Get started

Btcshorts

My prediction on bitcoin for the next few days. For those who doesnt want to read it all and doesnt see any arrows that i usually use, here are key targets. Price now - 6366 If we pump above 6400 i will try to add to my short position at 460-480, would be a great entry. If we jump from cliff and end up at sub 6200 and shorts will increase significantly - i will get a long position and prepare for a short squeeze. if we jump and just die without shorts increasing - i will probably add to my current short after we break 6200 and retest it. I dont see a single reason to go long now or add to existing short. If you want to gamble - short from 6390 might be a good play, same as long from 6290.
BITFINEX:BTCUSDLONGSShort
by DailyTradey
The end of the correction COULD be nigh Hello it's Mattress Mike with a view on the next few days; Now hindsight is 20/20 and we all make mistakes, the important thing is to learn from this. This is an important consideration when reading adive of the many armchair experts calling for sub $3k on the basis that they have been correct so far. But herein lays the problem that everyone is correct until proven wrong, there is difference between correctly identifying that we are in a downtrend from identifying when it will end. But I will say that anyone who says they are certain Bitcoin is going to move as they claim, often because they have a paid subscription service and are so brilliant at trading that they really need you to give them money right now, should be treated with a healthy amount of scepticism, some scenarios are more likely than others but at this point in time a compelling argument can be made for both the bulls and the bears depending what angle you look at it. So firstly I realise that my posts recently have been very speculative, but this is the situation we are in at the moment where we can only use ifs and buts, I feel very strongly towards staying neutral and trading the opportunities in front of you so here is the current situation in my own opinion; We have a few interesting things today; Bitcoin longs in a bearish ascending wedge shown above, we have broken out but I am not convinced this will last; Meanwhile we have Bitcoin shorts in a descending wedge which looks at risk of breaking down, although again I am not convinced that this is more than a shakeout and we will see it break upwards. So on the face of this it seems clear that Bitcoin is going to bite the dirt, right? Well it's not quite that clear cut. First we need to be aware that the masses short the bottom, we see it time and time again today is no different. Therefore a final parabolic rise of shorts is to be expected. The second and more important point I want to make is the current condition of the daily view of Shorts; Here we can see a more bearish picture where we have a failed break and is looking to close on a shooting star candle confirmation, suggesting shorts are running out of steam. The above leads me to conclude that we are near at least a local bottom but that we will see one last strong capitulation first, in part my reasoning is a combination of the strong demand zone we are entering as well as the condition of shorts overall, another failure of breaking the green trend line on the chart below will trigger a lot of late shorts and this combined with the daily bearish view makes me think that timing wise it will be a Monday reversal. This is of course only conjecture without confirmation, but I don't buy the narrative that we are going to simply drop like a rock as the volume tells a different story. Despite the negative price action volume is unimpressive which tells of course that buyers have yet to step to the plate in force, but also shows an interesting picture of when the big players left the market and are waiting for the right time to re-enter. Whether this will be a large bounce or simply a resistance test is impossible to say right now, due to the trend we have to lean towards it not being, but making early assumptions would be foolish at this point in time. We have strong support at around $5,500 and again at $5,300 so my eyes will be there to see what kind of reaction we get should breakdown further today.
BITFINEX:BTCUSDLONGS
by MikeLeChat
Bitcoin Heading Down to 5450-5750 Support Zone!If you read my previous analysis then you would have seen that I identified a symmetrical triangle pattern that would potentially send us down. Well as it turns out; we didn’t see the confirmed break to the downside we were looking for and the crisis was averted! Or was it… We now find ourselves with two potential triangle patterns at play which could take us either way. The first pattern is the larger orange symmetrical triangle bearish continuation pattern. This pattern really wants to take us down into the green support zone between around 5450 and 5800ish. On the flip side however, a confirmed break to the upside could see us go as high as 7900 based on the height of the triangle. I think this is unlikely however; as symmetrical triangles are usually continuation patterns and seeing as though we are in a downtrend, then it would more than likely want to see us go lower. The second pattern is the smaller purple bullish ascending triangle. This pattern wants to send us up to around 7580ish. It’s a real battle of the bulls vs bears going on here! But who will win? Well taking into consideration BTC shorts – some people are saying the cup and handle formation failed; however I disagree. I think the handle is still forming so there is a pretty good chance that we fall down through the orange symmetrical triangle and get shorted all the way to the bottom of the green support zone (fuelled by the BTCUSDSHORTS Cup and Handle Pattern). Either way, for now we do not trade and we wait for a confirmed breakout either side of either triangle before determining our next move.
BITFINEX:BTCUSD
by Corrupt_Economy
2
Bitcoin - Does any of this ring a bell... again Hello there, it's Mackerel Mike. Before I crack on I just want to walk you through what I just did. If you read my last update then you'll recall I opened a short to scalp a little, stop loss got hit and it was a sad time. Since then I reopened and caught the small drop with a bit of leverage a minute ago so it's fine I’m over it. Then I noticed something, I saw we hadn't dropped far at all and judging by the volume it seemed like someone must have found some spare change and a few beer bottle tops down the back of the sofa and decided to buy the dip... hmm I thought to myself, this is odd. I then did 3 things, I looked at the charts for Bitcoin Shorts, then I glanced at Bitcoin Longs... then I closed my short. If that was an alt, I wouldn't touch it with a pole. Now look at longs - I'm interested... Now before I go further I will say that I’m really perplexed by this bizarre bull vs. bear thing we've got going on, where if someone claims it's going up then they're a wishful child and if they say it's going down to far then they're literally the Grinch (Before his heart grew 3 sizes, obviously). It's a bit strange to think in polarized view when really all any of us can do is put forward cases on what is going to happen next. So with that in mind, please direct your eyes to the similarities I have stuck arrows next to on the daily chart... this is making me feel very uneasy with how well this fits into a possible play. I agree I think we need to go lower, but as we can see there was first a short squeeze before dropping again, looked a bit bearish before suddenly deciding on destroying every over leveredged short on the planet. I don't think I need to walk through each indicator and why it's significant but I would especially like to point to the drop off in volume. Whether you are bearish or bullish over the next month, one thing is for sure that we can expect a bounce. Now when we look at those indicators throwing of some mixed cross road signals and then take a look at the weekly chart, I become a bit biased of what direction that will be in... Here's now - Here is 2014 - which you cannot try and argue was not a more aggressive correction than we have seen so far... Note the drop off of volume, the difference between now and 2014 is I’d bet a lot on there being a lot more money waiting to enter the market than there was back then. We have seen today how tiny amounts of volume can move the market; now imagine what a chain reaction could be set of if there was a sudden increase. The final thing I just wanted to round off with was to take note of the thinning of the cloud at the end our triangle, now this of course changes nothing in real terms. But if you are telling yourself there is no chance that this could break upwards quite aggressively, you might want to keep that stop loss very tight. Personally I think it's time we tested the $7,000 and what happens after that we won't know until we get there. Cheers for reading. I'll give updates as they come along, it's hard to write much worthwhile in this market as we are at such a cross roads and I'd rather give an opinion than yet another 'could go up, could go down' waste of time. Whilst I’m typing this it looks like someone just managed to cause a very quick dip selling off the change they found in their car ash tray.
BITSTAMP:BTCUSDLong
by MikeLeChat
6
Finding the bottom and BTClongs:shortsThis elliot wave seems quite in play. I didn’t spot it but have taken the chance to showcase some great signal being confirmed on each wave. My wave 5 pans out different to who mapped this before me (sorry I can’t remember you, and I think he got it from someone else too lol). I’ve kept was 5 stunted because it is face planting into two support lines and has probably begun the accumulation phase: the ABC correction will be lost between the price moving between the two supports. If June 6th is indeed a significant date these support lines hold more value. The elliot wave plays nicely into the support line and plays nicely into April’s accumulation, which if we follow the fractal we should expect to see over the week. Though it is Monday tomorrow. If the daily closes on monday without much change I’ll be almost confident a week of shorting won’t be ahead of us. Though I want you to take a look at the chart below. This is what gives me confidence that our first major support will be strengthened here with a triple bottom. vvvv Short and long positions plummeted on April 12. Many of those longs had take profit close positions otherwise we wouldn’t have seen such a drop in the longs as well. Afterwards, longs stayed steady as the remaining positions closed better profits while the price climbed. Naturally we’d see longs increase during a bull run. Everyone that had shorted got liquidated. The whales here were the exchanges, just ask who profited the most off this? Not George Soros, as some believe because of his public statement the week prior, and people simply closing their shorts would not concatenate such an automation of bought orders. I bring this up because the natural cycle of 2018 seems to bring us to a crawling bottom again, as price is expected to complete this cycle and make another 1 month run. This chart shows us the stark difference behind the scenes this week and in april. Both Longs and Shorts have been steady for a while; neither seems to be over stretched. Volume is low, but slowly increasing (might be too early to call that). There’s a lot of uncertainty in the market right now (unlike April) - even if price moved suddenly in one direction there’ll be less impulsive followers to overextend that direction. Looking on a larger time scale we also see 2018 is nearing the end of a large wedge, driving volatility down. It is important to understand the volatility is reducing like volume, but it is reducing more. It is not due to as much a lack of interest in BTC as some might think, but more because of the squeezing of the wedge. The truth is, we are at a time where people can’t predict the next move with certainty. This creates a lot of impulsive analysis on Trading View. I might just be looking at the calm before the storm, but I think BTC holders who have faith in decentralised currency or just don’t want to see their investment opportunity go down the drain don’t need to worry right now. Looking at the charts, not much is happening. I personally would like to see the price continue sideways or make a 500 point drop down, that way there’ll be more signs telling me what will happen next. A spike up 500 will be a bull trap.
BITFINEX:BTCUSD
by MilkBread