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Bitcoin holding up at $10,000, is ALT Season here?Hello my good friends. Hope everyone is doing well in this midweek trading session. From my last post, Bitcoin was holding my previous support line pretty nicely, even when Binance went down for a 6 hour system upgrade. Yesterday however, Bitcoin fell back down under my yellow support line showing signs that it has failed. Effectively, I readjusted the line to match the two new double bottom dips that have formed from the past week. This new yellow support line is holding and is now showing a strong bull presence with the RSI recovering from its earlier 30% mark. This recovery is also pushing the price up towards the two exponential moving averages. Taking a look at them, we can see that the 50 EMA and 100 EMA had another death cross last week when the price dropped 10%. This death cross being a strong downward indicator, leads me to believe that BTC has a one last shot to recover a bit before following its downward channel ultimatum. As for the CME gaps, the two that are active from prior week and month, are the $11.9k Gap and the $8.6k gap. With the downward channel becoming more prominent, the target of BTC hitting $8.6k is stronger than it breaking the confirmed red selling pressure line and going up to $11.9k. With that said, we have two nice opportunities coming up including one presently here. For a monthly trader, the present opportunity is to short BTC as it looks like the downward channel is confirmed and that BTC should eventually hit CMEs $8.6k price gap and cover it before any recovery upward. However, this is Bitcoin and it can easily get pumped back up to $11.4k towards the top of the downward channel line bringing about the second trade entry point. Here, you can wait for BTC to rise up to the top of the downward channel line from the current moment, and safely enter a $11.4k short position with a stop loss at $12k in case the $11.9k gap does get covered prior to BTC price reversing. Keep in mind that both of these positions are highly volatile due to the nature of Bitcoin, and always trust your ideas and decisions before investing. I am personally waiting for the second outcome to happen before making a trade to short BTC. With this 4H time frame analysis, the support lines are pushing this consensus down to September 1st and I am willing to wait till then for that entry. If that entry comes sooner I will keep you guys updated. This analysis has been updated from my previous three posts, and I always appreciate your guy's support and comments to improve my TA. I also peeped that most of the Alt coins from the recent drop have bin holding when compared to BTC and am wondering if ALT Coin season is coming sooner than later. So I pass the question to you my beautiful trader friends. What do you guys think will happen by September 1st with the Crypto markets? As always, Onward and Upwards, Vick
GEMINI:BTCUSDShort
by VickzinBK
1
BTC USDT LAST UPDATEOn May 14, one fact was noted - while Bitcoin is under resistance (under 8400), altos will get a good chance for growth. What we observed later - the alts market pleased. According to the previous forecast, we noted that closing the day with a full candle above 8100 gives the bulls a head start on growth, as a result, two days before a series of such closure did not happen, but Bitcoin, nevertheless, reached the target of 8200. On TF 4h, we see consolidation under resistance in the form of a bull pennant. There is no guarantee that it will work on the bull scenario, so we will look at an important level of 8400 and if the price consolidates above it, then the pennant will work out its function. At present, the bullish block is located in the region of 7500 - 7650, and from here you can take Long with targets of 7800 - 8000 - hold and stop at 7400, if local support around 7750 - 7850 will not withstand the onslaught of bears. Resistances: 8150 / 8350-8400 / 9500/10500/11500 Support: 7750-7850 / 7550/7450/7250/7050/6850/6450/6150/5750 Well, I still adhere to the option for the future with the test 5800 - 6200, where you can place the main purchases for the medium term with the potential for excellent profit.
by AltsVision
USDMXN: Is There Someone Who Knows The Value ?Hey everyone! I hope it was a great sunny weekend for everyone of you guys. Here in Germany it was beautiful, like this setup we are looking at. Found it during my weekend trading routine. USDMXN looks super clean from now as there was bullish momentum during the last week. Forming a peak high formation now with a divergence on the RSI could indicate another bearish momentum as before. The 0.786 fibonacci level, which is not that strong by the way, was also not broken strong. This will be the first trade of next week i think. Sad It is so exotic, because i do not even know how to count the pip value of this pair haha. If you know please let me know in the comment section. See you guys next time hopefully with another video analysis from my side!
Short
by darian_fx
UK100 Double Top On the UK100 1hr chart we can see a double top. I must say that this trade is for educational purposes since I don't spot this pattern that much. The RSI, Volume and Price is lower at the second top which means the interest is cooling down. The stop is placed at the last high or if you trade safe a little above. To get better at spotting this patterns I'm publishing it here so you and I can both look back at this trade the next time spotting this pattern. Thanks for reading and especially on this one I would appreciate some feedback! Wesley
FX:UK100Short
by W4DL
BITCOIN -> We Are All Here Because We Are Not ThereBitcoin has showed us low volume break out on the daily. RSI shows this to be a weak bounce it will once again find sellers in this area that will start to take profit once we start pointing down. It seems as thought this may have been a silght short squeeze that started from the $3300 level as the bulls failed to push us below to $3000. That and some well timed news about the new chairman being pro-crypto may have forced an early bounce and failure to push the price below $3250. We have seen an increase of $500 in one daily candle giving bulls the momentum necessary to break above the critical $3750 - $4000 area. Since we are in an extremely bearish market we are to continue to leverage and hedge our positions with bearish trades until we have clear indication of a longer term (2-6 week) bottom. Bitcoin bulls will have a very good shot at pushing the price over $3750-4000 which will force us to exit our short trades and potentially go neutral until we find an area to re-short. My targets for a proper bearish bounce will be as follows; $3000 to start to cover shorts and open longs right above and under $3000. I also think that the market can go sideways, or become very boring over the next few weeks with all the holidays around the corner. If you could stay out of this market its probably best that you should. I wouldn't expect too much action in the days to come closer to the holidays. We should have clearer direction and great long plays in the area with most demand $2500-3000 Area. Best of luck, This is not trading advice.
BITFINEX:BTCUSDShort
by TheCryptAlpha
USDCAD: A Few Minutes To Late Hey guys! Today my intention was to upload a trade update idea on Gold, because we entered another buy. We will be doing it tomorrow night... This one is quite a better one with a nice setup just formed minutes ago during FED announcement. We were waiting on USDCAD for another move to the top - for a short entry after 3 cycles of bullishness. The high was actually higher, but on the 4h we are now seeing a nice rejection down. Next goal is to break the grey price zone below. Risk/Reward is over 3 so this is a good setup. See you guys later for the Gold update.
Short
by darian_fx
BITCOIN - Incredible Chart pattern formingHey Guys, that was a exciting night wasn´t it? This is a further analysis to my last one. Check it out to have the full understanding. In my opinion this is an amazing chart pattern what u can see here. My old analysis with the H&S was close to get retarded, but this night we had the expecting pump above the 6800 level. This night we had some maintenances at the exchanges so they generated big spykes to different price levels. The chart on bitmex (provided by tradingview) shows the highest price at 7148. Directly on tradingview, watching the perpetual contract, we had a high at 6683. Kraken just went up to 6916. In this chart analysis u can see a H&S continuation pattern in turquoise. And directly next to it, u can see a inverse H&S in blue, as a reversal signal. The amazing thing is, the same time we go up to set up the high for the right shoulder, we are finishing to form the left shoulder of our inverse H&S. The next incredible thing is, to finish the right shoulder of our H&S Bearish Continuation Pattern, we need to go to around 5700. And then the breakdown starts with cracking the neckline. That will build our inverse head. A regular fall down should be the same range, like the height of the head from the H&S continuation pattern. That would set a level at around 3600. That´s by the way the level where the big bull run from 21th September 2017 began. I just drew the head till 4000. That would already be a very big price decreasing. Then we will go back up to the neckline and form the right shoulder. After breaking the neckline of our inverse H&S, everything is set up for the expected bull run, which could bring us to the 10k level. Also there are some ETF news these days. It´s important to recognize the difference between these ETF applications. Tomorrow will be a decision, but that´s just a Future ETF and not the real one. The "real" one got postponed. I think the rejections/approvals will help the market to move in the right direction at the right moment, to form these perfect chart pattern. Please don´t hesitate to write a comment if u agree or not. If u enjoy it, like it ;) Good Time!
BITMEX:BTCUSD.P
by Airwaves
9