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Bitcoin: Consolidation & Bollinger BandsWith the disappointing drop below 10k, it is tempting to feel like Bitcoin is in an endless range. While we agree that this range has officially become annoying, we also continue to believe consolidation will end soon. Last night's drop to 9700 brought BTCUSD to the bottom of a triangle and the bottom Bollinger Band. A Bollinger Band is a measure of volatility. It draws line two standard deviations above and below the current price. Said plainly, when a market is volatile or making a sharp move in either direction, the width Bollinger Bands widen out. If a coin sits in a range for a long time, the width of the Bollinger Bands contracts. Trading View has an indicator that measures the width of the Bollinger Bands. At present, the width of the Bollinger Bands has dropped to points seen near prior big bottoms in Bitcoin. In February, March, and April, it paid to buy long Bitcoin when it dropped to its bottom Bollinger Band. During those times, Bitcoin has been in a tight range. Bottom Line : Sometimes in crypto, you have to buy when it looks terrible. While that drop was unfortunate for the day traders, the decline might be a golden opportunity for buy and hold investors to get involved. If we are wrong, then the downside is BTCUSD to 7500.
BITFINEX:BTCUSDLong
by tokenmetrics
Bitcoin: Hunger GamesLooking at Bitcoin futures, we are going to stick with our idea that big institutions are going to be big buyers of Bitcoin headed into the end of the year. The recent rally in big coins and alts is creating a sense of FOMO in the crypto markets. The crypto bid should eventually spill over in Bitcoin. The idea is to stay hungry and maintain your eagerness to experience the big move to a new high. Bottom Line: With Ethereum and Litecoin playing catch up for 2019 performance, it's a question of time before a big move higher starts in Bitcoin. We still like our head and shoulders bottom structure in Bitcoin futures. Right now, the right shoulder is forming. From a Gann point of view, a move back to 10,400 could trigger a more significant move higher.
CME:BTC1!Long
by tokenmetrics
Bitcoin: Waiting for a TableWaiting to see if our bullish idea for Bitcoin will pan out or not, seems a bit like waiting for a table in a really good restaurant. You're annoyed that you have to wait, you don't know if you'll ever get in, but you're really looking forward trying the food if you make it to a table. In BTCUSD, we are just waiting. Right now, the focus is on a possible head and shoulders bottom on the CME Bitcoin futures chart. We are looking closely at Bitcoin futures for a reason. We believe that this is the contract institutional players may need to buy to boost their portfolio performance if equities are rocky headed into October. So, we wait for a table and see if that right shoulder can form and get an up move going.
CME:BTC1!Long
by tokenmetrics
BTCUSD: Tactical TrackingLooking at the 89 minute chart of BTCUSD, we see that BTC has slipped from our preferred bullish zone near 10,400. However, that might be good news for tactical dip buyers. 10,150 seems like decent support as that is the 50% retracement of the most recent up move. If you are a short term player, this might be a chance to take a shot on the long side. In our view, Mr. Market is not taking the situation in the Middle East as seriously as it should. When people realize the gravity of the situation, it may benefit Bitcoin. So having a tactical long position with a reasonable stop feels like a good way to play.
BITFINEX:BTCUSDLong
by tokenmetrics
BTCUSD: Taking a ShotThere are several things that have us more constructive $BTC. First, the monster rally in 2017 started right around 9/15. Market's love symmetry. So, a big move begin now, repeating what happened in 2017. Next, the recent full moon shows up in our Gann cycle work as a date that creates a bullish time window (not shown). Looking at a 50 period moving average on a 2D chart and Fib speed resistance lines, we see two levels that stand out: $10,400 and $11,000. If $BTC can hold around $10,400 or break above $11,000 in the next week, that could create a major up move. Conversely, if there is a major decline in $BTC that could set up a big down move. So, net-net, there could be a big break either way in the next 10 days. Bottom Line : We see $BTC set up to make a move. Based on charts, our bet right now is that the move would be to the upside. You may want to wait until after equities open, but if you are bullish $BTC, we think you can take a shot. Fundamentally, people need to get money out of the Middle East and Hong Kong. If oil goes to $80, that could impact equities and drive fund managers toward $BTC as an alternative asset.
BITFINEX:BTCUSDLong
by tokenmetrics
Bitcoin: A Different AngleMost people are watching a triangle formation in $BTC. We are taking a slightly different approach. We are watching 10,700 in $BTC futures. We watch futures because that is what the institutional funds may need to pour into if equities turn lower or if equities go sideways. As you can see on the chart, the top Fib speed resistance line has provided resistance on five different occasions. To us, the fact that BTC futures hover just below the resistance is a sign that Bitcoin can eventually take the level out. That said, we have to be disciplined and stay neutral for now. But we are ready to get mega bullish on the breakout.
CME:BTC1!
by tokenmetrics
Bitcoin CME Futures two week forecastWhether Bitcoin CME Futures closes over or under the D 55 SMA today (brown line) may prove significant for the coming week or two. If price closes under the D 55 SMA, it means that price could move down and find new support at the 100 EMA (dotted green line). Price could then find a lower target of around $8200 within a week or two. Bitcoin CME Futures would thus close the gap between $8985 to $8515, and history proves that gaps tend to be closed. If it does, which of course isn't guaranteed, then it would yield up to 15% profit based on the current price. However, if price closes above D 55 SMA today, so that it acts support, then price could initially move up to the D 21 EMA (dotted blue line), with a first target of around $10300. The next logical point of resistance is the the last top, with a target of around $10850, yielding up to 14% profit from the current price.
CME:BTC1!Short
by kebman
BTC1! CME Futures - ascending triangle?It's not textbook but it looks like an ascending triangle could be in play here. Breakout with a close above 8,400. Looks like it might happen soon, DI is in positive territory and the buy pressure is overpowering sell pressure. ----------------------------------------------------------------------------------------------- The buy and sell pressure indicator is a private invite-only script available for purchase or monthly subscription from cryptoalphaindicators.com 5 day FREE evaluation trial cryptoalphaindicators.com
CME:BTC1!
by CryptoAlpha0