Bearish trend likely to continue on BTCThe previous day's minor bullish move has given way to the bearish market forces. Price has dropped onto the 4300 support as predicted and bounced to the top of support at 4330 after the previous descending triangle finished where price played between the CM_Pivots price and minor support at 4370. Bearish conditions will continue and if support breaks at 4300, expect price to range down to 4150-4200 level. I don't think that this final support will break, but if it does there isn't any remaining strong support and it is likely price would drop to 3350-3685 CNY ($500-$550 USD). Because bearish conditions are due to persist for at least a few days, hold off on any new positions until the trend becomes more clear. If price drops to 4150-4200 levels, this is a good potential long entry point once a reversal is confirmed.
BTCCNY
GBTC: ETF has high volume and a bearish setupThis might be a clue, regarding the future direction of Bitcoin.
I'd look into buying once the decline is done, naturally, but for the time being you can look into shorting BTC pairs at market, perhaps diversifying your BTC risk by purchasing Ethereum with it (risk 1-3 average daily ranges in it, or BTS for instance). If buying BTC for the long term you can always reduce exposure on rallies and buy back more on dips as well. A balanced crypto portfolio with a few alts, monitoring % advance and decline of each component against usd or cny would be a good idea. You can rebalance the weights of each asset following systematic rules, and never fully sell your positions. Tim West has posts covering this if you browse through his publications, check it out.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
ETHCNY: Value of Ethereum in RMB is interesting to monitorWe can clearly see when there is smart money interest in Ethereum, simply by watching this chart.
Liquidity is nowhere to be found lately, which is reflected in choppy price action.
I anticipate a slow grind back to the DAO hack kev level above, for the time being, which is why I'm holding longs, without leverage or margin.
I'd be interested in seeing liquidity step in, to be able to trade Ethereum more frequently, since right now, it's clear the market is awaiting fundamental news. The recent fork announcement has been beneficial for bulls, and will likely propel ETH back up to pre-hack levels. If this is to materialize, I'd reduce my long positions or book profits, to then reasess after the dust settles.
If price drops back under the lower blue line on this chart, I'd reccomend closing ETH longs and waiting to buy it lower.
Check out my updated track record here: pastebin.com
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
2H Inner TrendCorrective 61.8% Fib Retrace + Hidden Bull on both RSI and StochRSI.
Watch for break out confirmation above previous local high.
Possible Triangle Continuation CountPossible count for trend continuation pattern.
Confirmation above (B).
(See Linked Chart - Meant to post w/ sooner)
*Note:
- It is possible the triangle has further yet and could be wider than pictured.
TrendingLooks like a corrective continuation pattern about to finish up, which should move us upwards into higher time frames.
*Notes:
- Watching for StochRSI to trend out of oversold to begin move.
- Looking for $680 area to hold as support.
BTC looks like a bullish areaAfter halving, we didn't see high fluctuations, which many people expected. The price was very stable, especially that people were quite nervous this time. We calmly approach to the end of the triangle. Becose of good signs I see here a bullish area.
BTC UpdatedNew chart showing possible outcome base on previous trade history and fractals
Arrows explains everything as i think it will happen.
Be safe
BTCCNY finding good support on around 4270 levelThis is BTCCNY 2h charts from OKCOIN. It is currently find good support on 4270 level, if we can break the Fib. extension 0.236 level (that is above around 4570CNY), we should be on our way up to higher and test 4740 level again.
What happened?Noob here trying to learn my way aroung TA and BTC investing in general. Can anyone share some insight into what might have caused this huge price drop?
Thx
ETH, BTC and LTC: watch these dates and price targetsThese instruments seem to be synchronized, and soon to end a retracement rally. In the case of ETH, which has been underperforming everything due to fundamentals (problems in the code of a sub-proyect), there's potential for a big correction, but only if we cross the key levels on chart in time. If the targets aren't met on time, a contrary move might start, so it'd be of paramount importance to monitor progress in them.
Litecoin is above the low volume resistance, which is encouraging, but there's a strong level to the left, and the time at mode target is almost hit; so I reccomend caution. Once BTC hits this top target, I'd look to book profits from my recent long reentries and I'd reccomend you do the same (with at least part of your BTC).
Cheers,
Ivan Labrie.
The Halvening Is Near #Bitcoin $BTCUSD $BTCCNYHere is a trade setup that we see possible. If looking to long, we suggest buying at the buy zone area which actually corresponds perfectly with our long term trade idea too. If looking to short, we can see the the risk reward ratio is great good if we have a small rally to test the bear pennant support line as shown above.
Since we are in a long term bull trend, we would suggest covering at the buy zone and taking it long.
Can we do it again? #Bitcoin $BTCUSD $BTCCNY #TRADINGHistory repeats its self. Looks like a mirror image from last rally.
FlagIm probably too early. Because waiting for the next bar gives a more better idea. But what the heck. Lets post this chart and follow up on it in a few bars, and decide wether we wanna go long. ey. Good luck.
BTCCNY: Things might get boring for a whileBitcoin appears to be stalling after an incredible surge when breaking out of a biweekly mode a couple weeks ago. It managed to test a strong resistance at 5047.50 and instantly fell back down, breaking a bar's low. Currently, price rebounded and is trading slightly above a key resistance level, so it'd be possible get a rally in this pair. For now, we might be looking at a triangle type pattern, where there are a variety of smaller trends that fail at extremes, and a rally or sharp drop occur, depending on where price is and other fundamental events in the big picture narrative.
The halving will come soon, this is a highly anticipated event, I'll pay close attention.
Check out my updated track record here: pastebin.com
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
BTCCNY: Potential rally to emerge from hereUsing the 1h chart we can study the downtrend's progress here on the recent pullback in BTCCNY. After rebounding from support, and having a strong rally, we started to pull back and dipped below the uptrend mode. This could be bearish if we don't go back above that level around 4300 soon.
The 1h chart gives me some reassurance because we have hit the bottom target of the last 'Time at mode' signal on chart, and it seems that this is the timeframe in control of these developments.
After the target is hit, we can expect price to go back to the mode at 4303, which could lead to a resumption of the uptrend from June 23rd's low.
I'm long from 4100 here, contemplating 14% downside risk, but mostly, not willing to hold short term positions if we get a new low here. I'm aiming for at least 4885 in the near short term.
Check out my updated track record here: pastebin.com
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
BTC WEEKLY CHART: "The Panic Zone" Black Swans LandingChina-the Yuan escape hatch, BRexit, or I call it BRodzilla, technical problems at Bitfinex - conspiracy or not, the Black Swans are landing and the panic is rising. Panic is good. There is money to be made in panic.
What motivated me to comment this time was not the chart activity. Plenty of it. It was what one state government Bureauhack said about BTC. "It is way to unstable for us to accept as tax payment". You keep thinking that chump. From where I sit, BTC is stable and it's the rest of the world that's wildly nuts. And, who is clamoring to pay tax with BTC? I'll throw my wads of worthless fiat at them. Take that fools! I'm keeping my BTC.
OK, I had to get that off my chest. A couple of comments about the chart. We needed the pull back. The rally was way too up and beyond the trend lines. Thank you Bitfinex. I have to admit the timing of the outages were suspicious. If it keeps happening, I personally will abandon them. I added another up arrow on the near record volume of money moving into the market. This is future rally rocket fuel. I think it's enough to keep the major trend moving up for another 6 months to a year. I moved the official "Panic Zone" up a notch to start at $338. If you don't know what the "Panic Zone" is, click on my links and read more. I also added another level of support at $474. Everything else remains unchanged from the previous commentary. The blue hash trend lines are starting to appear to be real. I wouldn't be surprised at an occasional pull back to the red hash. For now I'm content to watch the price bounce along the top blue hash. Top side resistance still starts at a roughly $950 ceiling.
Hang on to your chowder. The wild ride continues...
Break up to 5267 would look good hereBullish triangle, plus bottom of the channel. Going long is a good risk vs reward.
The Bitcoin Megabull Cycle - To the Moon (Zoomed in Chart)This is a zoomed in 1D chart of my previous Trading View chart of the Bitcoin Megabull Cycle based on the fractal of 2012-2013. It was spot on so far until that additional leg to $780 probably due to that short squeeze that started on Okcoin Futures.
Bitcoin blew past $650-680 and we continue our journey way higher as we head to the "moon". If we manage to hit $1000 Bitcoin could get higher due to increased media coverage and more interest / hype that will bring new money in to the market. Google Trends already shows accrued interest as seen in this chart: prntscr.com but still not parabolic interest (so there must be more room to moon imo)
My conservative targets are: $840-$950 or $1170 and $3000+
The current fractal potential target is: $10000 - 9000
I am here to help. Feel free to ask me questions or Private Message me directly.
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