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Bitcoin-consolidation

BTCUSD: Randomness At Its Best Waiting For Better Setup.BTCUSD update: This market is trading around the middle of a consolidation. This is probably the most random price action you can possibly get and is best to avoid. The reason is simple: price is consolidating near multiple resistance levels. With the 7896 resistance zone boundary still in play, it is tough to justify swing trade longs at this level. As I wrote earlier on S.C., price is currently within the 7620 to 7687 minor resistance zone which is a .618 of the recent bearish swing. Overlapping this level is the bearish trend line that has been in play for some time. On top of that, 7896 is just over 200 points above, which is very possible for this market to test. This level is a reversal zone boundary which means if the break out of this consolidation is going to fail, that is the most likely area for it to happen. Remember, this does not mean it will fail. Price may very well break through and test the 8185 resistance which I have been writing about for some time. The idea is to be prepared in case price does present reversal patterns. At S.C., we have nothing to do but watch since there are no patterns worth justifying risk. We are keeping close eye on a number of alts and accumulating them for our portfolios, but that is beyond the scope of this article. In my earlier report, I talked about the levels that we are interested in. If the market is able to retest, then perhaps we get an opportunity. All we can do is follow our plan, not force on plan on the market.
BITFINEX:BTCUSD
by MarcPMarkets
19
Bitcoin consolidation in to reversal to 9-10kYesterday bitcoin saw a bounce to around 7.5k however today it has come down to about 7.3k at the moment however I expect it to go back down around 7.1k and then fill out the triangle I have drawn. There's evidence for this to be a triangle based off the top, however not really the bottom so this is a little bit of a guess, I'm just looking for a nice entry instead of waiting for the triangle to fill because I fully expect a reversal. I believe 7.1k will hit and be a great entry for a trade over the next month.
BITMEX:BTCUSD.PLong
by MarginChef2
BTC 9k-10k straggle So once again,we're back below the 200 day, and how they just disregarded the $9,000 support like it was nothing. For the bulls currently, the last couple of days(5/12th and 13th) the downside pressure looked uncomfortably to stay below May 11ths red day. Short -mid term, I think we're all eyeballing 10k again, but like I've said in chat I won't put my serious gear on until we get a firm hold above $10,200s. I'll put the serious gloves on after $12,000s. And should be paying more heed to the cryptos after 16k and above(when ever) But in the meantime,alt coins will give plenty of opportunities in between time. As of May 14th,I'll be watching out for more 8300,8500s consolidation mid term before more bullish action. Don't let fomo put you in grave circumstances.
COINBASE:BTCUSD
by Pippylongstockings
Upcoming Bitcoin BTC Price Action Predictions and TargetsMid and long-term predictions for BTC: unbiased. We can see the indecision in the market and is it no surprise it is non-trending. This is another critical decision point and the upcoming move will be fate-determining for the value of Bitcoin -0.31% in the coming months. On clear breakout up with good volume or breakdown critical resistance and support levels are charted, respectively. This is for educational purposes only and is in no to be interpreted or used as trading or financial advice.
BITFINEX:BTCUSD
by WarDaddy
BTCUSD: Setting Up To Revisit Lows? Or Just Noise?BTCUSD update: Bullish momentum is still carrying price higher, but it is slow. In this report I will cover how to manage expectation in this type of environment and what to look for as far as signs of weakness. When price action hesitates like it is doing at the moment, it can scare traders out of a good position too early, especially for those who have a hard time dealing with losses. The main thing to focus on in a situation like this is the direction of the immediate momentum which is bullish. This is easily defined by the trend line that is still intact. As long as this condition stays true, and price does not close below 10300, it is more likely to grind higher. The trend line boundary at the 10300 area is a good place to look for reversal candles on smaller time frames, and IF price closes below, it does not mean the trend shifts to bearish. The 9986 to 9723 minor support is still an area to look for reversals also. Price retesting this support just means subwave 2 of Wave v is still in play as long as there is no overlap with Wave i. A tricky scenario to be mindful of is IF price retests the 8800 area which is the lower boundary of a minor reversal zone just below the 9280 low. A push into this area can appear very bearish and attract over reactive shorts, along with a lot of drama. The key to avoiding getting caught at a low is watching for the establishment of reversal formations, especially if they are pin bars on this time frame. Range bound markets will often test lows and produce false breakouts, especially when they are counter to the broader trend which is still bullish in my opinion. What will confirm that price momentum is bearish again? Reversal patterns at the current price level are not enough. A break and close below the current bullish trend line along with breaks of the minor support and reversal zone are required. That means price would have to decline by more than 1500 points to finally consider momentum bearish? For my outlook on this time frame, yes. Remember depending on the time horizon you are focusing on, your criteria for defining momentum would be different. If I were day trading this market (which I have no intention of doing) I would be bearish as soon as the current candle closed and price breaks the low of it. That is a much different perspective which carries tight stops and profit targets to give you an idea. In summary, having a specific plan and predefined criteria to measure against are essential to not getting confused by the hesitant price action we are facing at the moment. Knowing what to look for within your specific time frame is what minimizes those emotional impulses to react to noise. Whether this market chooses to extend the consolidation or fake out and go higher, I am prepared either way and keeping an eye for any attractive opportunities upon any retest of the supports mentioned earlier. I have been bullish the whole way and will continue to manage my position from that outlook as long as the general fundamentals stay intact. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
17
BTCUSD: Higher Low Implies Consolidation Breakout To Test 13K?BTCUSD update: Small consolidation forming around the 10988 support boundary on top of a series of pin bars within the support zone. I interpret this price action as a quiet accumulation. The higher low that has materialized at the 10534 to 9989 support zone points to bullish momentum increasing and a likely break above the 11871 to 12316 minor resistance zone. Higher lows typically lead to higher highs, it is a classic momentum reversal pattern. The fact that this structure is forming within a major support area is a bullish sign. The confirmation of bullish momentum is when price pushes through the 11871 to 12316 zone which is the .618 area of the most recent bearish swing. IF this market breaks 13K, it will signal higher prices to come. I am not short, but if I was, I would certainly be tightening stops or simply looking to get out. My position is long and my average price is around the mid 12Ks. I am still looking to lock in some profits in the 15K range. What about buying more? If you are not long yet, prices are still attractive for swing and position trades long. For swing trades, risk can be defined by the 10276 or 9900 lows which serve as reference points for stops. These stops may seem wide relative to current prices, but that is the nature of the structure in place at the moment. Taking long positions in this area has to be done with careful sizing in order to keep risk under control. IF the market tests the lows once more (which can happen) I will be looking to add more to my position upon the appearance of another bullish pin bar. Again I do not know if this scenario will occur, but if it unfolds, I am prepared to take action. The prices that I have in mind are the 10534 to 9989 area (.618 of minor bullish swing) or the 9683 reversal zone boundary. In summary, I can understand why some less experienced traders think this market is bearish. They are too focused on the small picture. Not only is the big picture technically still bullish, but we are in an expanding business environment which will keep these markets generally supportive. In such conditions it is better to buy near lows and hold for the next bull run which can lead this market back to the 16 to 17Ks without much effort, it is just a matter of the right catalyst. Effective positioning requires the perspective to buy when the herd is still bearish and sell when the market starts pushing into resistance zones. Most importantly you must have a perspective and plan your decisions around a small number of well defined scenarios, and then let the market choose. That is a great way to separate from the herd and capitalize on its impulsive nature. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
25
BTCUSD: Range Lows Offer Potential Buying Opportunities.BTCUSD update: Price retests the 13786 to 12853 support zone after failing to push through projected resistance. This is a trading market. I have written about this since the overdone rally in December: unrealistic markets reinforce bad habits and warped expectations and the results are very apparent if you read some of the negative feedback that I have been getting on various forums. The kind of price action we are seeing at the moment is more in line with how markets generally trade, especially after the dramatic rally this market has seen recently. The 16350 to 17867 resistance zone is the .618 of the recent bearish structure and I have been writing about its significance for weeks. If you actually read my recent BTC report, I explained how a break of the 16100 level confirms BEARISH momentum. On top of that I have been reiterating locking profits at the highs. If you find yourself unable to comprehend these simple concepts, then you should read more popular reports that tell you exactly what you want to hear. At the moment, this market is in the midst of support levels while momentum is still bearish. It is also literally in the middle of a broader consolidation defined by the 17200 and 11600 areas. The middle of a range bound market is the probably the worst place to establish a NEW position because price action is the MOST RANDOM. Randomness is what a trading plan aims to minimize. Since momentum within this range is still bearish, I am anticipating price to retest the low 14Ks (which is a minor .618 support) or possibly a push back toward the 12853 level which is the lower boundary of the .618 support zone that is relevant to the recent bullish structure. Within these support areas, I am looking for bullish reversals. That means IF a retest and price rejection occurs it will be establishing a higher low or failed low reversal structure. For ME this scenario is what I look for when I am interested in swing trade longs. KEEP IN MIND I do NOT KNOW if these reversal patterns will occur, it is a matter of IF the market chooses that scenario. If the market conforms, then I will be looking to buy into the bullish reversal. If instead the market falls through, then I do nothing. As far as shorts, for those who have been reading what I write know that I do not short these markets. I will look for those opportunities in the futures once the spreads become more practical for the type of strategy I employ. At the moment I am still carrying a position trade long that I intend to hold with no stop or target. (Read my reports from 10 days ago). In summary, the whole idea behind projecting support and resistance levels is to have a way to not only anticipate reasonable levels for the market to retest in the near future, but also to have a predefined plan that will govern your decision making process when such levels are reached. The price areas in the low 14Ks and within the 13786 to 12879 area offer reasonable levels to anticipate bullish reversals. This type of price action is in line with buying at range lows but also buying into a much broader higher low that many participants seem to be unaware of. Patterns on charts helps us build a decision making process since they repeat, BUT you also have to look beyond the patterns and consider them in light of the market CONTEXT. If you cannot see beyond the chart, you are much more likely to react along with the herd rather than anticipate it. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
23
BTCUSD Perspective And Levels: Consolidation Nation.BTCUSD update: This market is consolidating within a 300 point range, still within the reversal zone but the longer it stays at these levels, the greater the chance of another bullish breakout. What about the head and shoulders on the 4 hour chart? There is a head and shoulders formation that should not be ignored, but you have to consider the bigger picture. Price is consolidating near the highs and more importantly, NOT taking out any lows. Even on these wild 300 to 500 point gyrations, this market is still holding up well considering where it is. The head and shoulders is meaningful, but IF this market does not decisively break below 8k and paint a closed candle on its lows, then it is likely to break higher. Once again a condition like this is conflicting and confusing, but the overall trend carries more weight and is still in play until the market proves otherwise. Day trading is your best strategy in my opinion to capitalize on the minor weakness, while waiting to see if the market takes out any significant lows. 8K is not only an old resistance/new support but it is also the .382 support measured from the 7412 low. If this support is not taken out soon, the market is telling us that it is strong, even in the face of a head and shoulders. Keep in mind that consolidations are trend continuation patterns, not reversals. Price may still be in the reversal zone, but that does not mean it will produce a bearish reversal. On top of that, it is a holiday in the U.S. which is very likely to affect volume and make for a range bound market. Over the next two and a half days, U.S. participants will be focused on everything but the markets. That is why the stock market closes early and forex brokers widen their spreads. Obviously this holiday is not celebrated around the world, but U.S. volume is a big factor in these markets.Over the years I learned it is best to avoid trading all together during this time. Just something to keep in mind. In summary if this market is going to be a short, let it make the first move. This means it is okay to miss the initial move which has to break the relevant supports, then look to get in on a shallow retrace (day trading especially). When markets are weak, they reject resistance levels FAST and do not retrace right back to highs in a matter of hours. That is why I am more convinced that this is a consolidation and setting up to make a run for the 8500 resistance level over the next few days (low volume doesn't mean the market won't move at all, it means the movements have a greater tendency to be more random). Do not be confused by the head and shoulders because the general trend is still intact which means at the moment, this market is likely to go higher. These conditions do not fit the criteria of my swing trading plan at all, so I will continue to stay flat. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
34
BTCUSD Perspective And Levels: Hope Short Refers To Your Height.BTCUSD update: Price has pushed to 8020 without any bearish hesitation on the larger time frames in the 6950 to 7350 resistance zone. What happened to the C Wave that I have been writing about? If you look at my previous BTC report, I specifically explained that B Waves are TRICKY. I also explained that price had to break back below the 6500 area in order to confirm that a C wave was in play, otherwise the market is likely going higher. The current price structure may still be a B Wave, but the factors that support that argument are much fewer in number. The bearish factors that can lead to a C Wave are the potential double top (8040 is not much higher than 7899). And also the failed breakout zone which price can actually go as high as 8500 and sell off hard from there. Why 8500? The range between 7899 and 8500 is an extension zone that is proportionate relative to the 5400 low. When failed breakouts occur, they are more likely to occur within this zone. If price pushes beyond 8500, then that is a sign of strength and signals higher prices to come. There are NO bearish reversal structures or support breaks to justify shorts at the MOMENT. The 7k level is the trend support (.382 of bullish structure from 5400 low.) There are NO bearish reversal candles or larger time frame triggers that signal selling. At the moment there is a mini consolidation that is unfolding which usually leads to higher prices since these are trend continuation patterns. As far as the C Wave, price must break below 7k in order to prove that a selling wave is in progress. Shorting before this happens (IF it happens) especially without any larger time frame structure is a low probability trade. An example of structure is the recent double top formation that occurred at the 7899 high (a week and a half ago). I do not consider this new high part of a triple top until there is proof of a reversal. Again there is nothing. Also something to keep in mind, markets that are weak test resistance and often reject it quickly. If the current situation was a triple top, price should be rejecting the 7900 level and instead it is consolidating on it. That is not a sign of coming weakness. I keep emphasizing that being flexible is key in fast markets like this. On the short time horizon, there is no time for opinions. Is it possible that the BTC minors and developer community are using their pull to manipulate this market? Sure, so even more reason to be flexible and recognize what the market is doing NOW and if there are any signs that it wants to reverse. Steve Spencer (The S of SMB Capital), my former boss and world class trader still says, "Be in the present, be flexible". This is an absolute must for short term speculation. In summary, this market is consolidating at a potential peak which can be taken as a sign of strength. Is it risky to get long if it breaks higher? Absolutely, especially on larger time horizon strategies like swing trading. "This market is always risky" you say, but it is riskier at the moment because it is flirting with all time highs, not a higher low which is where the reward/risk is favorable for swing trades. Wave counts work until they don't, just like everything else in TA. Our job as price action traders is to uncover the clues available now and adjust to changes as the market evolves. Listening to the market is an essential skill for short term trading, while imposing your own ideas upon it will give you a completely random result, but our own natural bias enjoys thinking we were "right". Good trades come from good plans, and flexible mindsets. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
31
VRC BTC 4H POLONIEXWell after a very over bought run to 18K, with no suprise we are now headed towards the channel bottom. With break outs, I expect the break-downs to be strong aswell, as we are already back into a pre-thought consolidation box. Retesting the channel lows I believe is a high probability putting us at somepoint in the 7400-7600 range. This price drop will be encouraged by BTC's drop aswell, as traders looking to trade against fiat will continue to realize a loss. Traders looking to increase their VRC or BTC position may capitolize on this as a period of opportunity. It is possible that there is a reversal channel forming (In Yellow) which may signify a a turning point in the market. Fact is VRC was not ready to break out to such a degree and now key bottom levels must be maintained or the reversal will be confirmed. I am long trem Bull with VRC, I wont hide that fact, but even within a bull run is volitility, which can be highly rewarding to any one, from intra-day to increasing possition size.. which ever catagory suits you best. Bittrex, another exchange with VRC has been breaking into the sub-9000 sat range already. As expected Polinex will test higher highs (run to 18k) and with that will come lower lows is my honest opinion. Aside from the trading aspect, if you are unfamiliar with the Vericoin Project below are some useful resources. Homepage: www.vericoin.info Slack: vericoinandveriuminvite.herokuapp.com Twitter: twitter.com GIT: github.com Roadmap English: www.vericoin.info Roadmap Spanish: www.vericoin.info Roadmap Chinese: www.vericoin.info My Twitter: twitter.com If this has helped you in any way & you are inclined to do so, a small thank you can be sent below every little bit helps us small timers. BTC: 1um3313w6fJhrfirj9mXz7y2GAm761Tqq VRC: VHqBcdAjkXVbaxZ7EsXsBzy2LLNyicgzDT
V
by BTCFailWhale
Bitcoin at an Important Short Term Cross RoadUp until now Bitcoin was still consolidating in a wide range of $680-630 in the ascending triangle and did not rally as I expected after the halving day yet to retest $750-790 area. One thing you can learn from Bitcoin's behavior over the years is that it ALWAYS retests the previous high a second time. Also Bitcoin LOVES to bounce within triangles. Currently we have a series of 1H 2H 4H and 1D Bollinger Band Squeeze on the Bitcoin chart which indicate that Bitcoin will strongly move in one direction. Both bear and bull directions are depicted on the chart. If you have not been trading Bitcoin for several weeks now well now is the time to watch for the big move that will unfold in the next few hours and buy/long or sell/short the breakout accordingly. In case of a strong move down and increased volatility Bitcoin could still head to $560-570 to double bottom. Other indicators and factors to consider: $660 support has held strongly so far The 1W RSI megabull trend is still holding strong We have 2 ascending triangle as shown on the chart (kind of a failover just like we had at the 400s The 1D and 1W momentum are still bullish showing that the longterm bulltrend is still intact Google trends shows an expected interest calm which is usual after the strong interest surge of the last spike from $450 to $790: prntscr.com Longterm: Bitcoin is still in a bull market and should reach $950-1000 USD by end of September and new highs close to December 2016- January 2017 I am here to help. Feel free to ask me questions or Private Message me directly. Also follow me on Twitter: twitter.com Also check out our new website in our profile (still work in progress!) Where can I register and buy/sell/trade Bitcoin? Bitfinex Signup: www.bitfinex.com (0.2-0.1% fees - Accepts Worldwide users – If you deposit BTC to the account you can trade without needing verification!) Okcoin Signup: www.okcoin.com (Very low fees and offers 10x 20x leverage - Accepts Worldwide users except US residents – If you are a US resident you can always take the risk and open an account but remember the fake ID # you will put in there) SimpleFX Signup: simplefx.com (High leverage - Accepts Worldwide users) Circle Signup: www.circle.com (US & UK Residents Only) Coinbase Signup: www.coinbase.com (Accepts Worldwide Residents) BitMEX Signup: www.bitmex.com (Offers 50x leverage - Accepts Worldwide Residents) If you join Bitfinex under my referral you will get %10 discount on your trading fees the first month! If it is your first time trading Bitcoin I highly suggest to open an account with Bitfinex and Okcoin.com. if you need help trading I will help you out :)
BITFINEX:BTCUSDLong
by BitcoinGuru
6
4H Consolidation TradeOk so, I'm drawing some conclusions here that can help take some positions here right away. First, this descending blue trendline looks like a point of interest. Since closing below it, we have not once closed above it. That can fall apart anytime but some value here on direction for now. Second, I'm going to factor a bearish trend (extended descending red channel) until we challenge this. Important inflexion point for me to confirm upside. Third, we've seen a pretty clear short term uptrend in prices but we're giving up the bottom now as we wedge into resistance. Weak. Price is telling us that we're still seeing a lack of demand. Although we took out a small level, we're still seeing lower highs on decreasing volume overall. Not really buying it until I see something more. Won't be heartbroken if we breakout here because it just looks nasty. As you know, I'm looking for long cover but this not the spot. Short term bearish technicals are telling me there's room to the downside here. We've retraced to 3550 quite a few times in this consolidation period so any shorts could probably target there pretty safely. I'm skeptical how many times this trade will play out so beware of the headfake here. You might want to play the stops of your intended entries in case of a nasty stop run. Keep it tight though because this is a bullish trend in the long term. Let's remember though, we're still extended considering the size of that move. Bitcoin is known to give back more of these towering runs. Patterned with signs of no demand, I think expectancy here is bearish. Sell it. At the top of the range like this your entries can hug your stops. That means bigger size with more profit range. Similar trade to yesterday. If we're targeting 10R you could get this trade wrong 9 times and still cover. Let's see how it does. Should at least get our razz on if we're going to watch consolidation.
BShort
by mfkzt_2
Trading Plan Oct-NovBUY: new high, break of 248 TP: along the targets up to 281 SELL: break of black trend line & failure to break 248 TP: around 232.5 - 235 / Build a new long position from there. HOLD: if you are long, the break of the C&H neckline indicated that price will try to reach the C&H target 256-258 A break of 248 would indicate that price will be trying to reach the double bottom target 268 - 273 OTE SELL ZONE: Look for reversal signals there and establish a short position The white & red forecast drawings are just for the purpose of orientation.
BITFINEX:BTCUSD
by MagnusTradingGroup
1
1hr BTC (Finex) The dead cat bounced, now what??Hello all, Since Google hangouts is still down for me (super big ugh) I am posting this 1hr chart as an update for my followers. I am not in a trade at the moment and have little interest in taking a new position based on current trade location and size of my account. Having said that, there are those out there that do want/need to trade and so with that in mind, here are my thoughts. As was previously mentioned, BTC has regained some of its volatility of late and price swings of greater than 10% in either direction shouldn't be unexpected. We did indeed bottom off the OTE long sweet spot tag mentioned in yesterday's post and that rally was substantial. So much so, that it broke the existing bearish ab=cd price pattern and has put the bear back into his box for the time being. However that rally also built in some bearish divergences that need to be cleaned up before any new rally highs can be seen. Indeed, Willy got a little 'stupid' and the buying volume registered a divergence too. Interestingly, we do have the big FBI auction coming up shortly and I see that as we head into that event many of the higher time frame over-bought /oversold conditions have been resolved....maybe a little consolidation is needed before we get our next move in earnest. So at the moment, consolidation targets '1st stop' (38.2) and OTE (long) zones ought to represent reloading zones should the bull want to press forward. Once into the OTE (short) zone I would be rather cautious as to further upside objectives. Cheers all and hope it helps If my charts help you, or you use my indicators... please consider a BTC donation to allow me to continue my work : 1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5 & follow me on Twitter @CRInvestor
BITFINEX:BTCUSD
by CRInvestor