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Bearflags

Bitcoin Price Action Update (day 355)Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business. Sawcruhteez Strategies: Comprehensive Trading Strategy - Consensio | Comprehensive Trading Process | How to BUY THE DIP | Advanced Dollar Cost Averaging Methods Consensio: 4h is bearish. D is bearish. W is bullish. Patterns: Head & Shoulders with $7,600 target. Bear flag with $8,660 target Horizontals: S: $9,400 | $9,100 and $8,600. First two areas of support look ready to breakdown. R: $9,600 | $9,800 and $10,000 Trendline: Bull TL violated two weeks ago Lucid SAR: If looking for SAR based on Welles Wilder’s original calculations then use “Lucid SAR” on Trading View. Broke 4h bear SAR. Futures Curve: Contango with 1.37% spread Funding Rates: Longs pay 0.01% TD’ Sequential: Daily R6. Weekly R1. Ichimoku Cloud: Weekly C Clamp with strong support at $7,600 and $6,500. Coppock Curve: Rolled over on the weekly. Average Directional Index: Weekly rolled over. Daily crossing 0 with -DI above +DI. Price Action: 24h: +0.46% | 2w: -7.09% 1m: -4.53% Summary: In the previous update I called for $8,500 based on the bear flag, death cross with 50 and 200 EMA’s, parallel channel and prior horizontal resistance. I have amended that to $7,600 due to the head and shoulders that is illustrated in this post. The chart below shows the path that I think it will take. I am still short from $10,330. I trimmed 10% of that position at $9,500 and moved the stop loss to breakeven. Now I am going to let the rest ride, hopefully down to my target of $7,500. Basically all of my favorite indicators are showing significant short - medium term bearish signals: Consensio on the Daily has turned bearish Weekly & Daily Lucid SARs are bearish Weekly ADX rolled over Weekly Coppock Curve rolled over Violated bull trendline Daily Ichimoku Cloud is bearish Weekly Ichimoku Cloud has a C Clamp Price action over the last 2w and 1m is down. Confirmed head and shoulders with $7,600 target Confirmed bear flag with $8,500 target We just confirmed another bear flag with a $8,500 target on the 4h. I’m not taking that signal because I am already short from a better price and am happy with my exposure. However the risk:reward is quite favorable. If I was looking to enter then I would strongly prefer shorting an alt. Most major alts recently had a death cross with the 50 and 200 Day EMA’s. That tells me that Bitcoin is expected to make a short to medium term correction but alts are ready to re enter full blown bear markets. Therefore short something like ETH makes much more sense than shorting BTC. After posting this I will be taking the RV out to the lake to join my friends for a bbq. Happy Labor Day!
BITSTAMP:BTCUSDShort
by Sawcruhteez
19
Next for Bitcoin: bear flag / support (2)Following up my previous idea (below) this is the next one after breaking down the bearish wedge to the support of the big triangle we're in. This big one will end in a big up or big down after BAKKT (bitcoin futures) goes live on sept 23th. Right now we're again in a bearflag so big chance to break down again to that lower support (red line) of big triangle. After a touch we'll see 70% a big bounche from here. If it breaks we'll see 9800 levels soon. This red line is also a bullish long term trend line (that idea below)
COINBASE:BTCUSDShort
by Will_Wortel
ETHUSD: Bear flag confirmed? Following on the previous call of ETHUSD painting a pennant, it seems that call was a bit too early as the chart extended itself out. However, the pennant and bearish call was never invalidated, there was no buy volume it it never broke 140, and found major resistance in 130, which I was expecting if there was a move upward. Call is simple. ETH is die, people cry. Flag poll starts at 320 -> ~200. Price target for this move is 75 USD. I would be shocked if it manages to go straight down, we still have the linear uptrend from December/Jan lows to break, which could easily be buy support and invalidate the bear flag. There is also ~155 USD / ~140 USD which is the big breakout for this entire bull run, could very well have enough buyers there to end the flag early. ETHBTC still has a lot of downside till .01600 support, and with BTC likely going sub 10K, we have a lot of downside potential on ETHUSD to go.
COINBASE:ETHUSDShort
by TLBB
3
BTC - White FlagI know you think that I shouldn't still love you Or tell you that But if I didn't say it, well I'd still have felt it Where's the sense in that? I promise I'm not trying to make your life harder Or return to where we were I will go down with this ship And I won't put my hands up and surrender There will be no white flag above my door I'm in love and always will be I know I left too much mess and Destruction to come back again And I caused nothing but trouble I understand if you can't talk to me again And if you live by the rules of it's over Then I'm sure that that makes sense I will go down with this ship And I won't put my hands up and surrender There will be no white flag above my door I'm in love and always will be And when we meet Which I'm sure we will All that was there Will be there still I'll let it pass And hold my tongue And you will think That I've moved on I will go down with this ship And I won't put my hands up and surrender There will be no white flag above my door I'm in love and always will be I will go down with this ship And I won't put my hands up and surrender There will be no white flag above my door I'm in love and always will be I will go down with this ship And I won't put my hands up and surrender There will be no white flag above my door I'm in love and always will be
COINBASE:BTCUSDShort
by TulpenFieber
23
MU - long-term short setupMicron reached nice levels where to start building short position. In worst case scenario $MU may fall as far as 70% from current levels, which is not absurd, given that the company is very cyclical, and global economy risks entering recession. More prudent approach is to wait when bear flag would be broken below 40$, however, given current overbought level, MACD divergence and current wave C reaching symmetry with A in potential corrective B of larger degree , we are in very good spot to try first entry, and then move stop tighter, if we will see move lower in the upcoming month. Stop: 64.67 Target: ~20$ NASDAQ:MU
NASDAQ:MUShort
by Silvestrov
Rectangles not TrianglesI've seen both descending triangles and falling wedges as explanation for recent price action but to my mind neither are correct. You gotta negate the blow off top somewhat. Triangles account for it in their figure, but the bear flag channel doesn't, save for offering the dump support on that heart-line, which in the triangles has no structural support. We are not in a falling wedge breakout now because the "breakout" is too mediocre for such a dramatic formation. Regardless, a wedge can always reform into a channel upon breakout, which kinda negates it's wedge potential. Nor are we in a descending triangle as the fakeout dump on that is too extreme to then come back up and resume. What we are more likely seeing is a bear flag channel which retrace to the 61.8% fib at the top and dump to the parallel boundary at the bottom. Triangles are a compression of bears and bulls with one side being the clear winner. We don't have that here because this is not a real bull market. Bulls are not trying to buy here to hold long term. Only FOMO buyers are doing that because they missed the rally. Smart money is leaving the market and playing short term within the channel, because they got in at 4k. They know they can get in lower. Sure they got hedges to the upside and downside and can add leverage if need be, but they are gradually removing their positions to take profits. They can't take profits too fast as that would ruin their customer satisfaction, they need them to think there's still a chance, so they scale out slowly to get the highest price. A descending channel is a more long term move than a triangle that ends suddenly and crushes the market. Bulls (or should I say bears?) spent 5 months building this market to current levels, they don't want to instantly drop it down with a descending triangle. They want and need profits. Since we have had such a long term uptrend, a long term downtrend would seem more likely to balance back to the mean. Furthermore we haven't yet gotten to retest that critical trendline since we hit it at around 8k. If we don't break down through it one can then expect another bull move up. If we do... then you may see true panic in the market and capitulation. Finally 4 hr RSI still never hit oversold. That suggests bears are not trying too hard to break things. They are carefully restraining any violent moves. This is a fine hand of manipulation. Short term? Bearish Mid term? Neutral / bearish Long term? Bullish
BITFINEX:BTCUSDShort
by pacman7331
3
BTC - A gameplan to try and trick Murphy!!!Shorts from 12.3K have to be closed carefully now. If we close above 11.9K today we might go as far as 12.8K which would be bad. But if we close around 11.7K or lower, 10.8K would be the target to close the shorts. If 10.8K breaks, it means a bear flag is in play and we can buy at 8.8K (X times leveraged based on how good your risk management is). Or to be safe just cascade buys at 9.8K, 9.2K and 8.8K as KRAKEN:XBTUSD might decide to break out of the bear flag and charge towards 14350. All this should happen in the next 14 to 18 hours. If not we go back to the drawing board again. May the grace of Hades shine on you!!! Disclaimer: Do your own research and don't play with your money if you don't understand what I'm talking about! PS: The idea is SHORT because, I personally believe we hit the top channel of the correction from ATH and we are still in downtrend and personally look forward to buy KRAKEN:XBTUSD when it's value reaches 3 digit numbers ;)
KRAKEN:BTCUSDShort
by TulpenFieber
BTCUSD on the hour, you're in for a rideQuick TA on the Bitcoin Hourly! It's been a rollercoaster ride these past weeks, especially in the last few days as massive price volatility has gotten everyone in frenzy. After a breakdown from 13.7k, down to almost 10k, we observe the failed support of the trend line, testing the 200MA (in red). It seems to be consolidating around the 50% fib retracement. The current structure is rather bearish, and the breakdown from the bear flag suggests further downward price action. I would be expecting price action to retest the 200MA at around the 78% fib retracement - failing at this point would likely bring us back to revisiting 10k as the next strong support level. It is clear that 10k is forming a critical support level for Bitcoin - Falling under 10k would spell disaster unless it's drawn out wicks for sniping those limit orders. For the bulls out there, look out for buying volume to re-enter the market - volume is starting to restabilize right now. Do note, that on a larger time scale, we are still in a bullmarket, so be careful shorting, as it is not wise to trade against the market.
BITSTAMP:BTCUSDShort
by gingerbre4d