Simple straight forward falling wedge breakout trade given the absolute low volatility at the yearly and multi month block supports for BTC makes it a perfect Risk:Reward setup.
Take profit points : 3750 3850 4100 4250 4400
Nothing much interesting going on with Bitcoin at the moment with same ranging zone. 4H and 1H signaled long and positions remain that way unless stopped out in profit. Red blocks are resistances to break, Green block is the soft support that should not break inorder to hold the fort. Staying long for now as per the strategy in use. SL in profit.
TD turning 8. Possible A13 in the next days.
Closer to the diagonal support line and RSI dipping again into the buyers support zone.
Margin indicator still shows positive/neutral sentiment in the market on the daily unlike the perma-bearish sentiment during previous dip to 7k.
Multiple bull divergences on timeframes lower than 1D. Expecting a bounce above 7500+
Possible IHS on the daily chart indicating chances of reversal/retracements to the higher fib levels mentioned in the chart. However, the neckline has to be violated and retested before the confirmation of trend reversal and bull run. It can be a fakeout and the retest of the neckline can fail to make new lower lows.
BTC has to close above 7600 on the weekly to retain hope for the bulls. If it doesnt, and closes below 50week MA, then the next support levels are at 4500 on the weekly. Shorts are adding up on bitmex as funding rate goes negative with increasing contract size. Thus giving hopium to break above 50W MA on this weekly close.
Notice the deathcross on 4h tf. XBTUSD ticker. Last time the golden cross happenned in 4h tf, btc rallied from 8900 to 9800 for nearly a week after a few days of sideways. Now the deathcross is happenning. MA 100 & 200. Lets see how long can bitcoin hold.
VWMA is one of the effective strategies to detect a breakout on either sides. In this daily chart you can see that it is now resting on the blue line which is 55 VWMA. If the daily closes below this, then bear it is and a possible short entry will be at 8150 with next stop being 7800 and further depending on whether it bounces the 0.618 fib retracement level or...
As you see, BTC keeps making lower highs, indicating a dip is inevitable. Red TD and RVGI crossing over at the top indicates a downtrend for next many hours.
Support at 6880 is holding strong for now, however hidden bearish divergences in 2h timeframe indicates that the support will be broken.
If 6430 support is broken, then doors of hell open.
Litepay was one of the major reasons for LTC pump in recent times. However, the news about litepay failing has been digging a deeper grave for LTC. Slowly and steadily LTC is going down.
Target 1 : 0.0165
Target 2 : 0.0159
I wouldnt long/buy LTC before it is below 100 USD give or take.
This price is based on bitmex.
Adjust to your exchanges....
Well, BTC has established a strong support at 6600 ranges. Thereby creating a opportunity to scalp between 6700-7100 ranges. I expect it to be few cycles before the next flash crash to 6k. Unless we see wall street buying in, movement to 7500 above ranges is unlikely.
Short and Long accordingly. Do 50-100x to get liquidated. Advised to do 10x at max.