 by roughly $300,000. Clearly there is new money on the exchange, and speculating on Bitcoin price. Generally we should see a bigger move in either direction, however I personally am leaning ...
After listening to the suggestions of tradingview user FALA, I downloaded the BFX data into excel in order to graphically view the levels of open interest for Bitcoin on the exchange. For those that are unfamiliar with the Open Interest indicator, it basically shows combined longs and shorts and represents how many traders are entering or leaving the market.
12 days ago I published a chart attempting to predict a potential Market Maker Sell Model. Unfortunately for the shorts, a strong insider short squeeze was set up right before the release of the ItBit / FinCen news. Thereupon the market shot up close to $250 and my small position was stopped out. Looking at today's sell-off, I am seeing signs of the market maker ...
In the short term, I am still seeing bearish signals in the charts. I could see a drop to $225 and if that breaks a revisit to $215.
1) Another potential H&S formation on the 4H.
2) We are coming up against a strong (down) trendline.
3) I also see a bearish Wolfe Wave formation, which could bring us down to target #2 of $215.
4) We are in a rising wedge, which ...
As much as I hate being bearish on Bitcoin, too many negative signals are showing up for me to go long.
1) We are in a strong downtrending channel, and are currently near the top of it.
2) A large potential Head and Shoulders pattern is forming.
3) The market maker sell model is in full swing.
4) The hype train has been going at full speed these last few weeks: ...
Follow up from previous chart - Will history repeat itself?:
It looks like yesterday's call, has started to play out and BTC has broken upwards. If momentum can be sustained, we should see a test of the next major trendline in the $360 range.
Looking at the unusually high sell volume down to $166, it appears that many sellers have capitulated. We are pressing up against a key long term trendline, and the similarities between the April / May 2014 bottom are profound.
For now $215 has shown significant support in the form of a triple bottom, and I am "cautiously" long (unleveraged).