This is our idea we published on Oct. 15th.

At that time we were sitting at a very critical support (8k-8.3k)

Here is a quote: “If we lose this support, fasten your seatbelts again. We have strong horizontal level at 7300, but that’s not enough. In case of a breakdown, we can find strong support at 6.2-6.6k, because it is Strong Horizontal Level + High Volume Node + 0.786 Fib and it's the ultimate target of the Descending Triangle breakdown. ”

So, the support at 6.2k-6.6k finally reached!

Alts/Bitcoin Market Cap #update

We continue to consolidate under that horizontal resistance creating an ascending triangle. Once we break out, that will be huge. The most interesting part is yet to start

If a weekly candle is not able to close above the 100MA, things will not look great for BTC. At least we should expect the Strong Horizontal Support be tested again.

But will the high volume node save the price from further decline this time?

Might be a good time for BTC to come into a ranging market, because the price is between two strong levels.

So much selling pressure recent time and we see 20SMA & 20EMA produced a tricking bullish cross again. Previously this cross led to -15% decline.

LTC update: post-halving syndrome

On Aug. 5 (the day of LTC halving) we mentioned that LTC can have some issues after the halving like in 2015.

Right now LTC is playing with dangerous numbers by testing that horizontal level. This picture does not look good at all.

LTC/BTC: on the daily chart there is a descendent triangle - bearish formation at the low. Is there something bullish about LTC?

📉The LTC hashrate has dropped by more than 70% since its peak in mid July.
This was pretty obvious in August and we warned you about it.

Because of the declining LTC price and the upcoming BTC halving, miners lose interest to mine LTC.

​📌BTC Longs on Bitfinex keep piling up. This is something to pay attention to

[ Bitfinex: 86% long / 14% short
Bitmex: 48% long / 52% short ]

​Long term investment tool: 2-Year MA Multiplier

Selling Bitcoin when price goes above the 2yr MA x 5 (red line) has been historically effective for taking profit

Buying Bitcoin when price drops below the 2yr MA (green line) has historically generated outsized returns

Looks like we are now in the buy zone. However, this chart does not tell you for how long we'll be there and how deep the buy zone is gonna be.

📍There's a CME gap at 7200

​BTC is heavily bearish

We keep creating lower highs. The support has been tested for numerous times and that's not bullish. So, this formation looks like a nice Descending Triangle confirmed by declining volume. Conservative target is 9% down, which would take us right below the yearly low (do you hide your stop there?)

💡Taking into account the CME Gap and how perfectly EMA100 has been rejecting the price, we can have the last bounce into 7200 area and get rejected there by the triangle's sloped line and EMA100 before the eventual breakdown.

If we break EMA100 and sustain the breakout, that will be bullish

There we go 📉

Like we said yesterday, breaking down was just a matter of time. We didn't even get a bounce to close the CME gap and the market just crashed.

⚠️ BTC Longs on Bitfinex got out of control! There is an unprecedented amount of Longs. Something is cooking🔥

#BTC Update

Our analysis worked out perfectly!
🎯Target reached! Lower low established just like we expected!

​Today's #BTC low is remarkable and has chances to be the ultimate low.

And here is why

📌First of all, today we've got an elegant wick just under the previous low, which liquidated a lot of longs. And look how strongly we rebounded after establishing a lower low.

📌Secondly, mid December is a pretty important time period. It may look like a conspiracy theory, but notice:

Dec. 17, 2017 - Bitcoin tops out at 19.7k
Dec. 15, 2018 - Bitcoin bottoms out at 3.1k
Dec. 18, 2019 - Bitcoin creates a lowest low after topping out at 13880 in June.

💡So, taking this information into account, today's low can be a pivot point for the market. However, here's what you should understand: once such a pattern is identified, it has less chance to keep playing out successfully. Just keep that in mind and treat this top/low sequence with a grain of salt.

​BTC update

Yesterday's pump took us all the way up to 7400 (significant area of resistance) and got rejected there by MA200. Notice how precise this move was. We exactly hit the MA and pulled back.

Furthermore, we didn’t manage to sustain the breakout above EMA100 and it rejected the price again, but we are holding the support that was regained in the result of the pump.

💡So, now the price is squeezed between the Support and EMA100. If we break EMA100 eventually, we'll have high chances to continue the move to the upside and reach the top of the downward channel (7800-8000).

​BTC update

EMA100 has been a pretty tough resistance, but it was eventually broken

📌And here is what we said in previous analysis: "If we break EMA100 eventually, we'll have high chances to continue the move to the upside and reach the top of the downward channel (7800-8000)"

This is almost what we got: we broke above the EMA100, sustained it and reached 7650. So, the analysis has pretty much succeeded, but we still have some room to go up.