Market is clearly down now, lots of fear in the market. People are gunning for the exit. The liquidity providers now are the short covering from those who shorted at higher price. We are at the lows of the last major support after the 10k huobi wall was broken. I posted earlier that it looked like this when the wall broke. Wall broke: www.youtube.com From the...
The Eiffel tower pattern is essentially a fast price rise followed by fast price fall, effectively mirroring the price rise to the price fall like an Eiffel tower. Price of this pattern starts off choppy, but making new highs gradually. When market participants realize the path of least resistance is up, price develops into a new phase of exponential growth. This...
Shorted BTC at 381. After observing the market for 2 days, Going to short here with a tight stop. Don't wanna get hit by a truck if we do rally. I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com
I've covered my short at 394 yesterday at a small profit, market has retraced back since. I honestly cannot tell which way Bitcoin will go. Trend obviously says up in the short term since we have bottomed two weeks ago. However looking at the amount of bfx USD and BTC swaps, USD has increased by a bit. But the number of BTC swaps is at 12K! Speculators are...
It looks like a bear flag on the hourly, market consolidates after the recent drop coupled with lower than average volume. For bull, they need to keep prices above the supporting trendline. I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com
I wrote a bitcoin article regarding why there is a strong tendency for market to behave a certain way. This was few days ago and we were at the height of the third push higher to 2480. I marked the pullback level at the time like in the charts. Recent bitcoin article: ibankbitcoins.com Each wave of selling, red boxes, are approximately equal. Each rally was also...
Market broke out of the short term consolidation, red line. Bitcoin is retesting the highs of the previous rally. A breakout above the highs and also the descending trendline is pretty bullish. I've highlighted the first target at 2420 or 395 if we do breakout. Realistically, since its so close to the round number 400, we probably will hit that. Twitter for my...
From earlier today: =============================== Both usd and btc swaps are increasing. Generally, they go in opposite directions since they are literally betting against each other. In the following case, only one scenario will play out. One side of the bet is wrong, which will help push the prices further in one direction. I am inclined to say up because...
Market looks bullish in this chart. We bounced off the 300USD/1900CNY level. Market has been trading at higher levels, but also held there. Past bounces during this bear trend has sold off relatively quickly. It used to starts off bouncing off support quickly, rally some followed by quick dumps. Is it different this time? Chart pattern definitely looks better than...
Market inside ascending channel. As we speak, we are testing the supporting trendline once again. In addition, there is a short term double top forming. In other words, this supporting trendline is pretty important. I still believe we will retest the bottom of 275 once again because such a strong bear momentum doesn't just instantly recover. Imagine a car trying...
Over the weekend, bitcoin market was under heavy selling pressure that we haven't seen since the last bubble. We are inside a big ascending channel on the hourly. Why do I not call this a bear flag, a continuation pattern? This is because the range and volume of the channel are big; the band is over 25 points! A churning of this size suggests that market cannot...
Market is forming a bear flag at the lows after yesterday's drop. How do you know that this is a flag? Read this bull flag post I wrote. www.ibankbitcoins.com To summarize: 1. Prices overlaps between high and lows. 2. Volatility and volume drops . Take a look on the hourly, we are at the lows. For the bulls, this could be a double bottom. Generally speaking,...
twitter.com I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com
Market is at the new lows, forming what looks like a descending triangle. Naturally this is bearish which is true for any consolidation at new lows. For the bull argument, we are barely below the previous low. What I am trying to say is that this zone is where a large number of long’s stops are at. Take a look at the past few times when market made new lows, the...
Short-term trend is up. A 10% reversal off of a double bottom is a good indicator. Looking at the 4 hour chart, we are likely to retest previous lows and downward trendline. In addition, the double bottom that was formed also points to this area; a lot of confluence. Hence I think it is likely we are going to retest it at some point. Now, that does not mean the...
More market consolidation. On the hourly timeframe, we are bouncing between the two trendlines. The buying pressure is getting slightly higher at this juncture since we have made higher lows. However, the big downtrend suggests that this could be a bear flag. I've made a post about trading flags before if you are interested. In addition, we have retested this...
Market is consolidating at 400 USD, any attempt of a bounce was sold off pretty fast in the last three days. I was very short term bullish, intermediate term bearish. Will be shorting at these levels. In addition, the chart pattern looks like a flag/penant formation at the lows. I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading...
Bitcoin market price has been very choppy this weekend. There is no trend, no predictable price movement except for the fact that price tends to get stuck at 400USD/2450CNY. Looking at the 4 hour chart, we are inside of a consolidation/bear flag like pattern. If we do bounce from here, that the arrow is the likely target. Notice the last bounce touched the 50%...