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Diamond in the Ruff - Possible Shakeout? Bitcoin has had it rough the last couple weeks. We have been trading within a tight ranges with very few signals of direction. Thankfully after this last leg down, a possible bullish bat has started to form with its completion at 7150. The 7150 level not only marks the completion of the bat, but it also marks the .886 fib level which could be the beginning formation of a larger harmonic pattern. My Plan: I have most of my orders placed at $7150 with a few that are staggered below. My 3 main targets are: Target 1 : 7377 which markets the B leg of the bat. Target 2 : 7751 or C leg of the Bat Target 3 : 8178 or the .382 of the most recent 10k swing IF BTC fails to bounce and goes on to make a lower low. I will likely exit my long. I hope this analysis helps and I wish you all the best of luck!
BITFINEX:BTCUSDLong
by oh92
21
Critical, pivotal, defining moment for bitcoin. As the exhaustion sets in, the needy and weak sell the last of their holdings. The bulls eagerly start to gather for a stampede that will direct this declining market to a new emphasis, riding the wave of mass adoption and acceptance. Daily indicators are still on the sell side but by tomorrow they will hopefully start moving to the other sides. 4 hour indicators are ready to start maxing out with strong buys! The trend line and the 200 MA begin to converge and the market comes to a stall on the previous candles high while not falling below the previous low. Only a few more shakes of the bitcoin tree is all that's needed now that the market has finished shedding the "weak hands". The only reasonable explanation at this point, for a further decent, would be sabotage or further organised manipulation in the form of government and centralised media FUD.
BITFINEX:BTCUSD
by crazymcdazy
Why $47,490 Is The Minimum Price Target for Bitcoin By Jan 2019An in depth analysis of Bitcoin shows that not only has its price increased with time, but its rate of increase has increased as well. The above chart demonstrates this analysis and comprises of two types of Bitcoin (BTC) rallies: Rally X and Rally Y. The former comprises of a period of 12 months and is an extended rally whereas the latter comprises of 6.5 months and is a condensed rally. Interestingly enough, Bitcoin (BTC) has made these rallies in an alternating sequence, each time with more vigor and zeal than before. The chart above shows a Rally X at the beginning of 2015. It reaches a high around October 2015 when its RSI level touches the yellow resistance line, recording a 368% price rally. It is pertinent to note here that every rally demonstrated above peaks when RSI touches the yellow resistance line. Similarly, the price reaches a bottom when RSI hits the lower yellow support line. Bitcoin (BTC) records a 128% increase in the form of Rally Y in 6 months from January to July 2016. It is then followed again by a Rally X that records a 538% increase during a period of 12 months from July 2016 to July 2017. Another Rally Y follows after that with a 1022% price increase in duration of 6 months from July 2017 to January 2018. This is followed by another Rally X which has begun during January 2018 and is expected to complete by January 2019. An interesting pattern to note here is that every Rally X and Rally Y has registered an increase with the passage of time. For instance, Rally X during 2017 registered a 170% increase compared to the Rally X in 2015. Similarly, Rally Y between 2017 and 2018 registered an 894% increase compared to Rally Y in 2016. By the same analogy, Rally X between January 2018 and January 2019 is expected to have a price increase of more than 170%. This puts the absolute minimum for Rally X at 708%, which translates into a minimum price of $47,490 for Bitcoin (BTC) by January 2019.
COINBASE:BTCUSDLong
by Jefe
16
Bitcoin Can Still See More Downside!!Hello Traders, Due to high demand, I want to have a relook at Bitcoin. Well, I need to say that the forecasted bounce here: was not coming. So that is how it is sometimes. Cant be 100% right. Anyway, lets have a look now. I still see more downside in bitcoin to follow. Ideally, it should retest the important resistance level of the last lows 6590 levels. That would also be the rising triangle trendline plus the 100% extension levels from the peak. I still have been watching closely the GBTC which is the Bitcoin Investment Trust. And it has also more room to the downside at this moment. So when it starts moving lower it should put pressure on bitcoin as well. Let's see! I am very much open to see and hear your opinion. If you want you can comment down below. I would appreciate it :-) Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
BITFINEX:BTCUSD
by TradeFxTrends
Why Being Bearish on Bitcoin Is Not Worth It (Analysis)While we may have access to a data of more than 6 years, some analysts with a bearish bias base analyses on data from 2014 onwards. There are three categories of such analysts. One that comprises of permabears (permanent bears) who believe Bitcoin (BTC) is headed to zero. Another category comprises of opportunity bears (bears with vested interests) who want to create fear and uncertainty in the market. This group of analysts and traders usually analyze charts on lower time frames like 60 minutes or 4 hours and with those charts of lower time frame, they make predictions for the entire year! This category of bears expects the price to come down so they can buy, but they do not have a long term bearish bias. The third group of analysts with bearish bias is the ones who base their analyses on facts and figures. This is the group whose ideas we are interested in discussing. The above chart shows a 2014 style bearish scenario. Some analysts try to draw lines up to $6,000 or $7,000 because that is where they want it to come down. Others draw a line to $4,000 expecting it to just fall straight to $4,000 and then quickly take off from there. That's what they want and they are mistaken. The market doesn't care about your wants. If a bearish scenario is to hold, it will be followed completely, all the way. This would mean that Bitcoin (BTC) reached a high of $20,000 in January 2018 and is now just getting started to complete a 2 years correction which will drive the price down to $4,000 to complete an 80% correction like it did after 2014 when the price fell from a high of $1,000 to a low of $200. It also means that Bitcoin (BTC) will continue going down till 2022 to reach that $4,000 target, despite all the positive developments in the cryptocurrency markets and blockchain industry. So, if a 2014 style scenario is to follow, it will have to complete the cycle and not just make a mid air trend change. In all fairness, that does not seem likely given the progress that blockchain technology has made over the past few years. Besides, the price already had a major correction. To expect it to go further down and to continue to stay down till 2022 despite all that is going on in the cryptocurrency space makes little to no sense. However, in case the above analysis does hold true and Bitcoin (BTC) undergoes a correction to reach $4,000 by the end of 2022, Bitcoin (BTC) will start a bullish recovery from there, even according to this bearish view which makes you wonder what all this fear and uncertainty is about. Last but not the least, post 2014 was about Mt. Gox. This is another strong argument why it may not repeat. Read Further: cryptodaily.co.uk
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by Jefe
35
BTC Price Target $130,000 By End of 2018 (Target Upgraded)The last few weeks have further increased my confidence in the Bitcoin rally up ahead. My previous target was $100,000 EOY. My revised price target is $130,000 for Bitcoin by the end of December 2018. My understanding is that this rally will most likely coincide with a stock market rally before things take a turn for a bear market in the beginning of 2019. All indicators currently favor the rally and we are well on our way to our price target. A monthly break and close above critical levels on the chart might render this analysis void. This is not investment advice. Please do your own research and due diligence.
BITSTAMP:BTCUSDLong
by Jefe
63
Bitcoin Afternoon Update 5/18/2018Good Afternoon, So as predicted this morning, Bitcoin bounced slightly on the hourly, wicking to nearly $8300 before hitting Span B cloud resistance. We are also at the top of the BBands, so what is likely to happen is we fall back to $8000 and under. This bounce took out late shorters and allowed the Stoch to reset to oversold, which will help guide more downwards momentum. As we can see by the VPVR, there is a lot of total selling volume coming in at this range, and that decreases inside the support box, which essentially means we should find a range there in the next few hours unless there is a clear breakout of the Span B cloud. On larger timeframes such as the daily and weekly, it seems that the downwards momentum shouldn't really go past $8700, since we are clearly oversold on the daily, and this range leans towards buying volume on the VPVR. The weekly looks to be forming a red candle, and with the reversal doji it formed last week it seems as if we might range in the high $7000 range for a little while and then get a breakout. On the contrarian point of view, the log chart for the weekly still looks a bit scary long term, as there isn't a developed, visible Span B cloud in years, and one is currently forming. On the 30 minute, we have approached significant volume resistance and are oversold, so that tells us we are most likely going back down into our pictured box very shortly. All the best with your trading! Written By: Philip Raytburg Research Analyst DISCLAIMER WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK. CONFLICTS OF INTEREST GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
COINBASE:BTCUSD
by EQBM
5
Bitcoin Morning Update 5/18/2018Good Morning, So we finally entered the support box pictured above by going under $8000. We wicked down to $7927 and are now forming a range based on price action from the Renko squares. After our series of downward price movement, we finally got a bounce back to $8100 throughout the night. Upon confirmation of the next hourly square, we will be able to make a prediction about whether Bitcoin will stay in this range or get another bounce. Looking at the original range on the left-most hand side, we see that there was a bounce from the median line of the BBands, but it was rejected at the top and proceeded to fall back into the support area. It is likely that we might see the same here, judging that 4hr timeframes and down are oversold and that we are at the bottom of the BBands. Ideal points to look for entries would be wicks into the low $7800 and or $7700 levels. There is some good buying volume at the moment, so it would be likely we get a stop run to trap late shorters before falling back into our range. We are well under the Span B cloud on the hourly, so it makes sense for a bounce to $8200 Renko support in addition to all the other signs before probably staying fairly still for a few days. All the best with your trading! Written by: Philip Raytburg Research Analyst DISCLAIMER WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK. CONFLICTS OF INTEREST GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
COINBASE:BTCUSD
by EQBM
Bitcoin Afternoon Update 5/17/2018Good Afternoon, So we fell slightly from the morning to the $8100 range and are resting just on top of support which is between $7800 and $8000. We should fall in there and find,a range for a few days before deciding what comes next. The BBands are expanding just a bit as we're on the lower bound so a range in that support area should allow it to reset. The Span B cloud is expanding on the larger timeframes (6hr pictured) and sell volume has increased. The Stoch has nearly reset on all timeframes to oversold at the time of this update, so likely we just range for several more hours between $8100 and $8300 before falling some more. From that point, if there are no out of the blue breakouts, it would be wise to see what happens in that support area before longing or shorting, or simply trading Bitcoin. An argument for a bounce here would be that we have already actually found support on top of the previous range pictured on the 6hr above, and won't fall into that range but instead approach Span B resistance. All the best with your trading! Written by: Philip Raytburg Research Analyst DISCLAIMER WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK. CONFLICTS OF INTEREST GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
COINBASE:BTCUSD
by EQBM
The Time to Buy Is Now: Investment For The Next 2 Years Consensus 2018 starts in less than 40 hours. The MACD looks golden for a bullish setup. This is the time to hoard Bitcoin and/or your favorite cryptocurrencies for the next 2 years. I've marked some targets for the next two years that I'm confident will be hit in the next two years. We could reach those levels in 2018 for all I know but I don't like predictions. It is that time of the year again. Last year, just after Consensus, we had a stunning bull run. I think it will be far more vigorous this year. I'll quote one of my favorite quotations here: "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros
BITFINEX:BTCUSDLong
by Jefe
19