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BITCOIN making a Death Cross. A Pitchfork Approach.On this study I display the whole Bull Cycle of 2019 - 2021 on one single chart using the Pitchfork tool. This illustration is important in order to put into context where we are now following the downtrend of the recent weeks and in particular the flash crash event of the current one. ** The Pitchfork of 2019/2020/2021 ** As you see I plot the tool (on the 1D time-frame) starting from the bottom of the previous Bear Cycle on $3100 all the way up to the first (abnormal due to the Libra euphoria) High in June 2019 and then the equally abnormal (due to the COVID flash crash) bottom of March 2020. We see that the April 2021 High was made on the 0.786 level (yellow line), while this week's flash crash (another abnormal event) hit (and rebounded so far on) the Pitchfork's median (orange line). The median has previously acted as a Resistance in late November/ early December 2020 (when BTC was attempting to break its 20k ATH). At the same time the RSI has come close to its 2 year Support Zone on the 1D time-frame. But perhaps the strongest Support and the one that I've mentioned on previous studies separates the Bull Cycle from the Bear, is the 1W MA50, which is on $27900, as shown on the chart below: ** The 1D MA50/ 1D MA100 Death Cross ** What is even more interesting, is the 1D MA50 (blue trend-line) - 1D MA100 (green trend-line) Death Cross that is being formed today. Even though that is theoretically bearish, since the June 2019 High, two out of three such Death Crosses have been formed after the bottom was in. For those who think that this week's flash crash is similar to the COVID one (March 2020), then it is possible that this Cross indicates the bottom. For those who find more resemblances of today with the sequence and the Death Cross after the June 26 2019 High, then there is still room to fall. As you see on the main chart, every Pitchfork level has been tested (and held) successfully as Support during the 2020/2021 rise (I've designated those with the arrows of different colors). If the Median isn't the bottom, does that mean that the 0.236 is next around $25000 - $27000? What do you think? Is this Death Cross a sign of Bottom or not? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> AlanSantana --------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSD
by TradingShot
112
Bitcoin Bull Run Is Over ? Eventual drop below 40k is likely IMOPrice is consolidating in a daily range since the past two months ,profit booking is clearly visible around 65000 last April Mid. BTC likely to continue in the same range 45k-60k for few more weeks and gradually starts to erase most of its gain in our opinion. Obviously range top and bottom are ideal for scalps, however, we do not recommend any serious long term investment at this price level. Okay to go price is the 50% fib which is around 37k and an ideal level to invest for long term is below the 61.8% Fib level (21k-30k).So be patient, long invincible bull run is over ,invest gradually and hold it for long term, definitely it gonna reward . Trend : Range Signal : Scalp in 45-60k price level Okay to go long price : 37k Ideal price for investment : 21-30k
COINBASE:BTCUSDShort
by UnknownUnicorn13514545
2
Bitcoin getting ready for another Bearish roundJust when everyone thought the dark days are over for BTC, but doesn't look like it has reached a promising level yet. Going by the chart, Bitcoin has broken the upward moving trend line and it will now be moving in a descending triangle . It is crucial that it finds support at the 32K level. Going by the volume profile, it should potentially be able to hold that area. At an indicator level, Stoch RSI and MACD has are showing Bearish sign and current price have moved below all EMA's. Ideally, Bitcoin should bounce off the blue zone on the chart, and then break upper part of the triangle. If you like my analysis then do drop a LIKE and a COMMENT. Also do SHARE it with your friends. Also don't forget to smash that FOLLOW button to get daily analysis of multiple crypto currencies and sometime ASX stocks. Note - These are my personal notes and in no way a financial advice. Do your own research and Trade wisely
Short
by Manjyot
BITCOIN (update) Is a daily closing above the 1H MA50 bullish?Short-term update on Bitcoin's price action today following the immense volatility of the past few hours. The chart on the left is on the 1D time-frame, while the chart on the right is on the 1H time-frame. I am using both in order to more effectively illustrate the importance of the 1H MA50 (blue trend-line) on the 1D (daily) scale. During this 2 week downtrend, BTC has (marginally) broken above the 1H MA50 but has never closed a 1D candle (day) above it. The last daily (1D) candle closing above the 1H MA50 was on May 08. After that, the strong selling sequence started. That indicated that sellers used this hourly break-out to trigger more positions and drop the price before the daily session closed. In fact until today it has never even crossed the 1H MA100 (green trend-line), which along with the 1H MA50 formed the Lower Highs Resistance Zone. Today the price crossed the 1H MA50 by the highest price range since the selling started. Since the 1W MA50 (yellow trend-line), which separates Bull from Bear Cycles, held yesterday and initiated today's rebound, will a daily closing above the 1H MA50 restore the bullish sentiment at least for the short-term? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> AlanSantana --------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSD
by TradingShot
15
Bitcoin, BTC - we formed a globally downward channel📍Yesterday we rebounded from the key level of 42,000. Thus formed a full-fledged downward channel. As I said two days ago, I expect local growth. The nearest target is a return to the level of $50,000. It is also possible to go up to the level of 54000(not exactly). Write in the comments all your questions and instruments analysis of which you want to see. Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU. P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade
by Yuriy_Bishko
88
BITCOIN 1st $10000 move on a single day! Is this a Bear Cycle?Bitcoin made history today, registering the first $10000 price move within a single trading session (day), as (until the moment I type this article) the price had made a drop from $43891.0 to $29563.0 (Bitfinex numbers). That is more than -30% drop on a single daily candle. What does this benchmark movement mean for BTC though? What better time to revisit and analysis that I posted on February 20, 2020, that dealt with the potential of the first $10000 move on a single day, as the answer may be found here: At the time Bitcoin was trading at $9600. As I mentioned then, the previous single day benchmark moves for Bitcoin included: - The first +$1 move in a single day was in April 30, 2011 when Bitcoin rose from $2.75 to 4.05 (approximately). This was made on the 2nd High before the top of the 2011 Bull Cycle (39 days prior). - The first +$10 move in a single day was in June 11, 2011 when Bitcoin declined from $23.90 to 13.25 (approximately). This was made three days after the Top of the 2011 Bull Cycle. - The first +$100 move in a single day was in April 10, 2013 when Bitcoin declined from $270 to 120 (approximately). This was made exactly at the top of the 2013 Bull Cycle. - The first +$1000 move in a single day was in November 29, 2017 when Bitcoin declined from $11400 to 9100 (approximately). This was made 18 days before the Top of the Bull Cycle. From the above info we realize that Bitcoin tends to make its first single day benchmark moves of such magnitude in declines as it has happened so in 4 out of 5 times (with the exception of April 30, 2011, which was on a rise but more than 1 month before the Cycle's Top). And on top of that all such declines have been either on or too close (2017) to the Cycle's Top, meaning that when they happened it was an indication of an upcoming Bear Cycle. Today's $10000 move pushed BTCUSD very close to its 1W MA50 (yellow trend-line). The previous 4 benchmark days where not near the 1W MA50, which typically what separates officially Bull Cycles from Bear Cycles. However today's -30% drop is no stranger for such single day benchmarks as all 4 previous moves ranged from 20% to 60%. So what do you think? Is the 1W MA50 here to save the day and keep Bitcoin marginally within a Bull Cycle, or that first $10000 single day move is the confirmation of an upcoming Bear Cycle? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> buchi24 --------------------------------------------------------------------------------------------------------
INDEX:BTCUSD
by TradingShot
114
BITCOIN The end of the Bull Cycle? What should be avoided.BTC made a new Low and the pattern that has emerged on the 1D time-frame is a Channel Down. The price is on Lower Highs and Lower Lows since April 14, effectively completing 1 full month of bearish activity. Whether that correction continues or the long-term bullish trend is resumed, that remains to be seen, but so far Bitcoin has completed a -35% correction from the April 14 $65000 High (and All Time High). However, in order to avoid a new Bear Cycle all together, there are certain technical developments that need to be avoided. Let's see those in more detail below. ** Not the first Channel Down during this Bull Cycle ** First of all let's start but looking at similar bearish patterns that BTC has formed. You will find that this is not the first Channel Down formed during, not just the Parabolic Rise but also the Bull Cycle (after the December 2018 $3200 Bottom) all together. The chart right above shows the most recent Channel Down (or Falling Wedge as some may put it) last January. Despite the Lower Low, the RSI stayed supported, while the LMACD made a slight lower low and started recovering. Fairly similar to the current price action. However during July-August-September 2019, a similar Channel Down that was formed after the euphoric April-May-June 2019 (due to Facebook's LIBRA project) mini parabolic rise, eventually broke the uptrend and put BTC on Lower Lows for 9 months straight (ok we need to mention here that towards its end it was fueled by the COVID outbreak). That Channel Down formed a MA50-MA100 (blue and green trend-lines respectively) Death Cross on the 1D time-frame that triggered a new Lower Low which eventually broke the 1D MA200 (orange trend-line). At the moment we are not too far from this Death Cross, while the 1D MA200 is just around the cornet at $39550. It is important to mention here that during the 2017 Parabolic Rise (by that I mean the activity after the (at the time) All Time High broke), never touched the 1D MA200, until after the Bear Cycle 0f 2018 has started. We didn't even have a 1D MA50/ MA100 Death Cross. During the 2013 Parabolic Rise though, the picture is different. Before the new Bull Cycle peak, BTCUSD after the April 2018 intermediate top, turned sideways on a very volatile 6-7 month activity during which the 1D MA200 was hit 2 times. One in early July (2013) when it broke marginally but got recovered in 2 days and one in early October (2013) when it broke just by a candle wick and recovered instantly. ** The importance of the 0.786 Fibonacci level ** Can we be inside a 2013 phase? That remains to be seen. The current Channel Down may be close to the 1D MA200, but if BTC investors want the price to recover, then there is a certain level to start with and break: the 0.786 Fibonacci retracement level. As you see on the main chart, on May 08, the price rebound failed to break above the 0.786 Fib, made the 2nd Lower High of the Channel Down, and brought us to where we are today (a Lower Low). Assuming today was the Lower Low, then the 0.786 Fib is currently at $55300 (roughly). If that breaks, then it will be a first step towards recovering the ATH. If not, then I've already analyzed the 1D MA200 scenarios. Sidenote: the CCI appears to be on a Double Bottom. So that do you think? Is a 1D MA200 test imminent and if yes, will that signal the end of the current Bull Cycle? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> xBTala --------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSD
by TradingShot
63
BTCUSD ENTRIES + EXITS FOR THE WEEK!How To Play The Chart Entries/Exits: Buy at green support entry, if it breaks by -30 pips (count it out) then enter a sell and ride to TP1, 2 and 3. Trail stop at each TP which means place your stop loss in profit but with enough room to be able to continue the sell if it continues. Same thing at resistance, sell but if broken by 30 pips then enter the buy and ride to TP1. Each TP is a support or resistance zone , so you could then even take a sell after TP1 for the buys have been hit and if it breaks out then just repeat. I will be updating these charts letting you guys know the pip counts for the trades. #ExclusiveFX
BITSTAMP:BTCUSD
by ExclusivelyFX
11
BTC bullish divergence (Daily)Bullish divergence confirmed on the daily , short term target would be most likely to the fib level at 52500. As you can see on the Daily RSi we still inside this triangle, been following the RSI on the daily now for more than one month still no brake to the upside. Fib time zones give me the date May 31st , could we finally brake this triangle on the RSI this date? it is possible, fib time zones surprise me every time , also something else to note is that the bitcoin price is under the NVT which is very rare take a look. charts.woobull.com
COINBASE:BTCUSD
by Sporia
5
BITCOIN formed 4H MA50/100 Death Cross. Bottom or new Low ahead?Bitcoin experienced a sharp sell-off yesterday fueled of course by Elon Musk's fuel consumption tweet. BTC has been here before Musk and will be here long after Musk. Such events have acted throughout its history merely as catalysts not to change a strong trend (such as the strong Bull Cycle we are in) but just normalize it within tolerance levels when it starts to diverge much from what's considered "a standard". So let's get back to what really matters and focus on the technicals. ** MA50/ MA100 Death Cross on the 4H time-frame ** As mentioned on the title, the MA50 (blue trend-line) has just crossed below the MA100 (green trend-line) on the 4H chart, forming a technical Death Cross (DC). That is typically a Bearish Pattern because a short-term MA crosses below a longer-term MA. However it is interesting to see how this has played out, as that is not always the case. On this study I focus on the MA50/100 Death Crosses after BTC broke above its previous ($20000) All Time High (ATH). ** The role of the RSI and LMACD ** In doing so I will use the help of the RSI and the LMACD as depending on their values, the outcome of the DC changes considerably. So, as you see on the chart: # The 1st DC was formed on January 19. The price then dropped more to a new Low (considerably lower) in the next 3 days. When the DC formed, the RSI was way above its Support Zone (green zone). The LMACD has made a Bullish Cross just before the DC. # The 2nd DC was formed on February 28. The price made a bottom exactly there and initiated a new rally to a Higher High. When the DC formed, the RSI was on its Support Zone. The LMACD formed a Bullish Cross the next day. # The 3rd DC was formed on March 25. The price made a bottom exactly on that day and initiated a new rally to a Higher High. When the DC formed, the RSI was on its Support Zone. The LMACD formed a Bullish Cross the next day. # The 4th DC was formed on April 22. The price then dropped more to a new Low the next day. When the DC formed, the RSI was above its Support Zone. The LMACD formed a Bullish Cross two days later. ** Conclusion ** So from the above data it can be argued that when a 4H MA50/ MA100 Death Cross takes place, BTCUSD makes a new Low if the RSI is NOT on its Support Zone and the LMACD makes a Bullish Cross either before or more than one day after. On the other hand, the DC turns out to be bullish when the RSI is on its Support Zone and the LMACD makes a Bullish Cross the following day. Bitcoin has formed that MA50/100 DC yesterday when the RSI was on its Support Zone. The LMACD will complete the Bullish Cross on the next candle, so that is one day after the DC itself. This situation is similar to the 2nd and 3rd DC sequence, both of which formed price Bottoms and initiated rallies to new Higher Highs. What do you think? Will this be the case now as well or BTC will make a new Low? Feel free to share your work and let me know in the comments section! Please like, subscribe and share your ideas and charts with the community! -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> xBTala --------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSD
by TradingShot
67