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Bitfinexbtcusd

Bitcoin another reversal possibility! Bitcoin is yet trying to make another reversal pattern, and last time I saw a reversal we were in this price area too but I was thinking the wedge is going to take us to the top of it so I predicted 10k but we got retraced to the start of the run so what I think might be going is this is might be a big bull run and we jut got wave 2 which can retrace 100% of wave 1 and wave 3 should be the biggest impulse but I personally don't think the big wave 3 will come, there will be another rally but not that big of impulse but as we are making a reversal pattern now we should first see how strong pumps will be to see where the market can take us. With the news we have on ETF we can understand that chances of passing are not great so more fiat money entering the market to get us to new peaks does not seem realistic now however the technical probability in the last cycle when we saw similar reversal pattern and bullish signals on our indicators such as green waves coming back to the market on EWO and the market is oversold in 1d graph. Below are linked trading ideas of altcoins which I think might be leading the next bull market. Coins to hodl long term : ADA, XLM, STRATIS, NEO, Monaco, XRP (these are my favourite alts the next run) Good Luck, traders! #moon #mooncommunity
BITFINEX:BTCUSDLong
by farhadjafarov7
BTC - not time to buy yet – below TenkanSenHi Guys! Although we had a nice bounce up during last 24h unfortunately this is not the time to buy yet. We expect one large drop down to level $5800-$6000. Most likely after that we can expect to have a trend reversal. So looking at the chart we can see we are below TenkanSen which in our opinion is very accurate resistance/support when trading BTC and other alts. Right now TenkanSen is at level $6800. Once the price drops down TenkanSen follows and it should stop at $6200-$6500. This level will be our entry level but remember we have to cross TenkanSen for good. Don’t buy immediately after crossing this level as it may be bull trap or accumulation phase. MACD doesn’t show any signs of trend reversal. We are not saying of bull's cross but there is no even turn of the MACD (blue line). On Weis Waves chart we can’t see any signs of postivie movements. No signs of demand and supply (large red wave) is still growing. We have to wait for first green candles and waves and at the same time decreasing level of the supply. Sentiment Zone Oscillator – this is our favourite lately. Although is shows we are strongly overbought we expect tripple or even quadruple bottom before we bounce up for good. So you also think how high price of BTC might go this time. Well it seems that legislation uncertainty has a massive influence. As you probably know SEC decided to postpone its decision to grant permission to run first legal ETFs. It caused panic and chaos or maybe some big whales didn’t manage to buy BTC very low and they convinced SEC to wait until they do it. This is just conspiracy theory but we think it could happen. Once we hear first positive info from SEC we can expect bull really. Do feel the same Traders? Keep follow us in order not to miss the buy zone. Thank you for being here. Your comments and likes are highly appreciated. HUGE Hugs! WBM Team
BITFINEX:BTCUSD
by WBM_Team
10
Bitcoin 4h - Bulls and Bears preparing for battle!Here is my bitcoin 4h showing targets for longs and shorts, I believe we are setting up for some major moves in the coming months. There is potential for a cup if the .382 holds, which would be the super bullish scenario . If we break 7190 after not holding 7280 range, then it is more likely that we retrace to previous resistance at 6800 range. If we get to 6800 range it is going to be the make or break. Trade safe, hope this can help you in some way!
BITMEX:BTCUSD.P
by MaxxCharts
Nearing a topEveryone is looking up so it's time to look the other way. Yes, we definitely have room for one more move up But... 1) the why : We have a double top on stoch --> hidden bearish div RSI is overbought on the daily, printing a lower low on H4 and H2 -->bearish div MAcd is doing the same, we have a spike that confirm the count of wave iii on H4, while the daily is still going up, indicate this is a larger wave 3 2)the where : I drew a red line on macd from previous high, it shouldn't go above that, it's a sell signal when price action reaches it The top could be located anywhere in the red box, fib 2.618 is the natural target, but wave 3 look like it's extended so it could go higher I recommend a take-profit with a trailling stop, since the last move will probably a big green candle it's the safest bet to sell near the top, and little chances to be "stop-hunt" there. For a short entry wait for a break of the channel, with a close below on either h4 or h2 3)the when : The up-coming daily candle should be bearish, hanging man and bearish engulf are most common on top of wave 3, look for those 4)the what The second channel is our base and should offer support during wave 4 The blue support line is from the top of wave 1, it shouldn't be overlapped Wave 2, was sharp, and retraced to fib 0.764, so wave 4 will be sideway and wouldn't retrace more than fib 0.618 or 0.5 RSI will show an entry when it starts to stagnate near the median, in the blue box Stoch should print a lower low And Macd to stay positive Those will be confirmation for re-entry Happy trading ! Feel free to ask any question :)
BITFINEX:BTCUSDShort
by lady_luck
7
Bulls grasping at straws or the herd playing catch up?Good morning, traders. It's Friday and we've almost made it through another week of trading. Just when retail traders are ready to throw in the towel, Bitcoin gets a boost minutes before the end of the day and prints a potentially strong bullish reversal candle as we discussed on last night's live stream. However, we still need to see actual follow through because reversal candles need to be confirmed. So what does this mean? I'm looking for a daily close above $6416 as well as a weekly close above $6850. If Bitcoin can manage to do this, then it sets the stage for a real attempt at $7800. Make no mistake, as I've said since February, until we close above $11,800 we will be necessarily required continue to concern ourselves with further downward pressure. We can see that price bounced off the S2 area -- more specifically, it bounced hard off the 61.8 fib level -- and is currently applying pressure against the support-turned-resistance at $6260. Price has been wicking up into that area all night long without any follow through yet and we just saw a large sell into the latest attempt (275 BTC between 8:35 and 8:45 a.m. CST) as it wicked to the descending broadening wedge's (DBW) resistance. We have also seen increasing buying pressure into this area since then. RSI remains low, currently sitting just above oversold, and MACD recently completed a bullish cross. The expectation should be that price will exit the DBW at the top, as it is a significantly bullish pattern, and target the green box. If price manages to close above the top of that box, we should expect to see it target the next box up. That being as it is, if we see price pierce the recent low of $6079.90 then we should expect it to continue lower as I mentioned in last night's live stream.
BITFINEX:BTCUSD
by Chris_Inks
2
Bitcoin IHS or are we headed definitively lower? (1H & 3D)Good morning, traders. Bitcoin has finally been making some movement that we can look at, and it's nothing that we haven't been talking about as a possibility for a while now. Specifically, overnight we saw Bitcoin retrace 50% from its recent run up. Now things are becoming more interesting. The potential IHS in development that I have been referring to recently is becoming more likely. The 1H chart is showing strong oversold conditions that mirror the previous lows below $6000. As such, it doesn't appear to be likely to fall much further without first targeting the 50% retracement of this recent downward movement at around $6572. This would put price right under the pivot. In order to do so, we need to see price bounce off its current support at S1. In regard to the daily pivot, just because we have breached it does not mean we have to continue lower. I discussed this possibility in yesterday's live streams, especially if this is Wave 2 in the making. What we need to see is price movement upward, whether it's from this current position or a bit lower as price tests the previous 2 month long resistance line as support. If this has been Wave 1 and we are currently completing Wave 2, then we should expect price to reach R1 on the 3D for Wave 3, which is the 1.618 extension at $7510, and potentially R2 around the 2.618 extension at $8594, R3 around the 3.618 extension of $9678, or R4 around the 4.236 extension at $10,348 for Wave 5 depending on the amount of FOMO. Be sure to check out the 6H and 1D charts linked below.
BITFINEX:BTCUSD
by Chris_Inks
8
Bitcoin IHS or are we headed definitively lower? (1D & 6H)Good morning, traders. Bitcoin has finally been making some movement that we can look at, and it's nothing that we haven't been talking about as a possibility for a while now. Specifically, overnight we saw Bitcoin retrace 50% from its recent run up. Now things are becoming more interesting. The potential IHS in development that I have been referring to recently is becoming more likely. The 1D chart shows the bigger picture. We can see the potential IHS playing out. However, as I have continued to mention anytime we discuss a potential IHS, we absolutely must see an expansion of volume as price completes the right shoulder and breaches the neckline. This is a requirement for this pattern. We have expansion into the shoulder's potential apex so far. Is this current price point the bottom of this movement? It appears that it may be when looking at lower time frames. We see that price made its low right into the top of the blue box before bouncing back up. I continue to watch for the blue box to hold as support. Furthermore, I am watching the daily candle. The daily pivot remains important, so we want to see price moving back up toward it. As we have discussed previously, a successful IHS should see price targeting the $7900 area. The 6H chart shows us that the candles wicked into the blue box but the body on the previous candle closed above it and the current candle is sitting above it as well. While there are still 4 hours left in this candle, it is possible we may see tweezer bottoms being supported by the Kijun line near the bottom of the cloud thereby suggesting a reversal back up. Looking at it another way, the S1 is supporting price at this time. As always, a reversal off of support is significant. RSI appears to be adhering to its ascending support line, but that doesn't guarantee that it will not breach it. Remember, there is the potential for an IHS, but price and volume must follow through in order to see it materialize. Price falling below $6100 increases the odds significantly that we will retest the recent lows and likely head lower toward $5250. Be sure to check out the 1H and 3D charts linked below.
BITFINEX:BTCUSD
by Chris_Inks
2
BITCOIN H&S pattern + support levels. Bear trap or capitulation?No time for "hellos," let's just get in to the analysis. Firstly, if you look at the chart, a bearish H&S on the 4 hour chart, as well as the daily chart, has made itself quite apparent, with a nice straight neckline at the 7940 area. After the high of almost reaching 10k, we have unfortunately seen nothing but lower highs, as numerous traders on TV have pointed out. On the 4 hour chart, we have already confirmed below the neckline, which would suggest we are heading for another reasonable drop in the short term. I have opened a short position, however I have only used 1/2 of my normal allocation. This is because of potential games being played by whales here, just to make it look like we are heading for another drop, same as how the acceleration towards 10k, and "hidden bullish divergence" was likely to be maniupation by whales in order to trap bulls. You should know by now that they just play the same game for bears every time! That's how this market has been lately. Personally, I think this drop is very slow for bitcoin, and we are seeing some buying power towards the 7900 level, however bulls have not broken it yet. If we can confirm below the neckline on the 1 day chart, it would be a much stronger sell signal. Secondly, we have the moving averages. Look at the 120 EMA in yellow and the 300 EMA in blue, equal to the 20 and the 50 on the daily chart. The reason I use these is that they are the default levels for many traders, and it is what most people look at, so more people will use them. The 120 has gone below the 300, so we have a bearish crossover, and we are still trending below both. I have also added the 54 EMA in purple. The reason for this is that, although 50 is a default level, and many do look at it on the 4 hour chart, 54/6= 9 day EMA on the daily chart, which is also a default level, and it is close to 50 anyway. We have been are trending below this since we broke the support level after the high of 9959 on Bitfinex, and worse, it has acted as resistance at several points, sending the price to a lower low each time. This time, BTC had a false breakout on 20/05, forming the tip of the right shoulder. This is again the whales with their tricks to trap bulls. Finally, the low buying volume and high selling volume is a bearish sign and normal for a H&S pattern, so perhaps we will dump soon, or when the 1 day candle is confirmed below the neckline. The H&S gives a target of 5928, however I strongly doubt we will reach that low, due to the very strong support level of 6900, and that this whole H&S might just be market manipulation after all, so keep a stop-loss above the right shoulder. Trade safe!
COINBASE:BTCUSDShort
by Etch1234
Bitcoin's retracement as potential cause for bullishness (1)Good Tuesday morning, traders. Price is doing what I mentioned that it needed to do last night -- retracing. Buyside needs the time to recollect itself before another push upward. Failure to do so results in a failed push and lack of energy for the buyside to negate the effects of the sellside which could see price falling further downward. Retracement is an important step in bullish momentum. As we discussed last night, price breached the 2 month old resistance this weekend and then followed it up with an inside bar on July 1st and confirmation via the bullish engulfing candle on July 2nd. This is a technical sign that price is primed to continue upward. Furthermore, we can see that daily price action has created a descending broadening wedge with four alternating touches of resistance and support which gives us reason to believe a breach of the upper resistance is in the works. The retracement should give buyside the energy to follow through with this breach and continue upward. This is all in addition to the weekly which shows tweezer bottoms (an indication that price reversal is occurring). The 1h chart shows us that a possible bearish pennant is being formed. The low of that pennant found support at the previous swing high of June 29th. A breach of the lower support of that pennant could see a potential ABCD pattern printing. This would find price dropping to the short dotted horizontal line and ultimately finding support along the ascending dotted line. That would give price a retracement of around 38.2% on this latest push up as well as place the retracement bottom within Wave 4 of the previous 5 wave movement. To be fair, I don't like price only retracing to that level. I would much rather see a retracement toward $6350-$6470. This would give buyside the best chance of significant upside progress. In addition, price would have the opportunity to retest the prior 2 month long resistance as support. As shown in the 6 hour chart, Wave 4 is within the horizontal orange channel so the aforementioned lower levels of retracement that I would like to see would be possible. This means that if the previous movement up is a legitimate 5 wave set (larger Wave 1), then this current price action is the correction (larger Wave 2) leading to the next 5 wave set (larger Wave 3). Price finding a bottom for this retracement in the orange box would be more evidence of this being the likely case. In such a case, we would then expect the next wave up to target the 1.618 extension at around $7238. RSI is running a bit hot on most time frames, but if this the beginning of the reversal then that is expected and we should see price continuing upward anyway as the bullish momentum takes over and pushes price harder.
BITFINEX:BTCUSD
by Chris_Inks
2
Bitcoin's retracement as potential cause for bullishness (2)Good Tuesday morning, traders. Price is doing what I mentioned that it needed to do last night -- retracing. Buyside needs the time to recollect itself before another push upward. Failure to do so results in a failed push and lack of energy for the buyside to negate the effects of the sellside which could see price falling further downward. Retracement is an important step in bullish momentum. As we discussed last night, price breached the 2 month old resistance this weekend and then followed it up with an inside bar on July 1st and confirmation via the bullish engulfing candle on July 2nd. This is a technical sign that price is primed to continue upward. Furthermore, we can see that daily price action has created a descending broadening wedge with four alternating touches of resistance and support which gives us reason to believe a breach of the upper resistance is in the works. The retracement should give buyside the energy to follow through with this breach and continue upward. This is all in addition to the weekly which shows tweezer bottoms (an indication that price reversal is occurring). The 1h chart shows us that a possible bearish pennant is being formed. The low of that pennant found support at the previous swing high of June 29th. A breach of the lower support of that pennant could see a potential ABCD pattern printing. This would find price dropping to the short dotted horizontal line and ultimately finding support along the ascending dotted line. That would give price a retracement of around 38.2% on this latest push up as well as place the retracement bottom within Wave 4 of the previous 5 wave movement. To be fair, I don't like price only retracing to that level. I would much rather see a retracement toward $6350-$6470. This would give buyside the best chance of significant upside progress. In addition, price would have the opportunity to retest the prior 2 month long resistance as support. As shown in the 6 hour chart, Wave 4 is within the horizontal orange channel so the aforementioned lower levels of retracement that I would like to see would be possible. This means that if the previous movement up is a legitimate 5 wave set (larger Wave 1), then this current price action is the correction (larger Wave 2) leading to the next 5 wave set (larger Wave 3). Price finding a bottom for this retracement in the orange box would be more evidence of this being the likely case. In such a case, we would then expect the next wave up to target the 1.618 extension at around $7238. RSI is running a bit hot on most time frames, but if this the beginning of the reversal then that is expected and we should see price continuing upward anyway as the bullish momentum takes over and pushes price harder.
BITFINEX:BTCUSD
by Chris_Inks
Bitcoin getting ready for a final wave upThe Elliot Wave Count I'm presenting shows higher probability. I've spent hours counting fractals of sub waves of sub waves of larger waves. Wave 4 correction of larger Wave C has completed. Some may argue that Wave 4 has breached Wave 1 territory. But the rule gives an exception, "Wave 4 never enters the price territory of Wave 1 (in highly leveraged markets you can allow a slight overlap)". C has not even completed a 1:1 of Wave A which is why I doubt the 5 waves are in. For this count to stay valid 6550 needs to hold. If we were to suppose that 5 waves are in then it would look like this
BITMEX:BTCUSD.P
by ShounakShetty
1