Just shy of repeating the most recent all-time-high, the DJI has quite possibly rejected breaking to higher levels and the bears look to recover lost ground. I set my fib retracement somewhere unusual for this chart. Between two major points of support/resistance since 2018. I've marked these resistances with full black lines.
A failure here to break higher could...
Finally, a gamble. Stocks are prone to plummeting if tariffs have thoroughly shaken most hands and/or pockets. Bulls ran out of steam in July and created a "fake" All time high. We've been hitting a light ceiling in the index more than a few times.
I'm neutral here, we've already experienced a tumble. More than likely we see a corrective recovery then ultimately...
I'm up late and a little stoned so I thought I'd make a chart with some silly lines because charting accounts for roughly 10% of a market like bitcoin.
So trend lines are dope til the candles swing under. Sometimes it's a trap, but usually it points to a massive sell off. All I see are buy signals. All I see is FUD news. Who would've expected bitcoin to cling to...
After the bullish move, BTC confirms to the bulls it returns to 0.5 retracement. We should next see a brief correction down, then a swing up towards $11,600.
RSI indicates the correction. Fib indicates the bullish momentum. Trend line indicates direction. Overarching trend (3-6 month) indicates 11,600 resistance in the green box.
Fibonacci retracement points to roughly $10,300 per BTC.
Definitely the possiblity of a bart formation stalling out orders.
1/2 month trading looks low and advantageous for spot buys.
Currently trading short of that is dangerous. BTC refusing to sink below 10 for more than a week is telling, the bulls are holding the wall (BTC 9k-11k) as tight as they can.
Price manipulators will try to shake shorts right now. Watching the stock market implode and fly towards a recession, bitcoin gets to shine. This cryptocurrency was born directly out of the 2008-2009 recession as a means to maintain value despite a recession. The gravity of this situation may have insanely dire consequences though. BUY BITCOIN BABY!!!
Trend lines are hard to lay on certain lengths of time currently as price is uncertain. 5D lines represent legs on my 1M. I will be posting more often. 0.5 fib retracement indicates light confirmation on bullish momentum. Price is too stable the market will hop upwards if it's not just manipulated by the market.
Facebook's Libra hits the crypto space with its announcement and Bitcoin is as bullish as ever.
Speculation is at an all time high, and even CNBC is mentioning bitcoin futures going long. As always $10,000 per bitcoin is a huge psychological barrier. If we consider all of the ascending triangles we've seen to this day, we know that this will likely break 10k...
Traders are currently taking profits and looking to enter in longs in the 7-8k range. The EMA cross at .5 retracement is the perfect storm. Consensus wrapped up over the weekend and bitcoin has seen explosive growth.
I'm personally staying neutral until the dust settles. Too early to take profits in alts. Bitcoin price might sink a little then return to a bull...
Bear trap, could be a flag, still bullish. Not out of the question, but unlikely.
.05 retracement, compare the RSI. Make your move.
Crashing through 5k resistance? Miners must be running at a deficit due to Chinese regulation. Elliot Waves are especially useful.
Bart: Eat my shorts.
Zooming out to the 6m graph, a very nice cup and handle has formed. Ethereum has already made significant gains in the past few months but this could spell trouble for crypto enthusiasts.
This reversal can be an indication of either a reversal of the overarching bear-trend or the current bullish trend we can accurately chart right now. If a breakout occurs then...
BTC on Bitmex will play out in the bears favor. On the 5d you can set your sights on 3800-3900 resistance. Any FUD can crash this sucker to 3600 again. Depending on how flat the market gets these next few weeks seems dire for bulls. If it hits 4k again, we're launching past it and quickly.
4k retest got rejected. Wedge formed. Overall Bearish downtrend should send us downwards. Watch out for any long upward wicks that will try to clear your stop-loss. Market feels greedy right now. My friend who doesn't trade crypto is looking to buy in. A good indicator that we're in a greedy area and should be correcting downwards.
Good luck traders!
Disclaimer: I hate Wells Fargo.
A large head & shoulders pattern completed during q3/4 2018. Every major institution and index was forming double tops and reversal patterns. The real question is, is this more than a correction?
Perhaps. I think as all stocks and indexes have hit all-time highs, a correction is only natural. The hard part to gauge is whether we...
We're getting pretty close to a capitulation.
There's still the possibility that BTC can go under 3k again, however it won't stay there for long.
Bitcoin is going to test the trendline these next few days but will ultimately fail to breakout into a bullish reversal.
Be patient and save your money for this Q1 when markets look their worst and the news media...
This is not an indication that bitcoin will reach anything higher than 4-5k. Current resistance is at 4k after the last steep drop.
Bitcoin will most likely rally towards 6k by the end of the year. Keep an eye out for little dips and set your current stop losses for $80-120 fluctuations.
Bitcoin is still in a bearish trend, do not overcommit to this price...