Bitcoin : Are you ready for the new cycle?
Happy Monday all, I hope we can start all over this week with a new spirit and a new good thing. Last weekend, we had a very bullish activity from crypto market especially bitcoin which is having its super bullish movement which made it to enter its crucial resistance zone and the psychological number of resistance.
Just like what we've known, the $10000 region has became a very crucial level for bitcoin. Several rejection in the past has proved that this region is a serious level that bitcoin needs to break in the future. Not just that, the psychological factor is having an important role in this level. This level is $10000 with 4 figures which based on the market's psychology it's a huge round number. Whenever most of the traders see the round number like this, there will be an extra cautious activity occurs. There will be an increase in fear and there will be a huge potential sell off as the effect of taking profit.
Currently, the price is entering the huge resistance zone at $10000 - $10500 region which moves in align with the resistance trend line zone as the benchmark of this down trend movement since 2017. This is however a huge resistance trend line that we need to give our respect for. Not too much trade and open positions needed. We just need an extra action for caution at this rate. 2 scenarios ahead is expected. Rejection toward this resistance trend line will leads the price to the blue support level as a potential free fall action. But, breaking out of this blue current resistance, will leads the price to higher region which is the white resistance region like what we've seen on the chart applied.
The criteria for bitcoin to start a new bullish cycle is that the price MUST breaks out of the $14000 region as the strongest resistance on this major pattern. The breaks above the $14000 level will forms a new higher high pattern in major cycle which will be the first time ever since the 2017.
Happy Monday all, I hope we can start all over this week with a new spirit and a new good thing. Last weekend, we had a very bullish activity from crypto market especially bitcoin which is having its super bullish movement which made it to enter its crucial resistance zone and the psychological number of resistance.
Just like what we've known, the $10000 region has became a very crucial level for bitcoin. Several rejection in the past has proved that this region is a serious level that bitcoin needs to break in the future. Not just that, the psychological factor is having an important role in this level. This level is $10000 with 4 figures which based on the market's psychology it's a huge round number. Whenever most of the traders see the round number like this, there will be an extra cautious activity occurs. There will be an increase in fear and there will be a huge potential sell off as the effect of taking profit.
Currently, the price is entering the huge resistance zone at $10000 - $10500 region which moves in align with the resistance trend line zone as the benchmark of this down trend movement since 2017. This is however a huge resistance trend line that we need to give our respect for. Not too much trade and open positions needed. We just need an extra action for caution at this rate. 2 scenarios ahead is expected. Rejection toward this resistance trend line will leads the price to the blue support level as a potential free fall action. But, breaking out of this blue current resistance, will leads the price to higher region which is the white resistance region like what we've seen on the chart applied.
The criteria for bitcoin to start a new bullish cycle is that the price MUST breaks out of the $14000 region as the strongest resistance on this major pattern. The breaks above the $14000 level will forms a new higher high pattern in major cycle which will be the first time ever since the 2017.
Binance HOTLIST ZRX
The price is trending very close to the APEX of this Symmetric triangle. A break out on both side could occurs in near future. A break to the upside, will leads the price to the $0.4 and you can prepare the long trading set up. But, breaks below the support trend line , will leads the price to the $0.3 and you can prepare the short trading set up.
The price is trending very close to the APEX of this Symmetric triangle. A break out on both side could occurs in near future. A break to the upside, will leads the price to the $0.4 and you can prepare the long trading set up. But, breaks below the support trend line , will leads the price to the $0.3 and you can prepare the short trading set up.
https://www.tradingview.com/x/myxQIXBw/
Bitcoin : Clear break out
Bitcoin is in a very bullish momentum right now. A 14% spike in the daily candle has said it well and the clearly it closes above the white resistance trend line which I anticipated at yesterday's analysis. For now, there isn't any specific count based on the Elliot wave that I can find. But, I'll cover the complete break out strategy at this post.
Based on the break out strategy, you can see that the price is now at the phase 1 which is the initial break out of the resistance. At the initial break out, there will be an extraordinary push to the upside which makes people FOMO to stack their long position. This FOMO action could give an effect directly to the price which will makes it super extended and trends far above the original resistance. But after the FOMO losing some strength and shrinking of fund, there will be an action from the smart people who do a take profit action which will makes the price has its correction. This correction is called the phase 2 of break out strategy which is retesting the previous broken resistance as a support.
At current rate, although there is a break out of the white resistance trend line, I feel not so comfortable to enter long position because I do believe that the correction is imminent. There might be a push toward the $12000 or even more because it's the area of liquidation zone. But, is it an ideal time to enter your long position? Clearly, No! I will enter a long position whenever I see a test toward the $10000 region as a strong support and when we get the confirmation of rejection toward this support zone. Watch the price carefully, at the initial break out it's very prone to occur bull/bear trap as well. Watch the price action on lower time frame with the synergy on the high time frame is suggested
Bitcoin : Clear break out
Bitcoin is in a very bullish momentum right now. A 14% spike in the daily candle has said it well and the clearly it closes above the white resistance trend line which I anticipated at yesterday's analysis. For now, there isn't any specific count based on the Elliot wave that I can find. But, I'll cover the complete break out strategy at this post.
Based on the break out strategy, you can see that the price is now at the phase 1 which is the initial break out of the resistance. At the initial break out, there will be an extraordinary push to the upside which makes people FOMO to stack their long position. This FOMO action could give an effect directly to the price which will makes it super extended and trends far above the original resistance. But after the FOMO losing some strength and shrinking of fund, there will be an action from the smart people who do a take profit action which will makes the price has its correction. This correction is called the phase 2 of break out strategy which is retesting the previous broken resistance as a support.
At current rate, although there is a break out of the white resistance trend line, I feel not so comfortable to enter long position because I do believe that the correction is imminent. There might be a push toward the $12000 or even more because it's the area of liquidation zone. But, is it an ideal time to enter your long position? Clearly, No! I will enter a long position whenever I see a test toward the $10000 region as a strong support and when we get the confirmation of rejection toward this support zone. Watch the price carefully, at the initial break out it's very prone to occur bull/bear trap as well. Watch the price action on lower time frame with the synergy on the high time frame is suggested
In trading, if you get your MTV right, you're gonna enjoy the music.
M: Momentum
T: Trend
V: Volatility
Though all 3 can be gauged from naked price but still if one wants to use dedicated tools, one can use the following:
Momentum: RSI/MACD
Trend: MA/ADX
Volatility: BB/ATR
M: Momentum
T: Trend
V: Volatility
Though all 3 can be gauged from naked price but still if one wants to use dedicated tools, one can use the following:
Momentum: RSI/MACD
Trend: MA/ADX
Volatility: BB/ATR
https://www.tradingview.com/x/a7FbJgnr/
Bitcoin : Patience is the key
Bitcoin is currently trending above the broken resistance of the golden pocket zone which is around $10400 region. The price looks strong and we have those volume needed on the market capitalization. However, currently the price is entering a short term potential of accumulation zone.
The next playable resistance is at the $12000 region (blue region) which is the .786 fib level. Just like what you've known, the .786 fibonacci level is the last level of the fibonacci retracement which it usually becomes a huge resistance / support zone as well. Beside that, the.786 fibonacci level is also called the flavor of the year level, which the price will get rejected when it touched this level.
On the other hand, the playable support will be at the white region which is also the golden pocket zone and it's now become the broken resistance which automatically also become a strong support in short term. If the price touches this region in the near future, there is a potential of the phase 2 of break out strategy to occur which is the ideal time for us to enter long position (with a note that the price must hold from further drop).
So, we better keep our patience and stay away from the market right now. It's because currently the price is trending at neutral zone which is the area of uncertainty as well. I'll wait for the price to touch one of those 2 zones mentioned above. If it touches the $12000, I'll come up with the short position (With a confirmation of rejection) but if it touches the $10000, I'll come up with the long position (with a confirmation of bounce).
Bitcoin : Patience is the key
Bitcoin is currently trending above the broken resistance of the golden pocket zone which is around $10400 region. The price looks strong and we have those volume needed on the market capitalization. However, currently the price is entering a short term potential of accumulation zone.
The next playable resistance is at the $12000 region (blue region) which is the .786 fib level. Just like what you've known, the .786 fibonacci level is the last level of the fibonacci retracement which it usually becomes a huge resistance / support zone as well. Beside that, the.786 fibonacci level is also called the flavor of the year level, which the price will get rejected when it touched this level.
On the other hand, the playable support will be at the white region which is also the golden pocket zone and it's now become the broken resistance which automatically also become a strong support in short term. If the price touches this region in the near future, there is a potential of the phase 2 of break out strategy to occur which is the ideal time for us to enter long position (with a note that the price must hold from further drop).
So, we better keep our patience and stay away from the market right now. It's because currently the price is trending at neutral zone which is the area of uncertainty as well. I'll wait for the price to touch one of those 2 zones mentioned above. If it touches the $12000, I'll come up with the short position (With a confirmation of rejection) but if it touches the $10000, I'll come up with the long position (with a confirmation of bounce).
There's news coming in that SEC wants to scrutinize the transactions on Binance Chain. This could be similar to the ETH hears and if CZ manages to handle this well, it will be a big W for Binance and $BNB.
Market capitalization : Breaking out of boundary
The bitcoin market capitalization is looking good for now as the number is now reaching the .786 fibonacci retracement level as a strong area of resistance. Currently, the price has a temporary breaking out from the white resistance trend line which has already formed since February 2018.
Looking at the level that the market capitalization right now, it's in a strong degree of resistance. We can't be ignorant of this although the price of bitcoin has already broken out of the $10000 region which is the strong resistance and psychological zone. This week's candle closes will be significant for both the market capitalization of the bitcoin. If the market capitalization can breaks out above the $330 billion, there will be a huge bullish market structure toward the upside with potential of $14000. But if we see a huge rejection at this resistance and the price closes below the resistance trend line, it will affect both the market capitalization and the bitcoin's price.
In summary :
- Breaks above the $330 Billion, Will leads the Market cap to $390 - $400 billion and the bitcoin's price to $12000
- Claims back below the white resistance trend line, will leads the Market cap to $250 - $200 billion and the bitcoin's price to $9000
Weekly candle close is significant.
The bitcoin market capitalization is looking good for now as the number is now reaching the .786 fibonacci retracement level as a strong area of resistance. Currently, the price has a temporary breaking out from the white resistance trend line which has already formed since February 2018.
Looking at the level that the market capitalization right now, it's in a strong degree of resistance. We can't be ignorant of this although the price of bitcoin has already broken out of the $10000 region which is the strong resistance and psychological zone. This week's candle closes will be significant for both the market capitalization of the bitcoin. If the market capitalization can breaks out above the $330 billion, there will be a huge bullish market structure toward the upside with potential of $14000. But if we see a huge rejection at this resistance and the price closes below the resistance trend line, it will affect both the market capitalization and the bitcoin's price.
In summary :
- Breaks above the $330 Billion, Will leads the Market cap to $390 - $400 billion and the bitcoin's price to $12000
- Claims back below the white resistance trend line, will leads the Market cap to $250 - $200 billion and the bitcoin's price to $9000
Weekly candle close is significant.
Eid Mubarak! Let this auspicious bring joy to you and your family insha'Allah. Stay blessed♥️
Remember a couple of weeks ago I posted my cold wallet holdings? That's up by about 30% on a whole. Today is harvest time. It might go higher but the consolidation is near. I wouldn't risk gambling for the top and losing out on these gains
https://www.tradingview.com/x/O7cnSmWX/
Thoughts:
Let's try to keep this simple and concise. I have a mixed bias at this point. The fear greed index is topping over 80. Massive green candles have been printed on daily and weekly charts. A consolidation is necessary for the long term growth cycle.
Yet the bullish signs come from a wearing dollar. As most Bitcoin exchanges are using USD as the base swap, drop in price of USD correlates with increase in price of BTC.
Actions:
It comes down to you as a trader. If you prefer risking in and betting on the move I suggest opening two opposite positions on different exchanges with tight stops. You will end up paying fees but if a significant move occurs, you have caught both flanks.
If you prefer preserving your capital and waiting for a confirmation, sit at the sidelines and watch. It's okay to miss a few moves than gamble.
Thoughts:
Let's try to keep this simple and concise. I have a mixed bias at this point. The fear greed index is topping over 80. Massive green candles have been printed on daily and weekly charts. A consolidation is necessary for the long term growth cycle.
Yet the bullish signs come from a wearing dollar. As most Bitcoin exchanges are using USD as the base swap, drop in price of USD correlates with increase in price of BTC.
Actions:
It comes down to you as a trader. If you prefer risking in and betting on the move I suggest opening two opposite positions on different exchanges with tight stops. You will end up paying fees but if a significant move occurs, you have caught both flanks.
If you prefer preserving your capital and waiting for a confirmation, sit at the sidelines and watch. It's okay to miss a few moves than gamble.
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
https://www.tradingview.com/x/O7cnSmWX/ Thoughts: Let's try to keep this simple and concise. I have a mixed bias at this point. The fear greed index is topping over 80. Massive green candles have been printed on daily and weekly charts. A consolidation is…
https://www.tradingview.com/x/Mwy81jXv/
Coming from yesterday's analysis on Bitcoin, we saw a correction as predicted. I believe we need a steeper retest to $10,500 and sub $10,000 levels. The dollar is still very weak and might cause turmoil. Pick your safehaven investments. Gold might blow up but I believe silver too is gaining solid ground.
Coming from yesterday's analysis on Bitcoin, we saw a correction as predicted. I believe we need a steeper retest to $10,500 and sub $10,000 levels. The dollar is still very weak and might cause turmoil. Pick your safehaven investments. Gold might blow up but I believe silver too is gaining solid ground.