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Bitcoin is at a Cross roads and MUST break a trend or loose High One of the MAJOR things we look to in trading are TRENDS. They give us patterns and Signals and the Longer a trend has existed, the stronger the "Suggestions" it can Give. Bitcoin has been in a rising Trend since it hit a Low in 2011. From this point, it has been subject to rejection off a Fibonacci Spiral. ( I have explained this in detail in other posts, so I will not spend to much time on it now ) The ATH's of 2013, 2017 and 2021 all were rejected off that line. What is VERY important to understand here is that a Spiral does not always rise...Once it reaches its apex, it will begin to descend again and that apex occurs around Feb 2025. Bitcoin has to break out of this Trend with Positive momentum. What is slightly concerning, is that PA is up high, near that line of rejection already. This RSI chart shows us that we do still have room on the RSI to go higher. The Vertical lines are the previous ATH's and where RSI was at that point. IT is the lower time frames that are currently cooling off but the weekly MACD, for instance, It still high and Just turning Bearish....We have 8 months for it to cool down to neutral or lower and it should manage that. Something that has also really crossed my mind is the Volume since 2011. "The Volume indicator is used to measure how much of a given financial asset has traded in a specific period of time. For example, with stocks, volume is measured by the traded shares. For futures, volume is based more on the number of contracts. By looking at volume patterns over time, traders can better understand the strengths of advances and declines in stocks as well as in markets in general." ( taken from Trading View ) What we are looking at there is a STRONG BEARISH DIVERGENCE. But do not worry, BTC has, in its history, had a remarkable habit of defeating this type of thing while in a Bullish state, as it is now. But it HAS to break this trend and get out and Above that upper line. I have little doubt that Bitcoin can break this trend. But as we move into the corporate World, things will change for all of us in Bitcoin's world now. For instance, that drop in Volume .... The Asset was able to be traded in higher volumes when you could buy 1000 Bitcoin for the price of a Beer. It is a little harder to do now. And People are "Betting" on BTC via ETF now and not directly Buying and these large Corporations will begin manipulating the price... WE NEED TO HOLD OUT BITCOIN CLOSE = NEVER SELL - The other indicators in the original image are, from top to bottom, VOLUME RSI SOPR MVRV Z Score ATR On a final note. This chart is from Bitstamp, the Exchange that ROBINHOOD just bought. That is one of th elarger financial corporations in the USA...they would not have just bought this exchange if there was a chance of collapse........But......always best to be aware of potential
BITSTAMP:BTCUSD
by Orriginal
BTC Rejects $70K: Recovery Fails Following Fed AnnouncementBitcoin witnessed a strong rise above the $68,500 resistance area. It tested the $70,000 level, but after the Fed announced the interest rate hold at 5.5%, a strong bearish reaction was observed. Bitcoin started a new decline from the $70,000 resistance zone, and the price is now trading below $68,550 and the 100-hour simple moving average (SMA). Uptrend Line and Support: There is an uptrend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The price is facing resistance near the $68,250 level. This means there is sufficient buying pressure to prevent the price from dropping further. This level is considered a strong support based on previous price movements. Resistance Levels: The price is struggling to rise above the $68,250 level. This level acts as a barrier to upward price movement. Therefore, the first major resistance can be at $68,550, as this level is a key resistance point where the price is expected to face more difficulty in breaking through. Fibonacci Level: The 50% Fibonacci retracement level is used to identify potential support and resistance levels after a significant price move. In this case, the 50% Fibonacci retracement of the drop from the $69,969 high to the $67,148 low indicates that the $68,550 level represents half of the downward move between the high and the low, making it an important resistance level. Next Important Resistance: The next key resistance could be at $69,200, a level where the price might face strong selling pressure, making it harder for the price to rise. This level is an important resistance point to watch. A clear move above this resistance could push the price towards $70,000, a significant psychological level where investors might expect increased selling pressure. Further gains could drive Bitcoin towards the $71,200 resistance, which could act as a temporary stop or barrier to upward price movement. If this resistance is broken, it indicates that the market has sufficient strength to continue rising. Trading Recommendations: Buying Opportunity: If Bitcoin succeeds in rising above the $68,550 level, buying positions can be opened with targets at $69,200 and $70,000. As mentioned, the $70,000 level is a major psychological barrier and strong resistance in the market. It is crucial to place stop-loss orders below $68,000 to manage risk. Selling Opportunity: If the price fails to stay above the $67,200 support level and drops below it, this indicates weak buying pressure and increased selling pressure. In this case, the price could drop to $67,000, a nearby support level that might see some temporary stability. If the downtrend continues, the next target would be $66,000, a major support level that could offer a buying opportunity or other trading decisions. Investors should always keep an eye on global economic events and any statements from the Federal Reserve, as they significantly influence price movements. Relying on both technical and fundamental analysis is essential for making wise investment decisions in the volatile cryptocurrency market.
COINBASE:BTCUSD
by bbitar
Bitcoin - Could this be a Left Translated Market Cycle?There has been a lot of speculation that this current Bitcoin market cycle could end as a left translated cycle. This is most likely because Bitcoin surpassed the previous all-time high almost 1 month before the halving. This is the first time in Bitcoins short history that has happened. But, does this alone indicate that this will be an accelerated market cycle? From the bear market low on November 21st, 2022, it took only 16 months for BTC to set a new all-time high. Looking back though, during the 2011 to 2015 market cycle it took only 15 months from the bear market low for BTC to set a new all-time high. But, even though this cycle was abbreviated at just 3 years 2 months long the peak still occurred just after the 2 year mark. As you can see by the chart, the new all-time high was set after the halving but this is due to the halving occurring only 376 days after the previous bear market low. Looking at the 2015 to 2018 market cycle, the 2018 to 2022 market cycle, and the current market cycle you can see that the halvings occurred 543 days, 514 days, and 515 days after the previous bear market low. So, I guess the point I am trying to make is even though the new all-time high that was set on March 14th occurred much sooner than in the previous two cycles that alone doesn't mean that this will result in a left translated cycle. If we look at the elapsed time from the Nov. 2022 bear market low to the halving that just occurred it aligns more closely to the last two market cycles. Both of these market cycles were classic right translated 4-year cycles. An explaination for the early new all-time high could be due to the hype sorounding the spot Bitcoin ETFs as well as the subsequent trading of them. I'm not going to pretend to know where Bitcoin is going to go from here. It's very possible that we could end up with a market cycle that is completely different than the previous cycles. At some point I believe that the changing investor demographics will alter the market cycles. Another influence on the market cycles could be macroeconomic forces. Just this morning the May CPI data was released and came out lower than expected. As a result Bitcoin after being down 3.2% yesterday is now up over 3.5% today. But, even though BTC is up big today it is still stuck in the consolidation range and the $72k level still remains a formidable resistance that has rejected BTC five times over the last three months. But, as of now I am leaning towards this market cycle continuing the trend of the last two as a typical 4-year cycle. That is until I see more evidence that something has changed. If this market cycle is to follow the timing of the previous two I would either expect a prolonged period of range bound price action, lasting into the fall. Or a prolonged period of slowly rising prices lasting into the fall leading to the eventual blast off. Either way I remain extremely bullish long term and look forward to what lies ahead.
BNC:BLXLong
by Bigsky_Crypto
Breaking $72,000 as a Catalyst for a Surge to $180,000+As we closely monitor Bitcoin's price movements, a critical resistance level at $72,000 stands out. If Bitcoin successfully breaks through this barrier, it could signal the beginning of a significant upward trajectory. The implications of surpassing $72,000 are substantial, potentially driving momentum that propels Bitcoin to new all-time highs. Reflecting on historical trends and market cycles, it's evident that Bitcoin is on the verge of entering a new bull market phase. Analyzing the patterns and growth from previous years, there are compelling indicators suggesting that Bitcoin's next peak is on the horizon. I anticipate that we will see Bitcoin's value soar between April and September of 2025, reaching levels above $180,000. Several factors support this bullish outlook. The increasing institutional adoption, growing acceptance as a store of value, and technological advancements within the blockchain space all contribute to the potential for significant price appreciation. Moreover, the macroeconomic environment, characterized by inflation concerns and a search for alternative assets, further bolsters the case for Bitcoin's continued growth. In conclusion, breaking the $72,000 mark is more than just a price milestone; it could be the trigger for a substantial bullish run. With the potential peak projected between April and September 2025, reaching above $180,000, Bitcoin's future looks exceptionally promising. Investors and enthusiasts alike should keep a close eye on these key levels and prepare for the opportunities that lie ahead in this dynamic and evolving market.
COINBASE:BTCUSDLong
by cryptomaki
2
$BTC TOWARDS $65,000 ?👨🏻‍💻 CRYPTOCAP:BTC UPDATE (Continue) 🔹#BTC is forming a rising wedge, which is a bearish pattern. 🔹If it follows this pattern, we can expect a price drop. 🔹The next immediate support for Bitcoin is at $67,000. 🔹Since it's the weekend, the market will be slow. 🔹Tomorrow is the weekly candle closing, and we can expect the closing to be green. - - - - - - - - - - - - - - - - - - - - - - Follow #CryptoEase and Share it With Your Crypto Mate 😉 BINANCE:BTCUSDT
BITSTAMP:BTCUSDLong
by CRIPTOEASE
Bitcoin 80000 Very Soon The support of $56000 (coinciding with the 0.618 Fibonacci level) reached in April has proven to be solid and at this moment Bitcoin is aggressively attacking a dynamic resistance created by its historical high of $74000 which meets other peaks previously created around the price of $72000. At this moment in the OrderBook there is considerable liquidity at the $72,000 level, approximately 3,000 Bitcoins. Subsequently it is possible to still notice a lot of liquidity in the immediately following levels, an indication of stop liquidity probably for Long orders. There currently appears to be no liquidity near the all-time high of $74,000. Personally, I remain bullish in the very short term and, as indicated by the Fibonacci extension plotted on the chart, Bitcoin's next target is $80,000
BITSTAMP:BTCUSDLong
by VinchEz
BTC/USD Technical Analysis and Trade IdeaDuring the recent rally, Bitcoin (BTC) displayed significant bullish momentum. In our video analysis, we delve into a potential buy opportunity, provided that price action aligns with our entry criteria. We look closely at the 1H chart: 1: Market Structure Breakout: The previous bearish trend has been disrupted by a bullish breakout in market structure. 2: Long Bias: While my bias leans toward a long position, it remains contingent on price action developments retracing into my fibo zone as outlined in the video. Please note that this content is for informational purposes only and does not constitute financial advice.
Long
by fxtraderanthony
9
BTC Update on 19/05/2024As of 19th may 2024, BTC is trying to break resistance level at 0.618 fib level. Disclaimer: The information and analysis provided in this publication are for educational purposes only and should not be construed as financial advice or recommendations to buy, sell, or hold any securities. The author and TradingView are not responsible for any investment decisions made based on the content presented herein. Always consult a financial professional before making any investment decisions.
INDEX:BTCUSDLong
by rukshan2102