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BTCEUR

ridethepig | BTC Market Commentary 2020.01.10It is important now for us to take a retrospective view here on the lows that we have been discussing. After the early stages in the swing, as you shall soon see, my dear reader, it is frequently very difficult to chase breakouts as they force into action. In our sense, you can see our opponents (bears in this case) are fleeing, so we should inflict double the sizings. After the moves: Bulls are fully aware of the dynamic in the structure and where weakness becomes complex (below 6213). So the play was to let bears hang themselves as much as possible on the $7,000 handle or at worst a test inside $6,000. Look at the sharp spike back out, we traded it live here, it was smart money pinging the price; it fits with the circumstances brought about by the long-term wave configuration. Good luck all those tracking the breakout and as usual thanks for keeping the support coming with likes and comments. Jump into the comments with your charts and we can open the conversation for all.
BITMEX:BTCUSD.PLong
by ridethepig
Bottom confirmed but not a bull market yet!BTC finally broke out of the descending triangle it was stuck in for the last 6 months. The recent price movement also broke the 200 EMA which is a good sign that we might have finally hit the bottom on 18. December at € 5.8k. Still that doesn't mean that we are in a bull market yet. The incoming retrace will confirm or disprove a bull market. If we can find support at a higher low than recent lows (say € 7k) this would be a strong sign that we're entering a bull market. If we fail to hold 7k I would expect a rather long sideways move or even a continued bear market for at least another month or two.
Short
by substance90
ridethepig | BTC Market Commentary 2019.12.20BTC volumes are impressive and longs starting to follow through notably more aggressive ahead of CME. Even if the Global reflation theme materialises next year, as many are outguessing, while this artificial USD devaluation would help support growth in the short-term, the erosion of confidence in the establishment and monetary system will have significant consequences. When markets realise the Fed has been funding the Whitehouse BTC will effectively become a hedge against governments. Look to buy on dips towards 7100, while a break of 7500 would trigger momentum and further encourage the view. Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Thanks all for keeping the support coming with likes, comments, questions, charts and etc. As usual jump into the comments with your ideas and views to open the discussion for all!
BITMEX:BTCUSD.PLong
by ridethepig
7
Just analysed what bitcoin are really doing!Serious im not kidding, im thinking of bitcoin building up some history now. As you can see the chart we have the ABC movement with no really serious waves. as you can see if i put in the waves counted by elliot wave principle i found out that bitcoin made wave 1 and 2 now. Wave 2 is correction wave down to fibb .618 which is normal. after wave 2 you have wave three which reach up to 1.618 of wave 1. wave 3 is an impulsive wave up. now i have my A-E count and if we breach the upp resistance line im really serious about this wave count i think it could explode up. aslo check the stochrsi ready to move long term up. Please like and support by follow me. NOT AN INVESTING ADVICE, GOOD LUCK.
Long
by UnknownUnicorn1920508
1
BTC ... The waiting gameEyes on BTC edging lower and being supported by renewed demand interest. Losses are marginal as we creep into the 6,000 handle with expiries later in the month. Expecting BTC and other major Cryptos to ebb gently higher as we await the macroeconomic backdrop to eventually feeding through into Cryptocurrency strength; given the punitive carry, the bar for maintaining BTC short is high. I find on most models BTC is moderately undervalued - circa 18% versus USD - which is an important leg to the USD devaluation stool. Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger BTC risk lies to the topside. Good luck all those buying dips in BTC.
BITMEX:BTCUSD.PLong
by ridethepig
4
Bitcoin heading to 6100 XBTUSD6100 is a key whale level, it's been signaled for more than a month now. Yesterday it should have happened, but a short squeeze came first. 7500 was wicked and now ponzi should be back on its original and fair value determination, which is down. 6100 will be reached eventually, hopefully this year. 6100 provides an excellent long entry in return, so you could enter your longs around 6200-6300 if you're impatient. But given the pump that's probably coming after that is a bit bigger than usual, be sure to have a solid liquidation price at hand and don't overleverage that spot -as crazy stuff is bound to happen, as I'm personally suspecting 6100 will be the reversal of trend for some months to follow. But we'll see, won't we. For now I'd be happy to see myself confirmed, as price approaches 6500 again and finalize the move to 6100. Because we trade ponzis and crypto, again, expect this priceline to be very wicky and have a liquidation price that can handle irrationalities in price. Cheers
BITMEX:BTCUSD.PShort
by bigfish15
6