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Bitcoin Update 14/08/21: Critical S/R level before ATHBitcoin Update 14/08/21: Critical S/R level before ATH. Please see previous analysis below. Happy Trading :) Bitcoin Update 13/10/21: BTC Golden Cross Road to $74k (18/09/21). BTC is showing strong support around 53k-55k, from here we expect a clear breakout above the 78.60% fibs and a retest of the ATH🎯@$64k! Currently BTC is only 12% away from the previous ATH . BTC is now back above 55k for the 2nd time now in 5 months. Please see previous analysis below. Happy Trading :) Bitcoin Update 03/10/21: Since the 30th September, Bitcoin has grown 18%+ over the past 3 days. From the current price level Bitcoin is 33% away from the ATH . Scenario 1 didn't quite play out for BTC as we mentioned earlier during the start of the month (September). From here we can expect the Scenario 2 Push Phase to play out. A clear break from here with the 13 EMA crossing up above the 50 SMA will be further confirmation of this continued bullish momentum pushing above Key Resistance at $46k. September is historically a red month, and this year we saw this across the board from stocks to cryptocurrencies. The BTC Golden Cross experienced on the 16/09/21 signals very bullish momentum. From a technical perspective Bitcoin is in a Bullish market, further to this we have the Golden Cross for BTC which occurred on the 16th September on the Daily Chart (Historically every time we see this movement on the moving averages, we have experienced significant growth in BTC ). The Golden Cross signals very strong bullish momentum which could see Bitcoin back at the ATH price level after a clear breakout above the 61.80% Fibonacci which is a significant level for whale action as we see accumulation around this key price level range between $47k-$52k. From the current price level @ $48k, BTC is 54% away from the ATH price. We expect some explosive movement incoming in the next 2-3 months as we head towards eoy. Please see previous analysis below. Happy Trading :) 🎯 Bitcoin Update 05 /09/21: Bitcoin has been in a steady accumulation range between $46k-$51k for the past 23 days. From this key level we can expect continued bullish momentum towards the upside to the next key level of resistance at $57k. Currently Bitcoin is 25% from its ATH price @ $64k. If we can have a clear break of this resistance and hold above $51k flipping it into support we can expect a bullish run towards the $57k resistance, this move might be met with some heavy resistance above this key level as $58k-$60k is a key psychological barrier for Bitcoin . The next few months are critical for BTC as bullish momentum could see the 127.20 fib target at $74k. Please see previous analysis below :) Happy Trading! $50K incoming again for the weekend 🚀, if we can break resistance and hold above $51k flipping it into support we can expect a bullish run towards $57k resistance. The next few months are critical for BTC as bullish momentum could see the 127.20 fib target at $74k. Please see previous analysis below :) Happy Trading! Bitcoin Update 21/08/21: Road to $74k is clear, but first Bitcoin has to break above $51,068 and flip this into support for the next leg up to the 78.60% Fibonacci level at $57,125. If Bitcoin can flip the 61.80% fibonacci level into support we could see bitcoin approaching the $60K region looking to push for a new ATH . The 61.80% fibonacci level is a key resistance level and a level where we previously saw large amount of whale accumulation in the previous run before the May crash. In another possible scenario we could see Bitcoin retracing and consolidating in the short term but when we look on the lower time frame 4H, the swing call script has just triggered a strong buy signal showing continued bullish momentum for Bitcoin . It is official the Bitcoin Bulls are back!! Please see previous analysis below. Happy Trading :) Bitcoin Update 14/08/21: Update: Currently 4% Gain from this Short-term Swing Opportunity, stops just below $43,812, TP @ $51,068 at the 61.80% Fibs, additional TP at the 78.60% @ $57,125 (19% Gain from current price level). Please see previous analysis below. Happy Trading :) The Bitcoin Bulls are Back! After setting a new ATH @ $64,841 in April, Bitcoin experienced its the first major sell (some may say manipulated) off in this Bull Run Cycle (-50% from the top). We have been closely watching the BTC chart for a strong trend reversal signal. From the ATH @ $64,841, Bitcoin formed a triple bottom in the $28-30k region, the last bottom experienced on the 21st July is confirmed as our bottom here. The Swing Call Script gave further confirmation of the strong trend reversal as a Buy signal was triggered on the 4H Chart on the 22 July and further on the 6th August showing strong signs of bullish momentum back into the market. From here we expect BTC to retest the current ATH @ $64k which is a 40% Gain from the current price @ $45k. Further to this, we can expect some heavy resistance between the 61.80% - 78.60% fibonacci level. A clear break past the 78.60% fibonacci level see BTC setting a new ATH at the 127.20% fibonacci level. Please see previous analysis below. Happy Trading :) BTC finally testing the 200 SMA and is showing strong signs of bullish momentum as we see the BTC Bulls coming back into the market 🚀. After 4 failed attempts of trying to break above the key resistance @ $38,595 BTC has finally broken above this key price level. Since the crash BTC found its Bottom tanking down -51% on the 19th May to $28,787 from $57,777 and had previous retraced from the ATH price @ $64,841 to $46,814 (-27%). BTC has been in a whale accumulation zone for the past 27 days from 19th May to 15th June. Our Swing Call Script triggered a strong buy signal for #BTC LONG when the 13 EMA crossed up above the 50 SMA on the 10th June; BTC has since increased over 10% in just over 5 days. From the current price level we have longs positioned and the current TP 1 is at the 127.20% Fibonacci level @ $74,647 (85% gain from current price level) and TP 2 at the 161.80% Fibonacci level @ $87,122 (116% from current price level). Note the price targets are for long term swings, we may be in this accumulation phase a little longer. Happy Trading :). See previous analysis below. Bitcoin Update 02/04/21 Next Target @ $66,953 13% Gain New ATH in April I've loved charting BTC last Month, analysis has been quite spot on just waiting on our new ATH now @$66,953 13% Gain from current price level. #Bitcoin has found key support around $58k price level. It looks like the Bitcoin Bulls are back in the market. Worst case scenario from here in the short-term could see the price test the 50SMA, and breaking below this level would see another test of the 200SMA before the anticipated move to the upside and our target of $66.953 at the 127.20% Fibonacci level. See previous analysis below. Happy trading :) Update 29/03/21 Bitcoin next Target @ $66,953 21% Gain Nice bounce from the whale accumulation zone at the 78.60% Fibonacci Level. Looks like the BTC Bulls are back in the market. See previous analysis below. BTC Monthly Outlook Update (23/03/2021) Approaching Whale Accumulation Zone at the 78.60% Fibonacci level @ $52,371. Interesting next few days from here as a bounce from the 200 SMA at the whale accumulation zone could finally see us break through the key resistance at the current ATH level from 14/03/21 @ $61,690. April is set to be a very interesting and pivotal month for the cryptocurrency space. See previous analysis and monthly outlook below. Happy Trading :) #whaleaccumulationzone Update 21/03/21: Yesterday the Bulls failed to push the price higher and we had a small retracement down from $59.5k to $55.6 where we found some support of the current price level (-7%). From here the worst case scenario would find us in a key whale accumulation zone @ 78.60% Fibonacci level $52,371. However this scenario is unlikely to play out and as expected from the previous outlook before, we expect the Bulls to come back in the market, pushing as further to higher highs as we have been consolidating around this key price range between $54.5K to the current ATH @ $61.8k. If we fail to break past the previous ATH , the bearish scenario may see a test of the 200 SMA around the 78.60% Fibonacci level, otherwise the Bullish scenario is still in play. Note that from this current trend from 28th January we have only tested the 200 SMA once and a bounce from this level may signal a much stronger bullish move towards our price target $77,335 @ the 161.80% Fibonacci extension and further $107,340 @ the 261.80% Fibonacci level. So far great performance this month from £BTC as March is usually quite a bearish month looking back at the past. April looks ready for us to really fly, testing the 161.80% Fibonacci extension , but note this may not be a straight forward push but all the fundamentals are pointing towards the $70K as our next significant area of interest for the Bulls, currently a 16% gain from the current price level would see BTC reach $66,953 127.20% Fib extension. See previous analysis from 1st March 2021 below. Happy Trading :) $BTC #HODL *Update 20/03/21 #BTC Monthly Outlook Update from 1st March 2021; 13 EMA crossing up 50 SMA showing strong bullish sentiment as we are about to enter the last week of the month, expect the bulls to come back and to push the price higher. Currently the 127.20% Fibonacci Target ($66,953) has not been tested yet, but we expect some big movement in price over the next few days and further going into the last week of the month (Yes, it has been March Madness), 13% Gain from the current price level @ $59,390 to $66,953 127.20% Fib extension. Our next target after this is $77,335 @ the 161.80% Fibonacci extension . From our analysis at the beginning of the month It looks like scenario 2 has been in play, see below previous analysis from 2nd March 2021. In addition to previous price analysis, the Cryptocurrency 'Super Cycle' is in play as we are just at the brink of global adoption. 2017/18 was the hype era, we cannot continue to set targets based on the price movements during the cycle mainly fuelled by hyper and euphoria, it is now 4 years later and real development has been happening behind the scenes, a lot of people cannot quite comprehend the growth and the different cycle that we are now in as Moore's Law of exponential growth can only give us a hint at the growth that is about to be experienced over the next 4 year cycle. An increased influx of capital injection into this now trillion dollar market will only continue, as Defi takes its hold on current Global financial infrastructure, and yes history repeats itself, We call this the 'Roaring 20s' just like before at the end of WW1, the pandemic has only accelerated the current adoption rate of blockchain technology. As some are already aware, the best time to grow a million dollar portfolio was from 2009 to 2019 just after the housing market crash. The second best time in our lifetime is Now! from 2021 to 2029 after the pandemic market crash. We are still very much Bullish for BTC to reach our EOY Target of $356,000, See below key fundamentals which support our bullish sentiment. *(March 02, 2021 Update) BTC is currently consolidating at 61.80 Fibonacci Level. BTC outlook for the month ahead is still very much bullish . Although the sellers have been in control of the market since soaring to a new ATH on 21/02/21, BTC took a sharp retracement as expected at these new level of resistance as well as a new ATHof$58,792 on the Gemini Exchange. As from historic highs we see a lot of profit taking occurring after 3 weeks of setting new constant highs from the previous low of the last push wave which saw BTC setting a high of $42K and then sharply retracing down to $28,787 where we found the previous resistance and also the beginning of the last phase which saw one of the greatest run of Bitcoin in history, reaching the current ATH of $58,792. With the current push phase now over we find ourselves asking how low can we go from here and when do we expect to break past a new ATH . This outlook is based on 2 possible scenarios which could both play out. We have seen the 50% Fibonacci retracement level respected on the last 2 Push phases which both set new ATHs, the first being $42K and latter, the recent high of $58K. As we have seen a strong retracement over the past 7 days back down to the 50% Fibonacci, it may be time for the BTC Bulls to regain control of the market as the current fundamentals point to the 50%-38.2% Fibonacci level of key resistance as well as a point of accumulation for the BTC whales, more importantly the $39,000 mark when looking left at the previous key resistance before the parabolic move to the $58k ATH . With this in mind, from the current levels we could see the price of BTC sink further before the much expected move which could see BTC testing the previous High of $58k and further pushing to the 127.20% Fibonacci extension level setting a new ATH @ $66,953. Scenario 2 would see the current push towards the ATH continue but may face some resistance, and further consolidation expected around $46k-$49k as they are the key Whale Supports towards the upside, so a further retracement could be in play, possibly testing the 50% Fibonacci level, as well as the 50 SMA , with a bounce confirming an explosive move to the upside which could see BTC easily smash past the 127.20% Fib extension level setting new fresh Highs between $67,000-$78,400+ by mid to late March. Use the buy zone indicated to map out your position as a possible 52% gain is achievable from the Buy zone. Stochastics showing an extremely oversold market condition. Happy Trading :) * Key Supporting Fundamentals for BTC: Strong Interest of Institutional Players A survey of institutional investors and wealth managers who already engage with bitcoin reveals that 85 per cent plan to increase their investment in the cryptocurrency over the next two years. The survey, which was commissioned by Nickel Digital Asset Management (Nickel), a regulated investment manager connecting traditional finance with the digital assets market, also reveals that between now and 2023, 72 per cent expect professional investors in general to invest in bitcoin for the first time or increase their exposure. Current Economic Instability The policy of the US Federal Reserve and the economic instability that has arisen as a result of the unprecedented emission of new dollars may further play a role in the growth of Bitcoin price...10% of the $380 billion stimulus money could be going directly into cryptocurrencies and Bitcoin . Digital Gold Crypto currencies certainly look as if they’re here to stay. It makes a lot of sense to have them in an increasingly digitised world. While bitcoin has a strong tendency to polarise opinion, it has now gained acceptance among some of the world’s largest financial institutions and payments companies. MasterCard, for instance, has said it will begin supporting crypto currencies on its network later this year. PayPal already allows eligible users to buy, sell and hold bitcoin in the US and expects to roll out its service in other territories soon. The Case For Global Adoption and New Reserve Currency Cryptocurrencies promise to help solve problems that are particularly acute in emerging markets (EM). Their governments are often centralized but relatively unreliable, which destabilizes currencies, opens the door to profiteering middlemen, and erodes public trust. Blockchain, the technology behind Bitcoin’s decentralized network, promises to cut out the grasping hands of governments and middlemen, and speed up transactions with more transparency and lower fees. It is offering what many EM customers are desperate for. The Development and Extensions of Blockchain Technology Due to the nature of blockchain technology’s ability to benefit all parties involved in different business operations. Since it was introduced in 2009 through the application of Bitcoin , blockchain technology continues to attract not just the financial institutions of the world, but also other fields and industries in insurance , law, entertainment and the Internet of Things ( IOT ) applications. Several scholars and advocates have also strongly suggested the use of the technology in voting systems globally, medical records and vehicle registrations by the state to further increase efficiency, simultaneously eradicating fraud in many areas. This technology does not only aim to improve conventional business operations but can also empower the greater society out of poverty as 1.7 billion adults in the world remain unbanked. The widespread adoption of a cryptocurrency like bitcoin running on the blockchain would mean that anyone with access to the internet can send and receive value from point A to B without the need of a third party. Although many Banks were very hesitant and in fact spread fear in the markets due to cryptocurrencies being linked to nefarious activities on the dark web. A recent study by Goldman Sachs suggested that the adoption of blockchain technology in facilitating seamless cross border transactions without the worry of fraudulent transactions could save up to $6 billion a year; as the new models currently being developed by the bank would mean inefficient payment and accounting networks would be eradicated.
GEMINI:BTCUSDLong
by CryptocurrencyMagnet
BTCUSDT Beginning of the real BULL RUN!BTCUSDT (Day CHART) Technical Analysis Update Beginning of bull run! BTC/USDT currently trading at $42800 yesterday's correction was healthy correction currently bitcoin reversing from major support and bitcoins April, may resistance act as a support! 200EMA act as a major support in day chart! Bitcoin real bull run begins after making new all time high! Bitcoin could touch 100k before end of this year. Buy level: Above 41,000 TP 1: $52000 TP 2: $64000 TP 3: $75000 TP 4 : $90,000 Follow My Tradingview Account for More Technical Analysis Updates, | Like, Share and Comment Your thoughts.
Long
by HexaTrades
3
BTC testing 200 SMA, The Bitcoin Bulls are Back! $74,647 🎯The Bitcoin Bulls are Back! After setting a new ATH @ $64,841 in April, Bitcoin experienced its the first major sell (some may say manipulated) off in this Bull Run Cycle (-50% from the top). We have been closely watching the BTC chart for a strong trend reversal signal. From the ATH @ $64,841, Bitcoin formed a triple bottom in the $28-30k region, the last bottom experienced on the 21st July is confirmed as our bottom here. The Swing Call Script gave further confirmation of the strong trend reversal as a Buy signal was triggered on the 4H Chart on the 22 July and further on the 6th August showing strong signs of bullish momentum back into the market. From here we expect BTC to retest the current ATH @ $64k which is a 40% Gain from the current price @ $45k. Further to this, we can expect some heavy resistance between the 61.80% - 78.60% fibonacci level. A clear break past the 78.60% fibonacci level see BTC setting a new ATH at the 127.20% fibonacci level. Please see previous analysis below. Happy Trading :) BTC finally testing the 200 SMA and is showing strong signs of bullish momentum as we see the BTC Bulls coming back into the market 🚀. After 4 failed attempts of trying to break above the key resistance @ $38,595 BTC has finally broken above this key price level. Since the crash BTC found its Bottom tanking down -51% on the 19th May to $28,787 from $57,777 and had previous retraced from the ATH price @ $64,841 to $46,814 (-27%). BTC has been in a whale accumulation zone for the past 27 days from 19th May to 15th June. Our Swing Call Script triggered a strong buy signal for #BTC LONG when the 13 EMA crossed up above the 50 SMA on the 10th June; BTC has since increased over 10% in just over 5 days. From the current price level we have longs positioned and the current TP 1 is at the 127.20% Fibonacci level @ $74,647 (85% gain from current price level) and TP 2 at the 161.80% Fibonacci level @ $87,122 (116% from current price level). Note the price targets are for long term swings, we may be in this accumulation phase a little longer. Happy Trading :). See previous analysis below. Bitcoin Update 02/04/21 Next Target @ $66,953 13% Gain New ATH in April I've loved charting BTC last Month, analysis has been quite spot on just waiting on our new ATH now @$66,953 13% Gain from current price level. #Bitcoin has found key support around $58k price level. It looks like the Bitcoin Bulls are back in the market. Worst case scenario from here in the short-term could see the price test the 50SMA, and breaking below this level would see another test of the 200SMA before the anticipated move to the upside and our target of $66.953 at the 127.20% Fibonacci level. See previous analysis below. Happy trading :) Update 29/03/21 Bitcoin next Target @ $66,953 21% Gain Nice bounce from the whale accumulation zone at the 78.60% Fibonacci Level. Looks like the BTC Bulls are back in the market. See previous analysis below. BTC Monthly Outlook Update (23/03/2021) Approaching Whale Accumulation Zone at the 78.60% Fibonacci level @ $52,371. Interesting next few days from here as a bounce from the 200 SMA at the whale accumulation zone could finally see us break through the key resistance at the current ATH level from 14/03/21 @ $61,690. April is set to be a very interesting and pivotal month for the cryptocurrency space. See previous analysis and monthly outlook below. Happy Trading :) #whaleaccumulationzone Update 21/03/21: Yesterday the Bulls failed to push the price higher and we had a small retracement down from $59.5k to $55.6 where we found some support of the current price level (-7%). From here the worst case scenario would find us in a key whale accumulation zone @ 78.60% Fibonacci level $52,371. However this scenario is unlikely to play out and as expected from the previous outlook before, we expect the Bulls to come back in the market, pushing as further to higher highs as we have been consolidating around this key price range between $54.5K to the current ATH @ $61.8k. If we fail to break past the previous ATH , the bearish scenario may see a test of the 200 SMA around the 78.60% Fibonacci level, otherwise the Bullish scenario is still in play. Note that from this current trend from 28th January we have only tested the 200 SMA once and a bounce from this level may signal a much stronger bullish move towards our price target $77,335 @ the 161.80% Fibonacci extension and further $107,340 @ the 261.80% Fibonacci level. So far great performance this month from £BTC as March is usually quite a bearish month looking back at the past. April looks ready for us to really fly, testing the 161.80% Fibonacci extension , but note this may not be a straight forward push but all the fundamentals are pointing towards the $70K as our next significant area of interest for the Bulls, currently a 16% gain from the current price level would see BTC reach $66,953 127.20% Fib extension. See previous analysis from 1st March 2021 below. Happy Trading :) $BTC #HODL *Update 20/03/21 #BTC Monthly Outlook Update from 1st March 2021; 13 EMA crossing up 50 SMA showing strong bullish sentiment as we are about to enter the last week of the month, expect the bulls to come back and to push the price higher. Currently the 127.20% Fibonacci Target ($66,953) has not been tested yet, but we expect some big movement in price over the next few days and further going into the last week of the month (Yes, it has been March Madness), 13% Gain from the current price level @ $59,390 to $66,953 127.20% Fib extension. Our next target after this is $77,335 @ the 161.80% Fibonacci extension . From our analysis at the beginning of the month It looks like scenario 2 has been in play, see below previous analysis from 2nd March 2021. In addition to previous price analysis, the Cryptocurrency 'Super Cycle' is in play as we are just at the brink of global adoption. 2017/18 was the hype era, we cannot continue to set targets based on the price movements during the cycle mainly fuelled by hyper and euphoria, it is now 4 years later and real development has been happening behind the scenes, a lot of people cannot quite comprehend the growth and the different cycle that we are now in as Moore's Law of exponential growth can only give us a hint at the growth that is about to be experienced over the next 4 year cycle. An increased influx of capital injection into this now trillion dollar market will only continue, as Defi takes its hold on current Global financial infrastructure, and yes history repeats itself, We call this the 'Roaring 20s' just like before at the end of WW1, the pandemic has only accelerated the current adoption rate of blockchain technology. As some are already aware, the best time to grow a million dollar portfolio was from 2009 to 2019 just after the housing market crash. The second best time in our lifetime is Now! from 2021 to 2029 after the pandemic market crash. We are still very much Bullish for BTC to reach our EOY Target of $356,000, See below key fundamentals which support our bullish sentiment. *(March 02, 2021 Update) BTC is currently consolidating at 61.80 Fibonacci Level. BTC outlook for the month ahead is still very much bullish . Although the sellers have been in control of the market since soaring to a new ATH on 21/02/21, BTC took a sharp retracement as expected at these new level of resistance as well as a new ATHof$58,792 on the Gemini Exchange. As from historic highs we see a lot of profit taking occurring after 3 weeks of setting new constant highs from the previous low of the last push wave which saw BTC setting a high of $42K and then sharply retracing down to $28,787 where we found the previous resistance and also the beginning of the last phase which saw one of the greatest run of Bitcoin in history, reaching the current ATH of $58,792. With the current push phase now over we find ourselves asking how low can we go from here and when do we expect to break past a new ATH . This outlook is based on 2 possible scenarios which could both play out. We have seen the 50% Fibonacci retracement level respected on the last 2 Push phases which both set new ATHs, the first being $42K and latter, the recent high of $58K. As we have seen a strong retracement over the past 7 days back down to the 50% Fibonacci, it may be time for the BTC Bulls to regain control of the market as the current fundamentals point to the 50%-38.2% Fibonacci level of key resistance as well as a point of accumulation for the BTC whales, more importantly the $39,000 mark when looking left at the previous key resistance before the parabolic move to the $58k ATH . With this in mind, from the current levels we could see the price of BTC sink further before the much expected move which could see BTC testing the previous High of $58k and further pushing to the 127.20% Fibonacci extension level setting a new ATH @ $66,953. Scenario 2 would see the current push towards the ATH continue but may face some resistance, and further consolidation expected around $46k-$49k as they are the key Whale Supports towards the upside, so a further retracement could be in play, possibly testing the 50% Fibonacci level, as well as the 50 SMA , with a bounce confirming an explosive move to the upside which could see BTC easily smash past the 127.20% Fib extension level setting new fresh Highs between $67,000-$78,400+ by mid to late March. Use the buy zone indicated to map out your position as a possible 52% gain is achievable from the Buy zone. Stochastics showing an extremely oversold market condition. Happy Trading :) * Key Supporting Fundamentals for BTC: Strong Interest of Institutional Players A survey of institutional investors and wealth managers who already engage with bitcoin reveals that 85 per cent plan to increase their investment in the cryptocurrency over the next two years. The survey, which was commissioned by Nickel Digital Asset Management (Nickel), a regulated investment manager connecting traditional finance with the digital assets market, also reveals that between now and 2023, 72 per cent expect professional investors in general to invest in bitcoin for the first time or increase their exposure. Current Economic Instability The policy of the US Federal Reserve and the economic instability that has arisen as a result of the unprecedented emission of new dollars may further play a role in the growth of Bitcoin price...10% of the $380 billion stimulus money could be going directly into cryptocurrencies and Bitcoin . Digital Gold Crypto currencies certainly look as if they’re here to stay. It makes a lot of sense to have them in an increasingly digitised world. While bitcoin has a strong tendency to polarise opinion, it has now gained acceptance among some of the world’s largest financial institutions and payments companies. MasterCard, for instance, has said it will begin supporting crypto currencies on its network later this year. PayPal already allows eligible users to buy, sell and hold bitcoin in the US and expects to roll out its service in other territories soon. The Case For Global Adoption and New Reserve Currency Cryptocurrencies promise to help solve problems that are particularly acute in emerging markets (EM). Their governments are often centralized but relatively unreliable, which destabilizes currencies, opens the door to profiteering middlemen, and erodes public trust. Blockchain, the technology behind Bitcoin’s decentralized network, promises to cut out the grasping hands of governments and middlemen, and speed up transactions with more transparency and lower fees. It is offering what many EM customers are desperate for. The Development and Extensions of Blockchain Technology Due to the nature of blockchain technology’s ability to benefit all parties involved in different business operations. Since it was introduced in 2009 through the application of Bitcoin , blockchain technology continues to attract not just the financial institutions of the world, but also other fields and industries in insurance , law, entertainment and the Internet of Things ( IOT ) applications. Several scholars and advocates have also strongly suggested the use of the technology in voting systems globally, medical records and vehicle registrations by the state to further increase efficiency, simultaneously eradicating fraud in many areas. This technology does not only aim to improve conventional business operations but can also empower the greater society out of poverty as 1.7 billion adults in the world remain unbanked. The widespread adoption of a cryptocurrency like bitcoin running on the blockchain would mean that anyone with access to the internet can send and receive value from point A to B without the need of a third party. Although many Banks were very hesitant and in fact spread fear in the markets due to cryptocurrencies being linked to nefarious activities on the dark web. A recent study by Goldman Sachs suggested that the adoption of blockchain technology in facilitating seamless cross border transactions without the worry of fraudulent transactions could save up to $6 billion a year; as the new models currently being developed by the bank would mean inefficient payment and accounting networks would be eradicated.
GEMINI:BTCUSDLong
by CryptocurrencyMagnet
2
Bitcoin trend updateas I have marked on my idea if breach down 53k we gonna roll down to 52 but after that, it's 51 waiting for us. if you see my rectangle after one breakout, it gonna go down sharp but, there is no reason for it and as I imagine, bitcoin gonna range max one day between 53-55,5 until one good break that shows the future bitcoin days. there is no reason for a fall so I think it gonna range for some hours and after that gonna breach upwards forward to 57k and maybe sharp forward to 61,5 k. every number in this text is approximately number for a nearly exact number check my chart.
by Pdrm_z
BTC - next BULL RUNFirst of all: Where are we? For having a better idea about the scale and location of my analysis I added this snapshot of the BTC chart in the daily timeframe: About the core of my idea: My analysis is based on the 5h timeframe, in which i spotted the potential BUY chance. So I spotted this interesting downtrend channel. We saw a strong 6% bullish move today, so I wouldn't enter right now. Patience is key. So what I am waiting for is something like this: I am waiting for the price to, once again, touch the lower line of the channel, and then find enough support to take off (maybe for the last time in a while). How far is the current bullish move probably going? As I said before, I am expecting it to come back down, and then take off bigger. We might see price bounce off the red bar I marked right here, and then seek support at the lower side of my channel in order to finally break the red zone. In case all this happens, what is the trade going to look like? What I am expecting from this trade? The most likely scenario is that we make an approach to the green line, which I named "bouncer". From there we might actually retrace as low as the 50%, or even 100% level on the downside, just like this: Of course, it is possible that we even make new all-time-highs and chase the upside 50% and 100%, or even 125% extension target, which I identified with my system. Then, we might see numbers like 69.000, or 85.000 in the future. ------- of course, all that is just speculations. I am very open minded for both ideas, a hard correction, or another bull-run. What I will focuse on is catching the next bullish wave - regardless of how far it will reach towards the sky - or the moon - or mars. My trade will approximately look like this: Depending on where or when we touch that lower line of the channel, I am eyeballing an approximate initial RRR of 10 to 1, using approx. 2% risk (unleveraged). As I will not sell my entire position once we hit the green "bouncer" line, but only a part of it, the RRR will later improve drastically. ALL THAT IS FAR AWAY IN THE FUTURE AND REQUIRES THE PRICE TO HIT MY LOWER CHANNEL LINE AGAIN. Otherwise - I'm dropping this idea. Never chase a trade and don't be afraid to miss out on the big moves. Be careful out there. Thank you for reading. PS: Feel free to download this analysis for better understanding or scaling.
COINBASE:BTCUSDLong
by AlphaTradingGermany
7
BTC WON'T LOSE THE TREND! ON ITS WAY TO 50K!!it will be very hard for BTC to lose 7days MovingAverage trend and its supportive area on 28000$ but it seems like that BTC has to rest some days beetween 33000 and 38000, breaking down this area could be dangerous. 28000 looks supersafe for opening a long position and also all long positions above 28000 and under 33000 are not that risky. Targets are on the chart, and about the resting time, I have to say that the longer it takes the higher it goes.
BITSTAMP:BTCUSDLong
by ThaMan
1
Bitcoin RoadMap 💵💵💵😊💵💵💵🅶🅷🅾🆂🆃 _ 🆃🆁🅰🅳🅴🆁 _ 🆂🅰 💵💵💵😊💵💵💵 📙We are just at the beginning of a MASSIVE structure in a history of Humankind. 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵💵💵💵😊💵💵💵 📙I wish you all the best 💵💵💵😊💵💵💵
BITSTAMP:BTCUSD
by Ghost_Trader_SA
6
What A Fearless Buying (BTC) Is Breaking Out Long Term ChannelHey friends, hope you are well and welcome to the new update on Bitcoin. Previously we have seen that the priceline of Bitcon formed a very big Gartley and previous month’s candle stick was closed above the $12K that is also the 0.786 Fibonacci projection level of this Gartley. Therefore we were expecting that the priceline now may retest the 0.786 Fib projection level that was previously working as resistance and now will work as support. In the mean while the priceline of the leading cryptocurrency is also moving within an up channel. Previously we have see that the price action was at the resistance of this channel that was at $14K. The previous candlestick has been closed above this level. Therefore now there are less chances that the price action will retest the support of this channel that is at $12K and also the support of Fibonacci projection as we have discussed above. Now if the correction starts then we may see the priceline to retest the resistance of the channel as support. But incase the retest of resistance as support will be failed then price action may retest the channel’s support at $12K. Previously I mentioned that if the price action will be at resistance and the MACD, RSI and Stochastic will be turned bearish then a move to the downside up to the support of channel will be confirmed. But we can observe that all these indicators are still bullish even after visiting the overbought zones. Now if we take a look at fear & greed indicator then 1st warning sign has been appeared. But we need to take care of this indicator with the combination of Stochastic, MACD and RSI if these indicators will also turn bearish then a big correction can be expected. Conclusion: The priceline of BTC is still strong bullish and bulls are showing a fearless buying and broke out the channel. However, now we should set the 1st stop loss point at the resistance of the channel that is now working as support and 2nd at the support of channel.
BITSTAMP:BTCUSD
by moon333
4
Bitcoin Has Spiked Beyond $13K And Signaling To Hit $14K SoonHey friends, hope you are well and welcome to the new update on Bitcoin. In April 2020 I shared the post where I showed that on monthly chart the price action of BTC has completed final leg of bullish Garltey move. And as per Fibonacci sequence of Bullish Gartley the priceline turned bullish from the potential reversal zone of this harmonic pattern and produced more than 94% rally. At this time the 0.786 Fibonacci projection is working as a strong resistance and the candlesticks of the leading cryptocurreny is trying to break out this resistance. In my previous article I showed you few more things that the priceline of BTC is forming different harmonic moves on hourly chart and having very firm support of an uptrendline as well. And these moves were signaling for a big move soon. After using 100 simple moving average support the priceline turned bullish and broke out the $11K to $11150 resistance level . And $11000 to $11150 started working as very strong support. In the meanwhile the priceline of Bitcoin also retested these supports which were previously working as resistance and after successful re-test spiked more beyond $13K. Now I want o show you the upchannel on weekly chart that was the base of my prediction that the priceline can spike upto $13500 very soon. Previously when I posted this up channel on 2nd oct the priceline was at $10398 and now after this move the Bitcon has reached beyond $13300 that is more than 28%. Now if we take a look at this channel on live chart then the priceline of King of all cryptocurrencies is reached more than the half of this channel. The Bollinger bands is showing resistance therefore once Bollinger bands will be expanded then the price action can move upto the resistance of this channel that is almost at $14K. The price action has also good supports of simple moving averages with the time period of 25, 50, 100 and 200 as well. Conclusion: Even though the price action has turned very strong bullish and spiked beyond $13K but the Bollinger bands is showing a strong resistance. Therefore I need to keep an eye on the Bollinger bands once it will start expanding then there will be more space created for candlesticks to move upto the resistance otherwise the lower bands of bolling bands indicator is below the support of channel and the priceline can move up this level as well.
BITSTAMP:BTCUSDLong
by moon333
6
BTCUSD formed bullish BAT | A good long opportunityFormation of BAT pattern: On a short term 1-hour chart, the price action of Bitcoin has formed bullish harmonic BAT pattern and entered in potential reversal zone. Before this the priceline also has formed a Bullish Shark and BAT patterns. The price action of leading cryptocurrency also has good support of a trend line. Buying And Sell Targets: The buying and sell targets according to harmonic BAT pattern should be: Buy between: $11329.36 to $11292.59 Sell between: $11419 to $11553.52 Stop Loss: The potential reversal zone area that is up to $11292.59 or the trend line support can be used as stop loss in case of complete candle stick closes below this level. Possible profit and loss ratio: As per above targets this trade has the profit possibility of 2.3% and as per above mentioned stop loss, the loss possibility is 0.32%.
BITSTAMP:BTCUSDLong
by moon333
The priceline is having very nice bounce to hit $11K soonHey, friends hope you are well and welcome to the new update on Bitcoin. In my previous article we have seen that after the completion of Head & Shoulder pattern the price action of BTC broke down the neckline of the Head and Shoulder and moved more down. Then the priceline of leading cryptocurrency stopped at 100 simple moving average and consolidated above this support. The candlesticks of Bitcoin chart also spiked up to the pivot first support that is at $9900. Different indicators and oscillators: Now I would like to again show you the different indicators and the oscillators on the daily chart. As we have already discussed that the price action is having a very nice bounce from the 100 simple moving average. Now if we watch the moving average convergence divergence (MACD) indicator then it is still turning bullish and the momentum indicator showing that the momentum is getting changed from bearish to bullish and if we take a look at the stochastic oscillator then it has given bull cross from the oversold zone. Different support and resistance levels: Now if we take a look at the different support and resistance levels on the daily chart then it can be observed that the price action has successfully re-tested the $10,000 support level that was previously working as a resistance before August 2020. Now there are a strong chances that the price action will try to break out the $11000 resistance. If we take a closer look at the daily chart then the priceline has another hurdle between $11000 and $12000 resistance levels and that is the 50 simple moving average. At the time of writing this resistance is at $11250. Therefore we can expect a rapid move upto this resistance. Conclusion: As after the consolidation phase the priceline of the king of all cryptocurrencies is having very nice bounce from the different moving averages on the daily and on the long-term charts and all the indicators on the daily chart are turning bullish. This is a very clear confirmation that the price action may try to breach the next resistance at $11,000 very soon. However, the further move to the upside depends on the indicators on the daily chart if they will be continuously turning bullish then price action of BTC will be moved more up.
BITSTAMP:BTCUSDLong
by moon333
5
Don’t Think About Bull Run Unless These Signals Won’t AppearHey friend hope you are well and welcome to the new update on Bitcoin. In my previous post we have seen the Bitcoin formed a bullish cypher pattern and started a powerful bullish move from the potential reversal zone of the cypher and reached even beyond $11,000 levels. The wedge has been broken out: The price action of the leading cryptocurrency was moving in a wedge since first week of May 2020. After reaching at the support on 27 June the priceline moved up to the resistance. In the meanwhile we have received two significant bullish signals by the moon phases indicator and the volume profile as well. The new full moon was appeared at high altitude above the resistance of the wedge. That was a clear signal that the price action of BTC can reach up to this level. The volume profile was showing very weak interest of the traders even above the support of this wedge pattern. The point of control of volume profile was moved above the resistance that was another signal for the breakout. The price action has spiked beyond 11K with powerful buying volume: The price action has finally broken out the $10,000 resistance level and even spiked beyond $11,000. If we see the volume indicator then there is a continuity of buying volume especially on 27th of July. If we watch the volume oscillator indicator (that shows the power of volume) then the power of buying volume was up with powerful value of 39. Now I would like to draw your attention towards two significant signals. If they won’t appear then we cannot confirm that the Bitcoin bull run has finally begun. As we have already seen that the price action is moving in a big symmetrical triangle that was started back in 2017 and the resistance of this triangle has become a very powerful rejection line. Whenever the price action reached at this resistance level It has been strongly rejected. At this time the price action is crossing up this powerful rejection line. But so far we don't have even a single candlestick that is completely closed above this resistance level. Therefore to confirm the bull run we need the closing above this resistance level on the weekly chart. The second signal is that the bull cross between the 25 and 50 simple moving averages is still due. As we can see we have the 50 simple moving average above all then 25 then 100 and then 200 below all other simple moving averages. Once the 25 simple moving average will cross up the 50 SMA then a complete opened alligator mouth by the simple moving averages will be formed like it was formed back in 2017. When the price action started a parabolic bullish move that was more than 3000%. Therefore once a complete alligator mouth will be formed same as like back in 2017 then we can expect that the will be started and then the priceline will again move up in a parabolic way on the long term. Conclusion: After breaking out the wedge pattern on the daily chart so far the price action did not start any correction rally. Therefore, there are chances that if the buying volume will be decreased then the price action of BTC may re-test the previous resistance as a support or at least it will use the $10,000 resistance level as support and then start the next rally. However if the buying volume will continue to increase then we can expect that the Bitcoin will not stop and also won’t start any correction rally and it will also break out the symmetrical triangle on the weekly chart in very obvious way by closing above the resistance level.
BITSTAMP:BTCUSD
by moon333
4
BTC Has Bounced From The Support To Breakout $10K ResistanceHi friends hope you are well and welcome to the new update on Bitcoin. Previously I was looking at two patterns for the bullish reversal of BTC. Now the price action is likely to be reversed bullish from the support of these patterns. Let's have the brief analysis on the price action of BTC what it can do next. 1st bullish reversal pattern hamonic BAT move: on 8th June when the price action was moving around at $10,000. I predicted that BTC is likely to complete the final leg of Gartley pattern, therefore a drop is expected. Below was the post: And finally the price action dropped in the potential reversal zone of this pattern. But this was in fact a BAT pattern rather than Gartley therefore in my very next post I cleared and mentioned that as per BAT move this drop can be from $9000 upto $8800. And the priceline dropped upto $8,900. The BAT move: Now after hitting the spike in the potential reversal zone of this BAT pattern the price action is likely to take a bullish divergence from here. 2nd signal bounce form the support of pennant: The price action of leading cryptocurrency was also moving in a pennant. Up till yesterday it was moving sideways at the support of this pennant. And this was the second signal I was waiting that the price action may take bounce from the support level of this pennant. For this purpose I used the combination of three indicators the momentum and MACD and stochastic. As in my previous post I also mentioned that when these three indicators will be turned bullish we can expect an upward move upto the resistance of the pennant. At this time the resistance is at $9950 therefore we can expect a spike upto $10K. However if the bank volume will be powerful then the price action can also break out the resistance. The priceline just broke down the support of $9500 and it was re*testing previous support as resistance. Now at this time is strong bullish candlestick is trying hard to breakout this resistance and it seems to be that in next candlestick the resistance will be broken out. I've also placed the moon phase indicator on this support and resistance chart. It can be observed that the new full foon is appeared little bit down as compared to the previous full moon. But it is still above the resistance of $10,000 therefore it is another indication that the price action of BTC can try to reach upto this moon level. An expected attempt to re-enter in channel: Now let's take a look at the up channel that was formed on the daily chart. The price action had broken down the support of this up channel on 15th June. After breaking down the support the price action was moving sideways on the 50 simple moving average support. And it seems to be that this support has worked well and now the price line may try to re-enter in the channel. But for this purpose price action will face a strong resistance by the previous support of the channel that is working now as resistance and that is at $10,000. We can also watch that the 100 simple moving average is very close to cross up the 200 simple moving average below the priceline of BTC. That is also another bullish signal that can help the price action to enter in the channel again. Conclusion: All chart patterns and indicators are turned bullish on the daily chart. And the price action has also found very firm support therefore an upward move upto $10,000 levels is almost confirmed.
BITSTAMP:BTCUSDLong
by moon333
1
Bitcoin is likely to be rejectedHello friends hope you are doing well and welcome to the new update on Bitcoin. Today we will have the Bitcoin analysis on short term, the midterm and on the long term as well. And we will watch different chart patterns that BTC has formed and the support and resistance levels and also the different moving averages. The formation of harmonic BAT: In my previous posts I told you that the price action is completing the final leg of bullish Gartley and 1st I predictred that the price action will be dropped from $9300 to $9000. Then in next article I shared that price action may behave like BAT pattern rather to behave like Gartley. And as per Fibonacci sequence of bullish BAT I predicted that it can drop from $9,000 to $8800. And finally the pricline of BTC dropped up to $8900 and completed the final leg of bullish BAT. Now at this time this potential reversal zone has become very strong support for the price action of leading cryptocurrency. Support and resistance level: Now I would like to show you different support and resistance levels on daily chart. At this time the price action has $8800 as support. This is the same level where we have the potential reversal zone of bullish BAT pattern.The next resistance level at $9500 and after $9500 the next resistance level is $10,000. Few days back $9500 was working as support but at this time after breaking down this support the Bitcoin is retesting this level as resistance. And if the price action will be not able to break out this resistance again then it will be again dropped previous support level that is at $8800. Formation of down channel on short term chart: Now the Bitcoin is moving between $9300 to $9500. And if we switch to the short term 1 hour chart then it can be easily observed that the protection is moving very well within a down channel. The support of this channel is at $9300 and resistance is at $9500. And this is a little bit down channel therefore if the price action will not breakout this resistance soon. Then this resistance will be moved more down. Up channel on daily chart has been clearly broken down: Now let's move to the daily chart and here the Bitocoin has formed an up channel after mid of March 2020. And we received a very clear signal by the moon phases indicator that the priceline may break down the support because the new dark moon was appeared at distance from the support. And in order to reach at this level of dark moon the priceline needs to break down the support of this channel. And finally the priceline broke down the support. And now we have 5th candlestick closing below the channel. Bitcoin and other markets: If we compare the price action of Bitcoin to other markets for example this if we take an example of S&P 500 that is most outperforming index. We can notice that Bitcoin was more stronger than the other market. Like there the price of Bitcoin broke out all the simple moving averages with the time period of 25, 50, 100 and 200 on 30th April but on the other side the priceline of SPX broke out all these simple moving average on 29th of May 2020 there is a difference of a complete month. And now S&P 500 has bounced from 25 simple moving average. But the Bitcoin has broken down the 25 simple moving average and now it is at the support of 50 simple moving average. Therefore there will be chances that the pricleline will breakout the 25 SMA again. Because pressure from the downside is more than the pressure from the upside because the simple 25 is smaller than 50 simple moving average. And there is some correlation between Bitcoin and other markets. If the BTC will follow stocks and indexes then definitely it will again breakout 25 simple moving average. The pennant is still there: The BTC has also formed a pennant on daily chart. In order to see whether this the Bitcoin will be dropped or not. We should observe very closely that the price action will break down the support of this pennant or not. I observed that the priceline of BTC is very much synchronized with the combination of three indicators: stochastic, MACD and momentum. For example whenever the price action reaches at the support then stochastic gives bull cross and MACD also starts turning bullish and momentum changes from bears to bull then Bitcoin reaches at the resistance. At this time the price action is at the support and stochastic has also given the bull cross and MACD is turning bullish but momentum did not give any bullish signals, therefore we need to wait for the momentum for the final confirmation whether price action will break down the support or not. But it from here to stochastic will again give bear cross and MACD will turn strong bearish then priceline can break down the pennant. Very big symmetrical triangle: Now let's talk about big symmetrical triangle that has been formed on the long-term weekly chart by the price action of Bitcoin that we discussed earlier at the starting of this post. And the resistance of this symmetrical triangle has become very strong rejection line for the Bitcoin. Whenever the price action hits at this resistance level then it is being rejected again and again and this time after hitting resistance level the price action is again likely to be rejected. If the Bitcoin will move all the way down up to the support of this triangle then we may see $6,000 level.
BITSTAMP:BTCUSD
by moon333
1
Why The Bitcoin Dropping Fast Before The Bitcoin Halving 2020Halvening event of 2012: Hi friends hope you're well and welcome to the new update on Bitcoin. Today we will try to understand why the Bitcoin is dropping fast just before the halvening event. In order to understand this situation we need to move back to 2012 to watch the history of the Bitcoin halving. Then we can observe that when we had the Bitcoin halvening event in November 2012 then BTC started dropping down in August 2012 this drop was started from 18th August to 20th August 2012. And this was a steep waterfall crash after that the Bitcoin recovered but just before the having the Bitcoin dropped down again in October 2012. After that we have witnessed a strong bullish rally of more than 10000% for next one and a half year. Halvening event of 2016: Then in halvening event of 2016 we can notice that before the halving BTC started dropping down in Jun 2016. This drop was started from 19th Jun to 23rd Jun 2012. And this was another steep waterfall crash like we had before the halving of 2012. After that the Bitcoin recovered but just before the halving the BTC dropped down again from 3rd July to 2nd Aug 2016. After that we have witnessed a strong bullish rally of more than 3000% for next one and a half year. Halvening event of 2020: Now in current halvening event of 2020 we can again notice that before the halving BTC started dropping down from Feb to March 2020. This drop was from 15th Feb to 13th Mar 2020. And this was another waterfall crash like we had before the halving of 2012 and 2016. After that the leading cryptocurrency recovered back. But just before the halving the BTC has started dropping down again same as like before in 2012 and 2016. After this drop we can expect a long term bullish rally. This combination of these indicators has given final sell signals: As in my previous posts I told you that I am looking at the movement of BTC using the combination of these indicators to observe the bullish and bearish trend . 1st: Vervorrt heikin-ashi long-term candlestick oscillator. 2nd: Moving average convergence divergence (MACD). 3rd: Stochastic indicator. Ater placing these three indicators I came to know that since October 2019 the Bitcoin is following a specific pattern for the bearish rally. The Vervorrt heikin-ashi long-term candlestick oscillator is a powerful indicator that shows that the priceline is in bullish or bearish trend . When it turns green it means that Bitcoin is in bullish trend and when it turns red color then it means that Bitcoin is in bearish trend . Now after noticing closely the daily chart it can be observe that whenever this vervoort indicator turns green then the MACD indicator 1st gives sell signal and then again it gives buy signal and again it gives sell signal and on this third sell signal if the stochastic also gives the bear cross then the BTC turns bearish and starts the bearish move. It can be witnessed form 24th of October to 25th of November 2019. Then from 23rd of Jan up to 13th of March 2020. And if we see the current situation then the vervoort is again in green color and giving indication that we are in bullish trend , and the MACD has given a sell signal and after that we have received the buying signal and at this time the MACD has given the sell signal. Therefore we can expect that this time the bitcoin again follow the same pattern that it is following since October 2019. And it will start a bearish rally. This time I have also placed the relative strength index (RSI) oscillator. Then we can also observe that whenever we receive the final sell signal by the MACD and the BTC starts bearish rally then the RSI also visits the oversold zone. Therefore we can expect that if the Bitcoin will start a proper bearish move then the RSI will also again visit the oversold zone. Now up to what extent the Bitcoin can drop: Now the question is that if the Bitcoin start a bearish move then up to what extent the BTC will be dropped. For that first of all we need to watch out for an up channel formation that the Bitcoin has formed on the daily chart. This up channel is same as like the previous up channel formation that was formed from December 2019 up Feb 2020. And after breaking down the support of previous channel the price action turned very strong bearish and easily broke down the simple moving averages supports with the time period of 50, 100 and 200. And now it has a again started another up channel from March up till now. Here we can observe after a very strong attempt to break out the resistance of the channel finally the price action is likely to be filled in breaking out and now it is dropping down to hit the support of the channel. Here we have the 100 and 200 simple moving averages supports at the same level where we have the support of the channel and these supports are at $8,000. Then we have the 50 simple moving average support just below the support of the channel. And the 50 simple moving average is moving up to form the golden cross with 100 and 200 simple moving averages. If the 50 SMA will continue this upward move to form the golden then the priceline will not break down the support of this channel, however if the 50 simple moving average will not continue its upward move and it will start moving down then the price action will easily break down the 100 in 200 SMAs and the support of the channel. The Bitcoin has failed in re-testing the resistance block as support: We have already seen that on the daily chart the priceline was trying to breakout the resistance block from $9,000 to $9500 level. This is the most strongest support and resistance block that the Bitcoin could not breakout since after the drop off Dec 2017. Once in the month of February 2020 we have witnessed that a Bitcoin broke out this resistance block. After breaking out this resistance block the Priceline tried to retest previous resistance as support but this re-test was unsuccessful and the priceline dropped all the way down up to $4000. Now again the priceline Now I again the priceline of leading cryptocurrency has repeated the same move. The Bitcoin broke out the resistance of this block from 8th to 9th May 2020 and after breaking out the BTC tried to retest the previous resistance as support but again it has failed to retest this resistance block as support and dropped down. The Bitcoin is likely to be failed in breaking out the resistance of channel on long term chart: Now I would like to divert your attentions toward the down channel that has been formed on the long-term weekly chart. And we can see here that the priceline was also trying to break out the resistance of this down channel. But so far it is not successful in breaking out the resistance. If the Bitcoin will break down the support of the channel that has been formed on the daily chart then it may retest the 100 simple moving average support that we have within the down channel on this weekly chart. And this 100 SMA support is at this time at $7,100. If the price action will breakdown the 100 simple moving every support then it may retest the 200 SMA support and that is at $5700 at this time. And in case of breaking down the 200 simple moving average the Bitcoin may re-test the support of this down channel and that is at $4,800. However I'm not expecting as that much powerful downward move. In worst situation I'm expecting that the Bitcoin will take a bullish bounce from the 200 simple moving average support as we have already discussed in my previous articles that this is the strongest support ever in the history of Bitcoin that has been never broken down since it is appeared. However the further downward move depends in breaking down the support of an up channel on daily chart. Conclusion: All the chart patterns and the indicators are giving bearish signals, therefore the priceline of Bitcoin may turn bearish on short-term. But on long-term after the halving event we can expect a very strong bullish rally for at least 2 years. Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
BITSTAMP:BTCUSDLong
by moon333
5
Bitcoin getting more aggressive in forming bull flagsOn short term 4 hour chart the Bitcoin is forming bull flags since 29 March 2020. In the meanwhile the priceline of Bitcoin also formed a down channel from 6th April to 16th April and finally broke out the resistance of the channel and form the next bull flag. After accumulation the Bitcoin took another powerful bullish divergence on 22nd April 2020 and now it is likely to form another bull flag at this time it can be easily witness that the candlesticks are being accumulated for next bullish move. The price action of the leading cryptocurrency has also crossed up the 25,50,100 and 200 simple moving averages and now it has a very strong support of all these four simple moving averages that can lead the priceline to turn more bullish. Bounced from 200SMA now fighting 100SMA resistance: If we switch to the bigger time frame on weekly chart then it can be easily seen that finally the priceline has bounced from the 200 simple moving average after producing a long bearish spike. At this time the priceline is struggling to cross up the 100 simple moving average resistance, more than half of the candlestick has crossed up this resistance once the candlestick will be able to breakout this resistance level then it can turn more bullish to breakout the next resistances of 25 and 50 simple moving averages. And once the price line will be able to cross up all these moving averages then we can witness a really very powerful bullish rally for the long term. On this chart we can also see that we had a strong support of $3322 but the 200 SMA support did not let the priceline of Bitcoin to hit it support even after a very powerful bearish move of March 2020. Repetitive action like March 2018 to Feb 2019: Here I would like to share with you again the BTC repetitive move that the Bitcoin has formed and other down trendline and moving above this kind line like it had formed from 2018 to 2019 and as per volume profile of previous trendline when the price line moved below the area where the traders interest was very low it took a powerful bullish divergence for more than 300% profit. Same as like previous move when the Bitcoin moved below the area where the traders interest was very low is taking another bullish divergence. A big bullish Gartley has starting working: Here I would like to recall the very big bullish Gartley pattern that the Bitcoin has formed on very long term monthly chart and potential reversal zone of the this pattern is working now. The buying zone or potential reversal zone starts from $7231 to $5424 and at this time we can see that the price action is moved above $7,500 and moving towards the Fibonacci projection area of A to D leg of this Gartley pattern. This Fibonacci projection area starts from $8654 to $12070, you can also take it as a single trade and buy from the potential reversal zone and sell it between Fibonacci projection area as sell zone. but I am expecting that this time priceline will make a powerful attempt to breakout the resistance level that is at $12325 because it has taken a powerful bounce from the 200 simple moving average on the weekly chart and once this resistance will be broken out then the Bitcoin can start very powerful bullish rally. Stop loss: Despite all bullish signals and indications I would suggest you to take care of your stop loss. And you can make your stop loss the 200 simple moving average on weekly chart or the potential reversal zone of this Gartley pattern. Because once the 200 simple moving average and this potential reversal zone support will be broken down then the Bitcoin can re-test the previous support level at $3322. Conclusion: On 4hr chart soon Bitcoin is going to make the next bull flag and soon it will also break out the 100 simple moving average resistance on weekly chart for a powerful bullish move and it will hit the $12325 resistance for breakout. In case of $12325 resistance we can see more powerful long term bullish rally.
BITSTAMP:BTCUSDLong
by moon333
1