BTC has been in a descending triangle since July. All attempts at breaking out to the upside have failed.
Here is what will probably happen:
In the next 1 to 3 months, BTC will break sharply to the downside... where it will run into the ascending 200SMA.
This is where you buy.
If you are too scared to buy a falling market, then you can wait for confirmation...
Long term support for BTC at about 6K has been obliterated.
As is common when this happens, there will be retracements against the trend.
It is easy for newer traders to get sucked into the move thinking a trend reversal is happening.
Be very careful here... when long term support is taken out so savagely, it is very rare that the last pivot high (6.5K in this...
The BTC breakdown is real and will be prolonged.
This does not mean there cannot be up moves. One is probably coming soon as counter trend moves are not uncommon at all in markets.
There is a 0.382/0.618 confluence Fib level at 5100 that will provide significant resistance to any rally against the trend.
This level is dangerous because it is just above 5K...
The long time support level of 6K has just been definitively breached. 2-4K is going to be here very soon.
When long time support is broken like this, the previous swing highs are usually not exceeded for a long, long time.
BTC is not likely to exceed 6.5K for at least a year.
The results will likely extend to the crypto market as a whole as there is still a...
ETHUSD is going down to test the .618 fib level (550) measured from the low of 2017. This is a major level.
The 60 min trend is very negative so there is a high probability that it will go to 550.
Based on the current down swing, the .382 retracement is at 646. Short ETH here with a hard stop above the high of the swing.
Take profit at 550 because you will likely...
BTC is at a crossroads. This means that the entire crypto market is also at a crossroads.
A little over a month ago, BTC bounced off of the confluence of the 0.618 Fib level (measured from the Jan 2015 low to the ATH) and the 200SMA... actually it went through it by quite a bit but the weeklly close was well above so it was not definitively breached. The bounce...
I wanted to share this TRX/ETH chart with everyone. I know Tron has fallen out of favor but there is a long term opportunity brewing that you should be aware of.
As you know, when something has fallen out of favor and is down >70%, it might be time to take a look at it ESPECIALLY if there is a compelling chart pattern... and the middle finger...
As the broader crypto market unravels, NEO is holding up relatively well. It is bouncing off the .382 vs BOTH ETH and USD.
It is a decent buy at this time.
IF NEO/ETH CLOSES above the red line on a DAILY chart, it will be Fixin' ta Bust and therefore you should buy some at the market.
IF NEO/ETH CLOSES above the red line on a WEEKLY chart, it will...
STEEM has held up fairly well as the broader crypto market unravels.
Also... STEEM just got listed on BINANCE yesterday (Feb1 2018). This alone will increase the demand for this coin.
Sure there is a H&S pattern on the daily, but H&S doesnt mean that much in a sideways market.
I am not recommending it as a buy AT THIS TIME.
Wait for a close above the trend...
The next few months are going to be pivotal for BTC and the crypto markets in general.
For BTC, we have a confluence of:
White Line: 0.618 retracement measured from Jan 2015 low to Dec 2018 high
Red Line: DAILY 200 SMA
So far there is a nice INTRADAY (Feb2, 2018) reaction to this level... so far.
Keep an eye on the weekly and monthly charts... if BTC does not...