https://www.tradingview.com/x/nzV0wJDG/
Bitcoin : Will the sideways move continue?
Hello all, welcome back to the daily analysis of bitcoin. let's do the chart work!
Based on the body to body connecting method on the daily time frame, the price is still trending slightly above the lower line of the ascending triangle. This kind of structure however makes the price to stand on its sideways momentum for near future. As long as the price is still trending inside this ascending triangle, there won't be any strong volume and there will be a lot of uncertainty occurs in the market. Beside that ascending triangle, there is still a potential bullish falling wedge to form inside this triangle (blue triangle). If this structure is in play, there might be a test toward the upper line of the triangle.
I have 2 scenarios for current structure :
1. If the price breaks out of the upper line of the bullish falling wedges, there might be a bullish continuation to occur and the price can touches the horizontal resistance around $9878 region. But, I haven't seen any chance of the price to breaks above it in near future especially with the lack of volume like this. So, I'll assume the uncertainty will continue in the next 1 or 2 months while the price comes closer to the APEX
2. if the price breaks below the support trend line of the ascending triangle which will invalidate all the bullish bias, I'll see the minor support around $8200 - $8000 and the major support at the golden pocket being tested.
Bitcoin : Will the sideways move continue?
Hello all, welcome back to the daily analysis of bitcoin. let's do the chart work!
Based on the body to body connecting method on the daily time frame, the price is still trending slightly above the lower line of the ascending triangle. This kind of structure however makes the price to stand on its sideways momentum for near future. As long as the price is still trending inside this ascending triangle, there won't be any strong volume and there will be a lot of uncertainty occurs in the market. Beside that ascending triangle, there is still a potential bullish falling wedge to form inside this triangle (blue triangle). If this structure is in play, there might be a test toward the upper line of the triangle.
I have 2 scenarios for current structure :
1. If the price breaks out of the upper line of the bullish falling wedges, there might be a bullish continuation to occur and the price can touches the horizontal resistance around $9878 region. But, I haven't seen any chance of the price to breaks above it in near future especially with the lack of volume like this. So, I'll assume the uncertainty will continue in the next 1 or 2 months while the price comes closer to the APEX
2. if the price breaks below the support trend line of the ascending triangle which will invalidate all the bullish bias, I'll see the minor support around $8200 - $8000 and the major support at the golden pocket being tested.
Here's a #LINK trade for the scalpers
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
Photo
IOTX does more than 12% spike to the upside after a break out.
https://www.tradingview.com/x/LZCrLhJv/
https://www.tradingview.com/x/LZCrLhJv/
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
Photo
REN is having a good spike to the upside too. 13% up from the break out.
https://www.tradingview.com/x/q6cIiB1B/
https://www.tradingview.com/x/q6cIiB1B/
Bitcoin has been in the job zone of around 9000 dollars to 9200 dollars for the past eight days. I personally think this is not a great time to trade I'll be sitting out on all trades till Monday.
https://www.tradingview.com/x/yvUMPpeX/
Bitcoin : Downside bias?
Hello all, here is my perspective on bitcoin based on the daily time frame and the data printed on the chart. Bitcoin is currently at crucial zone and there might be a significant moves very soon in the near future.
Right now, the price is trending slightly below 55 EMA and slightly above the white support trend line as the lower line of the ascending triangle. It's hard to argue that the momentum for the bulls are slowly diminishing and cause a negative Y curve on the shape of the price lately. You can see that there is a lot of volume has gone since the latest peak on that has occurred on the bottom of current structure at March 2020. In align with the perspective, today is the first time of the price to trends below the 55 EMA (yellow) as the dynamic support since the break out of April 23rd, 2020.
The second factor that we might anticipate is the fact that the RSI is now trending slightly above the 40 level which is the last boundary before the price breaks below neutral zone between 40 - 60. We might wait of how will the price action shows us when the weekly and daily candle closes in the next hours. Will this 40 level acts as support or will it be the confirmation of down trend break out?
The last perspective that I want to share is the structure of ABC correction wave which is likely to become the confirmation of current structure. If this perspective of the EW is valid and the falling wedge becomes invalid, there will be a massive drop in the future of price's movement. Ideally, the price will fall below the beginning of the A wave to complete its 5 wave structure downside. We have a minor support at .382 fib level and major support at the golden pocket zone below.
For long term, it's still stay on the mixed bias but for short term, I'm still seeing this as another action of retesting the supports below. But still, the key of all this moves is on the weekly candle closes in the next hours.
Bitcoin : Downside bias?
Hello all, here is my perspective on bitcoin based on the daily time frame and the data printed on the chart. Bitcoin is currently at crucial zone and there might be a significant moves very soon in the near future.
Right now, the price is trending slightly below 55 EMA and slightly above the white support trend line as the lower line of the ascending triangle. It's hard to argue that the momentum for the bulls are slowly diminishing and cause a negative Y curve on the shape of the price lately. You can see that there is a lot of volume has gone since the latest peak on that has occurred on the bottom of current structure at March 2020. In align with the perspective, today is the first time of the price to trends below the 55 EMA (yellow) as the dynamic support since the break out of April 23rd, 2020.
The second factor that we might anticipate is the fact that the RSI is now trending slightly above the 40 level which is the last boundary before the price breaks below neutral zone between 40 - 60. We might wait of how will the price action shows us when the weekly and daily candle closes in the next hours. Will this 40 level acts as support or will it be the confirmation of down trend break out?
The last perspective that I want to share is the structure of ABC correction wave which is likely to become the confirmation of current structure. If this perspective of the EW is valid and the falling wedge becomes invalid, there will be a massive drop in the future of price's movement. Ideally, the price will fall below the beginning of the A wave to complete its 5 wave structure downside. We have a minor support at .382 fib level and major support at the golden pocket zone below.
For long term, it's still stay on the mixed bias but for short term, I'm still seeing this as another action of retesting the supports below. But still, the key of all this moves is on the weekly candle closes in the next hours.
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They have exciting news
Buy once they dip.
#REP- V2 Will Launch 28 July
#ADA -Hard Fork 29 July
#BCD -Halving on 29 July
#ERD - Mainnet on 30 July.
#BNT -V2 Will Release
#LTO Mainnet Upgrade ON 31July
#IOTX - Ucam Launch on Amazon on 31 July
#RLC V-5 release on 31 July
#STPT -Defizone Launch on 31 July
#QTUM - Mainnet Launch on 28 Aug
#STX Mainnet Launch on 31 Aug
#DOCK Danforth Testnet on 31 Aug
#XZC halving on 23 Sept