Get started

4hour

BTC:USD 4 hour chart DAILY UPDATE (day 54)Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today. From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay focused and stick to the plan. Manage stop losses and always stay on your toes! Talking to myself as much as anyone else. Keep an eye on the trend line we supported from the 17th - 20th. I expect us to retest that over the weekend. That could be a good area to build a position. These are 4 hour candles and there should be plenty of time to enter. I have drawn three dotted lines to show how I think the next 7 days will go. They are based on support & resistance levels as well the daily trend of the previous few days. This is how I was able to draw the trend line on the 17th after seeing the golden cross, well before the it had been established as support! I have a very hard time predicting the intra day moves and I rarely day trade. That is why those lines are dotted, I would only use them as a way to plan for entering a long and/or taking profit, not as individual trades themselves. We also supported big selling volume two candles ago without closing below $8,700. I view that as a good sign that this pull back will be short lived. We might blow right through my trend line and go for a FIB retest, but I wouldn't necessarily plan on it. If not in a position $8,400 - $8,700 should be a good place to build a long. There will be resistance waiting at $9,400 - $9,500 but I don’t think we will have a problem get to $10,000 and that is where my first profit target is set. Stop loss is at $8,119 and will be moved up each time we breakthrough resistance.
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 53)Over the past 24 hours I have been watching closely for Bitcoin to break through the 0.382 FIB retracement level. I am very happy to see the slow grind upward continue to break through major resistance. It leaves us well positioned without being over extended, which is very important for a recovery. Support has continued to move up and that is crucial in order to keep the momentum going. As we keep receiving more, and more confirmation that this bear market is over we should continue to see significant amounts of fiat deployed from the sidelines. There is currently a bull flag forming that is pointing to $8,750. The next major area of resistance should be $8,900 - $9,000. I am still sticking with the $9,949 profit target. Stop losses have been moved up to $8,044 which is just a hair under break even from my initial buy recommendation. If you are not in a position then now could be a good time to enter long. $8,400 - $8,500 is the accumulation zone. If the price falls out of that area then it is time to re evaluate. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 48)Over the past few days we have been on red alert, awaiting final confirmation that this bear market is over. Step 1: Break through bear trend (red line) Step 2: Turn that trend line into support Step 3: Golden Cross on 50/200 day SMA In yesterday’s post I pointed out the dragonfly doji that was forming on top of the trend line and was watching for the price to bounce. This morning I was very happy to see that everything is still moving according to plan. If we can maintain support above $8,150 and develop a higher low over the next 24- 48 hours then I would consider Step #2 complete. The 50 day MA has begin to posture up and is rapidly approaching the 200 day MA. Once those cross then all three steps will be checked off and I will be ready to open a leveraged long. In the meantime I am waiting patiently on the sidelines and would advise the same for everyone else. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
Ethereum Update - Early Morning - 14 April 2018Good morning, everyone. I hope you have a great Saturday. Well, after that significant run yesterday, it looks like ETH may have reached the perfect storm of price level of support. As of 0300 EST, on the 4-hour chart, the 12-period Exponential Moving Average is providing nice support, and it looks like the 200-period EMA is moving in to offer some backup as well. The RSI level has also started to settle in back under 70. I think these are all positive signs, but let's not forget the bears have been running the show for quite a while now. I don't believe in making predictions, but I think it's worth you keeping an eye on. Have a good weekend.
COINBASE:ETHUSD
by TheBeardedBull
BTC:USD 4 hour chart DAILY UPDATE (day 46)Over the past couple days we have been on red alert for breaking the cursed bear trend (red line). The first step was to support above $7,500 after the massive rally from yesterday. The second step was to bust through the trend line on large volume. The third step is to find support above the trend line. We did see good volume on the breakout, however the price pulled back soon afterwards. That is generally a sign of strong resistance and could be an indication of an upcoming retracement. This is also the fourth test of the bear trend and that is usually when it is the most dangerous for the bulls. So far we have found support above the 200 day SMA, but it remains to be seen how long that will last. If it falls through then we absolutely have to hold above $7,500. If that doesn’t happen then I would have to quickly change my bullish tune. On the other hand if the bulls are able to hold then it will be time to start looking to enter a leveraged long. Be patient. I repeat...be patient! If we do break the bear trend and enter another bull market then there will be dozens of entries teed up on a silver platter. On the other hand if you are anxious about getting entered ASAP then you will get rekt before the gravy train starts rolling. I realize that my analysis is more wishy-washy than normal, and that is because we are at such a critical spot. Longing this close to the upper end of the longer term bear trend is not worth the risk. On the other hand, we have seen enough bullish sentiment in the last couple days to make a short sale out of the question in my book. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 45)Yesterday I mentioned that the amount of short sellers had gone parabolic and said if we could get the price above $7,155 then a massive short squeeze would be triggered. This morning I was very excited to see that the bulls were able to get the job done! Resistance came in like clockwork on the longer term bear trend (red line). The wick on top of the 4 hour and daily candle is not ideal and we should start to see a pullback over the next 12-24 hours. We need this pullback to support above $7,500. If it can do that then I am confident that we will break out of the bear trend on the following rally. From there the next bull run will be absolutely massive! The volume has been picking up significantly on the OTC desks and some big name funds have publicly moved into the space. I am very excited about all of the indications of a reversal, but I am not jumping in on BTC:USD just yet. Final confirmations will be support above $7,500 and breaking through the bear trend. Yesterday I mentioned that ETH:USD was breaking out of a cup & handle. Anyone who took that position is doing very well this morning! Happy Trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
1
BTC:USD 4 hour chart DAILY UPDATE (day 44)I have been keeping my eye on the short sellers being at an all time high these last few days. A new ATH was created on April 8th and they have only increased from there. When zooming out you can see that the short selling volume has gone parabolic. That is the type of fuel that we need to turn this market around. If the bulls can get the price above $7,155 then a massive amount of stop losses will start to get triggered. That should be enough momentum to get us back above $7,500. If we can do that then we would break through the longer term trend (red line) and I would consider this bear market over. We are currently trying to break the 50 day SMA resistance. If we can do that then I expect the next stop to be $7,155 where things will really get interesting. I am waiting for a close above $7,500 as my final confirmation to open a long. In the meantime ETH:USD is breakout out of a nice cup & handle after being oversold and I will be focusing on that. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 43)Yesterday I had hope that we would get another bounce, mainly due to shorts reaching a new all time high. I was also crossing my fingers for the triangle to give us support and I mentioned that it would get ugly fast if it didn’t. I’m happy to see that we held support and shorts are at a new all time high! Right now we are heading for a retest of the 50 day SMA at $6,950. If we can break through that then it should trigger a lot of stop losses. At that point the squeeze would be on and it would be massive! There are over 35K coins short and that is the type of rocket fuel needed to turn around a market as bearish as this one. Going long here with a stop loss set at $6,649 seems pretty attractive. However, where do you take profit? I think there is too much resistance at $7,000 - $7,200 to realistically set the profit target at $7,500. For me it is still too risky to open a long right now. I am waiting for a close above $7,500 or a dip to $5,000 and then I will feel comfortable going long. Until then I will wait patiently on the sideline and remind myself of a Peter Brandt adage: “Trading is done in between the 20 yard lines.” I hope you have a great day and always remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 43)Just as things looked to be turning around for the bulls we see a sharp pull back bring us below the 50 day SMA. The Adam & Eve bottom failed to push us above $7,500 and we are back at $6,650 support. It is also retesting the triangle that we broke out of two days ago. If we don’t hold here then things could get ugly quick. Short sellers reached a new ATH today that gives me hope for another reversal above $6,600. Not necessarily in the form of a squeeze, but instead from shorts taking profit. I remain neutral and on the sidelines until getting further confirmation one way or the other. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 42)Over these past couple days the big story has been the short sellers being at an all time high on Bitfinex. Historically we have seen a huge squeeze when the books are the unbalanced and I do not expect this time to be any different. With the overall market being so bearish I am still being extremely cautious and will be waiting on the sidelines for further confirmation. I need to see a daily close above $7,750 before looking for a bullish entry. That would break the longer term bear trend and confirm the falling wedge that started on 3/5 We are currently testing the 50 day moving average for support. If that holds it would be a very good sign for the bulls. We also have what looks like an Adam & Eve bottom. Hopefully all of these factors can give the bulls the momentum needed to turn this thing around! Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 41)I updated yesterday’s post to warn everyone of a upcoming short squeeze. My reasoning was simple: short sellers on Bitfinex were at an all time high. I should have closed out my short upon making that update, when the price was at $6,600. But I stubbornly held onto it and kept a tight stop. That was triggered last night while I was out at the bar and I had to eat a small loss. Today I am very interested to see how long this rally will last. We have broken out of the triangle on the upside and over 33,000 BTC are still short. That tells me the short squeeze hasn’t even started yet. I expect many stop losses are set in the $7,100 - $7,200 range and that is where the whales will be targeting. Get the price to that range, and then let the liquidations take over from there. I am watching for a close above $7,500 before turning bullish. Right now I am firmly neutral and will be sitting on the sidelines. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 40)Yesterday I remained fully bearish and was watching for a new local at to be created below $6,500. Today I have drawn a massive triangle which illustrates the support level that we have been flirting with over the past couple days. If that breaks down below $6,500 I expect the volume to really pick up from the sellers. I have mentioned that I need to see capitulation before expecting this market to reverse and I am hoping to get it from $6,500 down to $5,000. If not in a position I would wait for support to break as final confirmation for entry. Sell between $6,300 - $6,450 and set the stop loss $6,775. The profit target remains at $5,000 where I expect a lot of support to be waiting.
BITSTAMP:BTCUSDShort
by Sawcruhteez