Bitcion
BTC/USD TA Update (Bulls Must Hold This Level)BTC/USD
Bitcoin is about to retest the key area of support again if BTC can maintain this level in the coming day or two.
There is a high probability of bounce will happen to test the resistance at 8000-8200 regions.
4hr TF structure is still valid and no red flags yet. This is the time for Bulls to show up and potentially change the daily trend.
There is no Buying Signal for BTCThe bulls are attempting to keep Bitcoin (BTC) above $7,000. This is a positive sign as it shows that buyers are not waiting for a deeper correction to step in. If the bulls can carry the price above $7,856.76, it will signal strength.
Above $7,856.76, a rally to the downtrend line is likely. This is an important resistance to watch out for because the price has repeatedly turned down from it.A breakout of the downtrend line could start a new uptrend. Therefore, we retain the buy recommendation given in the previous analysis.
Contrary to our assumption, if the BTC/USD pair reverses direction from the current levels or from the downtrend line and plummets below $6,512.01, the downtrend will resume. A breakdown to new yearly lows will be a huge negative and will hurt sentiment. Therefore, we do not suggest buying until the markets signal a possible change in trend.
7000 is the key levelMorning guys,
Indeed, market has made an attempt to climb higher, but was not able to reach our XOP target around 8.3K area and daily retracement (aka B&B "Sell) has started. The minimal target of this retracement is 7K - major 5/8 Fib support level. This level has special role in short-term perspective. Potentially, this level is the one that bulls should consider for long entry. At first touch theoretically it should provide minimal protection and price response which will be enough to move stops to breakeven. Holding above 7K will make possible large upside AB=CD pattern to ~8.5K area. Our H&S pattern is not valid any more as price first - has reached minimal target, second - dropped now below neckline.
If this level will be broken, I mean 7K - BTC will drop back to the "A" point and challenge recent lows. So, this level is important for bears as well. Right now we do not see any valuable bearish setups...
Moment come - nothing has happenedMorning guys,
Market finally has hit our OP target. Last time we've talked about signs that market has to show, if it is really bullish. They were suggesting upside reaction on combination of 5/8 Fib support and OP target.
Conversely, no reaction and drop below OP we've agreed to treat as bearish sign. Thus, you could make conclusion by yourself as overall picture is rather clear by our view.
BTC shows no reaction on OP + 5/8 Fib level target and opens road to the lows where we have next XOP target. Drop to XOP could trigger chain reaction of breakouts as reaching of XOP suggests erasing of Mr. Xi's rally.
Which, in turn, open road to daily $6.35K target. Once Xi rally has happened - we've called to not fall in euphoria but wait and see. Time tests any politician statement (recall Trump, for instance) and BTC has failed this test.
Maybe situation will change, but now we do not see any bullish signs - no patterns, no bullish performance, positive reaction on support, nothing...
8.3-8.5K short-term vital areaMorning folks,
BTC gradually is coming to the target that we've specified last week. In fact here we have two major AB-CD's but their targets stand relatively close to each other. Top AB-CD (red letters) has OP target around 8.3K area, slightly below major 5/8 Fib support, while another AB-CD pattern has OP target precisely at the level.
This level is very important, because it will act like a test. If BTC indeed stands in bullish mode, and Xi rally is real upside reversal - price should not erase this rally. Thus, breakout of 8.3K area and drop back to 7.2K
lows could put bullish perspective under question and open road to 2K major target on weekly chart. But this is long-term story...
So, what we could do in short term. If you have bullish view and search chance to go long - this 8.3-8.5K area is the one that you could consider. But you have to control two things. First is - you have to avoid long entry if nasty black candle will be formed, and this level will be broken by some fast action. Second - once you take long position, move stop to breaven as soon as possible. Because this is "test" level and we do not know what will happen. It might be just technical respect of support, but not upside rally continuation. Here I also draw a butterfly, just as example of bullish reversal pattern that you could use for entry. It is not the fact, of course, that precisely butterfly will be formed here... but it could...
For bears - wait for breakout of this level down. Now it is not time yet to act.
[BitCoke] price slump below $9000, a clear sign of weaknessMarket is down as bull failed to recover from weak consolidation between 9200 and 9600. Since market decides to go down to test major short-term support around 8700, curren price at 8900 should be a intermediate stop on the down path.
On chart, Bitcoin failed to break out bearish trendline even though news from China sounds very exciting.
BITCOIN Still In RECOVERY mode (SELL): Weekly, Daily, 1hr
BTC Thesis
- Weekly: Last weeks candle closed as a shooting star after rejecting off $9832 weekly zone signalling sellers are trying to push bitcoin price lowers.
- Daily: Monday candle closed with a long wick rejection to the downside off $9499 zone signalling seller are ready to push price lower to next likely target $8732.
- 1hr: Now waiting for 1more drive back into $9499 to test the 1hr launch pad, if this holds then we should expect a sell off to $8732.
Xi has made the dayWell, well, well...
While we were preparing to market reaction on our major 7200$ support area, which is vital for bullish scenario - Mr. Xi has decided to accelerate this and stepped in with revolutionary speech on Friday.
As a result BTC has shown immediate reaction on support. It was so fast that we were not in time to make any preparation...
At the same time, guys, I would not be too hurry to make conquest cry. This is just the words, guys. Yes, this is powerful leader of 2nd largerst economy, but he is a politician. I remind you that China ban all cryto exchanges in the country and started miners' retaliation in North China. Besides, just take a look at D. Trump what he has told tomorrow and what he tells today and what chaos his words usually trigger on the markets accross the board.
Previously we saw too many brave statements that ended with nothing. These thoughts make me be careful on market's gudgement right now.
It means that we should not fall in euphoria and see how durable this rally will be. I'm just worry that it will used for a new big short positions, because, outside of Xi statement - overall sentiment on the market was negative.
Thus, we offer two things - in longer-term perspective we need to sit on the hands and see what will happen. Second - while we're waiting for longer picture clarity and if you get an itch to trade BTC anyway, take a look at the chart.
This is relatively safe trade that is based on recent momentum. Around 5/8 support of 8.4-8.5K area we will get "222" Buy pattern. Odds suggest at least minor upside bounce out from there, which should let us to turn trade to riskless and move stops to breakeven. If we will be super lucky - rally will continue. This setup is possible only if we will not get miserable collapse to 8.4K area.
Right now it is not good area for long entry as BTC stands at major 3/8 Fib resistance and Overbought on daily chart.
BitcoinThe price of BTC fell around 12:00 on 22 October.
If you touch "Uptrend line drawn at the beginning of 2019" and go up, you will challenge "The downtrend line, which started from a high" around 06:00 on October 25.
If you touch "Uptrend line drawn at the beginning of 2019" and make a decline, you will challenge the 100MA intersection of the "Trend line on 4H chart" and the weekly chart around 16:00 on October 24th.
If you look at the daily chart, it is likely to rise along the line "Uptrend line drawn at the beginning of 2019".
BTC's most important inflection date is around October 27.
This day is the intersection of "The downtrend line, which started from a high" and "Uptrend line drawn at the beginning of 2019", and I think the box section is very likely to end.
The link below is a chart of a previously published BTC, a must-see chart.
Dowside target is completed - all eye on bearish signsMorning everybody,
BTC action is slowed so we had have to wait a bit more, when price will reach our target. Finally it has happened. BTC has completed AB=CD target right at low border of daily flag consolidation.
As our daily analysis stands the same - its bearish, and we expect downside breakout and reaching of 6.4-7.2 area, here, on 1H chart we need to watch for first signs of weakness.
Most common is - early downside reversal and inability of the market to return back to opposite, upper border of the flag around 8.9K area. Once BTC will turn south somewhere in the middle of the channel -
this will be early hint of coming downside breakout.
80 area is a clue to directionMorning guys,
So our last udate setup is done - market has completed retracement to 5/8 Fib support area, forming "222' Buy" pattern and now is the moment of truth, because 8K level is a key to further direction.
Downside breakout will significantly diminish chances on upside continuation and, in fact, will mean continuation of major downside trend. While, until BTC stands above it, it still could show deeper upside retracement,
in a shape of AB-CD pattern. Its target stands around 8.8 area.
Thus depending on your view - you could act accordingly. Bulls could drop time frame more and take long position, as current price lets to place very tight stop, just below major 5/8 level, hoping that upward action will happen.
While bears should wait either for completion of 8.8K target or - yes, downside breakout of 8K level. So, Stop "Sell" order could be used.
9K could be re-testedMorning guys,
We keep our bearish view in longer-term perspective, watching for two destination points - 7.2K first and potentially 6.4K second.
But in short-term context, BTC could show upside pullback. Last week we call to not take shorts by far and wait for pullback as market was oversold on daily chart.
Now you can see that indeed, it stands flat. We ignore pullback and do not intend to go long, but it should provide us better chances for short entry. Potentially in could re-test major broken 9K level, but only if everything
will go positive.
Here, on 1H chart we see something that looks like double bottom pattern, but for BTC, to keep bullish chances, price has to hold above major support levels. Now it stands at 3/8 level. Only in this case upside AB=CD will be possible.
Conversely, breaking of 5/8 will mean that we're going down on daily chart and pause is over.
Thus, our plan - sit on the hands and wait, whether we will get upside AB=CD to 9K where we could consider short entry.
Road to 7200-7500 is openedMorning everybody,
Well, it is not needed to talk too much. Few days ago we already noticed our doubts on price behavior and that it doesn't correspond to normal price action of bullish market.
As we've pormised the breakout of right arm lows of our H&S pattern triggered chain reaction of breakouts, including last major support of 9K area.
As a first result of collapse, market hits daily Oversold and completes 1.27 butterfly extension. This is not good moment to go short right now - wait for pullback to get bearish continuation patterns, such as "222" Sell and
take short position.
Next target is 7200-7500 area - our major bearish scenario. This area includes weekly 5/8 Fib support, AB=CD target and 1.618 butterfly extension.
This is major retracement down guys and by its end we should get sweet entry point for major long-term trend. This collapse is not something outstanding - it is normal. We talked about it two months ago. The question only was whether it happens right now or after market will hit 15.3K target.
Now we have the clarity...
Hit or Miss #2Morning guys,
Actually, we already have done all preparations for possible BTC action, but traditionally we prepare BTC update on Mondays ;)
As you can see, you second chance to take long position has worked nice. H&S on hourly chart stands valid. Now if you stand long based either on our 4H H&S pattern or 1H H&S pattern - move stops to breakeven.
The price of failure here is extremely high. Collapse of minor H&S pattern here will lead to cosequenses of failings that drop BTC to 7.5K area.
I'll show you why. Imagine that this H&S will fail - market will drop below the right arm. Any H&S failure leads to drop below the head. The head of this pattern in fact is a right arm of large H&S on 4H. Drop below the right arm
of 4H will lead to drop below the head as well around 9K area. This area has been tested three times and this time will be the last one. Breakout of 9K area will destroy bullish setup and lead market to next support area of 7.5K.
This is a kind of nested doll. Thus, if we will see irrational price action, failure of 1H H&S - close longs and consider position reversal...
BTC Market Update ~ Deep Dive 8/23/19I focus on providing live education and support to those interested in trading, Cryptocurrencies, and Blockchain technology. You will learn charting techniques, technical analysis, and the most popular cryptocurrencies for trading. My content is ideally suited for beginner to intermediate level traders.
long signal for BTC but waitthere are so many reversal point on BTCUSDT
10977
10972
10950
10926
and we have cross on tenkensen and kijunsen
btc has to attack this points with sharps
but BTC already is above 10722 which mean its going up till touch 11436
we have the global economy faces its biggest crisis in 11 years
but a rocky road lies ahead for bitcoiners and noconiers
and remember trump's currency war with china could be bitcion's die or do moment
and gold will smash 16k pretty soon
fortunately btc move with xau :) enjoy
buy pretty soon
USDCAD Technical Analysis: 6 Hour Timeframe Chart PatternsConclusion for today’s USDCAD technical analysis: Price closing below ~1.31783 implies further downside in the USDCAD.
USDCAD chart is presented in today’s analysis on the 6 hour timeframe. Focus is mainly paid to chart patterns in the USDCAD that can be used as a guide in understanding future price development.
The bullish channel in the USDCAD that lasted over 15 months is shown on the chart with eventual breakout below the channel occurring on June 07, 2019. A retracement to the 200 moving average (MA) following breakout can be observed before resumption of the downtrend.
A bearish channel (tentative) is the most recent chart pattern that is used to provide perspective for price action. The width of the channel can be used for projection to determine the minimum price level that will be targeted upon successful break out (up or down.
Support level between 1.32138 and 1.31783 is also indicated on the USDCAD chart. Price breaking through the lower boundary (1.31783) increases the chance of a test of the channel’s lower boundary.
Consolidation at support on the other hand supports the notion of price targeting the upper boundary of the channel.
Bitcoin Continues Consolidation Inside Bull Flag Bitcoin continued it's 4th day of sideways movement but is making higher lows and lower highs inside the bull flag. The question is if and when it will finally be able to push back above the 12,000 level.
BITCOIN BTC patterns explained Hello traders, BTC made a nice impulse in the lower time frame, now wait for a small correction to buy the break.
At 12000 USD area take profit and wait for another setup first to enter a new trade!
