#BTC weekly outlook
📌 Here are the Stop & Revers points and Bollinger bands.
We had a pretty good week up to 6600, but we broke the stop & reverse point which is now above and that’s bearish, and we are below the middle of BB and still not touched the bottom of BB. So the current weekly environment based on these two indicators is bearish.
After two weeks of a dramatic fall we bounced a bit, the ultimate target in this move is about 7000.
❗️We will become bullish for Bitcoin if we can break above 8500 on the current bounce. That is because of very powerful resistance, and in this case we would take a high above a high.
What is the probability of that happening? 25%
📌 Here are the Stop & Revers points and Bollinger bands.
We had a pretty good week up to 6600, but we broke the stop & reverse point which is now above and that’s bearish, and we are below the middle of BB and still not touched the bottom of BB. So the current weekly environment based on these two indicators is bearish.
After two weeks of a dramatic fall we bounced a bit, the ultimate target in this move is about 7000.
❗️We will become bullish for Bitcoin if we can break above 8500 on the current bounce. That is because of very powerful resistance, and in this case we would take a high above a high.
What is the probability of that happening? 25%
If the current week gets bullish, #BTC has the potential for a large weekly inverse head and shoulders reversal pattern to take place.
#Bitcoin broke out of the channel to the upside, which led us to 6900 (bitfinex) & 7100 (BitMEX). RSI entered the middle area.
For the next move up #BTC needs to close above previous resistance and consolidate. Only then it will be a confirmed breakout.
📍Targets: 7150, 7500
Failure to hold above the resistance will be considered a fakeout & we will go down to retest previous lows.
For the next move up #BTC needs to close above previous resistance and consolidate. Only then it will be a confirmed breakout.
📍Targets: 7150, 7500
Failure to hold above the resistance will be considered a fakeout & we will go down to retest previous lows.
CryptoBullet
#BTC shorts on Bitfinex are closing on record highs seen on Apr. 12
BTC Sorts have significantly dropped, but still are overleveraged.
CryptoBullet
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Support (previous resistance) hasn't held the price. Currently we're back to the channel 6600-6200.
📰 BREAKING: SEC issues disapproval orders for ProShares Bitcoin ETF, ProShares Short ETF, and 5 bitcoin ETFs proposed by Direxion.
Proshares #Bitcoin ETF denied, as expected, but it appears the negative news was already priced-in. The bar of expectations was set low.
📌 Important to notice the SEC argument for denial is not based on Bitcoin (on the contrary, it shows a very positive opinion on it) but instead on the manipulative exchange potential.
📌 Important to notice the SEC argument for denial is not based on Bitcoin (on the contrary, it shows a very positive opinion on it) but instead on the manipulative exchange potential.
BTC Shorts rose after the #ETF rejection.
When the short squeeze happened, the shorts dropped but now the shorts are almost back to where they were. So the market is once again ready for another short squeeze. It’s gonna happen again, guys. The market isn’t going down until the least amount of people are profiting from the fact it’s going down.
We still believe that this short squeeze has more upside to go. More pain needs to be felt.
So, a short term Dead Cat Bounce📈 to $7-7.5k is on the cards before the final drop to $5k
When the short squeeze happened, the shorts dropped but now the shorts are almost back to where they were. So the market is once again ready for another short squeeze. It’s gonna happen again, guys. The market isn’t going down until the least amount of people are profiting from the fact it’s going down.
We still believe that this short squeeze has more upside to go. More pain needs to be felt.
So, a short term Dead Cat Bounce📈 to $7-7.5k is on the cards before the final drop to $5k
📰 BREAKING: SEC says it will "review" Wednesday's rejection orders for 9 bitcoin ETFs.
SEC staffers rejected proposals from three companies – Proshares, GraniteShares and Direxion. Now senior SEC officials will review those orders, though it's unclear at this time when the review will be completed.
SEC staffers rejected proposals from three companies – Proshares, GraniteShares and Direxion. Now senior SEC officials will review those orders, though it's unclear at this time when the review will be completed.
📌 Bear Markets tend to be shorter than the bull market that follows.
Stay encouraged, as we get through this current downtrend, understand that the next bull market will last longer than this current bear market.
Current bear market ~250 days
Longer Bull Market to come after
Stay encouraged, as we get through this current downtrend, understand that the next bull market will last longer than this current bear market.
Current bear market ~250 days
Longer Bull Market to come after
Currently we are watching a dead cat bounce. It’s not a dead cat bounce when we close above 8500. Until we break the recent high, we can not possibly be bullish.
The 30-week MA is coming down. Do not underestimate this moving average. It supported the closing of prices around early February. We broke the 30-week MA in mid March, we then got rejected by it in late April and got rejected again by the combination of 30 & 50 MAs (the death cross) in July. If the price can bounce to it again, that will be a beautiful rejection.
📌 For now the market is not free to go down to new lows because the BTC shorts are still high.
The 30-week MA is coming down. Do not underestimate this moving average. It supported the closing of prices around early February. We broke the 30-week MA in mid March, we then got rejected by it in late April and got rejected again by the combination of 30 & 50 MAs (the death cross) in July. If the price can bounce to it again, that will be a beautiful rejection.
📌 For now the market is not free to go down to new lows because the BTC shorts are still high.
CryptoBullet
#ADA Mid Term Buy
Recently ADA reached our Strong BUY zone and already bounced off a bit.
💡This is BTC longs divided by BTC shorts. Why is it worth paying attention? There can be 5 times more leveraged longs and 5 times more leveraged shorts, but the ratio puts it all together.
The green line is BTC price & the blue line is longs/shorts ratio.
Black line is zero line, under which the market should go up.
The first red line says when there are twice as many longs as shorts, that is the time to be cautious.
📌According to the current market environment, we can draw another critical line at 1.70. If longs become 70% greater than shorts, it says people are too bullish and the market should pull back.
The green line is BTC price & the blue line is longs/shorts ratio.
Black line is zero line, under which the market should go up.
The first red line says when there are twice as many longs as shorts, that is the time to be cautious.
📌According to the current market environment, we can draw another critical line at 1.70. If longs become 70% greater than shorts, it says people are too bullish and the market should pull back.
