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Bitcoin - Fibonacci levels & ExtensionsBitcoin hit ATH not long ago and broke the $6000 psychological area. With a little bit of backtesting we can see that Bitcoin tends to retrace back to previous structure and these areas just so happen to be precise fibonacci levels as seen in the analysis. Broke $3000 -> back to $1850 | 0.5 fib Broke $4990 -> back to $3000 | 0.618 fib So whats next? Well, my predictions are the following: With backtesting BTC I can see a retracement back to 0.382 - $4957 area before buyers load up again for new ATH's and test the fib extensions I've drawn: 1.272 @ $7045 and 1.618 @ $8147. Text in bold has yet to happen Broke $3000 -> back to $1850 | 0.5 fib Broke $4957 -> back to $3000 | 0.618 fib Broke $6180 -> back to $4957 | 0.382 fib Breaks 7000$ -> back to $6180? This is my previous Bitcoin analysis which was mainly done for fun but it respected it perfectly and started peeling at my target. Can also be found down below. Check out my other Crypto ideas in the Related Ideas tab. Don't forget to like & Follow Happy Trading!
BITSTAMP:BTCUSDLong
by Goztrak
2
BTCUSD Perspective And Levels: Euphoria Prices.BTCUSD Update: New high made at 5420 which is just above the 5385 level which happens to be the 1.618 extension of the entire recent bullish swing. This is pure greed and euphoria in action, and for those who do not know yet, a hot market usually cannot sustain this rate of momentum. I have been cautious up to these highs and I am staying away from any new swing trades in this market at these levels. Yes, new all time highs are certainly a bullish sign, but risk of retrace is way too high at the moment. Based on the current structure, the first reasonable level for a normal retracement is 4914 (.382 of current bullish swing). Price can retrace to this level and this trend would still be intact. And the 4914 is a minor support, because the structure measured is the most recent swing. IF this level is broken, 4437 is the next reasonable level for a retest (.382 of entire bullish swing). This is the level is where I would like to see price stabilize and show reversal patterns for a possible swing trade opportunity. As long as price maintains this level, an attempt to retest the high would be within reason and worth taking the risk in my opinion (IF the market offers the opportunity). The fact that price has gone up so quickly after working its way to the 5K level is a bearish sign because often this is when the majority of the "active" crowd is long. To be more specific, "majority of the active crowd" means the current population of investors who are trading in and out of this market regularly (which is a relatively small market) and when this crowd is mostly long, bullish momentum is likely to dry up. This is what I mean when I use the EXPRESSION "There is no one left to buy" which is not to be taken literally. The size of the candle on the larger time frames is what points to this condition. People have been writing to me about being short, and this is a very tough market to outright short. One way to consider benefiting from a significant retrace would be to buy alt coins against BTC. In theory they should rise as BTC gets cheaper. This is an investment strategy which means buy and hold. I do not have any specific recommendations as far as which alt coins to choose, but I would say if you own alt coins, now would be a good time to add to your core positions since they will be cheap relative to BTC. In summary, it will be interesting to see how investors behave after the forks are out of the way next week. As these markets mature, the coin relationships will change. Just like a month ago when BTC sold off, everything followed, and that relationship has slowly unwound, but that does not mean it won't come back. As traders we cannot expect anything (especially in these markets) to be fixed, or consistent when it comes to relationships. This is why technical analysis is so helpful because no matter what happens, price will still find support and resistance, it will still trend, and it will unfold in formations that offer some clues as to where price is more likely to go next. It is all a matter of evaluating new information and adjusting. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
56
BTC 6k Elliot Wave TheoryI see a 5 wave Elliot Wave Theory completed at 5k with an A-B-C retracement that took us down to 3k. This is when Dimon and friends called bear and started buying. It looks like we completed the retracement and are now in the middle of another 5 wave bull. Using fibonacci levels extended from our old ATH of 5k to our low on this retracement of 2950, the 1.68 puts us right around 6k for the top of this wave. For waves 4 and 5 on my chart, I literally copied and pasted wave 4 and 5 from our run to 5k, to get a similar size and feel for the length and duration of the waves, and it also lined us up at around 6k. Sorry for the short analysis but I would put stop losses around 4750-4900 and start taking profit above 5750-5900. Happy Trading and Good Luck!
BITFINEX:BTCUSDLong
by Meteorite777
Bullish consolidation for LTCUSD pairing, retest of ATH?Bull flag in the form of an ascending triangle. Entry point is placed just above current resistance at ~$82.50. Looks like bulls want retest the $100 mark, so profit targets are set at key resistance levels as they correspond to the Fibonacci retracement (78.6% and 100% respectively) from the most recent all-time high (GDAX: $98.28). The $77 price point correlates to the 38.2% retracement level, and has served as solid floor of support for a few days. Stop losses should be place just below this support, as a drop below here will break two short-term uptrend lines - and could signal a retest of lower levels of support (key support at $64). Stop: $77.00 Entry: $83.00 PT1: $90.00 PT2: $98.00
COINBASE:LTCUSDLong
by tl93
2
BTCUSD Perspective And Levels: Wave 3 Of 5. Where Is Wave 4?BTCUSD Update: Continuing to push all time highs now almost a week after the hard fork. There are no resistance levels except for psychological whole numbers like 3500. As strong as it is, nothing goes up in a straight line, it will retrace. When exactly? There is no way to tell, but we can get an idea as to where it can retrace to. The closest support level is the minor support at 3076 (.382 of 2617 low) which would be the first place to look for a retrace to. If this level is taken out, that would signal further weakness and possibly lead to a broader retracement or consolidation. Just below that level is the 3003 previous all time high which should now act as a support. A retrace to this level is more likely to produce a bullish reversal and a level I intend to watch closely. A break below that will open the possibility to a deeper retrace back to the trend support at 2792 (.382 of recent bullish swing). If that level is broken, that would signal a broader consolidation is in play and call for more conservative strategies. These support levels fit very well into the Elliot Wave landscape which clearly indicates that we are in a larger degree Wave 5. Within this Wave 5, a subdegree Wave 3 is upon completion which increases the probability of a subdegree Wave 4. In terms of price structure, a subdegree Wave 4 completion makes sense at the 3076 or 3003 support levels. At that point it would be reasonable to expect a subwave 5 to complete the broader Wave 5. Some less experienced participants don't seem to understand that these evaluations are not predictions. They explain possible scenarios to be prepared for IF they happen. This is how professionals are able to anticipate because they already have a plan if the proposed scenario appears. While the inexperienced trader has no plan, and relies on emotion to guide their decision making. BTC may never pull back to 3003, but if it does, we know what to do, and if the level breaks, we know what to do also. In summary, the BTC market has more upside potential, but is likely to retrace to the minor support levels before continuing to new all time highs. Once the subdegree wave 4 completes, the next Wave 5 can take this market beyond 4000 in my opinion which implies strength for all the altcoins as well. Keep in mind risk is something we must always manage as traders, and that is why I do not blindly buy into new highs. Buying opportunities will materialize, it is all a matter of patience. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
19
SHS + High Volume + BTC FUD = New LTC ATHsShort term short opportunity has presented itself in the form of a SHS pattern, which formed as a result of the recent upswing in price and volatility. Neckline to peak measurement suggests we could retest $42.29 (.236 fib level). However, I believe that support at the $44 level will hold, and serve as a base to continue the climb upward. Based on LTC's past trading patterns, we could see a new trading channel forming between $45 and $55. My overall sentiment for this market is bullish, and I suspect a retest of the ATH by week's end. Disclaimer: Do not base your investments off of my TA alone, do your due diligence and make your own decision. LTC tip jar: LWVxqWdJsKPSriBjqTjWieKH3fZPd12oiC BTC tip jar: 16QTC3Z6R8BsRqSL5GKEeiXNjjgn1yYQjJ ETH tip jar: 0xf6EDd54095c656d38Ae1cF7D579926845B6307ed
COINBASE:LTCUSD
by tl93
2
Inside bar without any resistanceAs we all know, inside bars suggests a continuation of the trend or a reversal of it when forming on notable resistances/supports, USTEC has continued its journey to the moon after the recent huge decline. Buying a stock after reaching an all-time high, after retracements, is alright. I've been holding two long positions for the past weeks with an open TP, and I will hold so. //Jim Cramer is one of CNBC’s top stocks analysts and a former hedge fund manager. In an edition of Mad Money, Cramer explained that he is often inclined to buy stocks that have reached fresh all-time highs, providing they have been rising consistently, and have pulled back since reaching their latest high point: "When I'm ready to establish a position, I wait for a pullback to come that's at least 5 percent down," Cramer said. //
TVC:NDQLong
by bearvsbullmarket
1