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BTC/USD Overview + Possible OutcomesHello Traders, Investors, And TradingView Community, In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, current chart technical formations, as well as the possible BTC short-term price outcomes. Overview Bitcoin has spent the past week experiencing a long-awaited pullback, after which it started consolidating. The largest cryptocurrency by market cap has, after failing to break its all-time high, dropped significantly and reached as low as $16,200 before bears reached exhaustion. While some analysts are calling for an end of the pullback, most of the data shows otherwise. First off, the current controversy around China seizing 1% of all Bitcoin is contributing towards the overall bearish sentiment. Second, a poll done on crypto investors says that the majority of investors believe that BTC will end up correcting as much as 40%. All this, plus the fact that Bitcoin couldn't push past $17,260 for a couple of days now is a testament to the short-term bearish sentiment. On the other hand, people shouldn't mistake this for a long-term bearish trend. In fact, Bitcoin has never been more bullish long-term. Technical factors Bitcoin has continued moving up and performed exactly what we called last week (a push towards the all-time high). Once again, as expected, the push didn't break the all-time high, and has triggered a strong pullback. Bears have reached exhaustion at just over $16,000 and Bitcoin has started consolidating in a range, bound by $17,260 (both horizontal resistance and a 100-period moving average) to the upside and $16,420 to the downside. The hash ribbons indicator still shows a buy/accumulate signal as it points out to miner capitulation. Likely Outcomes Bitcoin's movement is a bit less obvious this week when compared to the past weeks. The cryptocurrency has a couple of scenarios it can play out as it leaves the current range-bound trading. 1: If Bitcoin breaks the range to the downside (slightly less likely), its most likely target will be $15,500. Due to the short-term bearish sentiment surrounding Bitcoin at the moment, a short trade doesn't have to be considered as "trading against the large trend" and may actually be a good profit-making opportunity. In this case, a clear stop-loss should be set a little above $16,420. 2: The second (just slightly more likely) scenario happens if Bitcoin manages to break the $17,260 mark. In this case, the cryptocurrency can reach many targets, but will most likely pass the $17,600 immediate resistance, and push higher. The next zone of resistance after that is the $18,250-$18,450. Trading Bitcoin's sideways action in a current range is not advised as the price could break out of it at any time. Join us at our Forex Academy website and Facebook group for more Forex and Crypto news and education , as well as our FREE signal section where you can trade alongside us! Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by forex-academy
2
BTC Bearish Forecast next few days/weeks + Buy zonesThis is all on the chart, welcoming feedback (especially from Bulls, lets go) ------------------------------------ Hello all, it's been awhile. Wanted to short 19k but procrastinated. Short from $17k Facts: 1) We went from 11k btc short finex to 5k btc (datamish). There are now less shorts closing to use a fuel. 2) We rejected from ATH, pretty hard as expected. Scenarios in order of likely hood: 1. Shortterm Bearish: $15.9k before $18k. Then 14k 2. Totally wrecked: Down to ~$14.5k (50ma daily) from here, bounce $2-3k. Next good support will be ~$12k (200ma daily). 3. Just bullish enough to wreck shorts: back to $19k, reject, double top confirmed. Fall to $14k extremely quickly. 4. Dumb Bullish: I'm 100F% wrong. Blast past $20k from here with no shorts as fuel. BTC to $50k. This is comically ahead of time, but 10k and 7k are massive buy zones (Weekly MA's and Volume profile and this is the chart I'll be using the upcoming months.
BITSTAMP:BTCUSDShort
by teckno05
1
BTC/USD Weekly Overview + Price TargetHello Traders, Investors, And TradingView Community, In this weekly BTC/USD analysis, we will be taking a brief look at the most recent events, the current chart technical formations, as well as the possible BTC price outcomes. Overview Bitcoin has spent the week building an ascending channel that took its price from the $14,640 level all the way to $16,500. However, the new levels are mostly unexplored (apart from the late 2017 mini-bubble), and people that already invested in Bitcoin are either holding or taking profits, while new investors are wary of entering due to the price reaching this high. This left Bitcoin with a lot of people holding, a minority taking profit, and even a smaller minority wanting to buy it at $16,500 at the moment, which triggered a pullback. This doesn’t mean that $16,500 is an overestimate of Bitcoin’s worth, but rather that the economic uncertainty around the new US presidency, an unstable stock market as well as regulatory bodies honing in on crypto are all factors in the current minor pullback. Our previous weekly analysis has predicted the price increase to $16,500 as well as the pullback. This doesn’t mean that the bull season has ended or that bears have taken over for good, but rather that BTC entered a healthy correction phase before establishing a new price target. Technical factors Bitcoin has continued moving along the ascending channel started on Nov 7 and gaining in value up until the $16,500 resistance level that we called out. This level has triggered a pullback as BTC could not pass the zone of resistance. While the pullback was mostly sideways and slow, a confirmation of a real pullback happening occurred on Nov 14, when Bitcoin dropped out of the ascending channel as well as below the $16,000 psychological level. While Bitcoin’s sentiment is extremely bullish overall, its short-term overview points to a pullback that will most likely end at the zone of support near the $15,480 level. The hash ribbons indicator is still showing miner capitulation (ever since Oct 29), sending out a major buy signal. Likely Outcomes Bitcoin has one main scenario that is most likely to play out, which is its price continuing down towards the $15,480 area where it will encounter strong support, which will most likely stop it from going further down. If this happens and Bitcoin does bounce off of the $15,480 area, we may expect another push towards the recently-made highs. In this case, traders should have a clear path towards $16,500 again, and they should pay attention to BTC, possibly making a double top at its most recent high rather than surpassing the level. A move that will end up below $15,480 is highly unlikely, simply due to the overall sentiment currently surrounding Bitcoin. However, as unlikely as it is, anything is possible, and Bitcoin might fall below the support level. In that case, traders can expect a sharp price decrease and a possible push towards the $14,640. Join us at our Forex Academy website and Facebook group for more Forex and Crypto news and education , as well as our FREE signal section where you can trade alongside us! Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by forex-academy
BTC/USD Overview + Possible OutcomesHello Traders, Investors, And TradingView Community, In this weekly BTC /USD analysis, we will be taking a look at the most recent events, the current technical formations, as well as discussing possible outcomes. Overview Bitcoin has spent the week vigorously pushing towards the upside. The move went parabolic as soon as BTC crossed the $13,900 mark and entered the $14,000 zone. While the surge got stopped just before it hit $16,000, there is a lot of potential upside as there is practically no resistance holding Bitcoin from reaching its all-time high. However, many traders are taking profits and playing it safe out of fear of ending up the same way they did in 2017/2018. This has caused BTC to lose momentum and, most likely, look for a pullback soon. Technical factors Bitcoin has conquered the ~15,000 level after a week of constant pressure to the upside. The largest cryptocurrency by market cap is currently consolidating right above the $15,480 support level, which will act as a pivot point and a trading direction decider. The next day or two will be crucial for Bitcoin's price movement in the short future. While Bitcoin's sentiment is extremely bullish at the moment, there is no denying that a pullback is quite possible (and maybe even optimal). As there are no set resistance levels to the upside (because Bitcoin only visited these price levels during the bull run of 2017), we are using Fib retracements as well as small consolidation points from that time to determine possible consolidation/direction change spots. Another thing to note is that, as of Oct 29, the hash ribbons indicator is showing miner capitulation, sending out a major buy signal. Likely Outcomes Bitcoin has two main scenarios it can play out, and both end up with the price pulling back to stabilize and consolidate a bit. The possibility of these plays happening is slightly in favor of the second scenario, but it mainly depends only on where Bitcoin ends up (above or below its pivot point). If Bitcoin remains above $15,480, we may expect further attempts of conquering the upside. The next target to the upside are the $16,000 psychological resistance, 23.6% Fib retracement level (sitting at $16,570) and $16,665. If Bitcoin pushes towards the upside, we are almost certainly expecting strong resistance at these levels and an almost certain pullback in the short-term. The other scenario may be slightly more likely, and involves Bitcoin rejecting the current level and falling below its pivot point. In this case, the largest cryptocurrency by market cap will look for a support level, and will most likely find it at the $14,640 level or the 38.2% Fib retracement level (sitting at $14,380). While moves which include Bitcoin moving straight up or down and ignoring these support/resistance levels are possible, they are far less likely and would have to be caused by some fundamental even rather than just price action and technicals. Join us at our Forex Academy website and Facebook group for more Forex and Crypto news and education , as well as our FREE signal section where you can trade alongside us! Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by forex-academy
HIGHLY (UN)LIKELY? BUT I HAVE TO SHARE IT!I honestly think the "TOP" is in, and I'm sad to say that XMAS will bring us its RED color and not gift us another "ATH", or at least that's what I think... This scenario is unfavorable for almost all crypto traders, but, how about a flush of the over-leveraged traders in the middle of economic hardships? How much can they bear to suffer before saying: "FK IT, This is it, I'm selling all of this bull*hit" ? Only to be bought by long-term hodlers, who can survive until $100K+! The upcoming times will be "unfavorable" for many. Whatever you saw so far is just the appetizer before the main dish, and I hope all of us (hodlers) can be strong and make it to the dessert time (I believe it will be being around Q3 2022). Good luck everyone, I will be checking-in again in 2021 or if BTC goes lower than $2500. Whichever comes first... Until next time, good luck!
Short
by YouTrader
4