Bitcoin Bull flag breakout in FebYou can see a Bitcoin Bull Flag formation from February 2020. Here at the start of February there was a consolidation creating the flag pattern. On the 5th of Feb there was a breakout of the pattern.
Chart created using the 4hr chart for BTC/EUR.
BTCEUR trade ideas
4h XBT/EURascending wedge in red
4h 200 SMA as resistance
4h RSI and MACD divergence
forming possible descending wedge in green (bullish)
possibly revisiting the 2018 Q4 ~ 2019 Q1 channel
Flying to heaven: BitcoinHello People,
Bitcoin finished a corrective Flat, therefore the upward movement goes on.
May the force be with you
CRYPTO CRASH COMING SOONHow many of you know recently there has been a 50% attack on ETC and attackers take back transactions after made. And technically it is very possible for every other crypto.
For example what will happen once bitcoin mining is not profitable anymore? Will those guys just shut down miners and go away ? Once the hashrate drops enough there will big players which can produce blocks faster and reverse a transaction after it is made.
There may be cyrptos which are not vulnerable for those type of attacks but majority of current crypto currencies are not and once few of them ( ETC alread experienced) experience those attacks and people won't rush to buy shitcoins anymore.
Though you can HODL forever maybe one day bitcoin will be one million dollar ( If Dollar crashes enough :D)
Though i am not saying short any coin. Since few player holds most coins. They can pump it easly. Just be aware cyrpto crash is soon.
Second wave hitting soon?Hi there beautiful person!
It has been an interesting week with some incredible money printing and movement in the markets, along with slow movement in BTC.
There is a lot of speculation around now, and I thought I could throw my 2-cent speculation into the bucket as well.
If you have the time and interest, I would appreciate if you read the whole article and pressed a like if you agree.
If not, then have a go at the summary and have a great week ahead of you and be safe!
Short summary:
Market in Post 2008 crash has not been recuperated and we still have a broken system. This combined that covid-19 is hitting/affecting all markets globally, dictate that this is nowhere near the 2008 scenario and incentives and strategies in that period will not be as effective in 2020 and 2021.
List of content:
This is not the same situation like in 2008, rethink your strategy
Second wave is coming
BTC can actually retest 3500 EURO area
BTC price will increase.
First is small changes to the chart:
Moved the resistant and support lines to better positions
Changed the view to weekly to see the overall trend better
Added the triangle from previous post.
This is not the same situation like in 2008, rethink your strategy
Many people out there are comparing this situation to the one we experienced in 2008, and are creating their strategies accordingly.
That might be a mistake that will cost them dearly and possibly miss out on some great return.
In 2008 it was "mainly" the banks that were hit, cause of bad house mortgage and liquidity. This scenario was rather local and did not hit the world on a global scale, an especially did not span on a lot of other market levels.
Although it did affect globally to some extent, it was more or less due to connection with US market and dollar that was the reason and not the reason itself.
the solution back then in 2008 was to print a lot of money and put them into banks, which worked to most extend; but did not fix it.
Post 2008, aka in 2020, we are still left with a "broken" system and a market that did not fully recuperate from previous crash; whilst the value in stock market is inflated, just waiting for a needle.
This time around, the catalyst/needle covid-19, has hit globally and equally across multiple market areas. This effect is therefore many magnitude greater because of snowball effects.
List of a few: Unemployment is up, number of companies is falling, uncertainty and fear is increasing in people, world wide Currencies will be devalued due to overprinting, consumer market is crashing, gold and copper value is short term lowered and miners cant afford to keep business running, etc
This time period we are in now will have different waves/effects, and value of different assets will react in those different waves.
Second wave is coming
First wave hit China first with total shut down of many important factories and airports, which did it tolls on the financial market and homes in China.
First Wave continued internationally and went towards Europe, and continued to US.
Second wave is now in beginning in China, where we will see the after-effect of first wave. This will further decrease the overall stock market and other assets (than in first wave) will start to gain momentum.
BTC can actually retest 3500 EURO area
It is because of this second wave that I believe that BTC will see a further decrease and possibly retest the 3000 Euro. One reason is that investors will need to sell off more to cover their losses in other assets.
BTC price will increase.
The retesting of 3500 EURO will not be a long lived level, because investors will want to buy into more BTC to diversify when the "real" after effect of helicopter money takes into effect.
BTC will probably stay within the triangle for some time, when it starts to increase in price; so watch for that 9000 resistant.
When? Somewhere around end of second wave, and that might be around end of summer or early fall.
Shortly after BTC is increasing it will kick off a new Alt-coin race.
Thank you very much for reading through all of this wall of text. Really hope you found it interesting and useful.
Please, stay safe and have a great week ahead of you.
BTCEUR SELL: A solid bearish continuationIm taking a short-sell position on BTCEUR as I explained in yesterdays educational post (I believe Crypto is due for more losses based on my technical analysis)
What we have here is a wedge (or contraction in my books) leading to the 38.2% of the recent high to low of the swing of price.
Im targetting 123.6% of that move but will be happy to get out even at 100%... since I am a proactive trader I will monitor price action for any signs of an upmove reversal to collect profits and then if the bearish signs remain I will sell again.
BTCEUR - FIBS - VWAP & STOCH RSIBITPANDAPRO:BTCEUR
waiting for STOCH RSI Cross + Weekly Close above 6.2K
T1 = VWAP (DECADE) @ 7130
T2 = FIB 0.5 @ 9854
T3= FIB 1 @ 14831
happy trading
Short term (3- 4 weeks) : 3000€ then up again.I haven't posted for a long time here. but here I am again.
I decided to share my idea ((more than an idea it is the actual plan I am following , sold 80% of my BTC . I plan to buy at around 3000 - 4000€)
The negative case for BitcoinI am fairly new to TA, but this is an Idea I think of following. Invalidated if Bitcoin gets to daily support above €6500. Support at 5960 seems to be weak and not yet established, so if we go on a path downwards there will be little stop until 5400-5300, which has held OK during the last downturn.
BTC is at a crucial point and resistant lineHello beautiful person!
Just wanted to pop in and share some thoughts on the progress of BTC and market.
So, the stock market seem to be still down; but GOLD and SILVER has seen almost 5-10% gain. This could indicate that investors are hedging against inflation and other means when central banks all over print massive amount of currencies and flush the market.
Interestingly enough, BTC increased in price along with GOLD; which kinda seem to have a correlation now.
Anyways, the thing I saw now is that the BTC price is at the lower end of the triangle I drew up earlier this month in my previous articles.
If, BTC manages to cross this resistant line and hold above it for more than a couple of days; that would be a good indication that BTC is back into game for further increasing in the triangle.
However, I do not think it is likely that BTC will stay within this triangle, but rather bounce off and go down towards 5550 EURO.
The triangle:
Triangle more zoomed in:
As always, wish you the best and stay safe out there.
Bitcoin lookahead based on the current pattern formationLooking at the current chart trend using Elliot wave theory I can see the formation of wave 0 to 1 and 2 to 2. Based on the this chart observation, here is my projection for the completion of the 5 wave pattern followed by ABC.
This is based on an ideal situation and the candle stick approximately follow the charted wave pattern.
Note Elliot waves can break down or off at a moments notice causing the chart to alter direction up or down.
It will be interesting to see how BTC performs against Elliot wave theory and the current global pandemic called Corona virus (COVID-19)
This is my opinion and for my education, I am not a financial adviser.
New horizontal trading period?Hello Hello wonderful person!
I have never been so: excited, eager, anticipating and disappointed at the same time;since..... I saw the last Jedi on the cinema.
This market is really putting on a roller-coaster of emotions in me, and I have been in crypto since 2016; so I have been on a couple of roller-coasters :)
Most of the countries hit by the covid-19 breakout have now started of planned to start HUGE monetary actions to keep the markets running and enabling companies to hold on to their employees.
Now, how this looks like in detail will depend on each country policy.
However, there is probably one common denominator: printing a sh*** load of money.
There are in times like these that assets such as gold is more or less "safe-haven", and where does that put "digital gold" BTC?
No one really knows, cause it has never happened before like it has now.
Changes on the chart:
- Added new support line at the current price range 5795 EURO
- zoomed out to show former tested points on that price range.
- Coloured the other support and resistant lines blue and red, to better differentiate the new support or resistant line at 5795 (remains to be seen).
What now?
The current price range is hovering around a well tested level, and last time we went there was in 2018; whilst we traded horizontally for 3 or so months before dipping down to around 3000 EURO area.
We might start trading sideways in the same window and almost same manner.
BUT personally I do not think these resistant and support lines will hold for long time.
The reason I say this is that this increase in price, comes awfully close to the news of monetary action/help from countries, before we even have seen the real results of it.
I believe that the worst toll on the market from this pandemic outbreak has not yet been seen, and we still have more market fall to see in this year; maybe start seeing more of this in 2-3 months.
On the other side of this, we have the money press at full speed. This would probably make gold and other valuable assets go up in price, and BTC might go up along with them (since it is decentralized and not connected to any other assets or currencies).
If I were to guess a time span on this to happen, it would probably be more in summer or early fall this year. Depending on how successful the monetary actions from different countries will be,
So what I am doing in all this?
Trying to be cool, with a little more of my savings into an exchange, and ready to fire off those buy orders.
PS
I just sold some STEEM to book profits, and to have some BTC ready that is held for buying some ETHER.
As always, stay safe out there and use your logic, not your feelings when trading
