https://www.tradingview.com/x/Oo6uBoJw/

Losing strength, The psychology behind rising wedge

Hello all, here I come again with the technical analysis of bitcoin. Not just present about the projection of direction in the market But I'll explain the psychological factor on the price action pattern too.

Now back at the daily chart, the time frame which is always crucial for every trader to see to count the possibility of the price direction in the future. The price touches the dynamic line which is the 1000 moving average on the daily chart. I've already anticipated about this 1000 moving average on the separate occasion which I said this is the most important resistance for bitcoin. And following the touch to this resistance, the price has already formed a rising wedge pattern which usually ends up with a price going lower.

The rising wedge pattern is characterized by a chart pattern which forms when the market makes higher highs and higher lows with a contracting range. When this pattern is found in an uptrend, it is considered a reversal pattern, as the contraction of the range indicates that the uptrend is losing strength. When this pattern is found in a downtrend, it is considered a bearish pattern, as the market range becomes narrower into the correction, indicating that the correction is losing strength, and that the resumption of the downtrend is in the making. On this case in bitcoin, the rising wedge pattern occurs at the BEARISH structure of the market.

Looking at the current level, we may see the price has topped out with the alignment of the golden pocket zone and the 1000 moving average as the strong resistance. But, similar with the price on the triangle patter, whenever the price is coming closer to the APEX there will be a huge volatility in the market to eliminate the retail stakeholder. I won't be surprised if we see a manipulative moves to liquidate the early shorter that lead the price to the higher region of the $8000 region before starting the real drop as it produces only the long wick to the upside.

This is a potential scalp long that we entered in the morning. Don't jump trains if the price isn't coming to you. Never, I repeat. Never chase a trade.

The higher time frame, suggests a good swing short is just around the corner, but we need to be a patient. This is why all our long trades were scalps only. Either we wait for prices to reach the upper range once again (high 7ks to 8k), or we wait for a breakdown of the channel, and short the retest.

Ah the short, I hate myself for not posting it out here. But played out beautifully.

We were considering this scenario of Wyckoff.
PS: Charted by CryptoAqfaridi

🎓#TradeUpdate 🎓
🎓 $COS / BTC - View Chart

🔸Signal Info: Contentos
Rank: #343 (Starting rank - #447)
Exchange: Binance
Direction: LONG

🎯Status: First target reached on Contentos for +18.83%. Fascinating the way the price tapped the 0.382 fib right on the mark.

❇️Changes: Lets reset the entry levels on this trade. Re-entry at 75sats & 72sats.

🔸Current Price: 79sats
❇️Entry: 75sats, 72sats
🎯Take Profit: 89sats, 106sats, 133sats
♦️Stop Limit: 67sats (-6-8%)

PS - Like our work on Tradingview

🎓 #PXI Plutus eXploration Index 🎓
🎓 $LINK / BTC - View Chart

Chainlink has been the top performer over the past week. While we have been sleeping our way through lockdown, the PXI indicator has been nailing the calls and taking your profits to the very top of the wave. See how effective the indicator has been on the 4h & 1h time frames on this epic trade.

Request your trial today - @cryptopotatoes | @lord_horst

https://www.tradingview.com/x/hDvh5Pji/

Simple approach but means a lot

Hello all, this time I will give an analysis from the weekly perspective. Let's go!

I've always anticipated previously in a lot of analysis I've shared about this current drop. From the daily chart which is having the 1000 moving average as the strong dynamic resistance, rising wedge and its psychology and etc. But all of those analysis is from the lower time frame perspective on the daily and the intra day level. This time, I'll show you on the weekly time frame as the big and pretty valid time frame.

From the price action perspective, we can see that at the white region, it has a heavy price action and in the past, there were a lot of activity occured in this level. Beside this fact, since the drop to below the white region, the price has tried to reclaim this white region as the support again and it always ended up failed. At least at the candle number 1 - 4 which refer to the 4 weeks of time frame, the candles always have a wick toward the upside and with this week's candle, if it closes just below this region, it will be very ugly candle for bitcoin.

Following the above statement, current bounce since the $3800 region can only be a retest toward the previous broken support which is now become resistance (white region) which I can classify this as the phase 2 of break out strategy and the price could go lower as the main direction confirms that way.

Just to be honest, I think that the price could go to lower zone than the $4000 region and this might be the capitulation time for cryptocurrency in global. During the parabolic moves of going up, there will also be the parabolic moves of going down and during the capitulation, It's more like the effect of the previous parabolic moves of going the upside.

🎓#SpotTrade 🎓
🎓 $BRD / BTC - View Chart

🔸Signal Info: Bread
Rank: #191
Exchange: Binance (Trade)
Direction: LONG

🔸Analysis: Bread has undergone a profitable cycle recently, back in late march, we see some volatility spikes that off targets for some traders. We are using this wave as a setout points for our retracement fib levels.

The trend has been down ever since the spike, and all the gains had been given back to the market. We are seeing two different falling wedge patterns that dominate. The flattened wedge has broken out of the pattern only 4 days ago, 8th April. The following wedge up next presented the next level of resistance, and the prevented the price from passing through just yet. On the 10th April, we a the first sign of a swing, the price made a new low, and went on from there to make a sequence of higher high candles on this 4h time frame.

We anticipate a proper breakout from these macro patterns shortly.

🔸Current Price: 1703sats
❇️Entry: 1680sats
🎯Take Profit: 1845sats, 1986sats, Open
♦️Stop Limit: 1574sats (±6.32% loss)

PS - Like our work on Tradingview

🎓#TradeUpdate 🎓
🎓 $BRD / BTC - View Chart

🔸Status: The trade quickly broke out only moments after posting the setup, but the price had then come down to fill our limit order on bread. The trade is active.

🔸Current Price: 1681sats
❇️Entry: 1680sats
🎯Take Profit: 1845sats, 2246sats, Open
♦️Stop Limit: 1574sats (±6.32% loss)

https://www.tradingview.com/x/bQ7AciSD/

Break Out Strategy, Is it time to accumulate short position?

Hello all, welcome back to the series analysis about bitcoin and cryptocurrency. Let's enjoy the analysis below.

In the last 10 hours of trading session in the bitcoin, the price has printed for more than 6% gain comparing with today's low. We can see that at this level, the candle looks so strong and bullish. But, if we looks at it more carefully and give the support trend line as the thing you may concerned, you'll find out a different perspective.

The white line is actually the 3 weeks broken support trend line that is now become a resistance for bitcoin. Looking how crucial this support trend line is, I think it may be logical that the price may do a retest toward this broken support as a flip to the resistance line to give confirmation of down side moves. Considering this thought, I will label this action as a potential phase 2 of break out strategy which is retesting the previous broken support that is now become resistance.

The other perspective is that at current price, the trend line is having confluence with the golden pocket zone as a resistance. Not just that, this golden pocket zone which is the area between the $7200 - $7180 previously became a strong horizontal support zone between the April 6th - 10th before it's been broken down to the area below the $7000. Is this a coincidence? I don't think so! This can be the phase 2 of break out strategy too for the horizontal golden support zone.

So, considering the above facts I've mentioned, I think that at current rate it will be very wise for us to add more or accumulate the previous short position to reduce our risk and on the other hand to expand our potential reward for short position. All targets to the downside remains the same as I've mentioned you on my previous post.

🥚 Easter Monday Special 🐰

The golden egg today is 20% off on the PXI indicator. Discounts are live at hashedplutus.com for the next 24h.

Annual $39.99 | lifetime $79.99

🎓#MarginTrade 🎓
🎓 $XEM / BTC - View Chart

🔸Signal Info: New Economic Movement
Rank: #27
Exchange: Binance (Trade)
Direction: LONG
Leverage: x5

🔸Analysis: XEM has broken out from its dominant falling wedge pattern. I was holding back on this setup, because it seems highly likely to continue on that downward trajectory inside the white wedge.

This morning, the price broke out of the wedge with some vigor, so the case for a long trade here was strengthened.

🔸Current Price: 537sats
❇️Entry: 537sats, 526sats
🎯Take Profit: 552sats, 609sats, 650sats
♦️Stop Limit: 1574sats (-2.82% x5 = -14.1% loss)

PS - Like our work on Tradingview

https://www.tradingview.com/x/7JtWyC6l/

Bitcoin : The respected support trend line

Once again bitcoin has already shown us the bearish moves today. I will show you another perspective from the daily based.

From the chart applied, we can deduce some of important things that will affect the bitcoin moves in the future. First of all, I want to show you the reason of why the price bounced from the low of $4000 at March 13th, 2020. The main reason of this bounce is the white support trend line which has held the price of bitcoin since late 2019. And because this is the 1 year of support trend line, the price must respect this area of support so the bulls ended up pushing the price to claim this area as a strong support.

But, because the current pattern of the price is showing us the rising wedge pattern which mostly leads the price of going lower, I will assume this current condition as the relief rally. Beside, the price has already shown a sign of reversal which it got rejected right after touching the 1000 moving average which coincidentally moves align with the area between 0.5 and 0.618 fibonacci retracement.

With all of these facts written above, I can easily deduce that at current level, the bears are stronger in position than the bulls. In other word, the chance of the price to breaks below the white resistance trend line can be expected as well. A break out of the white resistance trend line and the blue resistance trend line will invalidate my current bearish bias.

This limited period offer is fast expiring, rush to hashedplutus.com to make the most of the deal!

🎓#TradeUpdate 🎓
🎓 $BRD / BTC - View Chart

🎯Status: First target reached on Bread for +9.82% profit

🔸Current Price: 1835sats
❇️Entry: 1680sats
🎯Take Profit: 1845sats, 2246sats, Open
♦️Stop Limit: 1574sats (±6.32% loss)

Countdown clock ⏰ 60minutes

20% Discounts are live at hashedplutus.com for the next 60min.

Annual $39.99 | lifetime $79.99

https://www.tradingview.com/x/raZ7Cpz6/

High Probability of the direction

This time I won't cover the technical analysis of bitcoin again. I will look forward for the technical analysis of the bitcoin dominance in the market because like what we've known that the bitcoin's price is highly correlated with the bitcoin dominance in the crypto space.

Following my previous analysis about this dominance, we can see that there are 2 important patterns to watch both on the macro and micro level. The first important pattern for the macro level is the form of the uptrend channel. The dominance is still trending inside this channel whatsoever although it's now trending slightly above the lower support trend line.

The 2nd pattern is the bearish flag pattern (yellow) of current dominance and I even called this pattern since the dominance was around 66.42%. Specifically for this pattern, the dominance has given us a brief confirmation of this pattern comes true.

The main idea that I want to say here is that the confirmation of bearish flag on micro level has given the confirmation that the bears are gaining a huge strength to potentially breaks the lower support trend line on macro level up trend channel. With current condition, there might be a high probability that the dominance will push lower to breaks the current support. And if this happens, we'll see the dominance to test the white support trend line again which is around 50% level.

The weaken of the bitcoin dominance simply means the weaken of the bitcoin's market capitalization comparing to the total market cap in this crypto industry. Meaning that there is possible huge money outflow to occur in the future. With a huge money outflow means there will be a thickening in supply which will drive the price down.

🎓#SpotTrade 🎓
🎓 $SOL / BTC - View Chart

🔸Signal Info: Solana
Rank: #2030 - Cap not calculated
Exchange: Binance (Trade)
Direction: LONG

🔸Analysis: Sol has only recently listen on Binance, and it is receiving quite the wave of volume that is commonly seen when a new project hits the scene. The asset us up with substantial gains for traders who were holding the coin before it arrived, but with this volatility and price discovery going on, there is a good chance that we can make some quick profit on this trade.

Initial targets are priced within the nearest two Fib bands. The final target skips one level to round off at about +50%. We are looking at the chart at the right time, we anticipate a swing and will load some orders while that takes place.

🔸Current Price: 9 950sats
❇️Entry: 9 700sats, 9 360sats
🎯Take Profit: 11 095sats, 12 360sats, 14 395sats
♦️Stop Limit: 8 815sats (-7.42%)

PS - Like our work on Tradingview