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BITCOIN WEEKLY UPDATE: STILL HOLDING THE SUPPORT!Hello traders, I hope you all are doing good. Welcome to this weekly update on BTC. I am going to keep things easy and simple. Timeframe: 1 week. Update: Ever since the $17.6k drop, BTC couldn't rally above $25.2k. The rejection from the $25.2k brought the price back to the $19k support level. Basically, we have two clear scenarios in front of us. 1. BTC will continue to hold the $19k support level and bounce back. 2. BTC will break down and fall towards the $12k support level. RSI: The RSI is under the oversold zone. Technically, the previous RSI low is still lower than the current RSI low which is a positive sign. But if we see a drop incoming then I would expect a double bottom formation in RSI and then a big pump. Conclusion: Until and unless BTC maintains the support 1 level, we can expect some good rallies soon. If not then we better be prepared to buy BTC at a discounted rate. What's your idea on this? Do let me know in the comments. Thank you for reading this idea. Keep on supporting me with your valuable likes and comments. Trade safely.
by Dexter_The_Trader
4
Will BTC Continue to Decline?This month we will observe the third candle equation of the 3 candles close, which is an important figure in every analysis. After the big decrease in the monthly period, the 3rd candle is in the cycle that includes September. We can observe a new uptrend with a close above the $25300 level or a downward trend with a close below the $17600 level. I think we will see the 12-13 K levels that I mentioned in my previous analyzes. However, after an upward jump, it may show an upward trend with a manipulation move and regress to 12K levels. Manipulation has been common in past years. But the growing demand for cryptocurrencies has made large stock market and investment companies more greedy. Of course this is my opinion. My have no argument to prove it. But when I examine the graphs by expanding them, the manipulation moves prove themselves for everyone. Even someone without technical knowledge can understand this. With the proliferation of futures transactions, I feel like the crypto markets want to extort the investor's money by manipulating price movements instead of making money from the profit they will receive from the investor. This is my opinion . It could be right or wrong. But if you observe carefully, the exchanges' own money moves on very large percentage slices. In addition, the names we call whales are openly trying to put people in harm's way by using social media. Whenever Elon Musk or Saylor tries to give people tips on social media, prices move in the opposite direction of the tips they give. I've tried to warn people about this before. Both futures trading and social media rumors are dangerous for every investor. I wanted to say these things because I think the manipulation movements will continue. In the coming days, if Mr. Saylor or someone comes out again and says that bought a large amount of Bitcoin, be careful. Back to the analysis; Daily closures below 17600 will reduce prices to 14-12 K levels. closures above the 25300 levels may move prices to the December 29-35K range. 32 thousand dollars and 12 thousand dollars constitute the major support and resistance in the monthly period. When prices move up or down, there will definitely be a sell or buy reaction from these levels indicated. From a technical point of view, when we measure, I see that the harmonic pattern that I said would occur on Btc in my previous analyzes has been completed. But I think that the third candle, which I mentioned at first, will be completed with a downward movement. Although the pattern has completed its technical characteristics, the downward progression of prices does not invalidate this pattern. On the contrary, it strengthens. The only pleasing aspect of this downward movement is that the pattern indicates the bull run. When BTC enters an uptrend again and catches a bull run, we can think that prices will rise very much above the peak of this pattern. When we examine the candles of the last two weeks, we can see that the closures are in favor of the bear. On the chart, you can consider closes below 0.618 as a bearish close, and closes below 0786 as a strong bearish close. This means that it indicates that the next candle may be downward. Although the sum of these two candles gives a figure like 14800, I don't trust candle mathematics very much. That's why I don't accept it as true. But it's best to be careful, considering that there may still be a decline. The Weekly Rsi 32 appears in the Monthly Rsi 42 and the daily Rsi 30. This shows that there are still enough numbers for a downward trend. But even if the downward trend continues, I think that piecemeal purchases from these levels will leave a profit. If we think about the price of 20 thousand dollars, it seems that a decrease of 5-6 thousand dollars can be a big cost loss. But the recovery of a downward movement from these levels will again be fast. When we think about it from this point of view, it seems that piecemeal purchases can make a profit during the decline. But since it is still a risky strategy, I find it more reasonable to wait until the last moment for a buy or stop loss and evaluate it when prices return. The profit may decrease, but the risk will decrease just as much. The cmf indicator seems to produce an al signal in a weekly and daily period. But in the monthly period, I still consider it negative because the indicator does not produce enough signal for reception. The Aroon indicator is below 20 in all time zones and the adx indicates that the decline is weakening. Although adx and aroon produce a buy signal, the fact that the weekly candle closures I just mentioned are in the bearish zone suggests that it is early for an upward position. Note: This is not investment advice..
by CryptoBrainn
BITCOIN: TESTING THE RESISTANCE.Hello traders, welcome to this BTC update in a shorter timeframe. Timeframe: 3 hours. Recap: As per our previous chart, BTC maintained the support level following the bullish divergence pattern. It bounced back from $19500 (divergence support) to $20500 (current resistance). Update: BTC in a lower timeframe is forming a bullish falling wedge pattern which is a good thing for the market. The current resistance will decide the next flow of the market. 1. Breakout and retest will allow the market to move in a positive direction. 2. Rejection will drop the price back to $19300. Conclusion: The market is in a perplexing stage at present and on top of that the FEDs. It will be wise to wait for a confirmation. I hope this idea was helpful for you. Let me know your ideas on the current market scenario. Note: This idea is in a shorter timeframe. So, take your trades accordingly. Trade safely.
BITSTAMP:BTCUSD
by Dexter_The_Trader
2
BITCOIN - Temporary reliefAfter yesterday's dip, the market enjoys a time of relief. However, we think the relief is temporary as there is no significant change in technical or fundamental factors. Therefore, with an unchanged bias on Bitcoin, we stick to the bearish outlook for the cryptocurrency with price targets at 17 500 USD and 15 000 USD. Illustration 1.01 Yesterday, we stated the crossover between 20-day SMA and 50-day SMA was imminent. Later, the crossover occurred, serving as a bearish confirmation; now, ideally, we would like to see no whipsaws between two moving averages. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 One development we pay attention to at the moment is the potential creation of a new downward-sloping channel on the daily chart. The upper bound is created by a trendline connecting peaks between the 15th and 26th of August 2022; the lower bound is parallel to the upper trendline starting from a low on the 19th of August 2022. If a breakout above the upper bound occurs, it will likely lead to the distortion of the pattern. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 The hourly charts shows drying up liquidity. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
30
BITCOIN: NOT GIVING UP!Hello traders, welcome to this BTC update. Timeframe: 8 hours. Recap: In my previous update, I mentioned $21k to be an important support for BTC in lower TF. And if it manages to stay above the support, we can expect a good rally on BTC. Update: BTC is still in the same zone ranging between $21k to $21.6k. It has not shown a significant pump but it is still above the support level. So far, BTC is doing good and the only resistance I can see is the 21 MA close to $22k. If BTC manages to break through it then things will be interesting. Conclusion: I have accumulated BTC at the support level. Let us see how the market plays out. If BTC breaks below the $21k then I will exit major positions and then buy back at the lower levels. What's your strategy for the upcoming BTC move? Do you expect a rally or a dump? Do share your ideas. Trade safely.
COINBASE:BTCUSDLong
by Dexter_The_Trader
12
BITCOIN CONSOLIDATING & PREPARING FOR UPSIDE.BITCOIN CONSOLIDATION & PREPARATION FOR A MILD BOUNCE FROM THE ASCENDING TRENDLINE. Bitcoin has been consolidating on the ascending trendline which had been established over the past 2 months since its price bottomed in mid-June. The move looks to have been completed & relief on CAPITALCOM:BTCUSD price seems to be in the works. RSI The RSI on the 1H is at 30 (barely oversold), RSI on the 4H is at about 26 at the point of writing, and on the 15M, we can see RSI at the mid-range of 50. On the macro time frames the signal would be that after the latest capitulation move CAPITALCOM:BTCUSD is ready for relief & we should be eyeing a move to the ~61.80% level to the ~38.20% Fibonacci levels. BB%B The BB%B indicator with a longer period of 75 shows that there has been a double bottom of price action, which is also reflected on the chart at the support levels of $20,800 where the price has already bounced twice. We can expect to see a strong expansion or oscillation of the indicator to the upside above 1.0 readings over the next 36 hours from the writing of this post. Targets Based on the cyclical timeframe measurement, we should be able to expect the price to hit targets of $21,550 within the next 24 hours of the time of writing. The secondary target for the relief bounce of price would be $21,795 within 48 hours of the time of writing based on the cyclical timeframe measurements. If you managed to fill your entries around the $28,000 levels, you could expect a 3.18% move to the upside at target 1 ($21,550) & a 4.56% move to the upside at target 2 ($21,795). ------ As usual, this piece of analysis is simply my perspective & due diligence is imperative when you are entering your trades. Leave a like or comment if this piece of analysis helped. Good luck trading. NOIV
CAPITALCOM:BTCUSDLong
by NOIV
BITCOIN: MUST HOLD! Hello guys, welcome to this BTC update. I going to keep it easy and straightforward. Time frame: 8 hours. Recap: BTC couldn't keep up with the $23.5k to $23.5k support range in 4 hours TF. My previous post mentioned the bearish rising wedge pattern, which broke down hard. Update: In the last 5 and half days, BTC has dropped by -15% and we can literally see the entire market reacting accordingly. In this 8 hours TF, we have strong support at $21k and BTC must hold this support line by any means. We can expect a bounce anywhere close to the support range only if BTC manages to stay above the $21k range. Dropping below this range will be critical. Can this be a good time for accumulation? - If BTC holds this level then yes, it will be a good range for accumulation. I am accumulating BTC at this range. I hope this update is helpful for you. Trade safely.
COINBASE:BTCUSDLong
by Dexter_The_Trader
7