As I've said in previous posts, I fear this is a huge bull trap. I don't know for sure. I just think its a situation we have to be prepared for. I'm a huge crypto and bitcoin bull in the long run. But I'm also a believer in cycles and patterns. And parabolic moves have an uncanny ability to follow a similar pattern. What is a Parabolic Asset Move? This...
If you have followed me, you know I've been concerned about this move up being a bull trap and I've been generally taking short trades. However, I trade based on structure and price action. So after I went short around $11500 (stopped out multiple time), I finally rode it down and took profits. As I said in my last comment under the bull trap idea, I noticed...
Even though my last idea was about shorting, I am a long term bull in bitcoin and crypto in general. The move off of the bottom started relatively calm, but has since gained extremely strong momentum. In many people's view the bottom is in. And to be real honest, I certainly think its possible. I really hope the bottom is in. Bitcoin is its own animal so it...
So, we are on a TD7, but since that last 3 candle was high, the daily is 2 days behind where it normally has been, which would be a TD9 on the daily. We have a 9 on both the 4 hour and 1 hour. Also, its forming a wedge and looks exhausted. My guess is that we might have enough to do a quick blowoff to $11800. Then pullback. If bitcoin catches support at...
So bitcoin has had a nice run from the $6k reversal. And a big bull push since $8300. I generally traded it long but was a bit cautious. I sold the remainder of my position at $9500. Now I'm building a short. I've been told I'm crazy to short because: 1. This is 3rd wave of 3 in elliott wave 2. We broke the $10k psychological barrier. 3. The sentiment is...
I got stopped out of my last attempt to buy bitcoin last week on the potential reversal and never really got the risk/reward to short from $9500. So I just watched the reversal only doing some small scalps. In order to get in long, other than scalps, I wanted to see the market make a swing low on at least an hourly chart. We got that yesterday so the next step...
We now have 2 events that tell us we are in a short term bull reversal. 1. A breakout above the resistance line that formed a swing on the hourly 2. The hourly candle closed above that line. So from here I expect us to enter a new range zone between $9000 and $9500. Ideally we spend 12-24 hours bouncing in this zone creating support. We are targeting the...
The short answer. It's is likely that this is at least a medium term bottom. There is a good chance that this could be a long term bottom and we never see bitcoin lower There is still a chance that we just bounce and go lower. Not surprising, bitcoin slowly leaked down until it flat out ran out of sellers, hit a wall of buy orders and aggressively shot up. A...
The last few days, all I hear about it is bragging from traders and investors that they "bought the dip." The drop is over. That was easy. Don't sell at the bottom. Just buy! buy! buy! It's a good plan if you are investor. At some point, I think bitcoin goes higher. But if you are trading bitcoin, its not so easy. The move from $17k to $9k is a big move....
After a strong move down, bitcoin has been in a choppy consolidation. The big question. Is it going to move up to new highs or is it going lower? I still believe there is risk of a much larger move down. I sold at $15500 around Christmas. Bought back around $16200 and then got stopped out on that trade with a daily sell signal. Since that time, bitcion has...
A lot of people say they buy low and sell high. But believe it or not, there are traders that make a killing buying breakouts at all time highs. Why? Because an asset that moves up, consolidates then breaks up, the asset can take off with no resistance above it. In crypto, this happens at an extremely fast pace so breakout trading can help you generate quick...
This is the 5th time we've visited the orange line. These support lines act like a floor. However, the more the market knocks on the floor, the better the chance it has to break through. If Bitcoin falls through, it will test the lows of the move. And if that floor isn't strong enough, it opens the door to much lower prices. There is also a smaller head and...
Falling through our orange line it did not take long for Bitcoin to test that $12500 area. As common with previous support it held in the short term. But remember that the more often we go down and visit that support the weaker it will get. I like the buying volume down there so I expect Bitcoin has a good chance to come up and retest the orange line. Then...
We fought hard at the yellow line and held support. Won a battle and proceeded to make a bullish move yesterday evening. We've pulled back overnight. I'd like to see Bitcoin make an ascending triangle and work its way back to the key $16k area and attack that green line. We might just continue building this consolidating box as well. Still have to hold...
This is more about just writing out some thoughts than technical analysis. This is about the Z Classic Fork /Migration In a new twist to bitcoin forks, Z Classic will do something new called Bitcoin Private (BTCP). This is how it will work: Z Classic will fork so that if you own 1 ZCL you will get 1 BTCP They will fork for Bitcoin users too. So if you own...
Bitcoin has now fallen below our yellow danger zone. The yellow box is an area where we really want to hold support. On the positive side, if we hold in this area, all the back and forth trading will work to build strong support under this market and enable bitcoin to propel to new highs. The longer we stay above $12k, the more likely bitcoin wants to remain...
This is a trade and does not apply to long term bitcoin holders. HODL if you are long term and just quit watching charts. This was an incredibly aggressive downward move. It may not be over, but I believe the chances of a short term low are very good. Now we will have a "dead cat bounce" but I would expect this to be aggressive and hit somewhere in the green...
So after running around the lows, Bitcoin 7.28% came up and tested this resistance line around the $16k mark. Now we get find out how this story ends. Is it going lower? Or are we ready to march towards $30k? The bullish case: We want to see bitcoin 7.28% meander and continue to make attempts at at the $16k mark. Crypto loves to form triangles, so an ascending...