When people tell me Bitcoin is going to 100,000 or a million, I don't know what they are talking about. I base things on technicals and charting. At max, I'd say either 14,000 or 17,000 by July of next year. Now does it have the possibility of going parabolic? Possible but we are still in a pandemic, doesn't seem likely.
Bitcoin is continuing it's sideways movement. I'm currently expecting price to move sideways and possibly down to 9992 somewhere in mid September. At which point, it's possible for it to make a large move upwards.
So far so good, sideways retracement of Bitcoin is still ongoing. Right now, we are at an interesting spot, let's hope bitcoin can break 10870 and stay above it. At that point, we are very bullish but of course, for any large movement to happen, either the 100 SMA needs to catch up or we hit the target retracement point. Of course, it's also possible for...
As I have always known, most markets move in triangular patterns. When most traders learn to trade, we are taught to draw horizontal lines for support and resistance. Over the years, I've come to shift and move those lines to triangular patterns using wedges, they work better. As for this chart, BTC did dip down to the lower green trading zone and I expect it...
Well, we had hope bitcoin would just go to the moon but the analysis shows it's more likely to retrace or go sideways for quite some time. On the low end, price could channel down through the lower range from 9200 and 10800. Watch for the SMAs to catch up before we see more movement from Bitcoin.
ETH is in a good place to trade upwards. We are looking for a reversal candle for upward movement. Wait for a reversal but everything is still showing bullish as the candles are above the 50, 100, and 200 SMAs. Expect price to channel between ~280 and 340.
I'm a big fan of wedges and fans. If you can find them and match them to charts, you a much better idea of support and resistance zones. In any market, they are not really horizontal as everyone seems to think. Added with Fibonacci, looks like LTC is working in what I call a good trading zone. It'll probably bounce up and down within the upward green zone but we...
I wouldn't necessarily go bearish on bitcoin right now but you should consider a retracement needs to happen before it continues on upward. Now is the time to watch, a good buy zone will be at around 10,400. Now, if it takes off, you see where my yellow line is? That will mark an extremely bullish point and which point, we are looking at an even bigger movement.
When you have big movement's in markets, they are still bound to retrace. EUR/USD had a big movement today due to news but where it's at, it still needs to retrace back to the 50 SMA. For a short term trade, trading the retracement can gain you profits but of course, it goes against trading with the trend.
BTCUSD took a nose dive down to the $6000 range at quite the support area. It also is at the lower end of the day range wedge make it kind of a make it or break it situation. If you're bullish, this is more or less a great buy zone as long as you give a reversal pivot.