Its been a rollercoaster ride for Ethereum. At one point it was hailed as the next big thing, the world computer that would solve problems real and imagined then came the DAO hack and then came the dumps.
Hard fork after hard fork has damaged the credibility of Ethereum as a reliable and immutable blockchain. It is likely that it will need to come down a lot more...
After making numerous attempts to pass the previosly impenetrable 500 downtrend line we have finally crossed it today.
A daily close above the trendline is a very bullish sign for Bitcoin. Apart from a few speed bumps on the way up. the path to 600+ looks clear
For the most part it appears that Bitcoin and Ethereum move inverse to each other. When Bitcoin pumps Ethereum dumps and vice versa.
When Bitcoin is slowly rising, Ethereum slowly declines
However there are some rare times when both assets move in concert with each other . It seems that during the early stages of a parabolic Bitcoin pump, Ethereum tags along for...
LTC is currently heavily oversold. It is at the bottom of the multi year linear trendline at the moment and history has shown that it moves in concert with BTC when it pumps.
Buying at this level and setting stops below the linear trendline makes alot of sense, Conservative buyers should wait for price to rise above 0.009 which was previously support from...
During the past two bubbles Bitcoin has triple bottomed before beginning a subsequent rally. If this pattern repeats for a third time we will spike down to 230s before attempting a new rally.
By bouncing up from this level , we would still be above the downtrend line (red) thus keeping Bitcoin in an overall bullish territory.
Looking at the past...
Currently we are well above the (red) downtrend line that has ensnared bitcoin ever since 2013 all time highs. This shows that the overall condition of the market is very bullish.
However we are currently in a pennant from the 370s drop, Here are some scenarios that we could see once it breaks
go sideways for a while then continue upwards...
The past two price spikes we have had this year where followed by a large selloff after which price retraced back upwards to the magical 0.618 level.
A repitition of this pattern should see the price move back upwards to the 0.618 fib at $420
Bitcoin has failed to break free of the downward channel that has held bitcoin captive for almost a year and a half.
Yet again the resistance proved too strong, As the linear uptrend line was violently peirced in January I doubt that it will save us by serving as support.
I think the price will bounce along the linear uptrend line around the 230s for a...
Bitcoin has just tiptoed over a major downtrend line from $980 that we have been under for over a year.
We have 3 healthy looking 4hr green candles close above it, wearas in the past only the wicks of failed pumps breifly peered above the line.
A daily candle closing above 274 would be very bullish
This isnt really a technical chart, just an observation on the angle of upward price action which appears to be the smoothest and most gradual yet since the 1163 decline.
Prior rallies have seen steep, parabolic pumps followed by devastating 100% dumps but since January we have been gently trending upwards.
This looks like a healthy rise and a...
We are approaching a very important point in bitcoin that will determine the direction of the market for the next 6 months at least.
The upper bounds of the downward channel that has contained price action for a year is less than $30 away. In addition to that the logarithmic uptrend and downtrend lines are both around the $360 zone.
When It comes to trendlines a clear pattern can be seen. At first the price attemps an insane break above the line moving over a $100 in as little as a few days, usually fueled by some bogus "good news" yet it is unable to close above the trendline on the first attempt as it moves too far too quickly, a massive selloff quickly ensues.
On the second attempt a...
The low of $152.40 on the 12th of January marked the highest trading volume since Winter 2013 all time high and it has certainly made for some very profitable short term trades for some and horrible losses for others.
Zooming out of the chart we can see that the last time we had such high volume after an all time high it heralded the beginning of a new rally and...
As described in my last post we are getting very close to the long term logarithmic support line which as you can see has never been broken.
Before the price has gone up in the past it has always touched the long term support line in order to refuel for the next rally, which is likely to be a healthy, smooth and gradual one before we make new highs in the...
This is an exciting time for Bitcoin. over the past few months we have broken below multiple long-term uptrend lines and now the final one, the one that has never been broken in the history of bitcoin is in our sights.
We had a nice bounce off of 304 up to 338 which was a perfect 0.618 retracement.
In the entire history of bitcoin the price always...
Price action retraced beautifully and landed spot on the mystical 0.618 Fibonacci line. once it went back up it touched 0.618 again!
Im expecting it to go back down to 1.618 which also happens to be near a good support level