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BITCOIN - UPDATED CHART jAN.12.2018BTC IS COUNTING LESSER WAVE #2 OF 5 DOWN TO COMPLETE THE LARGER "C" CORRECTIVE WAVE. EXPECT BTC TO ADVANCE TO OR NEAR THE UPPER TRIANGLE PRIOR TO RESUMING ITS CONTINUING CORRECTION. IF BTC FOLLOWS THE PROPOSED MOVES SAID LOOK FOR IT TO BREAK DOWN AT OR NEAR THE UPPER EDGE OF THE TRAINGLE IN A LONGER OR DEEPER CORRECTION OF THE 3RD. TECHNICAL ANALYSIS - BTC HAS FORMED A SECOND OR LESSER HEAD AND SHOULDERS STRUCTURE AND IS CURRENTLY TRADING ATTEMPTING TO BREAK UP PAST THE NECKLINE. iT WILL EITHER BREAK OUT AND TEST THE UPPER TRIANGLE LIMITS OR FAIL AND EXTEND LOWER. IN SHORT, IT IS A EITHER UP OR DOWN DECISION BASED ON THIS CHART WHICH IS OF LITTLE HELP TO INVESTORS ALONE. HOWEVER, WHEN COMBINED WITH ELLIOT AND CURRENT TREND TECHNICALS SUPPORT THE WAVE COUNT MOVEMENTS ABOVE AND THAT SCENARIO AS DISCUSSED AND INDICATED BY ARROW DIRECTION ON THE CHART ARE I BELIEVE LIKELY TO FOLLOW THROUGH. GOOD LUCK & THE CRYPRO'S ARE OVERALL ON A NICE UPTREND WHICH COMMENCED YESTERDAY.
BITSTAMP:BTCUSD
by bshgeo
Bitcoin buyers. Now!In my last post I recommended to wait. Now, I am recommending a buy. Technically, this sell off is perfect and exactly what I had been hoping for. We hit the $3800 price point I had hoped for and we are right back in sync with our 50MA and smack dab in the middle of my bull channel. In other words, Bitcoin is back exactly where it should be and the consolidation here represents health NOT sickness as many of the doomsdayers would like to suggest. Could we go lower? Yes. We can go all the way to the bottom of my bull channel (BOTTOM BLACK ASCENDING TL - currently $3500) and I will still be extremely bullish. However, I am not going to bet we'll get there. Rather, my recommendation is to buy anything in between $3500-$3800 for a nice LONGER TERM SWING TRADE. Here's my case for buying: - Good support on RSI (I see us potentially bouncing here) - 50 MA support - Bottom of Bollinger Band - All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun. Again. Can we go lower? Of course! Your stop outs would be anything below the BOTTOM ASCENDING BLACK TL. I've set mine for $3450. BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned. Happy Trading all.
BITSTAMP:BTCUSDLong
by stewdamus
2
I'm still waiting for this BTC confirmation b4 I go long again!Be careful here folks. This could be a BTC headfake. I remain skeptical that the bulls are back in control until we cross above the TOP BLACK line of my long time BULL channel and open a new candle ABOVE this TL on the DAILY. As of now, it looks to me like this could just be the first candle of a bear flag. If so, we would continue down below the $4000 support to hit our 50MA OR UPWARD ASCENDING BLUE TRENDLINE, whichever would come first at that point. I have my doubts that we'll go any lower than this. Currently the price of the 50MA sits at around $3850. The BLUE TL is higher (right now) at $3950. These two could intersect with our $4000 support at about the time BTC comes back down. If that happens there will be MASSIVE BUYING and we will blow right through the TOP BLACK TL and our current all time high of nearly $5000 to continue our upwards tragectory. I would update my charts again at that point. My recommendation is not to buy nor sell at this point. If you do buy, realize it is a high risk trade as we have not properly developed solid confirmation and put in some tight STOPs. If you're looking to buy, hold tight for confirmation OR a final drop to our supports: $4000, BLUE TL, or 50 MA. Buying here is too rich of a risk for my blood. If you're looking to sell short, DON'T. Not here. Best of luck my fellow crypto traders!
BITSTAMP:BTCUSD
by stewdamus
Look how perfect!Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held today, bounced, and it now looks like we will even close this candle far above $2420. As the market hits the far east tonight, we should get even more support. With this long awaited consolidation, the crypto market has had it's chance to catch a breath. We can now continue our move onwards and upwards. As always, happy trading friends.
BITSTAMP:BTCUSDLong
by stewdamus
3