https://www.tradingview.com/x/nz77ZkQ5/
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Here is the member requested coins from our discussion group, QLC chain.
Currently the price is moving inside the yellow channel which potentially can be a bearish flag in the higher degree. The price is still trending slightly below the white region which is the resistance based on price action on intraday level. As long as the price doesn't break out of the white region, I can't see any bullish bias.
We could see the price to test the white region at around $0.016. But, opening long position at this condition is not likely. The potential reward is not worth the risk.
MEMBER REQUEST : QLC March. 3rd 2020
Here is the member requested coins from our discussion group, QLC chain.
Currently the price is moving inside the yellow channel which potentially can be a bearish flag in the higher degree. The price is still trending slightly below the white region which is the resistance based on price action on intraday level. As long as the price doesn't break out of the white region, I can't see any bullish bias.
We could see the price to test the white region at around $0.016. But, opening long position at this condition is not likely. The potential reward is not worth the risk.
https://www.tradingview.com/x/4K0vV7x4/
Back to the basic, $8000 region could be the bottom if..
Hello all, here I present you about another bitcoin's view from higher degree of analysis. Always looks at another possibility and try to find any confluence reasons to enter the trade. Enjoy the analysis!
Here is another point of view of bitcoin in higher time frame. As we can see that previously between June 2019 - December 2020, the price was moving inside the descending channel which a lot of fear and doubt has occured during this period. And during the beginning of January 2020, we have seen several trials from the price to breaks out of the upper line of the descending channel before finally we have seen a break out around the end of January 2020. After the breaks out of this descending channel, the price has spiked up to the peak of the $10500 region which is the interim swing high for bitcoin that finally forms a double top structure.
Actually the bulls were very strong during the push toward the $10500 region. But, right after the price touched the $10500 region, we have seen a parabolic moves with almost 20% down in 17 days. Personally, I'm not surprise with current parabolic move down as I always mentioned in my previous analysis that the parabolic moves to the upside will cause a potential parabolic moves to the down side as a correction. Beside, my opinion is inline with the fact that since the broken out of the upper line of the descending channel, the price hasn't shown us a proper retest to it as a support. And with current down side moves, I do believe that this could be a phase 2 of break out strategy which is retesting previous broken resistance that is now become support.
I see that the white region (around $8000 region) is a strong support for bitcoin right now. As long as the price can sustain above this level, I'll expect a $12900 region to be tested in the future. Let's see
Back to the basic, $8000 region could be the bottom if..
Hello all, here I present you about another bitcoin's view from higher degree of analysis. Always looks at another possibility and try to find any confluence reasons to enter the trade. Enjoy the analysis!
Here is another point of view of bitcoin in higher time frame. As we can see that previously between June 2019 - December 2020, the price was moving inside the descending channel which a lot of fear and doubt has occured during this period. And during the beginning of January 2020, we have seen several trials from the price to breaks out of the upper line of the descending channel before finally we have seen a break out around the end of January 2020. After the breaks out of this descending channel, the price has spiked up to the peak of the $10500 region which is the interim swing high for bitcoin that finally forms a double top structure.
Actually the bulls were very strong during the push toward the $10500 region. But, right after the price touched the $10500 region, we have seen a parabolic moves with almost 20% down in 17 days. Personally, I'm not surprise with current parabolic move down as I always mentioned in my previous analysis that the parabolic moves to the upside will cause a potential parabolic moves to the down side as a correction. Beside, my opinion is inline with the fact that since the broken out of the upper line of the descending channel, the price hasn't shown us a proper retest to it as a support. And with current down side moves, I do believe that this could be a phase 2 of break out strategy which is retesting previous broken resistance that is now become support.
I see that the white region (around $8000 region) is a strong support for bitcoin right now. As long as the price can sustain above this level, I'll expect a $12900 region to be tested in the future. Let's see
You guys might be wondering, "What the fuck is up with Potato? He hasn't given us the large chunk of updates for the last 4 days straight!"
Is he dead? or Is he too fucked up to chart things right?
Let me give you a little story to gather what you need.
James was an every day worker, typical 9 to 6 job, coming home and scrolling through socials or catching up with friends at the local bar at weekends. One day he woke up 30 miles away from town and had no idea how he got there. That's when he knew he fucked up.
There comes a time in all our lives that forces us to look back and evaluate what the fuck we have been doing, and for the last week I felt like James, my Binance portfolio is up by about 15% of the whole capital by just putting 5% on each trade. Hundreds of trades later, I realise that fucking shit, this market is like an open book and I could just invest in the losers and next day make 15% on each of them. This go me thinking, if the market is so easy to play, why do I sit and chart. That's the point I fucked up.
Overtrading
Come on! Don' t give me bullshit, there is a time when you need to get your hands off your PC and on something that really maters. This is the time. Why burn your eyes around trading all week when you can take the week down to study your investments are work on your strategy?
I don't feel comfortable with three of the top seven coins on CMC, you wanna know my thoughts, read them below
Is he dead? or Is he too fucked up to chart things right?
Let me give you a little story to gather what you need.
James was an every day worker, typical 9 to 6 job, coming home and scrolling through socials or catching up with friends at the local bar at weekends. One day he woke up 30 miles away from town and had no idea how he got there. That's when he knew he fucked up.
There comes a time in all our lives that forces us to look back and evaluate what the fuck we have been doing, and for the last week I felt like James, my Binance portfolio is up by about 15% of the whole capital by just putting 5% on each trade. Hundreds of trades later, I realise that fucking shit, this market is like an open book and I could just invest in the losers and next day make 15% on each of them. This go me thinking, if the market is so easy to play, why do I sit and chart. That's the point I fucked up.
Overtrading
Come on! Don' t give me bullshit, there is a time when you need to get your hands off your PC and on something that really maters. This is the time. Why burn your eyes around trading all week when you can take the week down to study your investments are work on your strategy?
I don't feel comfortable with three of the top seven coins on CMC, you wanna know my thoughts, read them below
Things don't seem right
Let me start with Bitcoin, you all know there is something called a Halving that is knocking the door. Now why does this matter? It basically rewards miners less to extend the longevity of the network.
Why should you care?
Let me make it simple for you, if bitcoin doesn't hit $13,000 three week after halving or by late 2020, miners will start pulling out. That's not good news for anyone. It will be like a fucking whirlpool pulling the entire market with it.
XRP and Ripple fiasco is going to be the biggest moonshot deal of the century or biggest money heist. Simple as it gets, Ripple on the outside is partnering with big names and banks while using the XRP token as an unlimited reserve for funds. I fear the whole card house will crumble soon.
Coming to BSV, I'll keep this short. The token is amazing but the team marketing their CEO/Face Craig White is terrible publicity. The BSV chain has immense resources and exciting tech. If they somehow break off from CW, they will prosper, else they too will die out.
Here is another one you should worry about, it is Litecoin, highly twined with the performance of bitcoin for a long term standing.
Let me start with Bitcoin, you all know there is something called a Halving that is knocking the door. Now why does this matter? It basically rewards miners less to extend the longevity of the network.
Why should you care?
Let me make it simple for you, if bitcoin doesn't hit $13,000 three week after halving or by late 2020, miners will start pulling out. That's not good news for anyone. It will be like a fucking whirlpool pulling the entire market with it.
XRP and Ripple fiasco is going to be the biggest moonshot deal of the century or biggest money heist. Simple as it gets, Ripple on the outside is partnering with big names and banks while using the XRP token as an unlimited reserve for funds. I fear the whole card house will crumble soon.
Coming to BSV, I'll keep this short. The token is amazing but the team marketing their CEO/Face Craig White is terrible publicity. The BSV chain has immense resources and exciting tech. If they somehow break off from CW, they will prosper, else they too will die out.
Here is another one you should worry about, it is Litecoin, highly twined with the performance of bitcoin for a long term standing.
https://www.tradingview.com/x/dDKHgRbr/
Bitcoin : Short term view
Hello all, let's make it quick and detail here about the short term bias of bitcoin.
We have seen a very long consolidation movement from bitcoin since 7 days ago. And usually when the price is entering the consolidation zone, there will be a pattern to be formed whether it's a triangle or HnS. This time the price in the consolidation zone is forming a potential play of the Inverse Head and Shoulder pattern which usually end up bullish for short term.
The confirmation of entering the long position is whenever the price has broken out of the blue region in the short term with a significant volume comparing the previous session. Currently I'm watching a potential break out of this pattern. The target will be at the white region which has an alignment with the yellow resistance trend line. This will be a good trade with a decent Risk to Reward.
Bitcoin : Short term view
Hello all, let's make it quick and detail here about the short term bias of bitcoin.
We have seen a very long consolidation movement from bitcoin since 7 days ago. And usually when the price is entering the consolidation zone, there will be a pattern to be formed whether it's a triangle or HnS. This time the price in the consolidation zone is forming a potential play of the Inverse Head and Shoulder pattern which usually end up bullish for short term.
The confirmation of entering the long position is whenever the price has broken out of the blue region in the short term with a significant volume comparing the previous session. Currently I'm watching a potential break out of this pattern. The target will be at the white region which has an alignment with the yellow resistance trend line. This will be a good trade with a decent Risk to Reward.
https://www.tradingview.com/x/VpoyToKh/
Preview from algorithmic perspective
The price is trending just slightly above the lower line of the channel. Broken below this will lead the price to the unexpected low level, could be $3000.
yellow mark is showing us that the price has failed to breaks the median line of the channel.
Please note that this is another potential perspective of the chart that I share.
Preview from algorithmic perspective
The price is trending just slightly above the lower line of the channel. Broken below this will lead the price to the unexpected low level, could be $3000.
yellow mark is showing us that the price has failed to breaks the median line of the channel.
Please note that this is another potential perspective of the chart that I share.
https://charts.cointrader.pro/snapshot/AC4nu
Bitcoin Dominance
Happy Weekend all! Now, we will cover about the bitcoin dominance which we understand has a significant correlation with bitcoin.
The bitcoin dominance currently is forming a series of lower high and lower low and has bounced from the support of 60% level. With current structure, I will expect a push toward the resistance trend line.
This resistance trend line is having an alignment with the golden ratio and the heavy price action around the 65.5 - 66%. If we see an increase of the dominance, usually there will be 2 possible scenarios :
1. There will be a huge volume comes in bitcoin as the inflow in market cap.
2. There will be a huge volume gets out of most of altcoins as the money outflow in altcoin market cap.
If the first scenario occurs, there will be a pump in a whole crypto market. On the other hand, if the 2nd scenario occurs, this might be a dump for altcoin market even harder than the bitcoin market cap. Remember the rules in the crypto market that the movement of the most of altcoins is multiple by 2-3 coefficient of bitcoin's movement. This means that if bitcoin down by 1%, the altcoin will down 2 - 3% depending of how big its correlation with bitcoin
Bitcoin Dominance
Happy Weekend all! Now, we will cover about the bitcoin dominance which we understand has a significant correlation with bitcoin.
The bitcoin dominance currently is forming a series of lower high and lower low and has bounced from the support of 60% level. With current structure, I will expect a push toward the resistance trend line.
This resistance trend line is having an alignment with the golden ratio and the heavy price action around the 65.5 - 66%. If we see an increase of the dominance, usually there will be 2 possible scenarios :
1. There will be a huge volume comes in bitcoin as the inflow in market cap.
2. There will be a huge volume gets out of most of altcoins as the money outflow in altcoin market cap.
If the first scenario occurs, there will be a pump in a whole crypto market. On the other hand, if the 2nd scenario occurs, this might be a dump for altcoin market even harder than the bitcoin market cap. Remember the rules in the crypto market that the movement of the most of altcoins is multiple by 2-3 coefficient of bitcoin's movement. This means that if bitcoin down by 1%, the altcoin will down 2 - 3% depending of how big its correlation with bitcoin
charts.cointrader.pro
CoinTrader.Pro Chart Viewer
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🎓#SpotTrade 🎓
🎓 $GNT / BTC - View Chart
🔸Signal Info: Golem
Rank: #91
Exchange: Binance (Trade)
Direction: LONG
🔸Analysis: Golems year to date record looks stunning indeed. It has secured itself in the top 100 coins for now. The sell off following the 10k BTC rejection and the end of the altseason are fairly rough, but also gradual and steady.
The asset is up 58% ytd, Made a peak of well over 100% in February, and it has pulled back approximately 20% from the close of that high candle. We have seen three scattered daily green candles over the last two weeks, and todays candle appears to have broken through some kind of resistance at least.
Curved resistance lines were used here to bring emphasis to the gentle sell off. The price is moving off the 0.5 Fib line, almost to good to be true. Lines are pegged to the extreme wicks on the previous wave. Overall, this looks like a solid trade. We will keep the 3rd part open for some more extreme profits.
🔸Current Price: 621sats
❇️Entry: 621sats
🎯Take Profit: 744sats, 875sats, Open
♦️Stop Limit: 590sats (-4%)
🎓 $GNT / BTC - View Chart
🔸Signal Info: Golem
Rank: #91
Exchange: Binance (Trade)
Direction: LONG
🔸Analysis: Golems year to date record looks stunning indeed. It has secured itself in the top 100 coins for now. The sell off following the 10k BTC rejection and the end of the altseason are fairly rough, but also gradual and steady.
The asset is up 58% ytd, Made a peak of well over 100% in February, and it has pulled back approximately 20% from the close of that high candle. We have seen three scattered daily green candles over the last two weeks, and todays candle appears to have broken through some kind of resistance at least.
Curved resistance lines were used here to bring emphasis to the gentle sell off. The price is moving off the 0.5 Fib line, almost to good to be true. Lines are pegged to the extreme wicks on the previous wave. Overall, this looks like a solid trade. We will keep the 3rd part open for some more extreme profits.
🔸Current Price: 621sats
❇️Entry: 621sats
🎯Take Profit: 744sats, 875sats, Open
♦️Stop Limit: 590sats (-4%)
TradingView
🎓#SpotTrade 🎓 $GNT / BTC 🎓 for BINANCE:GNTBTC by HashedPlutus
🔸Signal Info: Golem
Rank: #91
Direction: LONG
🔸Analysis: Golems year to date record looks stunning indeed. It has secured itself in the top 100 coins for now. The sell off following the 10k BTC rejection and the end of the altseason are fairly rough, but…
Rank: #91
Direction: LONG
🔸Analysis: Golems year to date record looks stunning indeed. It has secured itself in the top 100 coins for now. The sell off following the 10k BTC rejection and the end of the altseason are fairly rough, but…
$BTC / $USD
Do give this a read to better understand the upcoming market moves. We would appreciate a 👍🏼 and following un on TradingView
Chart
Do give this a read to better understand the upcoming market moves. We would appreciate a 👍🏼 and following un on TradingView
Chart
TradingView
Pre-halving Bitcoin growth analysis for BITMEX:XBT by HashedPlutus
The analysis charted above portrays a clear view of the necessary levels Bitcoin needs to break to successfully remain functional. Yes, that's the question in mind.
The alternating Red/Green lines are calculated Fibbonaci timezone to foster the time parameter…
The alternating Red/Green lines are calculated Fibbonaci timezone to foster the time parameter…
🎓 $XBT USD - Follow analysis on TradingView
The technical patterns drawn out in this previous analysis were spot on. The falling channel wedge represented the trend, and the significant structure that Bitcoin had been dealing with as of late.
On the larger time frame, this channel is the handle of the cup, the pattern that we foresee breaking out, and taking us to the higher high levels marked out on the previous analysis. Since we failed to break it this time, It seems inevitable that we visit the underside of the channel at the $7900 level.
Much of the market was trading on the fantastic inverted head and shoulders pattern, and the break of that optimism sent the asset into a free-fall. Ripples are seen throughout the market today with great losses across the board.
Sound technical analysis is essential, making the right move can make or break your portfolio, but there is nothing like having a smashing, fine tuned indicator in your arsenal. Our PXI indicator had the sense to deliver a stunning sell signal before this turmoil, triggering a short at around $9180 which is open with about +10% profit without leverage as we speak.
We are keeping a close eye on the levels here, but we anticipate contact with the underside of the channel at $7900 before a swing.
The technical patterns drawn out in this previous analysis were spot on. The falling channel wedge represented the trend, and the significant structure that Bitcoin had been dealing with as of late.
On the larger time frame, this channel is the handle of the cup, the pattern that we foresee breaking out, and taking us to the higher high levels marked out on the previous analysis. Since we failed to break it this time, It seems inevitable that we visit the underside of the channel at the $7900 level.
Much of the market was trading on the fantastic inverted head and shoulders pattern, and the break of that optimism sent the asset into a free-fall. Ripples are seen throughout the market today with great losses across the board.
Sound technical analysis is essential, making the right move can make or break your portfolio, but there is nothing like having a smashing, fine tuned indicator in your arsenal. Our PXI indicator had the sense to deliver a stunning sell signal before this turmoil, triggering a short at around $9180 which is open with about +10% profit without leverage as we speak.
We are keeping a close eye on the levels here, but we anticipate contact with the underside of the channel at $7900 before a swing.
TradingView
🎓 Bitcoin Update 🎓 PXI short signal for BITMEX:XBT by HashedPlutus
The technical patterns drawn out in this previous analysis were spot on. The falling channel wedge represented the trend, and the significant structure that Bitcoin had been dealing with as of late. On the larger time frame, this channel is the handle of…
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
🎓Hashed Plutus website launch🎓 🔗Hashedplutus.com
If you wish to save yourself from such dreaded crashes and hop out early, you can find the secret to our strategies on hashedplutus.com
https://www.tradingview.com/x/AEz0a9m3/
Bitcoin : The next big moves, break out strategy.
Hello all, welcome back to our analysis of bitcoin. let's do the chart work.
Looking at the image applied about the technical analysis of bitcoin, we can see that the price is now retesting the strong support around $8000 - $7763 region (white region). I hope that this white region is having a lot of confluence factors that will give a tremendous effect of bitcoin potential bounce in the future.
If we see through the perspective of the break out strategy, current wave down to the down side could be the action of the phase 2 which is retesting the previous broken resistance as a support. Just like what we've seen, since the broken out of the upper line of the down trend channel (which potentially could be a flag in the bullish flag structure in higher time frame), we haven't seen any sign of retesting the previous broken resistance as a support. Usually, whenever the price has touched this level, we will see a consolidation on micro level, where we're hunting for break out of the consolidation in micro level to enter long position.
For now, This is my current bias and as long as the price doesn't break below the current strong support or to close below the upper line of the channel, I'll still expect a potential bounce ahead as the potential touch to the $12900 in the future. My entry point for long position only when I see a break out of the potential micro structure consolidation.
Bitcoin : The next big moves, break out strategy.
Hello all, welcome back to our analysis of bitcoin. let's do the chart work.
Looking at the image applied about the technical analysis of bitcoin, we can see that the price is now retesting the strong support around $8000 - $7763 region (white region). I hope that this white region is having a lot of confluence factors that will give a tremendous effect of bitcoin potential bounce in the future.
If we see through the perspective of the break out strategy, current wave down to the down side could be the action of the phase 2 which is retesting the previous broken resistance as a support. Just like what we've seen, since the broken out of the upper line of the down trend channel (which potentially could be a flag in the bullish flag structure in higher time frame), we haven't seen any sign of retesting the previous broken resistance as a support. Usually, whenever the price has touched this level, we will see a consolidation on micro level, where we're hunting for break out of the consolidation in micro level to enter long position.
For now, This is my current bias and as long as the price doesn't break below the current strong support or to close below the upper line of the channel, I'll still expect a potential bounce ahead as the potential touch to the $12900 in the future. My entry point for long position only when I see a break out of the potential micro structure consolidation.
The comparation between bitcoin's price behavior and the Fear and Greed index. Based on the historical value, whenever the price touched the 13 level of fear (below 0) which is classified as the extreme fear, the price is likely to have relief rally in intraday level with the fear index ticked up comparing the previous low. On yesterday's candle that the price closed at $7900 level, the fear index has touched the 16 level of fear. it's just 3 more level to touch based on this indicator. A bounce could be imminent if we can see any sign of bounce.
https://www.tradingview.com/x/tKEdnpon/
Logarithmic view : Testing the unbreakable support
Hello all, welcome back to the technical analysis of bitcoin. Here I want to share my technical analysis based on the logarithmic view and the weekly chart time frame for the long run projection purpose.
Looking a the price which is moving inside the ascending channel which has held the price since 2013, This is however the specific channel that drive the price to form a bullish momentum since 4 years ago. Beside those the upper line and the lower line of the channel which moved as the resistance trend line and the support trend line, I also provide the median line of the channel which has also been the support trend line for the price. We have seen the broke down of this median line of the channel back at 2018 which led to the huge bearish run at that time, right after touching the lower line of the channel which became the support trend line, the price tried to tested the previous broken median support as a resistance with a parabolic moves that occured between February 2019 - June 2019. But, when the price touched the median line, it got rejected and make the bears took over control again.
For now, the price is testing the lower line of the channel, we will see whether the price can breaks this down or another bounce to test again the median line as a resistance. Green lines are the huge support if the price breaks down of current channel. On the other hand, red line is the level of huge resistance when the price can bounces from current level.
Logarithmic view : Testing the unbreakable support
Hello all, welcome back to the technical analysis of bitcoin. Here I want to share my technical analysis based on the logarithmic view and the weekly chart time frame for the long run projection purpose.
Looking a the price which is moving inside the ascending channel which has held the price since 2013, This is however the specific channel that drive the price to form a bullish momentum since 4 years ago. Beside those the upper line and the lower line of the channel which moved as the resistance trend line and the support trend line, I also provide the median line of the channel which has also been the support trend line for the price. We have seen the broke down of this median line of the channel back at 2018 which led to the huge bearish run at that time, right after touching the lower line of the channel which became the support trend line, the price tried to tested the previous broken median support as a resistance with a parabolic moves that occured between February 2019 - June 2019. But, when the price touched the median line, it got rejected and make the bears took over control again.
For now, the price is testing the lower line of the channel, we will see whether the price can breaks this down or another bounce to test again the median line as a resistance. Green lines are the huge support if the price breaks down of current channel. On the other hand, red line is the level of huge resistance when the price can bounces from current level.
https://www.tradingview.com/x/k43x3GRN/
Bitcoin : Rejection toward the upper line of the channel
At the time I'm writing this, the price has shown a rejection toward the upper line of the channel which is now acting as a strong support because of potential phase 2 of our break out strategy. With a long wick toward this support, making me once again believe that even the bears were respecting this area as a crucial zone. But, even if we see any rejection toward this support at the lower time frame, the daily chart is still showing a huge bearish pressure to the down side.
I will expect a little pullback of the price toward the lower level of $7600 or lower of $7300 before the bulls start to enter the market. This action could be an action for the whales to liquidate the bulls before they start pushing again the market as a false break down.
Waiting patiently for the entry for long position. I don't care if this is just a dead cat bounce or something else, As long as we can make profit, I'm more than fine!
Bitcoin : Rejection toward the upper line of the channel
At the time I'm writing this, the price has shown a rejection toward the upper line of the channel which is now acting as a strong support because of potential phase 2 of our break out strategy. With a long wick toward this support, making me once again believe that even the bears were respecting this area as a crucial zone. But, even if we see any rejection toward this support at the lower time frame, the daily chart is still showing a huge bearish pressure to the down side.
I will expect a little pullback of the price toward the lower level of $7600 or lower of $7300 before the bulls start to enter the market. This action could be an action for the whales to liquidate the bulls before they start pushing again the market as a false break down.
Waiting patiently for the entry for long position. I don't care if this is just a dead cat bounce or something else, As long as we can make profit, I'm more than fine!
https://www.tradingview.com/x/Q8KaoSr4
Looking at current drop. if we see from the weekly based and the logarithmic view, the price has already broken down of the lower line of the channel. If we see the weekly candle close like this and below this support trend line, we might see further drop to around the $3000 region which is the next horizontal level of support. Watch out and SAFU
Looking at current drop. if we see from the weekly based and the logarithmic view, the price has already broken down of the lower line of the channel. If we see the weekly candle close like this and below this support trend line, we might see further drop to around the $3000 region which is the next horizontal level of support. Watch out and SAFU
Do I seriously need to dig the graves again?
You be the judge.
This is the hourly chart of bitcoin and boom, that massive drop. The little secret here is our PXI called it before any major action started. We are now 25% clear on spot and over 200% on bitmex with 10x from the SHORT.
You don't wanna miss the sweet deal on this baby, head over to hashedplutus.com to grab yours.
https://www.tradingview.com/x/868qe2PL/
You be the judge.
This is the hourly chart of bitcoin and boom, that massive drop. The little secret here is our PXI called it before any major action started. We are now 25% clear on spot and over 200% on bitmex with 10x from the SHORT.
You don't wanna miss the sweet deal on this baby, head over to hashedplutus.com to grab yours.
https://www.tradingview.com/x/868qe2PL/
https://www.tradingview.com/x/ZXEIwgMi/
Bitcoin and the 100 MA
Hello all, welcome to the technical analysis of bitcoin especially after the huge drop on 1 day trade session. let's enjoy this!
Today is a very difficult day for bitcoin, which we can see that the price has dropped nearly 30% comparing to the open price. With this drop, it has invalidated every long bias even for short term or longer term. In this technical analysis of bitcoin, I want to use the extra indicator that I usually uses whenever the price has a huge drop like this which is the 1000 MA on the daily chart. We can see that this 1000 MA has acted as a strong dynamic support since the first time it occured. The last time the price of bitcoin breached this dynamic support was at November 2018 - March 2019 , when we know that there was a consolidation moves at that time. And today, officially the price has breached again this dynamic support after a long time ago.
And looking at the historical performance of the price when it consolidated when it had breached this dynamic line, I'll expect a similar consolidation pattern too, beside the price is still trending around the strong support zone of the golden pocket region. However, breaching the 1000 moving average as a long period of dynamic support level is not looking good at all, I will look for further confirmation of the price to identify my bias later when the price has less volatility in the future. Jumping in the market is not a wise decision for now.
Bitcoin and the 100 MA
Hello all, welcome to the technical analysis of bitcoin especially after the huge drop on 1 day trade session. let's enjoy this!
Today is a very difficult day for bitcoin, which we can see that the price has dropped nearly 30% comparing to the open price. With this drop, it has invalidated every long bias even for short term or longer term. In this technical analysis of bitcoin, I want to use the extra indicator that I usually uses whenever the price has a huge drop like this which is the 1000 MA on the daily chart. We can see that this 1000 MA has acted as a strong dynamic support since the first time it occured. The last time the price of bitcoin breached this dynamic support was at November 2018 - March 2019 , when we know that there was a consolidation moves at that time. And today, officially the price has breached again this dynamic support after a long time ago.
And looking at the historical performance of the price when it consolidated when it had breached this dynamic line, I'll expect a similar consolidation pattern too, beside the price is still trending around the strong support zone of the golden pocket region. However, breaching the 1000 moving average as a long period of dynamic support level is not looking good at all, I will look for further confirmation of the price to identify my bias later when the price has less volatility in the future. Jumping in the market is not a wise decision for now.
Here is the 2D chart, clear as water. 63% drop and yep, PXI called it. If you cared to Leverage trade that, you would be 6x your investment.
DM @cryptopotatoes or head to hashedplutus.com to save the rest of your investments
https://www.tradingview.com/x/j2cMDLWv/
DM @cryptopotatoes or head to hashedplutus.com to save the rest of your investments
https://www.tradingview.com/x/j2cMDLWv/
https://www.tradingview.com/x/2qjvSkQc/
Bitcoin : Don't ever follow the majority
Happy Saturday to all of you! In this current analysis, I will cover about the bitcoin's possible moves from the weekly time frame.
Before we start, let's take a look at the historical moment of the bitcoin between April 2019 - June 2019. There was a huge parabolic movement to the upside and most of the crypto people said that they might not see the $5000 region again. But, guess what? Now the price is trending right around the $5000 - $6000 region which once again invalidate bias of all the majority. Now, at the support, I see a lot of people who think that they're an expert is telling us to open short position! This doesn't make sense, that's why I suggest you to not gaining any trust to the majority. Make your own strategy and identify your own risk limit.
Talking about current bitcoin technical chart, I do believe that currently the price has formed my 3 favorite of break out strategy phases. Assuming the bullish falling wedges that has been broken previously, we've never seen the upper line of this wedges to be tested again. And with this current huge down side moves, it's officially being tested again. Look at the price action when price touched this region which has an alignment with the lower line of the yellow support trend line, which has formed since 2017. The weekly candle rejected very hard when the price touched this area. Assuming the strong support zone, I'll expecting a pull back and the weekly candle to close slightly above the white region which indicating that once again the price is respecting this zone. If the price can sustain above the white region, we might see the price to test the upper yellow resistance trend line which is in confluence with the 78.6 fib retracement ($8000 - $9100). At first, I'll wait for the micro level to form any sign of reversal to enter long.
Bitcoin : Don't ever follow the majority
Happy Saturday to all of you! In this current analysis, I will cover about the bitcoin's possible moves from the weekly time frame.
Before we start, let's take a look at the historical moment of the bitcoin between April 2019 - June 2019. There was a huge parabolic movement to the upside and most of the crypto people said that they might not see the $5000 region again. But, guess what? Now the price is trending right around the $5000 - $6000 region which once again invalidate bias of all the majority. Now, at the support, I see a lot of people who think that they're an expert is telling us to open short position! This doesn't make sense, that's why I suggest you to not gaining any trust to the majority. Make your own strategy and identify your own risk limit.
Talking about current bitcoin technical chart, I do believe that currently the price has formed my 3 favorite of break out strategy phases. Assuming the bullish falling wedges that has been broken previously, we've never seen the upper line of this wedges to be tested again. And with this current huge down side moves, it's officially being tested again. Look at the price action when price touched this region which has an alignment with the lower line of the yellow support trend line, which has formed since 2017. The weekly candle rejected very hard when the price touched this area. Assuming the strong support zone, I'll expecting a pull back and the weekly candle to close slightly above the white region which indicating that once again the price is respecting this zone. If the price can sustain above the white region, we might see the price to test the upper yellow resistance trend line which is in confluence with the 78.6 fib retracement ($8000 - $9100). At first, I'll wait for the micro level to form any sign of reversal to enter long.