Bam bam, on point

I guess you already know what this means.

Bitcoin fail to breakout and puff it goes.

https://www.tradingview.com/x/7V52xB6w/

Beware of the liquidation zone

Hello all, welcome back again with the bitcoin technical analysis. This time, I'll start this new week with an analysis based on the price action and the dynamic resistance of moving average on bitcoin. This analysis will cover all the area of potential movement for bitcoin whether it will goes up or down.

Bitcoin in the last 3 days is having a very low volatility with a move less than 4% range in the last 3 days. This is however become a very low volatility and will be difficult for us to identify current bias in the market. Although the moves was very slow, we can see that the price is still trending above the 1000 moving average which always be my crucial area of resistance for bitcoin. At current condition, bitcoin's entering the yellow zone which acts as a liquidation zone fir bitcoin. There will be a lot of early short positions get liquidated at this zone and we must anticipate several long wicks to the upside.

If we're talking about the possibility in bitcoin, there is still a possibility for the upside movement toward the $9000 region or the upper line of the channel. The main reasons why we should see this as the potential upcoming movement is that the price has broken out of the median line of the channel and currently trending above the 1000 moving average. Beside those facts, we should see the MACD as the indicator to identify any momentum in the market. it's all on the histogram which shows us that there's still plenty of room for the price to grow to the upside. currently the histogram is still at around 87 level but I see the histogram tick to the upside toward the 200 level which was the previous high could be in.

At current condition, I will stay neutral and waiting for the play of the rising wedge inside this down trend channel. Yes I see a potential of the price of going up but I do believe that at current region, there is still a high number of the risk which will give you a higher number of getting liquidated with the long position.

For my next play, here is what I wait for :
1. The criteria of opening long position with the target of the $9000 :
- The confirmation of the price breaking out of the yellow zone as the liquidation zone
- The failure of this rising wedge with the price breaks out of the upper line of the rising wedge
2. The criteria of opening short position with the target of the $5000 :
- The confirmation of breaks down of lower line of this rising wedge which indicates that this rising wedge is valid
- the MACD histogram ticks down to the negative side showing the bears are taking any control of the market.

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

Weekly perspective : Here is why the $8000 region is important

A quick update about bitcoin perspective on the 1 week of time frame. There are 2 important support trend lines from this weekly bias. the first trend line is the yellow one which has been broken and the 2nd one is the white support trend line that is very major.

If we use this yellow trend line as our benchmark, we can see that there is a potential of break out strategy in play during this moves. The drop during the earlier of March 2020 could be the initial break out as the phase 1 of break out strategy. Current moves toward the upside could be the action of trying to test the previous broken support trend line that is now become resistance as well. And there is a coincidence, which the golden pocket zone is in align with this previous broken support around $8000 region.

The 2nd important thing is if we look at the MACD indicator as an oscillator indicator, we can see that the histogram is having a tick toward the upside and it's coming closer to the 0 level which it can turns into a positive side in the next few days or the next week's movement. Moving Average on the MACD is looking promising too with a potential of golden cross over to occur in the future.

Any other fundamental thing that I want to highlight is that the halving of bitcoin is coming closer with the estimation of the next 14 days. During the pre halving period, usually a lot of people are exciting to stack the bitcoin because they believe that after halving there will be a push toward the upside due to supply and demand rules.

I do believe a touch toward $8000 is still a valid scenario for short term in the next 1 or 2 weeks, but for long term I'll stay on my bearish bias and the spike toward the $8000 or even $9000 could be only artificial and manipulated

EOS is respecting a very nice channel

NewsMash

🌍 The World Economic Forum (W.E.F.) believes blockchain-powered supply chain solutions can help reboot the global economy.
via Cointelegraph

🏞 Switzerland-based Crypto Valley seeks a US$103 million government bailout.
via Bitcoin[dot]com

🖥 Embattled cryptocurrency exchange Bitfinex has launched a social network for traders.
via Modern Consensus

💵 Cryptocurrency payments firm BitPay has added support for Binance’s BUSD stablecoin.
via Decrypt

😷 Major respirator producer 3M beat first-quarter sales and profit forecasts amid the coronavirus pandemic.
via ccn

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

🔸Signal Info: Celer Networks
Rank: #376
Exchange: Binance (Trade)
Direction: LONG

🔸Analysis: Celer Network has just recently shown an inclination to breakout to the upside. The higher high made on the 26th April is one good indication. The solid horizontal support at 21sats held strong for the month of April.

We are going to try and buy the mid and lower zone of this channel before the price continuers its bullish trend.

🔸Current Price: 25sats
❇️Entry: 23sats, 21sats
🎯Take Profit: 28sats, 32sats, Open
♦️Stop Limit: 19sats (-12.69%)

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

🔸Signal Info: Golem
Rank: #96
Exchange: Binance (Trade)
Direction: LONG

🔸Analysis: We attempted trade Golem not to long ago. Some serious volatility shook us out of the position, but now, we have a chance to re-enter with the odds stacked in our favour.

Curved resistance lines are in play and only seldom have wicks shot above this level. Overall, this looks like a culmination point and a decisive decision needs to be made by the big players now. Lets trade long!

🔸Current Price: 542sats
❇️Entry: 534sats
🎯Take Profit: 595sats, 673sats, 735sats
♦️Stop Limit: 493sats (-7.54%)

S&P 500 vs Bitcoin : The Degree of Similarity

Hello all, here I present you the comparation between 2 of the most significant class of asset that certainly could drive the economic and the global market.

Looking at those 2 comparation of the chart that I've shared above is that both assets have the similarity of price action.

First, we know that both assets previously had a significant drop after a long wait of the consolidation.

Second, We can easily deduce that both class of assets are having the similar pattern of a rising wedge which usually represent a relief rally during the drop of the market.

And the last but not least is that both assets are approaching the crucial level of the golden pocket zone. This level is acting as a strong resistance on both asset. Will they able to breaks this resistance?

The key of this analysis is to show you that both assets are having a positive correlation for now. Both assets are having the similar opportunity of going lower which indicates potential recession

Absolute beauty! Currently in neutral territory

Brace yourselves, Mashers. Around the 10th of May, we’ll witness a major event in the crypto-world: a new Bitcoin halving. This rare occurrence could have a significant impact on the economics of the Bitcoin network. But what exactly is a Bitcoin halving? What does it imply? And what effect can it have on the price of bitcoins? Hold your horses; let’s answer one question at a time.

So what is a Bitcoin Halving?

The Bitcoin network is kept alive by Bitcoin miners. These fellas verify Bitcoin transactions so that they can be correctly processed and added to the blockchain, which is the ledger that contains all the Bitcoin exchanges that have ever occurred. They all do this job in parallel, competing with each other because only the first who manages to verify an entire block of transactions receives bitcoins as a reward for the service. Currently, the remuneration for mining a block is 12.5 freshly minted bitcoins.

However, this reward is doomed to decrease over time. As a matter of fact, whoever designed the Bitcoin network decided that the compensation will be automatically slashed by half every 210.000 verified blocks. That’s what a halving is, and it happens roughly every four years. In May 2020, we’ll see the third halving in Bitcoin’s history, which will bring the mining reward down from 12.5 to 6.25 bitcoins.

What does a halving mean for investors?

As many Bitcoin enthusiasts know, the total supply of bitcoins has been deliberately limited to 21 million to contain inflation. This means only 21 million bitcoins will ever be minted. That makes Bitcoin a scarce commodity by design, and that’s why, like gold, many see Bitcoin as a way to hedge against the inflationary pressures fiat currencies can be subject to.

Since the inception of the network in 2009, roughly 18 million bitcoins have been generated and the total supply of new bitcoins increases daily. As seen, halvings make this increase unwind at a gradually decreasing rate, substantially reducing the number of newly minted bitcoins per block every four years. That will continue until the plateau of 21 million bitcoins has been reached, somewhere around the year 2140.

Currently, there are roughly 54.000 new bitcoins being minted every month, which means that, at current price levels (around €6.500 per bitcoin), the amount of value added to the total Bitcoin supply is roughly €351 million per month.

A large part of these freshly minted bitcoins needs to be sold for cash on the market by small miners to cover their monthly operation costs. Now that the reward for their service is being halved, some of these miners might not be able to make ends meet, and therefore be forced to leave the market. This could decrease the selling pressure from miners in the months after the halving, pushing the price higher in the medium term.

However, let’s not forget that oil prices are at historic lows, which in turn is driving down the price of electricity – miners’ main variable cost – pretty much everywhere. Therefore, in this particular scenario, many small miners could manage to keep running operations for a while after the halving, so the effect described above could be somewhat hampered or delayed.

Furthermore, if we assume the market is efficiently pricing bitcoins (i.e. the current price discounts all available information to date), the expected outcome of the halving should be already priced in. This is a strong assumption though, as the truth is no one actually knows what’s going to happen.

Remarkable reaction as predicted. Congratulations to the ones constantly picking the cues

https://www.tradingview.com/x/yv637pkK/

$10500 as the next anticipated region before the halving

Bitcoin has shown us a very strong action of bullish that is now trying to approach the upper line of the down trend channel that has held the price since June 2019. With today's move of the 15%+ gain in 1 single day of trading session, the price has broken out of the strong resistance area and the liquidation zone. There are few things I want to highlight related to this current upside moves.

The first thing is that there is a failure in the rising wedge with a break out of the upper line of the falling wedge. This action usually gives a confirmation of super bullish market with a huge parabolic movement in the market. And there is other thing that is crucial for me is that the price has already broken out of the liquidation zone around $8200 region which is a good sign.

The 2nd thing is that for the first time since February 2020, the RSI level is now approaching the previous high around 75 level which is very close to the 80 level as the range for extra bullish market. We must anticipate if the RSI can breached the 80 level on daily, there will be a very bullish market ahead. But, if it tops at current level and it gets back to below 60, there will be another bearish push.

The last thing is that we have to anticipate the potential fake break out of current down trend channel. As you can see, the price is very close to the upper line of the channel and the next resistance zone around $9200 - $9400 . There will be a lot of squeezing moves that we can anticipate from now. The key factor for current market's price will be on the halving that is going to happen in the next 12 days. And due to this event takes place and with the current bitcoin's behavior, I won't be surprised is the price can have a spike to the $10500 region right before the halving.

Here is a little education

Bitcoin blew our profits through the roof in the last 48 hours and now we enter the decisive action zone. We call this the Boom or Doom area. Have a look at the chart for the upcoming setups.

For long bitcoin has been considered digital gold. Lately the price action mirroring is quite evident.

https://charts.cointrader.pro/snapshot/LJIRn

BTC : Trend continuation

Bitcoin has already make it through the anticipated region to around $9000 region. At current condition, here comes to another uncertainty after it got rejected from the upper line of the channel as the action of the price respecting this as a strong resistance.

At current condition, we have seen that in 12 hours chart, there are some points I want to highlight.
1. The price is touching the .786 level of fibonacci retracement which is the last significant area of resistance based on the fibonacci rules.
2. The RSI is entering the overbought region which is above the 80 level.
3. The .786 fibonacci level is having an alignment with the resistance trend line as the upper line of the down trend channel
4. Comparing with the February 20th and current price, the price action has printed a lower high but at the RSI level, we can see that the RSI is printing a significant higher high which meets the requirement of the hidden bearish divergence.

Conclusion : So, based on all of those fact, I won't be bullish until the price can breaks the interim swing high around $10500 region which I've anticipated as the wick region for a fake break out on previous chart analysis. Beside, whenever we see a hidden bearish divergence, it will signals the price continuation of the price to go lower. 1 more spike to the upside, I'll stack the short position.

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

🔸Signal Info: Power Ledger
Rank: #102 (Starting Rank: 119)
Exchange: Binance (Trade)
Direction: LONG

🎯Status: This trade when on for quite a while, but the levels held, and the profits are now in the bank. Early on in the setup, first target was missed by the narrowest of margins. That would have helped with the long hold on the currency through consolidation. Eitherway, with a stop of about 11%, the position remained open for about 30 days. Today, two massive targets have been triggered on Power Ledger for 35% and 56% respectively leaving us with about 47% average gain for 2/3rd of the position.

🔸Current Price: 824sats
❇️Entry: Up to 830sats, 784sats
🎯Take Profit: 1095sats, 1260sats, 1630sats
♦️Stop Limit: 717sats (11.04%)

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