So, we got the weekly close and look at that - during the first half of the week we broke down the critical support and in the end of the week reached the important level of 7350 we had pointed out earlier, bounced off of it and rallied tremendously to the upside into the weekly close.

The week closed above the breakdown level of the descending triangle on a pretty high volume.

That’s why it’s important to wait for the weekly close. The ascending trendline is still valid.

​CME picture is pretty interesting

Notice how perfectly the 200-Day MA on the CME BTC Futures bounced the price and how we got rejected by the 100-Day MA. What a beauty!

Now we have two Gaps to fill:

1 - 8885 - 9365
2 - 11695 - 11795

🎉 Happy 11th Birthday Bitcoin!
Oct. 31st, 2008 Satoshi Nakamoto shared the Bitcoin whitepaper with the world

From the Bitcoin whitepaper: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”

📌 To note:

Bitcoin: a digital currency with limited and known supply, no borders, and no central group controlling it.

US Dollar: a digital currency with unlimited and unknown supply, border restrictions, and controlled by a banking cabal.

What's in your wallet?

​#BTC

After an unprecedented pump, the price cooled off and formed something simmilar to a bull flag. The only thing that keeps us from falling by ~$400 is the 200-Day MA.

We are below the 0.382 Fib and look ready to fill that gap on VPVR (there's open air between 9100 and 8700).

⚠️ If we break the MA200, we'll probably make it all the way down to EMA200 (8650) & 0.618 Fib and find some support there.

​Support and Resistance by Ichimoku Cloud

Notice how the cloud acts as a perfect resistance. It's incredible how none of the candles has been able to close above the cloud.

#BTC update

It looks like we are establishing a clear break above the Ichimoku Cloud which has been acting as a strong resistance. The last thing that holds us from moving up is support line of the descending triangle which got broken in September

200-Day MA continues its upward trajectory squeezing the price.
The bullish case is valid until MA200 is broken

#BTC update

So, like we said 8 days ago, the only thing that kept us from falling by ~$400 was the 200-Day MA. Today we broke it and look at this: we've already fallen by $500 and reached EMA200 like we mentioned back then. The gap on VPVR we were talking about attracted the price.

#BTC update

So, we did find support at EMA200 once we broke below MA200 like we expected. Now we see that EMA200 is being tested for the second time since that crazy pump elevated us above it on Oct. 25th. The fact that we retest the support for the second time in such a short period of time is not good. Next support - point of control on VPVR at ~8300.

Support and Resistance by Ichimoku Cloud #update

It's amazing how the cloud continues to act as a perfect resistance and support

When the Altseason? Read our idea

https://www.tradingview.com/chart/ETHBTC/Z3XO9gDo-When-the-Altseason/

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Alts/Bitcoin Market Cap #update

We are facing tough resistance. Once we break it, we'll make it all the way up towards our second target (EMA50), which will mean a pretty decent altcoin party.

Ichimoku Cloud continues to support the price along with EMA200, which we are threatening to break if we close the daily candle at current prices.

If so, tomorrow the cloud support will be at 8200. Does it project further decline ?

​BTC 4h

Looks like we found support at 0.618 Fib level while being at the support line of this massive Falling Wedge.

Right know is the decisive moment: either we bounce off of the support line & 0.618 Fib and establish a bull div on RSI or break the support and go to 8200 and lower.

⚠️Here is a point of concern for the bulls - we've got the Death Cross between EMA50 & EMA200

Watch the action carefully in order not to miss the move

​BTC 4h update

The big move is coming. What we have now: the price is in a beautiful Falling Wedge, since the crazy pump on Oct. 25 we retraced by more than 61.8%, turned 0.618 Fib into resistance, Death Cross between EMA50 & EMA200, bullish div on the RSI

so, right now we have a pretty tough confluence of resistance: EMA50, which is in line with the declining resistance of the the Falling Wedge + 0.618 Fib

👉But pay attention to the RSI - it already broke out to the upside, is this a sign?

BTC 4h update

🎯Yesterday we published an update on BTC and said that we were expecting some big move. We pointed out the resistance cluster that we had to break for bullish continuation and also we mentioned that going below that red horizontal line would've been bearish.

So, after our update, BTC had a little pump right into the cluster of resistance that we outlined and got rejected there with a nasty upside wick. RSI preceded this bounce into resistance and once the price got rejected there that RSI breakout became an obvious fakeout which signaled more downside (that was our short entry in Bullet Scalping channel).

Then we started approaching that critical red line and broke it. As we mentioned yesterday, the break of this line would be bearish and it is! Notice how we accelerated to the downside once we broke the line: within one candle the price dropped by more than $350. Hope you guys could take advantage of our yesterday's analysis!

BTC weekly

On the weekly chart we are sitting at a strong support - combination of EMA50 and 0.786 Fib.

📌Notice how the EMA50 held the price in September-October and we couldn't get a single weekly close below it. Right now we are again testing it

Have you ever seen something acting as support/resistance so perfectly? It's just amazing how the daily Ichimoku Cloud has been keeping the price inside.

If we get a daily close below the cloud, we'll break 0.768 Fib and EMA50 on the weekly too. That will be the last bearish confirmation. Keep an eye on it.