Through 2019 Bitcoin has once again proven to be the best performing asset available to the masses, far surpassing the expectations of even the most bullish commentators in the space.
A staggering recovery from lows around $3.2k of 2018, accelerated through to highs of 13.8k - around 4x to its peak.
After such an impressive move to the upside, one which fast...
This is a continuation of the chart shared which helped be nail the absoloute bottom in 2018 please review the original chart and commentary for further explaination.
As a recap, as Satoshi said himself rightly pointed out that commodity costs are likely to gravitate to...
Two recent important pivot points for bitcoin in recent times - both with immediate differing outcomes, but ultimately both leading to the Inv . H&S taregt being reached.
Im now leaning to the more bullish 2018 after the breakout yesterday.
Drop a like / Follow on twitter.
Despite Bitcoin going ballistic, it does not mean we cannot approach this market with a calculated approach and avoid any panic.
We have some clear objectives and targets as discussed on the chart.
No need to panic here, develop an intermediate plan and stick to it to avoid panic.
Let me know what you think will happen next.
Follow on twitter etc for more...
The recent price action seen with Bitcoin attempting to break $9k (B) is a carbon copy the same as we saw when Bitcoin was attempting to break $6k (A).
There was bouncing between the 61.8% and 87.6%, before eventually breaking through and then extending out towards fib level 4.272 at $8.5k.
If we extrapolate that for the recent move at $9k then we get...
Bitcoin's Market cycle - One of the most defined textbook examples of the market cycle cheat sheet we may ever see.
The chart is self explanatory showing the cycles we went through and the final phase we are now completing - Return to the mean (which is the center line of the pitchfork using candle sticks)
Well this is how i will remember it anyway:)
There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k.
It took a lot longer this time in a bear market.
Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk (which is significant at this point and i am very cautious about being long until there is more...
Ok so this is an unusual unforseen scenario.
This is how i plan to play it at this very early stage, preempting the information.
I have gone to cash (actual fiat not USD) and i am expecting a sell off on the BTCUSD fiat pair.
The reason why is because those people holding tether will want to hold fiat while there is risk in tether.
The way this will be...
Bitcoin continues to show signs of strength.
The Short positions at Bitfinex are now higher than those that preceded the breakout which took us from 4-5k
The Long positions at Bitfinex are now the same as those that preceded the breakout which took us from 4-5k
Bitcoin continues to grind up, without sign of there being any leveraged positions being taken up...
I recently shared a post which illustrated how to use the OBV (attached - please review) which showed us how and why it is useful.
In short, it combines cumulative price direction AND volume and helps illustrate where critical relative volumous price action takes place, relative to that which has taken place before it.
In this chart we can see that once...
When you look at the whole picture, bitcoin seemingly has Demand being > Supply in the 3k range.
Granted we only have two periods now to look at but the ranges are aligned in terms of where there are clear areas of support and resistance.. aswell as those where price simple carves through.
A Bitcoin higher high above $4250 would imply a void in volume through...
Bitcoin is once again knocking at the door of $5k.
Most of the commentary is on the chart but we now also have a clear inverse head and shoulders bottom.
There may be volatility ahead - the bulls must flip previous resistance now into support and attempt to stay about across the $4055 at finex ($3950 everywhere else).
A failure here will likely see us backtest...
OBV is a lesser used, but particularly powerful indicator because it incorporates volume and price direction.
A break in the trend of the OBV has been very successful for me in the past in identifying what is goin to happen next ahead of time and is always used alongside moving averages and/or support and resistance. When i have ignored the OBV trend change and...
Would like to see a quasi Inverse H&S form here, finding support $3400 - $3500 at key fibs, which would also complete the Adam and Eve.
Volume Profile is not really there unfortunately
Fail to find support; its bad news for the bulls and we will retest lows, certainly $3200s and failing a strong reaction we will go deep into $2000s.