OnePoint has some thoughts
https://www.tradingview.com/x/WgnzJDFG/
The nature of sub wave 3 of wave 3
This is a view from the lower time frame on bitcoin. After the price touched the $11720 range, we see a strong and hard rejection since the price tested this region of resistance. However, I think that this action is a normal action that show us about the healthy market structure. A war between the bulls and the bears, a lot of traps, and a high volatility has shown us that this market is going to be very exciting.
If you see my previous post about the EW count on the higher degree, you can see that at current market the price is forming the potential 3rd wave on minuette level. It's very hard to argue that it's not the wave 3 because of the size of the green candle. At a super bullish market cycle, there will be a lot of huge green candle occur to mark it as the wave 3 which usually is the longest wave comparing with 1st and 5th wave.
The other factor that you can see is at the RSI on this 1 hour time frame. We see a lower high structure which is negatively correlated with the price which forms a higher high structure. Similar action is occurring on another oscillator indicator which is the MACD. There is a lower high structure as well on both histogram and the MA line.
However, this is a normal type of correction as the price is performing a weaker bullish momentum. But, this won't happen for a long time because there are still 2 strong supports occurring on this structure. The zone of .382 and the golden pocket zone. We might see at those 2 levels of potential future bounce. For now, being idle is very suggested in the market
https://www.tradingview.com/x/WgnzJDFG/
The nature of sub wave 3 of wave 3
This is a view from the lower time frame on bitcoin. After the price touched the $11720 range, we see a strong and hard rejection since the price tested this region of resistance. However, I think that this action is a normal action that show us about the healthy market structure. A war between the bulls and the bears, a lot of traps, and a high volatility has shown us that this market is going to be very exciting.
If you see my previous post about the EW count on the higher degree, you can see that at current market the price is forming the potential 3rd wave on minuette level. It's very hard to argue that it's not the wave 3 because of the size of the green candle. At a super bullish market cycle, there will be a lot of huge green candle occur to mark it as the wave 3 which usually is the longest wave comparing with 1st and 5th wave.
The other factor that you can see is at the RSI on this 1 hour time frame. We see a lower high structure which is negatively correlated with the price which forms a higher high structure. Similar action is occurring on another oscillator indicator which is the MACD. There is a lower high structure as well on both histogram and the MA line.
However, this is a normal type of correction as the price is performing a weaker bullish momentum. But, this won't happen for a long time because there are still 2 strong supports occurring on this structure. The zone of .382 and the golden pocket zone. We might see at those 2 levels of potential future bounce. For now, being idle is very suggested in the market
Forwarded from Plutus Capital
Seems like CRV is really trying but still stuck under the downtrend line. Is CRV going to be one of those 2017 ICO projects that kept dumping "forever"?
Time will tell!
https://www.tradingview.com/x/itFhbDyK/
Time will tell!
https://www.tradingview.com/x/itFhbDyK/
Got some thoughts on the general markets. How would you like the update?
Anonymous Poll
75%
A lengthy 200 words text
25%
3 minute audio
First things first I want to talk about the election. History explains that recession hit economy usually brings in a new President. again the fact that a sitting president claims his second term is highly unlikely. The market shows its bias towards Donald Trump not getting elected for a second term. Yet I am extremely sceptical on the policies Joe Biden bring in to strengthen the economy. This is a very crucial factor because numerous countries have injected billions of dollars in stimulus packages. Consider India in the present week the government has promised a 10 billion dollar stimulus package similarly we saw that the you proposes 750 billion Euro stimulus package. This all indicates towards a strong gold and silver. People usually run toward hard currencies in times of uncertainty. even if the stock market recovers the possibility of Donald Trump getting reelected is slim. I expect extremely high volatility in the next 20 days. It is best to change aaj to a relatively stable currency if you come from a country where the currency is likely to get the value. Bitcoin still sees a possible scenario of touching 10900 dollars. The earlier charts of long term short positions are bound to play in by the time the election commences.
Could thoughts from Alberto
https://www.tradingview.com/x/mJmG2GHf/
All about bitcoin in the intra day chart. It forms once again a consolidation pattern in lower time frame. I've seen several wicks toward the upside as the rejection toward the shadow resistance at above region. At the latest push, we've also seen a push toward the $11550 region but like what we always anticipated lately, it's getting rejected again and again with only long wick produced at this latest moves. I still see a potential test toward the blue zone as a strong support in the short term before potential push once again to test the white region as interim swing high.
https://www.tradingview.com/x/mJmG2GHf/
All about bitcoin in the intra day chart. It forms once again a consolidation pattern in lower time frame. I've seen several wicks toward the upside as the rejection toward the shadow resistance at above region. At the latest push, we've also seen a push toward the $11550 region but like what we always anticipated lately, it's getting rejected again and again with only long wick produced at this latest moves. I still see a potential test toward the blue zone as a strong support in the short term before potential push once again to test the white region as interim swing high.
What's the date?
If you know you surely have been listening to the audios and reading my posts.
If you know you surely have been listening to the audios and reading my posts.
Plutus Capital
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…
Take a scroll up and look at all the short orders we set.
Alberto back at it
https://www.tradingview.com/x/Sj0iuupB/
Bitcoin : 3 important things to watch (TA perspective)
Another choppiness and another consolidation type of pattern on the bitcoin's price movement. Earlier this morning, we've seen a push toward the $10500 and right at the white resistance zone which is now becoming a strong resistance zone. During this consolidation phase, I'll show you 3 important things we need to be aware of in this chart.
1. White resistance trend line
At first time, I'll always start with the most crucial things on this current market structure. It's the white resistance trend line which has been broken out since the early October. I see this as an important trend line because since the break out event which I consider this as the first phase of my break out strategy, we haven't seen any sign of retesting this broken resistance as a support which is the phase 2. Based on my valuation, we can see a potential retest zone at the blue region if we consider the price action in the historical data. That's why at first deduction, I highly recommend you to save some of your fund to accumulate more at this zone which is around $10800 - $10500.
2. Assuming parallel channel
If we assume the parallel channel, we can find an important and valuable uptrend channel here. It shows us the representation of the bulls which is now gaining any strength. We see a rejection point right at the upper line of this parallel channel and we see the rejection point toward the support at the median line of the channel which is becoming the support trend line for now. What makes this parallel channel more important is that if the price can breaks below this median line, we can see further push toward the lower line of this channel which is moving in alignment with the blue region which I've covered on the first point.
3. Green dotted line
This green dotted line is also crucial as it was a broken horizontal line after the long consolidation from August - September 2020. After a break down, we see the first retest at September 19th and it also got rejected. But, at the 2nd test toward this resistance, the price is able to break this horizontal line. However, at current condition, the price is still trending above this horizontal support which we can consider this as the crucial point too.
https://www.tradingview.com/x/Sj0iuupB/
Bitcoin : 3 important things to watch (TA perspective)
Another choppiness and another consolidation type of pattern on the bitcoin's price movement. Earlier this morning, we've seen a push toward the $10500 and right at the white resistance zone which is now becoming a strong resistance zone. During this consolidation phase, I'll show you 3 important things we need to be aware of in this chart.
1. White resistance trend line
At first time, I'll always start with the most crucial things on this current market structure. It's the white resistance trend line which has been broken out since the early October. I see this as an important trend line because since the break out event which I consider this as the first phase of my break out strategy, we haven't seen any sign of retesting this broken resistance as a support which is the phase 2. Based on my valuation, we can see a potential retest zone at the blue region if we consider the price action in the historical data. That's why at first deduction, I highly recommend you to save some of your fund to accumulate more at this zone which is around $10800 - $10500.
2. Assuming parallel channel
If we assume the parallel channel, we can find an important and valuable uptrend channel here. It shows us the representation of the bulls which is now gaining any strength. We see a rejection point right at the upper line of this parallel channel and we see the rejection point toward the support at the median line of the channel which is becoming the support trend line for now. What makes this parallel channel more important is that if the price can breaks below this median line, we can see further push toward the lower line of this channel which is moving in alignment with the blue region which I've covered on the first point.
3. Green dotted line
This green dotted line is also crucial as it was a broken horizontal line after the long consolidation from August - September 2020. After a break down, we see the first retest at September 19th and it also got rejected. But, at the 2nd test toward this resistance, the price is able to break this horizontal line. However, at current condition, the price is still trending above this horizontal support which we can consider this as the crucial point too.
Forwarded from Glassnode
Prior to the suspension of cryptocurrency withdrawals from #OKEx, we observed large BTC outflows from the exchange.
According to our data, a total of 10,000 BTC (~$113 million USD) were withdrawn in two large batches in the past 48 hours.
#Bitcoin
Live chart | @glassnode
According to our data, a total of 10,000 BTC (~$113 million USD) were withdrawn in two large batches in the past 48 hours.
#Bitcoin
Live chart | @glassnode
Forwarded from Plutus Capital
In 14 days we'll have another monthly close and so far we've seen that bears are doing a good job at keeping price in the green MUST HOLD support zone.
Like we established before, LTC has the potential of falling about -88% from here if we don't hold that support. -88% puts us at $4.6.
The first word to pop up in many people's mind is "impossible". Well, it's very possible for this to happen and even BTC may support that idea (we'll look at that next).
The reality is that lots of institutional investors and big players got into LTC when price was really low and they'd like nothing but to be able to load up more even lower.
These guys are very patient unlike the many crypto folks you see who are always in a haste. Crypto is not their primary means of survival so these big players know how to wait it out (look at stocks).
As a trader/investor, you have to be prepared for any event and so far the charts are pointing to a massive incoming down move. In the long run we should see very higher prices but first we may dip very low.
If LTC doesn't hit $4.6, then bulls will have to step in at $11. That's the nearest best possible support. Now let's look at BTC (Get ready!).
https://www.tradingview.com/x/MjoeipTS/
Like we established before, LTC has the potential of falling about -88% from here if we don't hold that support. -88% puts us at $4.6.
The first word to pop up in many people's mind is "impossible". Well, it's very possible for this to happen and even BTC may support that idea (we'll look at that next).
The reality is that lots of institutional investors and big players got into LTC when price was really low and they'd like nothing but to be able to load up more even lower.
These guys are very patient unlike the many crypto folks you see who are always in a haste. Crypto is not their primary means of survival so these big players know how to wait it out (look at stocks).
As a trader/investor, you have to be prepared for any event and so far the charts are pointing to a massive incoming down move. In the long run we should see very higher prices but first we may dip very low.
If LTC doesn't hit $4.6, then bulls will have to step in at $11. That's the nearest best possible support. Now let's look at BTC (Get ready!).
https://www.tradingview.com/x/MjoeipTS/
Forwarded from Plutus Capital
This is the biggest picture for BTC so far which we're going to address. We are bullish on BTC in the long term, we see price hitting $400k per BTC in the near future but we're also traders and investors and we intend to prepare for any possible big down moves abd accumulate more BTC by shorting it.
This is the monthly chart for BTC. Price is a bit below $11500 which means we're still making lower highs in relation to topping out at $20,000.
Using the Fib tool, we can see how price has been respecting certain key areas as resistance and support. As it is clear by now, price mostly retraces about 61.8% of its move before continuing higher.
If $20,000 was really the very top, then we should expect the red path to play out and looking to catch BTC trading somewhere below $1000 soon, which will be 61.8% move of the move up from $152.
If $20,000 is not yet the top then we expect the top to be in around $400k per BTC which means $3000 MUST HOLD at all cost. This would be the 4th time we would be dropping into the $3000 zone which is not something very bullish.
For now we have our eyes on $6000 and above as our bearish target. If $6000 fails then we're looking at $3000, at $3000, we would have to be careful in longing BTC because it could fail. If we can push back up above $6000 from $3000, then the bottom is 100% in and we're heading straight for $400k.
It's difficult staying focused on the high time frame when so much is happening on the smaller time frames. Set an alarm to be checking the high time frame.
BTC is nothing without the USD and for now and in the next 10 to 30 years, we'll still be buying stuff with USD online. The goal is to accumulate BTC while maintaining the USD value of your holdings.
Don't hold 10 BTC which you bought at $10,000 (10 BTC = $100k) and wait for prive to fall down to even $3000 (10 BTC = $30k). However, if you can short, then at $3000, you could have about an extra 40 BTC which puts your total value at $150k because you'd now have 50 BTC.
Be a great trader/investor.
https://www.tradingview.com/x/RvdzJlNb/
This is the monthly chart for BTC. Price is a bit below $11500 which means we're still making lower highs in relation to topping out at $20,000.
Using the Fib tool, we can see how price has been respecting certain key areas as resistance and support. As it is clear by now, price mostly retraces about 61.8% of its move before continuing higher.
If $20,000 was really the very top, then we should expect the red path to play out and looking to catch BTC trading somewhere below $1000 soon, which will be 61.8% move of the move up from $152.
If $20,000 is not yet the top then we expect the top to be in around $400k per BTC which means $3000 MUST HOLD at all cost. This would be the 4th time we would be dropping into the $3000 zone which is not something very bullish.
For now we have our eyes on $6000 and above as our bearish target. If $6000 fails then we're looking at $3000, at $3000, we would have to be careful in longing BTC because it could fail. If we can push back up above $6000 from $3000, then the bottom is 100% in and we're heading straight for $400k.
It's difficult staying focused on the high time frame when so much is happening on the smaller time frames. Set an alarm to be checking the high time frame.
BTC is nothing without the USD and for now and in the next 10 to 30 years, we'll still be buying stuff with USD online. The goal is to accumulate BTC while maintaining the USD value of your holdings.
Don't hold 10 BTC which you bought at $10,000 (10 BTC = $100k) and wait for prive to fall down to even $3000 (10 BTC = $30k). However, if you can short, then at $3000, you could have about an extra 40 BTC which puts your total value at $150k because you'd now have 50 BTC.
Be a great trader/investor.
https://www.tradingview.com/x/RvdzJlNb/
Taking the weekend off.
Quick update before we start the next week. The Dollar seems very strong. as discussed in the earlier days the s&p500 and Bitcoin correlation is high. We can expect a few red candles if the dollar continues to creep higher.
Another interesting observation is with bonds market. The long term treasury bonds seem to appreciate every time the stock market it is about to take a nosedive. The bond market is where volumes are in trillions of dollars across the globe and this speaks about investor confidence in the markets. money pouring out of the stock market Bitcoin in gold usually ends up in the bond market or means in cash it wouldn't be surprising to see the dollar get stronger in the coming weeks. Fear and uncertainty among investors is going to rise as we neared the election date.
The general Trend could still turn either way. Second wave covid-19 cases in certain Nations has caused panic in in the markets and can greatly impact cryptocurrencies. I strongly recommend everyone to monitor all open position and always have a decent amount of your portfolio in cash to pounce on good entries.
Cheers 🥂
Another interesting observation is with bonds market. The long term treasury bonds seem to appreciate every time the stock market it is about to take a nosedive. The bond market is where volumes are in trillions of dollars across the globe and this speaks about investor confidence in the markets. money pouring out of the stock market Bitcoin in gold usually ends up in the bond market or means in cash it wouldn't be surprising to see the dollar get stronger in the coming weeks. Fear and uncertainty among investors is going to rise as we neared the election date.
The general Trend could still turn either way. Second wave covid-19 cases in certain Nations has caused panic in in the markets and can greatly impact cryptocurrencies. I strongly recommend everyone to monitor all open position and always have a decent amount of your portfolio in cash to pounce on good entries.
Cheers 🥂
Forwarded from Plutus Capital
These are the patterns you need to be looking for in order to be able to take short positions if you missed the top.
BTC price is moving up gradually but in a rising wedge which is a bearish pattern. The idea is to take very low risk trades like this one where you have a shorting range of $10450 - $10525.
With stop loss above the previous high, we're looking at risking either -1.6% or -1.07% for a potential profit of either +5.24% or +5.75%.
Always trade the patterns and patiently wait for the chart to convince you of a high probability direction. There will be many opportunities to take trades.
The aim is to minimize risk whiles maximising profit.
https://www.tradingview.com/x/srPxlmHF/
BTC price is moving up gradually but in a rising wedge which is a bearish pattern. The idea is to take very low risk trades like this one where you have a shorting range of $10450 - $10525.
With stop loss above the previous high, we're looking at risking either -1.6% or -1.07% for a potential profit of either +5.24% or +5.75%.
Always trade the patterns and patiently wait for the chart to convince you of a high probability direction. There will be many opportunities to take trades.
The aim is to minimize risk whiles maximising profit.
https://www.tradingview.com/x/srPxlmHF/
Forwarded from Plutus Capital
The Filecoin chart (FIL/USD) is showing some very disturbing price data. Price is down -75% already from a high of about $125.
Clearly the market agrees that the asset is overvalued and to make matters worse, many miners including five of its largest miners are on strike and have turned off their mining machines because the economic model is unfair and requires a huge amount of FIL tokens to start mining operations (source).
With price currently trading around $30, it certainly is expensive for miners to turn on their machines to start operating after the mainnet launch on 15th October.
Technically speaking, price has eyes on $15 which is about -50% drop from current prices. Even by then, we still think prices may be too expensive, both technically and for miners.
FIL may see some buyers when we drop down to around $6.5 - $7 (another -78% drop). By then we think price may be cheap enough for miners to buy in order to properly start operations.
FIL is deemed a very risky investment asset, it is recommended for it to be avoided or shorts recommended until we reach $15 or $7.
Clearly the market agrees that the asset is overvalued and to make matters worse, many miners including five of its largest miners are on strike and have turned off their mining machines because the economic model is unfair and requires a huge amount of FIL tokens to start mining operations (source).
With price currently trading around $30, it certainly is expensive for miners to turn on their machines to start operating after the mainnet launch on 15th October.
Technically speaking, price has eyes on $15 which is about -50% drop from current prices. Even by then, we still think prices may be too expensive, both technically and for miners.
FIL may see some buyers when we drop down to around $6.5 - $7 (another -78% drop). By then we think price may be cheap enough for miners to buy in order to properly start operations.
FIL is deemed a very risky investment asset, it is recommended for it to be avoided or shorts recommended until we reach $15 or $7.
charts.cointrader.pro
CoinTrader.Pro Chart Viewer
charts.cointrader.pro allows you to make TradingView charts of all possible cryptocurrencies for free.
Forwarded from Plutus Capital
Even though it wasn't posted here after BTC short trade was posted, we took short trades on ETH and LTC too. We've been shorting higher but added some more yesterday. If you've been following then you know these three almost always move together.
Posting it now because ETH broke below its rising wedge too and seem to be doing a bearish retest. It's not too late to make an entry.
We sometimes delay in posting trade setups because we have to give priority to Whale Clients.
https://www.tradingview.com/x/nno75ake/
Posting it now because ETH broke below its rising wedge too and seem to be doing a bearish retest. It's not too late to make an entry.
We sometimes delay in posting trade setups because we have to give priority to Whale Clients.
https://www.tradingview.com/x/nno75ake/