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.
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).
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 weekly chart
The weekly candle closed like a bullish hammer and the price even managed to close above MA50. EMA100 held the price and that long wick below it is pretty bullish. It looks like a reversal, but here is the thing:
Look at that poor volume of that weekly hammer candle. It’s not even close to what we had on the week of Nov. 25 when we established the ultimate low at that time.
💡This fact suggests that this can be nothing more than a relief rally within a downward channel.
📌What can prevent it from being a failed rally attempt is breaking above the top of the downward channel and obviously creating a higher high.
The weekly candle closed like a bullish hammer and the price even managed to close above MA50. EMA100 held the price and that long wick below it is pretty bullish. It looks like a reversal, but here is the thing:
Look at that poor volume of that weekly hammer candle. It’s not even close to what we had on the week of Nov. 25 when we established the ultimate low at that time.
💡This fact suggests that this can be nothing more than a relief rally within a downward channel.
📌What can prevent it from being a failed rally attempt is breaking above the top of the downward channel and obviously creating a higher high.
🎄With Christmas around the corner, it is time to engage in celebrations. May Santa Claus bring happiness, success and glory to you. May you and your family be blessed with a wonderful time and a great year ahead.
Merry Christmas! 🎅
Merry Christmas! 🎅
What a start of the year for Bitcoin!
Look at the hash rate. On the first day of 2020 BTC hash rate hit a new all-time high! That is impressive
Dec. 17, 2017: BTC price - $19.6k
Hash Rate - 14,630,524 TH/s
Jan. 1, 2020: BTC price - $7.2k
Hash Rate - 119,353,780 TH/s
💡The hash rate is incredible, because from the all-time high of 20k to today the hash rate is up more than by 700%. Could you think of anything more fundamentally bullish for BTC than the hash rate being 700% more than it was at BTC all-time high?
Look at the hash rate. On the first day of 2020 BTC hash rate hit a new all-time high! That is impressive
Dec. 17, 2017: BTC price - $19.6k
Hash Rate - 14,630,524 TH/s
Jan. 1, 2020: BTC price - $7.2k
Hash Rate - 119,353,780 TH/s
💡The hash rate is incredible, because from the all-time high of 20k to today the hash rate is up more than by 700%. Could you think of anything more fundamentally bullish for BTC than the hash rate being 700% more than it was at BTC all-time high?
BTC 8h
👉Look at the BitMEX Funding rate! It hasn’t been so high since late Oct. 2019. That’s definitely the reason for the bulls to be very cautious.
📌The price has been moving in an upward channel since the beginning of 2020. As of right now it looks like we got rejected by the mid line. Combining this with the unprecedentedly positive funding (and don’t forget about the rocket fuel ⛽️ that’s still waiting for its moment do add extra momentum to move up/down - $1B+ Open Interest) the picture does not look quite good for the bulls at all. We may visit the channel’s support (at least) if we do not break the mid line.
👉Look at the BitMEX Funding rate! It hasn’t been so high since late Oct. 2019. That’s definitely the reason for the bulls to be very cautious.
📌The price has been moving in an upward channel since the beginning of 2020. As of right now it looks like we got rejected by the mid line. Combining this with the unprecedentedly positive funding (and don’t forget about the rocket fuel ⛽️ that’s still waiting for its moment do add extra momentum to move up/down - $1B+ Open Interest) the picture does not look quite good for the bulls at all. We may visit the channel’s support (at least) if we do not break the mid line.
#AGI ( BINANCE )
BUY : 0.00000240 - 255
Target 1 : 0.00000290
Target 2 : 0.00000340
Target 3 : 0.00000420
Stop Loss : 0.00000210
BUY : 0.00000240 - 255
Target 1 : 0.00000290
Target 2 : 0.00000340
Target 3 : 0.00000420
Stop Loss : 0.00000210
#AGI ( BINANCE )
BUY : 0.00000240 - 255
Target 1 : 0.00000290🎯✔️(first target achieved)
Target 2 : 0.00000340
Target 3 : 0.00000420
Stop Loss : 0.00000210
BUY : 0.00000240 - 255
Target 1 : 0.00000290🎯✔️(first target achieved)
Target 2 : 0.00000340
Target 3 : 0.00000420
Stop Loss : 0.00000210
ETH update
ETHUSD reached two levels of interest ($225 & $210) that we pointed out on February 12th and bounced off of EMA50. Those were great levels to buy some ETH.
Ethereum looks good as well as BTC
ETHUSD reached two levels of interest ($225 & $210) that we pointed out on February 12th and bounced off of EMA50. Those were great levels to buy some ETH.
Ethereum looks good as well as BTC
BTC 4h update
That declining trendline on the RSI played its role again! We bounced off of it and now trading above all moving averages
The struggle is currently the mid line of the channel. If we manage to break above it, new local highs here we go
📌Don’t forget there’s a pretty big CME Gap right at the top of the channel
That declining trendline on the RSI played its role again! We bounced off of it and now trading above all moving averages
The struggle is currently the mid line of the channel. If we manage to break above it, new local highs here we go
📌Don’t forget there’s a pretty big CME Gap right at the top of the channel
⚠️Time to be cautious since there is a TD-9 Sell on the Daily BTC chart
📌This indicator has been pretty accurate at calling local tops resulting into 5-20% pullbacks
If we don’t manage to close above the resistance level today, this will look like a perfect top
In addition, there’s a decent gap on CME BTC Futures at 9925-9645 + Funding on BitMEX is pretty high, which incentivises a Long Squeeze
📌This indicator has been pretty accurate at calling local tops resulting into 5-20% pullbacks
If we don’t manage to close above the resistance level today, this will look like a perfect top
In addition, there’s a decent gap on CME BTC Futures at 9925-9645 + Funding on BitMEX is pretty high, which incentivises a Long Squeeze