This is a crazy time in the markets. Huge rallies, rampant speculation over the Corona virus, and now the biggest weekly drop since the financial crisis. Putting all of the speculation to one side lets take a look at the charts.
Since the December 2018 bottom the market has been in a greatly accelerated uptrend. There were signs of irrational exuberance...
Bitcoin has been on quite a ride since my last post. We reached my low $7000s target area and had a huge bounce from there, pushed along by liquidation cascades, but there was no follow through and the entire move has retraced and made a new low. As I alluded to last time I believe falling below $7000 is a very bad sign unless it is just a wick and thankfully...
So bitcoin has broken down out of a three month descending triangle structure with a huge violent move that has sparked the usual panic and cries of manipulation from the masses of newbies and amateur traders. Before looking any deeper into the charts it is worth noting that the current trading environment is very illiquid with low volume spot trading, thin order...
With the formation of a higher swing low on August 15th the current structure is looking more like a triangle with an apex around mid September. Typically these might be expected to be a continuation pattern with a break to the upside but in my view this is not likely. What is likely however is that once this triangle breaks, it is going to move violently. The...
Having formed a new lower swing high bitcoin has maintained its corrective structure. The combination of the . 618 retracement level and the top of the descending channel were too much resistance to break through, falling swiftly back down towards a major support level . Now the question is whether bitcoin can form a higher low setting up for another attempt at a...
