BitcoinLong
Where Bitcoin goes now is entirely up to THE MARKET
Updated
Hello fellow traders.
Ongoing ideas of mine are beginning to show something extraordinary.
We've broken the ATH resistance on linear. (That may not be a big deal to most as most of the top traders IMO use log.)
We are creating bullish patterns within bullish patterns within resistance breaks.
It looks to me like we are in the midst of testing just how bullish we really are.
The wedge shown in this idea is in the process of breaking.
This will be the final break of resistance - no matter how you draw the wedge the resistance will be broken if Bitcoin continues to hold support.
The ATH trendline has been broken already and tested as support. (Red trend line)
4h RSI shows a nice bounce off ATH RSI support.
5D MACD has crossed for the first time since July - though is beginning to converge.
4h MACD shows convergence, we are very near the zero line and we need significant bullish momentum to appear or there will be a bearish cross.
TTM squeeze is green indicating it is now ENTIRELY UP TO THE MARKET to decide where we go.
I stand my ground that this market is in the midst of a major reversal.
I do think we have room to potentially create a double bottom.
If we break out here and re-test the ATH trendline for support we can fall as far as our current lowest low and still remain bullish.
Tomorrow is bloody Monday. Tuesday is February 5th, the 1 year anniversary of Bitcoin having the highest single-day buy volume in years.
If we can hold support and not have the usual Sunday/Monday dump, I believe this new weekly may open with a bang.
If we are to dump however I believe it will either be today or tomorrow.
So to recap:
ATH trend break in both price + RSI (1W RSI is juuuuust barely above ATH resistance)
5D MACD bullish cross
Breakout of Bullish Wedge pending.
Breakout of Ascending Wedge within said Bullish Wedge pending.
Bear euphoria at an ATH
A clean break below $3,120 will invalidate this idea.
When we break out to the upside, you'll know.
Ongoing ideas of mine are beginning to show something extraordinary.
We've broken the ATH resistance on linear. (That may not be a big deal to most as most of the top traders IMO use log.)
We are creating bullish patterns within bullish patterns within resistance breaks.
It looks to me like we are in the midst of testing just how bullish we really are.
The wedge shown in this idea is in the process of breaking.
This will be the final break of resistance - no matter how you draw the wedge the resistance will be broken if Bitcoin continues to hold support.
The ATH trendline has been broken already and tested as support. (Red trend line)
4h RSI shows a nice bounce off ATH RSI support.
5D MACD has crossed for the first time since July - though is beginning to converge.
4h MACD shows convergence, we are very near the zero line and we need significant bullish momentum to appear or there will be a bearish cross.
TTM squeeze is green indicating it is now ENTIRELY UP TO THE MARKET to decide where we go.
I stand my ground that this market is in the midst of a major reversal.
I do think we have room to potentially create a double bottom.
If we break out here and re-test the ATH trendline for support we can fall as far as our current lowest low and still remain bullish.
Tomorrow is bloody Monday. Tuesday is February 5th, the 1 year anniversary of Bitcoin having the highest single-day buy volume in years.
If we can hold support and not have the usual Sunday/Monday dump, I believe this new weekly may open with a bang.
If we are to dump however I believe it will either be today or tomorrow.
So to recap:
ATH trend break in both price + RSI (1W RSI is juuuuust barely above ATH resistance)
5D MACD bullish cross
Breakout of Bullish Wedge pending.
Breakout of Ascending Wedge within said Bullish Wedge pending.
Bear euphoria at an ATH
A clean break below $3,120 will invalidate this idea.
When we break out to the upside, you'll know.
Note
This is basically in a nutshell, exactly what my thoughts are.
Triple digit wicks or a reversal so powerful it will surprise even the HODLiest of HODLers
Note
According to what I see in XBT, this should be our strongest areas of support:Note
We bounced off of a very key area in the RSI.
Look for long entries and do it fast. There looks to be very little time left until THE MARKET decides we're going back up.
Psychology is a wonderful thing and guess how many people would be caught out of position right here?
Not trying to sound cocky here by any means, but I think teh Salesman is about to do it again.
The minute this turns green, we are on our way. It could happen tonight so be ready.
Note
For what it's worth, we are now wedged in between 2 resistances of 2 very bullish patterns. Will we dump, or will we moon?
This next daily candle may decide that for us.
Note
Wedged in between support + resistance of 2 bullish patterns*This is a very pivotal moment for Bitcoin.
Note
DAILY RSI has found support, and bounced OFF OF the ATH RSI.Note
Placing this here for later-Note
Also- bear in mind that if we do go vert alts are going to suffer DRAMATICALLY.Make sure you have very tight stop losses until we choose a direction, because if whichever direction we choose is as violent as I believe it may be, alts will
D U M P
Note
Nothing within this idea is financial advice.Proceed with extreme caution - this is AT YOUR OWN RISK.
Note
718.That is the amount of support Coinbase Pro has in BTC just below where we currently are.
I strongly suspect these walls are there for a reason and it's not to be fake and get pulled for once. We'll see.
Note
It's literally this easy.If you want Bitcoin to go up, BUY.
If you want it to go down so you can scoop up more at a cheaper price, SELL.
WE are in control right now, believe it or not.
Who's gonna pull the trigger and which direction will it be? We should find out tonight.
Note
We may face some serious resistance here, buuuut for some reason I don't think so.
LET 'ER FLY BOYS
Note
At the moment, we are technically fairly bearish.
The 1h shows hidden bearish divergence, and we also have a bearish MACD cross in the 4h as shown. I do believe we have some downside to come but we should not breach $3,350 at this point IMO for this to remain bullish. If we can manage to stay above $3,400 for this next 4h candle it would help the bulls tremendously.
If I had to guess, I'd say this triangle *should* hold for now. I believe we may have some upside to test today as well, and depending how the market reacts at that point we may go vert or just straight dump.
For now, there is no need to assume we will have any significant downside.
Note
?
Note
6H RSI showing a bearish wedgeThe hourly for right now however is showing a bounce off that 6h trend-line. For the moment we should be bullish. Really want to see the hourly cross 50 in the RSI though. Until then I am expecting some downside.
The 30m is showing 2 rejections so far in bullish ranges. We need to move up soon or we're going to visit $3,370-$3,400
Note
Press play. According to THIS wedge, we've successfully re-tested support post breakout.
So, from this point on, it's up to the market.
Note
According to BitFinex, the squeeze has let off there. This *could* start some bullish momentum.Note
Just an idea if we break support here.
I'm assuming if we have a large move to the upside there will be a fakeout to the downside first. No way we just pump.
Note
Putting this here for laterNote
From July 29th, 2018.
So, first thing I notice is a fib time zone that we are opening a new weekly candle on. The trend currently is down, and Fib Timezones typically indicate a change in trend. Also notice we are $200 from the bottom of these supports I drew MONTHS ago. I fully expect it to hold. So, it's looking like our bottom has the best chance IMO about $200 from where we are, or $3,250. Exactly what I've been thinking for the past few weeks.
So we still have a strong chance of downside here, but if this daily can close green or at least hold strong support, I believe we will see upward movement starting tomorrow.
So, $3,250 or bust IMO. Worst case scenario I see us fall straight through and bounce at around 2.4k - IF we get there. I don't see that happening, too many are bearish.
Note
Pay no attention to the IHS btw, I was a major noob at the time in TA xDNote
Okay this legit looks amazingNote
Chillin in the golden pocket, what will it do next!?
Note
By the way, there may still be this short on Bitfinex:Note
New idea
Please follow this one for regular updates.
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