Btctrade
Bitcoin 4HR Triple-Top! About to Reverse to $34,500?Bitcoin (BTC/USD) is testing the Weekly Bull Channel resistance and potentially forming a triple-top reversal pattern. If the price fails to hold above $38,000, we could be looking at a pullback to the 4HR 200EMA at $34,500.
How do we trade this?
We're in a bull channel, which means our bias should be to the upside. With the price levels being near the Weekly Bull Channel Resistance, that long bias has to be put on hold. RSI is around 63.00, and we may form a triple top. If that happens and we get a strong reversal signal bar and confirmation, a short to the $34,500 area is reasonable with a stop loss just above $38,000.
Longing at this price ($37,200) would necessarily include a stop loss just below channel support at around $36,000. A proper take profit would be at the Weekly Bull Channel resistance of $38,000, leaving us with a 2:1 Risk/Reward ratio. This could be an ideal scalp if you reduce your max position size by half, but the probability of profit longing is not high enough given the close resistance.
Key Points
1. Bitcoin is still in a Bull Channel.
2. Price is Near Weekly Bull Channel Resistance.
3. Potential Triple Top Forming.
4. RSI at 63.00, There's More Downside than Upside.
5. Wait for a Sell Signal to Short.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!
BTC/USDT BinanceBTC/USDT Binance
1H Hollow Candlesticks
Since the price broke the parallel ascending channel, we saw a rise of around 40%.
Currently, the Support level is predicted by the extension of the golden ratio of a Fibonacci Retracement and the Resistance level is at 38K.
Also, an ascending triangle has been formed, where the rule says that since the price entered from below, at the end of the triangle, the price will move up.
From an imprint of a previous movement (Bar Pattern / Fractal) we can theoretically assume a future movement that the price of Bitcoin will follow.
Market Cap: $1.42T +0.70%
24h Vol: $57.41B -27.66%
Dominance: BTC: 51.0%
ETH: 17.5%
Good Luck
CryptoHellas Team
Bitcoin Fake-out! Failed Breakout Lead to Strong Bull Response!Bitcoin attempted to break out to the downside and escape the bull channel only to be met with a fierce rejection and rip back to $38,000. There is a slight pause at this critical price with some upside left to the top of the channel but also a good amount of downside to the 200EMA.
How do we trade this?
After a strong bull response like that and continuing in the bull channel, shorting is risky. If you took my last BTC 4HR idea and shorted it to the bottom of the bull channel for a 1:1 Risk/Reward, then you should already be out of that trade. Now we wait for a sell signal showing us a rejection, or you could scalp with a small position to the top of the bull channel. A long scalp would require a stop placed below the rejection low of around $34,500, leaving you with a 3:1 Risk/Reward.
Key Points
1. Failed Breakout to the Downside of the Bull Channel
2. Strong Bull Response back into the Bull Channel
3. Potential Double-Top at $38,000, wait for more price action
4. Either wait for a Sell Signal or Long Scalp with a small position
5. RSI near 70, Small positions longing
I would wait for some more price action before entering a trade. Wait for a strong sell signal bar closing near its low or scalp a pullback to the top of the channel.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!
$BTC Daily UpdateCRYPTOCAP:BTC #BTC Given resistance at $38,008 tested, as expected struggle is normal in this range, bearish engulfing on last 4h close, $37,499 testing for support, RSI on 4H looking good, beautiful bullish engulfing on 1D, let's see if follows thru, next resistances $38,768, $39,458,
BTC to drop 7% before it goes up againBitcoin (BTC) is currently on the cusp of a market adjustment, with projections suggesting a potential drop of approximately 7%. This anticipated decrease is seen as a part of the normal ebb and flow characteristic of the cryptocurrency market. Such fluctuations, while often unpredictable, are not unusual for digital currencies like Bitcoin, which are known for their volatility. This upcoming decline in BTC's value is expected to be a temporary phase, influenced by various market factors and investor sentiments.
Despite the imminent drop, market analysts are optimistic about Bitcoin's recovery post-decline. Historically, Bitcoin has shown a remarkable ability to bounce back from dips, often achieving higher values post-recovery. This pattern suggests that the forthcoming decrease could present a valuable buying opportunity for investors. Those who purchase Bitcoin during this dip could potentially benefit from significant gains during the expected rebound. This strategy of buying low and selling high is a common practice among cryptocurrency investors, who capitalize on these market cycles.
Looking ahead, the forecasted dip in Bitcoin's value is viewed as a short-term event in the broader context of its market trajectory. The cryptocurrency is expected to not only recover from the anticipated 7% drop but also potentially reach new heights. This optimistic outlook is based on Bitcoin's past performance and its growing acceptance and integration into mainstream financial systems. Investors who weather the temporary downturn and hold onto their assets are likely to see their patience rewarded as Bitcoin continues to evolve and gain traction in the global financial landscape.
ADA to start growing faster than BTCCRYPTOCAP:ADA & BITSTAMP:BTCUSD
The recent performance of ADA (Cardano) suggests it is a promising buy for investors. After a strong recovery from a support level of $0.23 on October 19, ADA experienced a significant rally, soaring by 65% to reach $0.40 by November 11. Although it's trading slightly below this peak, ADA is maintaining an upward trajectory, indicating potential for further growth. The currency seems poised to reach or even surpass its upper range near $0.42, which could represent a gain of around 16% from its current value. This pattern of recovery and growth makes ADA an attractive option for those looking to invest in the cryptocurrency market.
COINBASE:BTCUSD
Bitcoin Price Nears $35,000 Support Amidst Market Correction"The current Bitcoin price is trading at $35,536, officially confirming a correction in the downward trend. The convergence of Moving Average Convergence Divergence (MACD) indicators shows bars extending below the 0 line, and the MACD line moving below the signal line, signaling the intersection in the official downtrend. The intensifying downward trend causes altcoins to nearly drop below $35,500 before bouncing back above the crucial support level.
However, this recovery may not be sustained in the upcoming trading sessions, potentially leading to a further decline in BTC value. The next major support level is the local support line at $33,901, which could push the Bitcoin price down to $31,507.
Yet, if broader market signals attempt to bring optimism to the cryptocurrency space, BTC may escape the $33,901 support level to avert a crisis. Reclaiming $35,000 as support would weaken the bearish stance, propelling the cryptocurrency above $35,500 and targeting $40,000.
BTC Surges to $37,900 on Optimism Over U.S. Regulatory Approval"Bitcoin hits $37,900 for the first time in a year and a half, driven by expectations of U.S. regulatory approval for a Bitcoin spot exchange-traded fund (ETF). Trader sentiment improves as the U.S. Securities and Exchange Commission (SEC) reviews 12 Bitcoin ETF applications.
At the time of writing, Bitcoin is trading at $36,683 on Binance. The market-leading cryptocurrency has seen a nearly 5% increase in value over the past week.
BTC will continue to rise next weekBitcoin (BTC) is up over 120% since the beginning of the year, showing that sentiment towards the crypto asset has improved significantly. Due to the large volume of purchases, the number of wallet addresses holding more than $1 million in Bitcoin this year has jumped from 23,795 on January 1 to 81,925 now, according to data from BitInfoCharts.
After a significant price rally, Bitcoin could face headwinds in the short term as investors digest macroeconomic data and events taking place this week. The Consumer Price Index will be released on November 14th, followed by the Producer Price Index on November 15th, which could lead to short-term fluctuations.
Short-term retracements are healthy for long-term market trends.
BTC Drops due to High Stochastic Reading above 80
Bitcoin (BTC) price dropped due to a significant increase in the stochastic oscillator reading, surpassing the critical level of 80. It is crucial to approach this information in a neutral manner and make informed decisions based on objective analysis.
The stochastic oscillator is a technical indicator widely used in financial markets, including the cryptocurrency realm. It measures the momentum of an asset's price and determines whether it is overbought or oversold. A reading above 80 generally indicates that an asset is overbought, suggesting a potential upcoming correction or reversal in price.
Considering the present situation, it is advisable for traders to exercise caution and closely monitor the market movements. In such cases, it can be beneficial to pause BTC trading temporarily, as historical data suggests that prolonged periods of high stochastic readings are often followed by corrective or consolidating phases. Taking a step back during these times allows for a clearer perspective when the market eventually starts its next upswing.
Making informed decisions is a pivotal aspect of successful trading, and having an objective understanding of indicators like the stochastic oscillator is part of navigating the cryptocurrency market effectively. I encourage you to stay informed about market trends, seek guidance from reliable sources, and utilize robust trading strategies to maximize your trading potential.
Remember, the world of cryptocurrency is dynamic, and market conditions may change rapidly. Analyzing different factors alongside the stochastic oscillator can lead to a more comprehensive understanding of BTC price trends.
Thank you for your attention to this matter. Feel free to reach out for further clarification or to discuss any concerns you may have by commenting below. Wishing you all profitable trading endeavors and a successful journey in the cryptocurrency market.
Bitcoin (BTC) Long SetupOKX:BTCUSDT.P Long
On passing the 38950 level
TR 1/4 46764
TR 1/4 48884
TR 1/4 58985
Interested in your opinion on this algorithm of actions
Long
deposit 20% of the asset
order 20% of deposit
leverage ×20
cross margin
take profit 25+-% of order
stop loss 5+-% of order
de los 1% of deposit
RR 1 to 5
Entry on positive news background
+
At positive trendsetters support
+
No nearby reports, speeches
+
Bullish chart and candlestick patterns
+
A pool of indicator indices signalling an uptrend
#DYOR
Hovers at $37,000 – A Call to Pause Trading for Your BenefitBTC has recently been hovering around the $37,000 mark, displaying a level of volatility that demands our immediate attention.
In times like these, it is crucial to take a step back and evaluate the situation objectively. The rapid rise and fall of BTC's value can be overwhelming, and it is our responsibility to protect our investments and ensure the stability of our trading practices.
Therefore, I strongly urge you to consider pausing your BTC trading activities temporarily. This pause will allow you to reassess your strategies, analyze the market trends, and gain a clearer understanding of the factors influencing BTC's current volatility. By doing so, you will be better equipped to make informed decisions that align with your long-term trading goals.
Here are a few reasons why taking a pause in BTC trading is in your best interest:
1. Minimize potential losses: Volatile periods often lead to unexpected price fluctuations, making it challenging to predict market movements accurately. By temporarily stepping away from BTC trading, you can avoid making impulsive decisions that may result in substantial financial losses.
2. Gain perspective: Taking a break from trading provides an opportunity to reflect on your overall trading approach. Use this time to analyze your past trades, identify patterns, and refine your strategies accordingly. Remember, successful trading requires continuous learning and adaptation.
3. Reduce emotional stress: The constant ups and downs of the crypto market can take a toll on your mental and emotional well-being. Pausing BTC trading allows you to alleviate the stress associated with monitoring price movements, enabling you to approach future trades with a clear and focused mind.
4. Seek expert advice: During this pause, consider consulting with trusted experts or financial advisors who can provide valuable insights into the current market conditions. Their guidance can help you gain a broader perspective and make more informed decisions when you resume trading.
I implore you to prioritize your financial well-being and take this opportunity to reevaluate your trading strategies. By pausing BTC trading temporarily, you can safeguard your investments and position yourself for long-term success in this dynamic market.
Remember, the crypto market is ever-evolving, and it is crucial to adapt and stay informed. Use this time wisely to educate yourself, stay updated with market news, and explore new investment opportunities that align with your risk appetite.
If you have any questions or need further guidance, please feel free to reach out to by commenting below.
Thank you for your attention, and I urge you to make a responsible decision for your financial well-being. Let us approach this volatile period with caution and emerge stronger as traders.
$BTC Daily UpdateCRYPTOCAP:BTC #BTC gained $36,214 support! beautiful wick testing $37,499-$38,008 (key resistance range), currently testing $36,868, Support at $36,214 looking good, RSI on 4h looks good, previous daily closed with some sell pressure, $35,387 should be key support here, watch given S/R