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Next Bitcoin high & dropFor my first (ever) idea I draw dotted lines from the previous tops. As some thought the last top was a bit early, I estimated a next drop to come early again. (Light gray vs red dots to give the dark dotted line). I used the ribbon (4h) with the RSI to consider this reversal. Checking the last time price got through the ribbon (green ray), I draw the last uptrend (purple line) which is surely my weakest point... Then cloned to estimate the next move. I'm considering the next top being between the red dotted line and the dark gray one. I expect the RSI to confirm by a divergence as seen on the 2 lastest reversals. I'm currently looking at those indicators: -RSI -Ribbon -Bollinger -Supertrend -TD sequential If anyone has other indicators to advise it would be very apreciated. I'm really just starting so be gentle in your comments, my idea may be totally idiotic who knows ^^
BITFINEX:BTCUSD
by Poiuzz
Bitcoin – The Pressure Builds!Hello fellow crypto enthusiasts! I hope you are all having a great weekend. So, the Bitcoin saga continues and as we know where Bitcoin goes generally the rest of the crypto market follows. I wish my analysis and my outlook in the short to medium term was not so negative but I’m afraid that it is. What I am seeing when I look at Bitcoin's price action is steadily growing pressure. I believe the pressure is growing just like a spring that is being compressed. I am seeing this in a couple of ways, the first is what I see as the price forming smaller and smaller descending triangles and secondly, I am seeing a compression or increased frequency of the price waves. At some point I believe this pressure will be released and it is going to explode in one direction or the other. Unfortunately, I feel the odds are that it will be to the down side. If this does happen I feel that we will see a quick and substantial drop, I would say that most likely to the $5000 level or possibly even lower. To try and determine the ultimate downside target we can measure the widest part of the red descending triangle which measures about $2700 and then subtract that from the break down price. So, doing the math I would estimate the downside target to be around $3000. I don’t believe we will see an immediate drop to this level it most likely will take several weeks or even months to get there. Like I said I wish I had a more positive outlook but at this time I don’t, I would have to see a big change in the price action and much more bullish momentum before I could change my opinion. I published a chart back in July where I listed important milestones that I want to see before I will believe we have entered into a new bull market (Link below). I am also not trying to say that this bearish outlook is a sure thing, I could very well be wrong, and the major support level Bitcoin has been bouncing off will continue to hold. There is a possibility that Bitcoin has already bottomed, and we are now in a consolidation phase, but I will have to see support continue to hold and the price pattern change from descending triangles to a channel before I will believe it. As always I want to also add that long term I remain very bullish on cryptos as a whole and look forward to the next bull market, it is just in the short to medium term that I am bearish. For those not familiar with descending triangles here is a brief overview from StockCharts.com. 1) The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. 2) Trend: To qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount. 3) Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them. 4) Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid. 5) Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months. 6) Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout. Thank you for taking the time to check out my analysis and I would appreciate your feedback, if you think I am crazy let me know!
COINBASE:BTCUSDShort
by Bigsky_Crypto
5
Buying pressure on Bitcoin continues, what´s next?We had a retest of 7120 with a 7140 peak overnight, followed by a strong decline to 38.2 fibo from 24 July, which also is 23.6 fibo from the beginning of leg C, that looks like a good point to start a new and last wave 5 to finally finish the ABC started at 14 August. The short squeeze we had a few days ago while BTCUSDSHORTS was at ATH, as expected it helped to push up the price and continue the path to the thick trend line which is controlling the price since January where the big challenge is. Since we have seen this pattern over and over again during this year, the approaching to 61.8 fibo at around 7500, give us a clear idea of what the next whale movement is. If you combine it with the finish of an ABC retracement and the delay on the SEC´s ETF, you have a high probability of seeing another epic decline at around 61.8 levels, so while we are printing in many exchanges an ascending triangle, MACD and RSI are bullish, some alts are having a good time and I may profit until that happens, I´m definitely not positive on the Bitcoin short term future. We could always get surprised, so we need the market pushing up the price and remain it higher - the closer price closes to the high of the day, the more bullish the move and likely continuation of upward momentum to feel more confident in this bullish momentum. With all that being said, while we could hit 7200 very soon and have a pullback to today´s lows, chances of touching again the main trend line are high, however we have to to be alert around those levels and don´t fall into fomoness, since just there is where every big challenge is, and as I said, we have seen this pattern more than once this year.
BITFINEX:BTCUSDLong
by Coinamic
This Could be a Critical Point for BitcoinHello, fellow crypto enthusiasts! First, I really appreciate you taking the time to check out my charts and analysis. So BTC has once again re-tested the 2018 low and once again it has held. The important question here is how long can this lower support level hold up? It is very possible we may find out the answer to that question very soon. On July 31st I published an idea that included three charts representing three different scenarios for BTC, one was bullish, one was neutral, and one was bearish. Unfortunately, this idea was hidden by TradingView because I violated the house rules (I included links to my website and store), this is only allowed for those with a premium plan (I have the Pro plan). Anyway, in this published idea the bullish scenario was that BTC had broken out of the top of the descending triangle it has been forming for many months and was now pulling back to re-test the upper triangle trend line. Unfortunately, this scenario was invalidated because the price of BTC did not bounce and kept dropping thru the upper trend line. The neutral scenario (Chart above) was that BTC has started trading in a consolidation channel ($6000 to $10,000) which started back in March. There is no telling how long this could continue, it could go on for many more months or it could end very soon with a break out above the upper trend line. During the 2014 correction, BTC spent about 10 months in a consolidation phase (the middle of January to the beginning of November). For this scenario to be validated BTC would have to continue trading in this channel. A break down lower to new lows or a breakout higher above the upper trend line would invalidate this scenario. The bearish scenario (Chart above and main chart) was that BTC has not broken out of and in fact still trades within a descending triangle. Since a descending triangle is a bearish continuation pattern, the move higher that BTC made back in July was nothing more than a move to the triangles upper trend line. You can see by the chart that the price did in fact move up to the upper trend line only to fail to break through and subsequently dropped back down to the lower support level. For this scenario to play out further I would expect a continuation of trading within the triangle or a move from here down to the lower trend line again, and possibly a break below the trend line to new lows. If instead Bitcoin pushes higher from here and breaks out above the upper trend line, that would invalidate this scenario. Of the three scenarios I wrote about (Bullish, Neutral, Bearish), I believe that only the neutral and bearish are still valid. My hope that we are in a neutral consolidation pattern (channel) and the lower support keeps holding however I still thing that there is a strong chance that the bearish scenario plays out. If I remember correctly descending triangles typically breakdown at about 2/3 of the way from the left side to the apex which is about where BTC is now. It should also be noted that it looks like BTC may be forming a head and shoulders pattern right on the lower support level. I should also say that I didn't spot the potential head and shoulders pattern it was Joey Rocket of Joey Rocket Cryptos or Team Joey Rocket who brought it to my attention. I want to also say that Joey provides tons of great information about cryptos and for anyone that wants to check him out, he is all over social media (Twitter, YouTube, Steemit, Discord). I am trying not to be too negative, there is a chance even if BTC is forming a descending triangle that it could still beak out of it to the upside. There are some instances where this does happen, especially the longer the lower support holds and the closer the price gets to the apex. The longer this goes on the shorts (sellers) lose hope of pushing it down any lower, it's all about psychology. Chances are as the price moves closer to the apex more and more shorts will most likely pile in but if they cannot force the price to break support because there are an equal number of buyers at some point they will give up and cover which will cause a quick and extremely powerful bullish move. Again, I really appreciate you taking the time to check out my charts/analysis and hope you all have a great weekend!
COINBASE:BTCUSD
by Bigsky_Crypto
My Thoughts on Bitcoin as of August 4th 2018Hello, fellow crypto enthusiasts, investors, and traders. I hope you are all having a great weekend! Okay, let's get right into it. Once again Bitcoin was rejected at the daily 200 SMA, this makes the fourth time (my count) that Bitcoin has approached but failed to push above the 200 SMA. I believe this shows just how strong of resistance the daily 200 SMA really is and how important (bullish) it will be when Bitcoin eventually does break above it. It is possible that it will take some sort of bullish event to occur before this will happen, possibly the SEC approval of one of the Bitcoin ETF's this month. This could cause an upward movement with enough momentum to break through the daily 200 SMA. On the flip side if both ETF applications are rejected by the SEC this could be the catalyst for continued selling and possibly new lows. Personally, I would rather see Bitcoin bounce in the next day or so and continue to create higher lows as it moves higher once again. I would also like to believe that the bottom has already been set for Bitcoin at just under $6000. Obviously, I have no way of knowing just what Bitcoin will do over the next days and weeks, long-term I remain very bullish but in the short to medium-term I am probably more neutral to bearish. I still get the feeling that the correction the whole crypto market has been in for months now still has a ways to go yet before we see the next real bull market. I published three charts of Bitcoin on July 31st with my thoughts on what I see as three possible scenarios Bitcoin could follow. Unfortunately, it was hidden for violating the house rules (I included links to my website and store), that was totaly my fault, I should have been aware of the rules ahead of time. Anyway, I though I would include those charts and thoughts again here (without the links) for anyone who may be interested in seeing it. I have also added updates to the charts and analysis. Scenario #1 ( Bullish scenario) - In the chart above shows that Bitcoin has broken out of the top of the descending triangle it has been forming for many months. It also shows that with the recent pull back, Bitcoin is now re-testing the upper trend line of the triangle before continuing it's march higher. In my opinion for this scenario to be validated Bitcoin will need to bounce off of the trend line and continue it's move higher. I believe a failure to follow through in this manner would invalidate this scenario. Update: Bitcoin failed to bounce and broke through the trend line, therefore this scenario is invalidated. Scenario #2 ( Bearish scenario) - In this scenario Bitcoin has not broken out and in fact still trades within a descending triangle . Due to the fact that a descending triangle is a bearish continuation pattern, the move higher that Bitcoin has made over the last month was nothing more than a move to the triangles upper trend line . For this scenario to play out further I would expect a continuation down to near the lower trend line , and possibly a break below the trend line to new lows. If instead Bitcoin pushes higher and breaks out above the upper trend line , that would invalidate this scenario. Update: Bitcoin did not breakout above the triangles upper trend line and is now moving lower so IMO this scenario is still valid. Scenario #3 (Neutral scenario) - In this scenario Bitcoin -5.69% is in a consolidation phase and is trading in a channel which started months ago. There is no telling how long this could continue, it could go on for many more months or it could end very soon with a break out above the upper trend line . I am just as anxious as anyone for Bitcoin (and cryptos in general) to take off to new all-time highs but I believe a long consolidation phase would be very healthy for BTC.
COINBASE:BTCUSD
by Bigsky_Crypto
Bitcoin - Return to the Long-Term Trendline?Hello, fellow crypto enthusiasts! Most cryptos saw a nice little pop yesterday with Bitcoin getting back over the $6000 level going from around $5900 to over $6500. I am very skeptical of this bounce though, I do not believe that this is the beginning of a long-term recovery, it could, however, be the start of a short-term recovery. My personal belief is that it is going to take some time before we see a real long-term recovery, which I believe will come after a period of consolidation which could last several months. So, for today's chart, I am looking at a long-term view of the price of Bitcoin using the daily time frame (Bitfinex price). Because I am looking at a very long-term view I am using a logarithmic scale, another reason I am using a log scale chart is because of the huge increase in the price of Bitcoin over this period. Okay, so looking at the chart which starts around July of 2013 you can see that I have drawn in a long-term trend line which begins around the beginning of September 2015 and has periodic price touches up until the end of March 2017. You can see that I have also extended the trend line up beyond today's price level. Notice how starting around the end of March last year the price of Bitcoin broke away from the trend line and accelerated higher culminating in the hysteria of last fall and the eventual peak at just under $20,000 in December. Since that peak on December 17th, the price of Bitcoin has been stuck in a correction phase which is still playing out today. Ultimately, the price of Bitcoin will find a bottom, which as of today is unknown. It is possible that the price of Bitcoin is close to a bottom now or the bottom could be much lower. Either way, my belief is that eventually, we are most likely going to return to the long-term trend line before starting to move higher in a sustained long-term recovery. The return to the trend line, in my opinion, could happen in a couple of different ways. One way would be if the price of Bitcoin somewhat follows the red short-term trend line lower until eventually finding a bottom and making contact with the long-term trend line, in the $4000 to $5000 area. Another way I believe is possible is that if the price is already at or near a bottom and moves sideways in a consolidation phase from here until it eventually makes contact with the long-term trend line somewhere between $5000 and $8000. Still another scenario would be that the price of Bitcoin crashes from here in a very steep decline down to the trend line between $3000 and $4000, I think this scenario is very unlikely though so I would expect one of the other two to occur. I should also say that I am not blind to the fact that it is possible that none of these scenarios will come true. Who knows, the price of Bitcoin in the near future could take off higher and never come close to my long-term trend line. I try to keep an open mind and consider all of the possibilities, I also want to say that I personally don't care which scenario plays out because long-term I remain very bullish on cryptocurrencies. I believe that in a couple of years from now they will be at a much higher price than they are at today, the only question I see is in the short-term how things play out and transition into the next bull market. I really appreciate you taking the time to view my chart! Until the next one, take care! BigskyCrypto Questions or comments? Email me at info@bigskycrypto.com
BITFINEX:BTCUSD
by Bigsky_Crypto
6
Bitcoin - Another Comparison to the 2013/2014 Price CycleHello and thank you for taking the time to check out my charts. Once again I am taking a look at the 2013/2014 boom and correction cycle to see if I can gain some insight into how this current cycle may play out in the future. I have said this many times but it is worth repeating, the current boom and correction cycle we are going through is nothing new for Bitcoin it has been through them before and will undoubtedly see more in the future. Those calling for the death of Bitcoin are nothing new either, people have been saying Bitcoin is dead for years! So looking at the two price cycles I see some similarities, I realize that analyzing charts is somewhat subjective so others may look at the same two charts and see something completely different. Other than the fact that both price cycles peaked in December, I also see some similarities in the percentage drops to each low and also in the time distance between lows #1 and #2. Looking at the 2013/2014 chart you can see that from low #1 to low #2 is just over 2 months. When looking at the 2018 chart you can see that from low #1 to low #2 is just under 2 months. I am sure that this probably doesn't mean anything but I found it interesting. I also found interesting the similarities between the percentage drops. The percentage drop for the #1 low on each chart was as follows, 2014 - 67.5% 2018 - 69.8% . The percentage drop for the #2 low on each chart was as follows, 2014 - 65.9% 2018 - 67.7% . The percentage drop for the #3 low on each chart was as follows, 2014 - 71% 2018 - 71% (but still forming). The percentage drop for the #4 low on the 2014 chart is 76.6% , so far there is not a #4 low on the 2018 chart. The percentage drop for the #5 bottom low on the 2014 chart is 85.8% . So far BTC has not bottom yet so we do not know what the ultimate bottom percentage drop will be. I took the liberty to draw on the 2018 chart one possible scenario for the price of BTC into early next year. Obviously I have no way of knowing what BTC will do in the future but I do feel it still has a way to go before an ultimate bottom and also that there will be a months long consolidation period leading up to the next bull market. So for now all we can do is watch and be ready to load up before the next ride higher. Until the next chart, Take care! BigskyCrypto Questions or comments? Email me at info@bigskycrypto.com
BITFINEX:BTCUSDShort
by Bigsky_Crypto
6
BTC - Bearish Descending TriangleHello and thank you for checking out my analysis, I really do appreciate it. Before I get started I also want to say I hope everyone has a great weekend, I know I am really looking forward to it here in Lakeside, Montana. Okay, so BTC once again couldn't hold over the $6500 - $6600 resistance zone and is now retesting the $6000 level for the second time in a little over a week. For my chart this time I am looking at the daily time frame so that we can get a birds-eye view of the long-term pattern for BTC. You can also see that I have drawn in a descending triangle pattern, which for those of you who may not know is generally a bearish continuation pattern. So as a continuation pattern and because we are in a long-term down-trend the odds are that BTC will break down at some point through the bottom of the triangle. If in fact, BTC does break through the bottom of the triangle at $6000 my feeling is that it will fall much farther, in my opinion, it will most likely also break below $5000. I posted charts months ago where I said I would not be surprised to see a bottom for BTC in the $2000 to $4000 area. Obviously, this is just my opinion and in the past, I have also posted possible alternative scenarios. One possible scenario is that $6000 is the bottom and that BTC now enters a consolidation phase trading in a channel may be between $6000 and $8000 which could last several months before the next bull market. Personally, I just don’t get the feeling that BTC is going to skyrocket to new all-time highs anytime soon. I would prefer to see a nice consolidation period followed by a gradual move higher, in my opinion, that would make for a much more stable market. Here is a break down of the descending triangle from Stockcharts.com 1. Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount. 2. Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them. 3. Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid. 4. Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months. 5. Volume: As the pattern develops, volume usually contracts. When the downside break occurs, there would ideally be an expansion of volume for confirmation. While volume confirmation is preferred, it is not always necessary. 6. Return to Breakout: A basic tenet of technical analysis is that broken support turns into resistance and vice versa. When the horizontal support line of the descending triangle is broken, it turns into resistance. Sometimes there will be a return to this newfound resistance level before the down move begins in earnest. 7. Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.
BITFINEX:BTCUSDShort
by Bigsky_Crypto
1
Bitcoin - June 18th Market UpdateSo we just saw a pretty nice pop higher in the price of BTC within the last 2 hours, but what does it mean? Does it mean the bottom is in for Bitcoin? Afterall we did come within $108 of the $6000 low set on Feb. 5th (Bitfinex) and it held. We have now bounced from that level but can we be sure this is the start of a new uptrend? Does it signal a time to BUY! Not for me, I will have to see much more progress than this before I start any major buying. I did sell a major portion of almost all of my positions last December and again in January so at some point I do need to start the rebuilding process. Obviously, I want to do it at the best prices possible but I am trying to be patient and not jump in too early, I am certainly not trying to catch the absolute bottom. I keep a very close eye on the markets anyway so if I see positive momentum building I may start nibbling but really the first buy trigger for me is for BTC to push above $8000 again. I should also say that I am talking about buying for long-term holding, not day or swing trading. Long-term I remain bullish on cryptos as a whole but ultimately, I would say that there are two huge steps BTC needs to make before I become very bullish in the short-term and start putting serious money back into the markets. Step #1 is to push back above and hold above $8000 again, while also regaining the 100 day SMA. Step #2 is to push back above and hold above $10,000 again, while also regaining the 200 day SMA. A bonus would be pushing back above $12,000 at which time I would become even more bullish. I have only talked about Bitcoin here because generally most of the crypto markets follow Bitcoin. Also, I want to say again that everything I am saying here is in regards to entering long-term positions. I am fairly active at also short-term trading cryptos (mostly swing trading) and will continue to do so as the opportunities present themselves, after all, it would not make any sense (at least for me) to pass up those opportunities which arise on almost a daily basis. That's all I have for now, I just wanted to share what I am thinking and a bit of my overall plan. So until the next blog post. Take care and protect your capital! BigskyCrypto Questions or comments? Email me at info@bigskycrypto.com
BITFINEX:BTCUSD
by Bigsky_Crypto
BTC Bearish Wedge FormationBTC is currently in a bearish flag formation which represents that it will break down if it follows trend and all indicators line up. BTC is showing weak signs of volume and has multiple wicks touching resistance which represents strong buying pressure. MACD looks like it could be turning down as well. If BTC can follow trend and continue to squeeze in the wedge formation then we should see a close below the wedge and head to previous support, which is $6298. I see 3 potential scenarios. 1. BTC can either find support at $6298 and bounce and find resistance at previous trend line of the wedge. 2. We can find some consolidation and find BTC to continue to drop after this to $6100 range. 3. BTC has a mass increase of volume and we break up out of the wedge formation which is a bullish reversal and we can find BTC back at $6600 range. (Unlikely right now) Still a shaky market at the moment and need to find solid support and strong volume increase to see BTC increase in price. I still personally don't think the market is ready for BTC to run back to 10k range yet. We need to some more blood shed. Forgive the wonky green rectangle. it wasn't meant to come out like that but you get the idea.
BITFINEX:BTCUSD
by ElonCrypto
2
BTCUSD - Looking Very Bearish to me at Least in the Short TermSo first I should say again that longer term (years) I remain bullish on cryptocurrencies. I really believe the technologies behind them are changing our world and will continue to do so for many years to come. Having said that though in the short term (weeks or months) I have to say that the chart patterns I see on at least the major coins and tokens look pretty bearish to me. Looking at Bitcoin here what I see is a symmetrical triangle forming during a downtrend. While it is possible for the symmetrical triangle to mark important trend reversals, which in this case would mean a breakout to the upside. In most instances, though the symmetrical triangle is a continuation pattern which unfortunately would mean more downside for Bitcoin. Symmetrical triangles also indicate a period of indecision in the market which plays out as a pattern that moves sideways as bulls and bears fight for dominance. As you can see by the chart we are seeing classic signs of the symmetrical triangle or contracting wedge, there is the continued tightening or coiling of the consolidation pattern along with decreasing volume as the pattern tightens and pressure builds so when the breakout does occur you can usually expect it to be accompanied by a large spike in volume. Generally, with a symmetrical triangle, the breakout will occur near the 1/2 or 3/4 point of the pattern, to me, it looks like we are very near the 3/4 point so I would say a breakout is imminent. As far as a target price, one way to calculate it is to take the widest distance of the triangle and in the case of a breakout to the downside subtract it from the breakout point. In this case, it looks like the widest distance is about $6600 so if the breakout point was at say $7000 that would put the downside target at $400. I have to say that I just don't see that happening, I have a hard time believing that the price of Bitcoin would ever get that low. As of now I believe there is enough buying support to keep the price much higher than that. In my opinion if we do breakout to the downside and re-test the $6000 price level and this time it does not hold I could see the price dropping to maybe the $2000 to $4000 level before forming a bottom, but as of now I just don't see the price going much below that. In a chart I published at the end of March (below) I compared the current boom and correction cycle Bitcoin is going through with the boom and correction cycle that occured toward the end of 2013 and lasting through 2014. Although this correction has happened much quicker, (the 2013/2014 cycle took over a year to bottom) if we end up seeing a similar ultimate percentage drop that would put a bottom this time in the $2000 to $4000 area. An alternative and a more neutral scenario would be for Bitcoin to breakout to the downside and re-test the $6000 level which ends up holding. In this scenario I could envision a possibility where Bitcoin could create a trading channel between $6000 and say $10,000. Bitcoin would then consolidate in this range over a period of time creating a bottom before at some point starting a new bull market. In closing I would say the third but maybe more unlikely scenario is that Bitcoin does in fact breakout from this triangle to the upside. I personally would prefer this scenario and I only say it is unlikely because most symmetrical triangles play out as continuation patterns and since we have been in a downtrend the odds are to the downside. Either way as I said before longterm I still remain bullish on cryptocurrencies and look forward to the next bull market.
BITFINEX:BTCUSDShort
by Bigsky_Crypto
4
BTC still bearish?Now that BTC has rejected a major key resistance at 7750 and dropped. It has formed a new lower high from the previous high. I expect BTC to test the 7335 region as this is the 61.8 fib extension from recent high made. If this level is broken and we see a strong bearish candle close below the 61.8 fib line . Then I expect BTC to retest previous low of 7050 and possibly create a new lower low at 6700. However, if BTC creates a nice strong bullish bounce off the 61.8 fib extension and closes daily candle strong. This would suggest a lower high being formed. And what do get get from a lower high? A higher high most of the times so if this scenario plays out I expect BTC to reach $8000-$8400.
COINBASE:BTCUSD
by mohammedh
Bitcoin is about to shoot up! But when?? Take a lookHello Everyone, This is my first prediction as to where the bitcoin price will go. Looking at the 30 minute chart, you can see a strong support line around 7500, if the price stays above this line then we will be seeing growth up toward the resistance at 7900 then it will have a small correction then we will be looking toward breaking the 8000-8100 mark. After breaking the 8100 mark we will see bullish action in the market and start to get things rolling toward breaking the 10000$ mark. Thank you for reading! Happy Trading!!
BITSTAMP:BTCUSD
by Murph22
1
Whales deciding what to do.Hello folks and followers to a new update on my Bitcoin 1.00% analysis! So many things happened after my last report where I posted a bearish cypher getting consolidated and indicating a bearish trend . At the time of writing BTC 1.00% was at 8212 and it started the downtrend at 8600 just $67 earlier than I thought. After that Bitcoin 1.00% has broken the important 61.8 fibo support and bounced at 7400 in the middle of nowhere, no supports, nothing more than a psychological point. Next fibo level is 78.6 at 7200, and makes sense that the price could get there, but forget about what makes more sense, because sometimes in this space there is just a group of people deciding where this is going. I´m following the current ascending channel in the 15 min TF and it´s being interesting. The price just went a few dollars above the last high, and just when seems that is breaking out, bounced at the top of the channel to go back to the bottom. At the time of writing is out of the channel, just out but still in the edge, so no guarantees here to see where we are going. The market is out of volume , but it could be back suddenly if we make a new high. My take here is this, making a new significant high and breaking the ichimoku cloud above of it will have a high probability to confirm an uptrend that will come with brutal force and leaving the channel below the kumo by about $50 could confirm that the bears took control over again. There is a couple of interesting harmonic patterns that I´ll follow to the T depending of where we are going. Both points will have a significant drop or pump and are not definitive of a trend change, so I´ll be updating once we get to any of the levels.
BITFINEX:BTCUSD
by Coinamic
7
Upcoming rally for Bitcoin Hey Guys, We are finally coming to an end of a steep correction for BTC and as you can see, we are at the end stage of a falling wedge shaped pattern. Currently, I have been analyzing the 5 hour RSI pattern which is indicating another drop, down to the red box region in 7700-7800 range. I will be monitoring the price when we reach that range as it forms a very strong support. You can also see that it is the .618 fib retracement region of the previous bull run, so you can be sure that most traders would be eyeing for that spot to go long. I would not recommend a short play here, as the price can rocket up anytime between now and 7750$ price level. Trade safe, I will keep the post updated on when I make my long entry! :)
BITFINEX:BTCUSDLong
by RikBruno94
Bitcoin - Next short-term buying opportunity!Since our last analysis Bitcoin 0.32% continued to rally and reached 9,900 USD ten days ago. Obviously our cautious view came a bit early but the last 5-10% of any rally are always the most dangerous ones. At that stage everybody is getting very bullish and weak hands are finally buying while the underlying market moves further into an overbought setup and risk is increasing dramatically. As Bitcoin 0.16% moved towards 10,000 USD many of the small highly speculative coins started to move as well. But the resistance at the round psychological number was obvious and it is no wonder that Bitcoin 0.16% did correct hard reaching 8,200 USD last Saturday. Today it has already retraced nearly one third of this recent pullback as an intraday high was reached at 8,825 USD. As usual the crypto markets are moving so fast that you can not even finish your written analysis before the situation might have changed significantly… Overall the big question remains whether the strong recovery from the lows in early April around 6,500 USD is just a countertrend bounce within the larger downtrend or whether the crypto sector indeed has bottomed and we are in a new up-leg already. Recent price action is not helpful yet to answer this question. Over the last four months Bitcoin 0.16% seems to be running into a large triangle. While on the upside the series of lower highs is still in place, on the downside bears were not able to push prices back towards the low at 6,000 USD from early February. Within the triangle the overall picture remains neutral The recent peak at 9,990 USD reached not only the downtrend line but also failed just below the 200-MA (10,180 USD). The last pullback consequently brought Bitcoin 0.16% prices back to their 50-MA (8,277 USD). Here Bitcoin 0.16% was extremely oversold from a short-term perspective. Today’s bounce off the 50-MA is therefore no surprise and could take Bitcoin 0.16% directly back towards the resistance zone around 9,200 USD. As well another attack towards the downtrend line around 9,500 USD is possible. If today´s bounce is a bull trap, the pullback could continue and would bring another buying opportunity between 7,700 and 8,200 USD. But with a new buy signal from the stochastic oscillator, rising prices are way more likely. Should Bitcoin 0.16% indeed be able to break out of the triangle, the whole picture would strongly improve and targets at 12,000 USD and 14,000 USD would be activated. In that case, the whole crypto sector should strongly rally too and many alt coins will outperform Bitcoin 0.16% . But it is still too early for such a very bullish scenario, because this triangle could also break to the downside. Then Bitcoin 0.16% prices around 5,000 USD and lower will become very likely. Looking forward to the next couple of weeks and maybe even months, the most likely outcome is a consolidation within the triangle....
BITFINEX:BTCUSDLong
by MidasTouchConsulting