Some OnePoint TA to start the day

https://www.tradingview.com/x/0a8RQQyO/

Biden's stimulus news giving positive sentiment to the bitcoin

Price has already broken out from this huge triangle in the higher degree. This action once again giving a huge momentum for the bulls to bring the price to higher zone. All the stimulus news from Biden has already brought a new favor from the market's stakeholder to expect a changes in policy that can cause a higher price claim of bitcoin and cryptocurrency.

Now, we're back to the technical analysis. There won't be much changing structure in this market condition. But, the most important thing is that the price has already broken out from this long awaiting consolidation structure. Not just that, the price is now forming a huge green candle temporarily. On the other hand, we must anticipate the golden pocket zone which is the area where the bitcoin is trending right now. No matter on what structure, the golden pocket zone must be the huge resistance zone for the price and price must respect this zone as a strong and major resistance. We might see potential of the price retesting previous broken resistance as support ($11189) to complete the phase 2 of break out strategy before claiming higher to test the .786 and the interim swing high as the next possible resistance.

With the bulls come in this condition, we know that a huge movement will occur later in the future. We might see potential bull rally in the short, medium and long term. I'd like to look at the potential of the next mark up phase that could occur in the most of coins.

Relaxing the weekend, don't over trade, let the holds build sats. There is a possibility of a sharp drop to 10900s over the next two days. Keep the SL tight.

Looks like everything is going according to our analysis. It's either the blue path or the red path and so far we seem to be following the red path.

BTC is still under heavy resistance and it climbed up in a rising channel which is a bearish pattern.

This isn't the time to be heavily going into longs. We closed our long scalped and started adding to shorts again. Always aim for low risk trades.

Invalidation is a daily candle close above $11400 resistance.

https://www.tradingview.com/x/WS3z3OrL/

Gas fees are dirty low. Get done with your ethereum work

Bam

Let's talk about Bitcoin, why we're bearish in the mid-term, why we're bullish in the long term and CME gaps.

As many of you know by now, we've been bearish on BTC for a while now and we're still bearish, not until at least we see BTC above $12400. There are a couple solid reasons why we're still bearish and we'll discuss them briefly.

We started officially loading up shorts between $12000 - $12400 and price followed with a dump to high $9800. We recently scalp longed from $10500 to $10900 thereabout. Now we've started adding to our shorts again.

As much as we're bullish on BTC in the long term (expecting about $100,000 in the next 6 years), the technicals and behind the scene plays favor a drop first.

Not only is price still in our 3-Day chart rising channel, we're now at a fairly strong resistance area ($11400 - $11600), and we also have CME gaps at $10,985 to $11,025.

Statistically, 95% of CME gaps on the BTC charts get filled. We now have two additional zones with CME gaps to the one mentioned above which we'll post about soon.

We will be having a weekly close in the next few hours and once again we're at weekly resistance. The resistance can be found between $11,523 and $11715. If weekly closes above these regions, then we may assume this is one of those times we leave all CME gaps behind for a long while.

However, this is a strong resistance zone starting from the 4H all the way up to the weekly time frame. And with bearish divergence found on the monthly, 8H, 4H, and 1H time frame with oversold RSI conditions, we shouldn't bet on a further move up just yet.

As a trader, the idea is to take low risk trades and shorting at resistance with stop loss just above the resistance is surely a good move rather than longing right at resistance.

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

In this chart we have the famous CME gap in the $9000 area. Price seem to have gone there but didn't fill it up entirely so we're still left with a gap there.

This CME gap can be found between $9,660 to $9850. This area is also a very strong support on the weekly and daily time frame.

https://www.tradingview.com/x/2gCcfSY6/

Lastly is this CME gap which can be found on the 45 minutes chart formed on the 17th of February 2019. That's about 17 months ago.

Many people don't know about this CME gap because we rallied so hard in 2019 that many didn't bother to pay attention. You may be thinking it's impossible to drop that low at this point but March of this year (2020), during the Coronavirus early days, we say price dip to as low as $3590 on Bitmex.

That should tell you it's not impossible for price to do the same thing again, especially if we enter a bearish season where all bounces are dead cat bounces.

Is it possible for us to never hit that low, yes it is but as a trader you look at the charts and consider all possibilities. Don't be attached to one direction alone, when the chart says up, then trade up, when it says down, then trade down.

Be cautious!

We're shorting between $11400 - $11600

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

At the beginning is MicroStrategy and then we see it on Square. These are the 2 Financial technology giant company. What's next? Crypto is here to stay!

https://www.newsbtc.com/analysis/btc/tyler-winklevoss-a-tsunami-of-capital-is-coming-for-bitcoin/

Some OnePoint TA to start the day

https://www.tradingview.com/x/P287352P/

Bitcoin : Short term perspective, EW and the Golden pocket

The only reason I see why the price hasn't continued its uptrend moves yet is because we see a huge resistance zone slightly above current region where the price is trending now. This is the logical zone where every day traders need to anticipate. Golden pocket zone however will bring a huge effect in short term and a must watch zone for most of the day traders. As the day traders, we must respect this zone and not to hurry to enter a long position at this condition. However, I still see a huge momentum from the bulls to stack more and more long position at this correction.

All the price action has showed us that the price is respecting this golden pocket zone as a strong resistance. It's proven with the consolidation moves which forms a triangle pattern slightly below this range. I don't see any possible movement for further drop below this triangle for short term. All you can see is at the EW count which I've labelled on the chart shared. Based on the chart, we can see a possible upside moves to challenge more at the interim swing high on possible end of wave 3 in short term. For middle term, I still see possible more upside moves as an action to complete wave 5 at around $13000 or potentially extended at the $14000.

From the perspective of the news and crypto adoption, I see a good news which said that 2 huge company which is moving in the fintech business line, Square and MicroStrategy has entered the market of cryptocurrency is showing us that the belief level in crypto market in general has been growing in the last few months. It's a good news for crypto. I don't usually use the news to analyze the price movement in the future but when the news and the technical output moves in the same line, there will be a good type of analysis and it's rarely to be a false signal.

My next long position for averaging purpose is when the price is able to break out from current resistance trend line of the triangle on lower degree.

Our friends at Golden Ratio have differant thoughts

Altcoin Index Update :

This time, I won't cover about bitcoin because I've already shared my bias on yesterday's post and the price hasn't moved significantly since yesterday. I'll cover the Altcoin index which represents most of the altcoins' movement in the future.

Altcoin index is now testing the red region which is becoming the strong area of resistance which became a broken support at previous stage. With this testing to the horizontal resistance zone since the price has its floor at the white support trend line, we can conclude that the price is gaining some momentum from bulls perspective. This is however holding strong my previous bias on altcoins themselves which I've already covered on the latest post about altcoin index.

If the price can break out of this red horizontal zone, there will be a potential upward movement for most of altcoins especially for those who have a positive correlation with bitcoin. I see XRP, ETH and LTC will be the leading in altcoin's market for this potential upward moves.

At the last one month, there are huge volume entering the crypto market which I do believe this is an inflow from the outsider which is the newly investors joining the part of crypto universe. This is a good thing and it has given a indirect effect to the movement of altcoins.

Ethereum finding itself at daily resistance too. Also saw a good rejection here. A good idea to be loading up shorts because that's what we're doing.

For ETH, we're looking at price stalling a bit at $356 before continuing lower in the very short term.

Always looks at the bigger picture. ETH is looking at a potential drop of about -45%

https://www.tradingview.com/x/0xJT3Uup/

Lastly one of our favorite is LTC. It kinda always points the direction where price for other majors may be heading.

Not only that, we start entering short at $51 resistance after seeing the rising wedge.

https://www.tradingview.com/x/lPf9Saf3/

Our Daily rising channel for BTC is still intact. Price touched the mid-line and dumped over $200 instantly. We believe the top may be officially in we begin the journey to as low as $8500.

All our shorts have been filled between $10400 and $10600 with most being filled at $10600 range. We don't expect price to push high any further.

Our stop loss is exactly at $12000. Almost every major asset is at resistance and we've entered shorts for some of them.

All of them are still under resistance and haven't made any new highs, we're still making lower highs on high time frames.

In the very short term, we're looking at price stalling a bit at $10960 before dropping lower.

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

YFI usually work similar to YFII in terms of price action. Interesting pick.

Just a reminder, look at the TFs of charts I post. The shorts I've posted of LTC, ETH and BTC are on mid term. So you can put them on say 5x and forget about them. The YFI is an hourly chart so I expect it to move in the next 4 to 6 hours.

Looks like the Bitcoin scenario is starting to play. Eyes on $10980. Hold tight stops if you have any long position open. Same with shorts. Welcome to crypto.🖤

My current positions

Tight stops helped out. We'll grab the next one