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Bitcoin (BTC) | Was It Last Chance To Catch It At $10K Support ?The Bitcoin price action is getting bounced from pivot 1st support and 100 SMA after completion of Head & Shoulder: The price action is getting bounced from 100 SMA and MACD, stochastic and RSI indicators are turned bullish: The priceline is moving up after hitting the 10K price level resistance and 100 SMA at a same time moving towards $11K and 12K resistance but the price action has 50 SMA resistance between $11K to $12K: Price action may not retest the support of previous resistance of triangle as it has already re-tested it: But more bullish move depends on in indicators, oscillators and moving averages on the daily chart if they will be continuously turned more bullish.
BITFINEX:BTCUSD
by moon333
1
Still Short Term BULLISH on Bitcoin if this resistance is brokenThe current situation: 1. Market structure: price action had broken out of the double-bottom pattern but got rejected soon after by the 6HR 50 moving average. Currently, it is being supported by the 6HR 21 moving average, which is a good signal, while the 50 moving average is coming down sitting at about 10.5K, which is where the neckline of the double-bottom pattern is. IF price action breaks 10.5K again like it did yesterday, it would also break the 6HR 50 moving average along with it, which was the resistance the rejected price back down to about 10.2K. Zooming out to the 3D and weekly chart, the price action has been supported by the 3D 50 moving average with significantly lower seller volume at 9/12 candle. The weekly candle that had just closed was also a green candle, which can be a signal for reversal. It will still be important to keep an eye on the weekly candle because if the price action falls below the 21 moving average, that's a bad sign for the bulls.\ *These are purely my speculations and not financial advice. Please do your own due diligence before trading or investing.
BITSTAMP:BTCUSDLong
by CryptoRush_
4
BTC/USD: Bitcoin's Weekly Pullback PerspectiveIf you like this analysis, please make sure to like the post! I would also appreciate it if you could leave a comment below with some original insight. To start off with the conclusion, Bitcoin is bullish long term. Analysis - Bitcoin has broken out of a descending trend line resistance - This resistance has lasted for over 2 years, and has been tested 3 times - While all tests of this trend line has ended up in a rejection, this year, for the first time in 2 years, we have created a higher high on the weekly - As a result, we saw a breakout to 12k levels, turning the resistance into support - We saw a rejection at the 0.786 Fibonacci retracement resistance, currently having bounced on the 0.618 support - Relative Strength Index (RSI) has cooled down to neutral levels - While the Moving Average Convergence Divergence (MACD) is showing potentiality for a death cross, further confirmation is required. Projection - Bitcoin has to close above 10.5k in order to confirm the immediate continuation of a bullish trend - However, given the current situation, it seems that it'll be filling the CME Futures price gap at 9.6k - Until 8.8k levels, where the 0.5 Fibonacci support and descending trend line converge, the short term bearish trend should be seen as a pullback Don't predict the market. Take it by levels, and play by probabilities. - Michael Wang-
BITSTAMP:BTCUSD
by Michael_Wang_Official
8
Bitcoin longer term outlook : pretty bearish. Short? Not yet.Today I had a look at the longer term outlook for bitcoin . Monthly: Currently, the candle just opened, so it is a bit early to draw conclusion from this, but it starts to look ultimately bearish . Prices went higher, but Elder Force Index and MACD Histogram are diverging. There is also a little ATR channel divergence. Previous top shows wicks topped out in the +3 ATR channel and candle closing prices in the +2 ATR channel. The current top tops out slightly above the +1 ATR channel. The previous candle shows a tail and after the current candle open, it wicked halfway the tail of the previous candle and went down since. There is a but thought. We’re only 6 days into the monthly candle, that’s like 20%. Let’s look at the 2 weekly TF. Weekly: We’re ending the weekly now and this does not look very well either. There is again a tail on the top (see black arrow), prices are diverging with MACD-H and EFI as well. We’re coming from a Stochasting RSI ovebought condition and going down. The fast EMA turns negative, giving a red impulse. A red impulse means the MACD Histogram and the fast EMA are both declining. This does not look good, for bulls. There is some support on 10K though, that could hold. But this does not seem likely, looking at the longer term, which is showing a bearish divergence as well. But as stated, that candle just began. So, unless we see a very strong resistance and a strong continuation of the uptrend that started from march, we will probably see much lower prices in the months to come. Then, what I expect: For the uptrend to continue, the weekly chart could show a pullback, to the EMA or the -1 ATR line, and then pick up. There is not so much historical data on BTC if you look at it on the weekly TF, but pullbacks tend to go to -1 ATR, and there was this extreme situation in march, where the weekly candles closed in the -2 ATR zone. There was like never a bearish divergence on the weekly since the decline after the ATH , so there is not much to go on here. I expect to see it pullback somewhere between -0.5 ATR and -1.5 ATR, that is the box drawn on the weekly. If he monthly as a result also will show a bearish divergence, we could see a decline up to 6K, which is the -1 ATR line. But that is way to early to say. For now I expect this decline, ending somewhere between the support levels of 9,2K and 8,2K. Is this a trade for me? Hell no. The reason is simple, I’m too late. It was becoming clear halfway in the week, and then I could have shorted around 11,5K-ish. I was in neglect too long, too bullish , missing what the market was presenting. And now we have this huge candle, that would place my entry around 10250. The stoploss would be a bit above 12K resistance level . The target would be 9200 up to 7800. For the first target, the R:R is 1:1, and the nearly -2 ATR channel would give us a nice R:R ratio of 1:2.5. That target is interesting, but the plan will be this: As this candle was pretty strong and fast, I expect we will see a pullback on the shorter TF. As this decline also coincided with the Stock market, it is best to see how the whole global market, including crypto behaves on tuesday when the market opens. That could show some new perspectives on the market. I will also keep an eye on the monthly, as we see that candle develop over the coming weeks.
BITSTAMP:BTCUSDShort
by Tornado_Trading
3
BTCUSD A rally up to 11K is expected soonHi, friends hope you are well and welcome to the new update on Bitcoin. In my previous article I shared with you that the priceline of the leading cryptocurrency has broken out the strong rejection line that was the resistance of a very big symmetrical triangle that was started back in 2017. Even though after breaking out this resistance the price action of BTC has already retested the previous resistance of triangle as support but I was expecting that the price action will re-test this resistance as a support again because a big correction rally was still due after this breakout. Finally the price action has started moving down and so far it has dropped by more than 26%. The formation of Head & Shoulder pattern: Before starting this bearish move the BTC showed a very obvious bearish signal and formed a Head & Shoulder pattern that can be easily seen on the daily chart. After the completion of this bearish reversal pattern so far the price action has even broken down the neckline of this Head and Shoulder formation. The priceline is being consolidated above 100 SMA: Since 3rd September 2020 the price action is being consolidated above the 100 simple moving average on the daily chart. If the 100 simple moving average will be broken down then priceline of leading cryptocurrency has the next support of 200 simple moving average at $9100 at the time of writing. Here I have also placed the moving average convergence divergence (MACD) indicator the momentum indicator and the stochastic oscillator as well. It can be clearly observed that during this consolidation phase the MACD has turned weak bearish from strong bearish. And the stochastic has also entered in the oversold zone but sofar the stochastic did not give any bull cross and the momentum indicator is also strong bearish. Once we will receive the bull cross from stochastic oscillator and the momentum will start turning bullish like the MACD has already started turning bullish then a bullish reversal from this level can be confirmed. Different support and resistance levels: Now if we watch the different support and resistance levels on the daily chart. Then it can be seen that the price action is being consolidated at the $10,000 level. Here the Bitcoin has the 100 simple moving every support as well. Once this support will be broken down then we have the next support at $9,000 and at the same level we also have the 200 simple moving very strong support as well. But if the price action will have bullish reversal from here then it has the next resistance at $11,000 where the priceline also has the resistance of 50 simple moving average. In case of bullish reversal a move upto $11,000 will be confirmed. However, the next move upto $12,000 depends on the breaking out of 50 simple moving average and the $11,000 resistance level on the daily chart. The strong supports of SMAs on weekly chart: Now if we switch to the long-term weekly chart then it can be easily seen that the price action has broken out all simple moving averages with the time period of 25, 50, 100 and 200. At this time we have the 25 simple moving average support at almost $9,000 level. Therefore there are strong chances that if the price action will be dropped up to $9,000 then it can have a bullish bounce from this level. In my point of view the price action can start a move to the upside from the $10,000 support and this move can be up to $11,000 resistance level. Then it can make another bearish move to $9,000 or lower level to re-test the resistance of the symmetrical triangle on the long-term weekly chart before the next long term bullish move. Conclusion: Even though on the long-term the price action of Bitcoin is in bullish momentum but on the short time and on mid-term we can expect a correction rally from $10,000 to 8500 dollars (at this time the priceline is already moved down at $10000) before the next bullish move. However if the indicators on the daily chart turn bullish then we can expect a rally up to $11,000 before the next move to the downside.
BITFINEX:BTCUSD
by moon333
6
BTCUSD Second Chance: Profit=76% SL=5% Reward/Risk > 15.2:1Second Chance Trade Setup summary: Profit targets=76% = {TP1= 6% + TP2= 8% + TP3= 11% + TP4= 16% + TP5= 20%} Stop Loss =5% Reward/Risk > 15.2 : 1 New Trading suggestion: ". There is still a possibility of temporary retracement to suggested support line (10004.00) again. if so, traders can set orders based on Price Action and expect to reach short-term targets." New Take Profits: TP1= @ 10628.00 TP2= @ 10841.00 TP3= @ 11124.00 TP4= @ 11632.00 TP5= @ 12050.00 -------------------------------------------------------------------------------------------------- First Buy Current Status: Total Profit: 10% Closed trade(s): 0% Profit Open trade(s): 10% Profit Trade Setup: We opened 5 BUY trade(s) @ 10004.00 based on 'previous Forecast' at 09.08.2020 : Open Profit: Open trade is 1024700 (current price) - 10004.00 (open price) = 2% 5 trade(s) still open, therefore total profit for open trade(s) is 2% x 5 = 10% Technical analysis: . BTCUSD is in a range bound and the beginning of uptrend is expected. . The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 59. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader? Now, It's your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
BITSTAMP:BTCUSDLong
by ForecastCity
15
BTCUSD Second Chance: Profit=76% SL=5% Reward/Risk > 15.2:1Second Chance Trade Setup summary: Profit targets=76% = {TP1= 6% + TP2= 8% + TP3= 11% + TP4= 16% + TP5= 20%} Stop Loss =5% Reward/Risk > 15.2 : 1 New Trading suggestion: ". There is still a possibility of temporary retracement to suggested support line (10004.00) again. if so, traders can set orders based on Price Action and expect to reach short-term targets." New Take Profits: TP1= @ 10628.00 TP2= @ 10841.00 TP3= @ 11124.00 TP4= @ 11632.00 TP5= @ 12050.00 -------------------------------------------------------------------------------------------------- First Buy Current Status: Total Profit: 10% Closed trade(s): 0% Profit Open trade(s): 10% Profit Trade Setup: We opened 5 BUY trade(s) @ 10004.00 based on 'previous Forecast' at 09.08.2020 : Open Profit: Open trade is 1024700 (current price) - 10004.00 (open price) = 2% 5 trade(s) still open, therefore total profit for open trade(s) is 2% x 5 = 10% Technical analysis: . BTCUSD is in a range bound and the beginning of uptrend is expected. . The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 59. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader? Now, It's your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
BITSTAMP:BTCUSDLong
by ForecastCity
19
Don't miss the great buy opportunity in BTCUSDTrading suggestion: ". There is a possibility of temporary retracement to suggested support line (10004.00). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . BTCUSD is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 46. Take Profits: TP1= @ 10628.00 TP2= @ 10841.00 TP3= @ 11124.00 TP4= @ 11632.00 TP5= @ 12050.00 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
BITSTAMP:BTCUSDLong
by ForecastCity
9
Don't miss the great buy opportunity in BTCUSDTrading suggestion: ". There is a possibility of temporary retracement to suggested support line (10004.00). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . BTCUSD is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 46. Take Profits: TP1= @ 10628.00 TP2= @ 10841.00 TP3= @ 11124.00 TP4= @ 11632.00 TP5= @ 12050.00 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
BITSTAMP:BTCUSDLong
by ForecastCity
18
BITCOIN - THE LAST BULL STANDINGDear Traders and Hopeaholics alike, as the self-proclaimed President and Founder of HOPEAHOLICS ANONYMOUS (or HA for short) I gave you this chart... Right now AGAIN they are going to be reading this post and shouting HA HA HA HA HA everywhere I go. But as the President and Founder of HOPEAHOLICS ANONYMOUS, don't let me be the one to have the last laugh...again... ALL THE WAY TO THE CRYPTO BANK!!! If you are in the industry (Crypto one that is) like me, you know that CRYPTO BITCOIN offers HOPE, it offers the possibility of a more secure and transparent future of money, one that is fully traceable, one that allows you to hold and secure it yourself without relying on a third party that may or may not be there in the future. IT ENABLES FULL CONTROL OF YOUR MONEY! THE TECHNICAL STUFF PARABOLIC CURVE - STEP-LIKE FORMATION At the end of the 'X' symbol, as shown on the chart, bitcoin could double in price in the shortest period of time. In ELLIOTT WAVE THEORY - we are currently in WAVE 2 - heading into WAVE 3. Wave 3: In Elliott Wave Theory, wave three is usually the largest and most powerful wave in a trend (although some research suggests that in commodity (not crypto) markets, wave five is the largest). The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to “get in on a pullback” will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three’s midpoint, “the crowd” will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1 Wave 3 rally picks up steam and takes the top of Wave 1. As soon as the Wave 1 high is exceeded, the stops are taken out. Depending on the number of stops, gaps are left open. Gaps are a good indication of a Wave 3 in progress. After taking the stops out, the Wave 3 rally has caught the attention of traders. ********************************************** NOW ASK YOURSELF THIS - IS THIS SATIRE OR ENTIRELY POSSIBLE? I'll let you make that decision for yourself, as you are pushing the buttons. BUT let me tell you this... at HOPEAHOLICS ANONYMOUS and in my world... ANYTHING IS POSSIBLE!!! SHOOT FOR THE MOON - EVEN IF YOU MISS YOU'LL LAND AMONG THE STARS! ********************************************** If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT IT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns. So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED! And remember, there is NO RIGHT OR WRONG in trading - just money management! REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION (minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!! <3 Lisa DISCLAIMER: The Legal stuff - I'm not a financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons... PS make sure you give me a like, that way you get updates as I post them.... :) <3
Editors' picks
BITFINEX:BTCUSD
by LisaNEdwards
293
Bitcoin another round of sell off is awaitingBITCOIN After reaching the 12000.00-mark cluster of resistance were formed at this level. In this consolidation phase we can see the series of pattern shows that the rise and big falling of the price. The price is trading below the 50,100,200 exponential moving average in four-hour timeframe. Bitcoin has lost almost 2000$ for 1BTC in a single trading week. And find some minor support near 10000.00 level. We can expect a short term rebound of the price towards 11000.00 level there some recent resistance zones are formed. Just above that price around 11500.00 23.6% Fibonacci level will acting as resistance for bullish run. From this level we can short this pair and the potential take profit will be around 9000.00 mark which is coincide with 50% Fibonacci level Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas Disclaimer It’s not a financial advice. Do the analyze and take a decision.
BITSTAMP:BTCUSDShort
by forexorbit
2
BTC - I am not sure about this Head & ShouldersEverybody talks about this potential head and shoulders pattern on Bitcoin, but I am not sure about it. It somehow doesn't look right with that first 12k touch just before it being higher than top of left shoulder. H & S is top pattern and it's left shoulder should be first of three tops, but it isn't here. Looks more like an ABC correction from 12500 top to me and I bloody hope it is, breaking 10500 support here wouldn't be healthy. ABC to support was obvious and inevitable and it would be healthy retrace, but breaking that support might mean this was all the sucker rally and we could go much lower than 9600 h&s target. What is not promising though is that many alts took heavy hit today and broke some very, very important supports. Since I can't see the fast bounce from here to make alts drop even further, their further drop, unless they retake those supports immediately, could be caused by more btc drop. Anyway, it's tricky squeaky bum time. This rally got to a dangerous point, bulls look exhausted and not willing to make strong and fast bounces anymore, even at this very important resistance turned support point. No more V bottoms.
by Seleme
BITCOIN MAJOR MOVEMENT - NOT THAT BULLISH YET !!!Hope you have a beautiful day! In the following technical analysis I am presenting the current situation of the market for medium term period by utilizing highly efficient structure lines and data language. Please let me know what do you think about it ? Are we going to breakout bullish or bearish out of the triangle ? Let me know what is your position on this and let's construct a positive conversation Enjoy your day and be careful leveraging!
BITSTAMP:BTCUSD
by Scrembo
Double Bottom Formed On Bitcoin!!HELLO TRADERS!! I've identified a possible Double Bottom Formation on the 4HR Time. Marked in yellow is the neckline of that formation. Price was tested & rejected from that neckline. I'm expecting bullish action if price manages to break cleanly above that neckline. To add confirmation for a Long, price is currently also sitting above my 20 and 200 Day Moving Averages. The first obvious profit level after breakout would be around $11,770. Reason 1 is because its around Local Resistance. Reason 2 is because it would mean the completion of the Actual Double Bottom Pattern. I still recommend finding a Sniper entry on a smaller Time-frame, but the 4HR gives you clear a direction of possible price movements. Support My Idea with a Thumbs Up! Comment Your Thoughts on BTC/USD
BITSTAMP:BTCUSDLong
by lobfxempire
2