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Bitcoin Completed Its Inverse Head and Shoulders - What's Next?Bitcoin had a massive rebound (almost 50%) following the failures of Silvergate, Signature, and Silicon Valley Bank. It's hard to believe given the lack of financial stability of some banks and the uncertainty in the markets that BTC would have such a big jump within a week, but technically speaking this move is very bullish. Considering this, I could see BTC doing one of two things. 1) Mega Bull Scenario - BTC flags up here and rockets to higher highs it hasn't seen for some time 2) BTC revisits the neckline around $25k before moving upward. I personally prefer scenario 2 because I don't like seeing over-extended runs that result in extremely fast moves to the downside. Plus, it's healthier for the sustainability of the bull run to have small corrections after each strong move. I think the neckline is an ideal place to reload and prepare for the next leg up. DISCLAIMER: There is a lot of uncertainty in the markets at the moment. With a potential financial crisis brewing in the financial sector, the bullishness of this run could turn bearish very quickly. Have a plan in place just in case.
COINBASE:BTCUSDLong
by jpbrown1023
1
BITCOIN: With the DXY Threatening to Spike, BTC Might Fall a BitI'm watching the DXY carefully. It is long overdue for bounce since peaking in September. With the DXY threatening to spike and Bitcoin jumping 66% from the $15k lows to a key resistance level at $25k, it wouldn't surprise me to watch the DXY to run for a bit while Bitcoin retraces. Naturally it makes sense if the dollar index becomes stronger that every thing measured in dollars becomes weaker. We have a possible completed 5wave pattern. If BTC were to correct from here, we could have an inverse head and shoulders setup. With things so bullish, I would be looking for a shallow right shoulder. However given the bullish sentiment around BTC and the crypto over the past 6 weeks, I would not be surprised to see a wick down to the .618 as big money tries to flush out the over-leveraged longs. BTC has fallen $500 since I started writing so we may have already begun. Be patient and don't get greedy. I'll be using the DXY and BTC/Dow price action as my barometers.
COINBASE:BTCUSD
by jpbrown1023
2
Not much going on in the cryptocurrency market Not much has occurred since our previous update on Bitcoin. Therefore, we stick to our last assessment and remain bearish with price targets at $15 000 and $13 000. However, we want to reiterate that the short-term trend reversal has not been confirmed yet. Illustration 1.01 The image above shows the daily chart of MACD. We want to see it fully break below zero, bolstering bearish odds in the short term. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
28
BTC breaking outPlease 1st of all click the boost 🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free. Don't be just a taker, be a giver! 👍🏻 Bitcoin is breaking out of this triangle 📐 to the upside so there is chance for run to 26600 and even higher. Just bought at 24869. Breaking out to the downside and reaching the Stoploss level would mean invalidation of the pattern. ENTRY : local high @ 24869 STOPLOSS (SL) : local low @ 24539 TARGET : height of the triangle projected from midpoint of the local range (BUY - SL) @ 26600 REWARD RISK RATIO (RRR) : 5.2 INVALIDATION : when SL level hit This thesis is supported by my other BTC analysis - check down below: Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
BITSTAMP:BTCUSDLong
by bizmark
2
BTC 🔵 or 🔴 ?Roses are red, violets are blue. Bitcoin pumping⛽ but currently being below trendline resistance. I have 2 bullish scenarios in my head how we could get to the target. Blue🔵 or red🔴? We could hit the target in few weeks anyway. Target being projection of the previous range 100%-0%, it's just measured move added to the range high (100% @ 21480). Simple yet powerful technique. See the REKTanglez😁 on pic below, and it should be clear. PS: Hover over the BIZ circle and you will find a treasure! Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Long
by bizmark
3
BTC trendlines to watchPlease 1st of all smash the boost 🚀 button to support my work if you like it! It's absolutely for free. I would expect ₿itcoin to move between the lines inside the rising wedge at least for a while. The wedge upper edge should act as dynamic resistance, while the lower edge should act as dynamic support. Let see how it goes... 🍿 Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
BITSTAMP:BTCUSD
by bizmark
10
Bitcoin Bull Runs Mapped Out - $250,000 Next Potential TopTaking a look at Bitcoin's price history, I noticed a repeating 9-step pattern that the current price action has been following since it peaked in 2017. The key points to take away from this is that the final point 9 ends around the height of the previous bull run (point 1). If BTC maintains a rate of growth decay (-5.5x its previous run) for its next bull run, Bitcoin has the potential to hit $250,000 which also coincides with the top of the channel. The pattern timeline was following to the previous run precisely up to (point 7 June 2022), but I believe the FTX collapse which caused us to dip below previous channel support (yellow) delayed us some. I think we will have one more leg down if we haven't completed our 9th leg. But once we do, it's off to the races! Let me know your thoughts below. Cheers!
BITSTAMP:BTCUSDLong
by jpbrown1023
Bitcoin - The Price Action Doesn't Reflect the Hype (BEWARE!)This is the second bullish fed announcement we have received within a week and yet, the price is exactly where it was before the first announcement. Having consolidated above $22k for almost 3 weeks now, I would have expected us to be much higher than exactly where we started. To make matters worse, you can see where the price action has not broken out of the blue descending channel yet, and is also now below the previous orange ascending channel. We have a very big bearish Head and Shoulders set up if the price gets rejected to the downside. PROCEED WITH CAUTION: With the news we have received in these last two announcements, I would think we would be much higher than where we are. Not to mention we spiked on the news and were rejected hard at channel resistance. Something doesn't seem right to me. And given the current bearish setup we have before us, be prepared in the event that we move downward and break the neckline around $22,600. I probably won't go long until we solidly break into the channel. I will also be watching the DXY. There's good reason to think it may have a little rally of its own after correcting 14% from it's high in September which would conversely push the DJIA and Bitcoin/crypto down.
by jpbrown1023
4
BITCOIN - Greed Is In the Air With Bearish Signs of ReversalI'm watching the market cautiously at the moment. BTC is up almost 50% since its last low in December without even a 6% correction. We have had 5 consecutive higher highs, but the MACD has conversely made all consecutive lower highs. Taking a look a previous times this has happened in 2022, we had precipitous drops. Volume is also decreasing despite making higher highs. I am not sure how much more this run has left, but the risk reward favors the downside to me. Given the Fed's announcement, there is a lot of excitement in the air. With BTC pumping and holding over $20k for 2 weeks now (on bearish news of increased US regulation on crypto and the Genesis bankruptcy announcement no less), it's seems ripe for a rug pull. $21k is the first support level I would look to see how the bulls respond if we dip. But that is only the .382 Fib retracement level and BTC loves the .618 which would be $19,300. That is quite the correction. This run may hit $25,000, but it may not. Erring on the side of caution and history, I think BTC will likely test $20k-$21k before it moves on to $30k, so I'll be waiting for the correction. Trade cautiously.
COINBASE:BTCUSDShort
by jpbrown1023
BITCOIN - Head and Shoulders Targeting $21000BTC is in a good setup for a head and shoulders to the downside. The head and shoulders is a bearish pattern where the price bounces and returns to the "Neckline" support level the 3 times with the final return resulting in a break of neckline support. How to spot The easiest way to spot a head and shoulders is to find a support level that the price is bouncing off of. Look for a moderate bounce that returns to support followed by a larger bounce that also returns to support. This is the left shoulder, head setup. In this case, you can see a possible right shoulder forming around $23120. This price area has proven to be strong resistance. It has kept the price at bay for weeks now with all breakouts retreating back below it. As a result, it's the perfect set up for a head and shoulders. How to set your target price To determine your target price, measure the distance between the top of the head and the neckline. In this case, $1500. Subtract this amount from the neckline and you will get your target price. Make the bearish case How is the price action looking? Is the price action bearish? Is there a lot of buy or sell volume? By making a bearish case prior to your head and shoulders call, you will have more success in your trades. BTC BEARISH CASE -Broke the red channel -Returned back below strong resistance -Bear flag setup for right shoulder How to Trade Some traders like to enter their short at the top of what they perceive to be the right shoulder. The weaker (lower) the right shoulder in comparison to the left shoulder, the better. This shoulder is still early so its difficult to say whether we've topped yet, but the strong resistance would make me feel better about entering here. Other traders like to enter their short once the price has broken the neckline, which would be a more definite bearish move. Technical patterns are never 100% for certain. However, if you can spot them and trade them in the right circumstances, you will find a lot of success. Best of luck! I hope this helps improve your trading and your PnL!
COINBASE:BTCUSDEducation
by jpbrown1023
1
BTC Head & ShouldersPlease 1st of all click the boost🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free. ₿itcoin broke the yellow uptrendline, backtested it and got rejected. Now it just formed Head and Shoulders 🤷 pattern. IF price definitely breaks the Neckline at 18905 I think there is chance for drop to 12680 and even lower, but I expect some pullback up first. Setting 3 SELL LIMIT orders each at different price, but all the positions will have the same STOPLOSS and same TARGET. Obviously each will have different Reward Risk Ratio (RRR). Zoom in to see the gray Callouts better. ENTRIES : ---------- SELL LIMIT1 @ 19330.00 ---------- SELL LIMIT2 @ 20790.00 ---------- SELL LIMIT3 @ 22200.00 STOPLOSS (SL) : Right Shoulder @ 22781 TARGET (TP) : H&S target projection @ 12680 REWARD RISK RATIO (RRR) : ----------- SELL LIMIT1 - RRR 1.9 ----------- SELL LIMIT2 - RRR 4.0 ----------- SELL LIMIT3 - RRR 16.2 INVALIDATION : when SL level hit Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
BITSTAMP:BTCUSDShort
by bizmark
17
BITCOIN - Using the CCI and RSI Indicators to Predict DumpsThis was a cool trick I learned a while back and I thought I would share. The Commodity Channel Index (CCI) is very similar to the Relative Strength Index (RSI), but the CCI tends to be more sensitive. As a result, the CCI tends to drop when there is weakness in comparison to the RSI and the divergence in the two indicators becomes evident. I've highlighted to previous instances when the CCI dropped significantly in comparison to the RSI. Had you seen this, you could have exited your position and saved yourself a lot of money. The CCI is currently showing a strong bearish divergence to the RSI, which may very well be a foreshadowing of a coming BTC dump. As a result, I'm going to be in USD to be safe until I see the direction the market decides to go. I hope this trick helps you as much as it has helped me.
Education
by jpbrown1023
2