IMHO, it's more likely that BTC will breakdown, with basically a 1 in 3 chance it breaks up... even if it breaks up, I agree with Tone Vayes (only on TA) that it will just head into a Bull Trap around 5k before breaking down drastically.
This is still my long term outlook for Bitcoin:...
IMHO and also after seeing similar charts posted by others, we need a 200EMA > 200MA death cross to finally get us to capitulation and to resolve the bear market.
After that happens and price follows similar action to the last bull run, we can get back to a bull market. No price targets, but if that death cross happens, could be another $1000-$1500 price drop.
Multiple touches of the bottom trend line, BTC getting weaker and weaker, bears in full control... Bulls no where to be found, most likely waiting for the next breakdown to happen. I'm also waiting myself...
Made some great trades in the past week/weekend... the volatility of the ascending broadening wedge made it an easy environment for scalps on even the 1 minute timeframe.
However it's broken down out of it now. And ETH is looking scary up till the Daily timeframe. Will be looking for supports, but for the moment all in cash and just waiting.
On the 4hr timeframe.
Watching closely for a break up or rejection from the expanding channel top trend line.
We do have a 2 closing strong above a 1 using the TD sequential indicator.
I'm personally not trading atm, but I put in a long position at $119, all in cold storage.
This setup on this Chart was actually for the 10 minute chart, where you can actually see the 2nd green hammer candle, but TradingView only allows you to publish on the 15minute chart as a minimum timeframe.
Anyways this is an example of Momentum Trading with the Heikin Ashi candle sticks. I'll post a better example on a larger timeframe later.
Nice bounce for Bitcoin, bears have been exhausted, at least for the short term. Watching for the most likely break upwards... on ETH however the Bull Pennant has failed on the 1H.
Watch for the break then resistance -> support, or support -> resistance candle for the safest action.
I'm not doing any day/swing trading atm, only long term hodl positions. However wanted to play with this momentum swing trade setup, based using Heikin Ashi candles... and waiting for this over sold bounce on the daily.
I admit, not the best risk/reward at 1.58, but let's see what happens... missing some trading fun.
Watch this breakdown play out on the 15minute and more vividly on the 5minute, where you can see support clearly turn into rejection.
Top pink line $4975 is Tone Vayes 1st support, $4445.99 is the next biggest VPVR support I see, and we are so close to that and the downward momentum is like a fireball comet heading towards it.
Next support to test is probably...
On the Daily and Weekly, the BTC price has broken down on the descending triangle. We've all been waiting for this for weeks now, the catalyst as everyone knows by now is the pointless BCH civil war, between Faketoshi, Calvin Arye and Jihan Wu, Roger Ver. Stop losses and and resumption of the break market environment is the cause for further continuation...
We're squeezed down very tight now on the daily chart, the price is getting closer to the point of the major weekly descending triangle(bearish), or the falling wedge(bullish). Either way I'm no longer trading BTC, but accumulating back in for a long term HODL position. Picking up BTC for my 10 year hold, 5 year, 2 year and 1 year.
The price action will reach...
Inside bars have squeezed a tight range on ETH on the Daily Chart. Range between 222.16 and 210.16, since I only go long may set a momentum stop buy around 225-ish, or maybe 228 to be more conservative.
I was dead on calling this past bounce on Aug 16th:
Now finally with the bears exhausted and shorts squeezed, we see the bulls counter attacking... however without an ETF approval they have no backup. What I see happening is the same trend back in Aug, but at a...
Only visible supports for me are the VPVR lines. At around $183, $127.77 and then $64.24. I'm long term investing in Ethereum at these prices however, not trading Ethereum, but adding to my very long term position.
Both Bitcoin and Ethereum will have solid and usable scaling solutions within a couple of years, with the Lighting Network and Plasmas / Casper /...