stewdamus

stewdamus Updated 

In the next few days, I am expecting some major price action to occur in Bitcoin. As I analyze the charts, from a purely technical perspective, I see many signs that indicate the price will shoot up. Of course, there is always a chance we could go the opposite way as well. And thus, caution should be exercised as we flirt with these lower levels. If we do break...

stewdamus Updated 

So, we bounced before and on the 4th as expected. But now we're up against that $2600 ceiling again and can't seem to close above it. As we continue to struggle with these upper levels, it is becoming increasingly clear that the market is not willing to do much more here before BIP 148 on August first. I've said all along that I'll remain bullish as long as we...

stewdamus

Our channel holds support again. As predicted, we have the start of our uptrend. However, excitement should be tempered as we have (2) two big overhead resistance points to hurdle prior to continuation: $2600 is our first stop, and then onto $2760 (see previous posts for more on these). Because, if we don't conquer these, re-analysis will be needed. We are not out...

stewdamus

In yesterday's post, I indicated that $2600 was the level to beat. We bumped our heads twice at or near that level. Now we also can see the middle of our Bollinger Band coming into play to help act as resistance at this level. $2600 is still our level to beat. After that, another big resistance at $2760. Until then, I advise a fair amount of caution to be...

stewdamus

Our resistance today is at $2600. Traders are advised to exercise more caution until we get through this level and the next at $2760. These will be key resistance areas moving forward. Our focus today is at $2600. Happy trading.

stewdamus

Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held...

stewdamus

As a swing trader, you must have an iron stomach when it comes to trading cryptocurrencies like Bitcoin. But I must admit, Bitcoin is testing even my tolerance levels as of late. However, there remains one last level that I am willing to test before I see another dump on Bitcoin and a re-test of lows @$2100, $2000, or possibly even $1800. This last level is around...

stewdamus

In my last post, I pointed out the hard overhead resistance we were fighting at $2760. At first, I remained optimistic that we might break through. As time went on, I could see that any move up was exhausted quickly and I knew the probability of moving through was not likely. I ended by stating that we would most likely move sideways for a couple of days OR even...

stewdamus

Last night I had hoped we'd break through our overhead resistance of $2760 as the far east took over the helm. However, the show of strength that I was hoping for was nowhere to be found and Bitcoin closed the last candle in anticlimactic fashion. As I've stated in previous posts, if we are unable to break through this resistance, we are in for a few more days of...

stewdamus

As the markets start to wake up in the far east, I expect a push through our overhead resistance of $2760 tonight. To do so though, it is important that we also close out above our middle Bollinger Band of support , currently at $2670. If we do, it is a good sign that we will push through that tough overhead resistance of $2760 tonight. Once accomplished, the road...

stewdamus

It is important that we make a close above support of $2599 today. If we don't, the time in which Bitcoin reaches the $3250-$3300 price point that I've predicted must be extended. As of now, we have until July 3rd to reach it. Should we fall below our support today and close OR fall below the support line of my upward ascending triangle tomorrow, that date would...

stewdamus

Once again analysis here is not tough stuff. Our line in the sand today is $2760. If we close above that, it should be fairly smooth sailing on up to $3250-3300. If we are not able to break through this resistance level today, then we should see more sideways consolidation before moving upwards again. Either way, my prediction still stands, $3250-3300 by the end...

stewdamus

We've seen this beautiful chart pattern play out before. First, one big down. Then a pause day. Third day - another big down. Then a day or two pause / bottoming out /finding support. We then saw three sideways days - green, red, green. And then? Our next move up with some pause in the middle. In the last move up, we made it to $3000. If this pattern plays out...

stewdamus Updated 

If my analysis is correct, we will continue to close inside the borders of the green channel outlined. I don't expect to close this candle below $2300, which is the high on the 22nd of May and also a support level (red line). This support intersects with the bottom of the green channel. Further analysis and price prediction indicates that, as long as we do NOT...