BTCEUR trade ideas
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
Well ,well .wellwell well well wut do we got here ? if we look at the non log chart then we found support at long term trend line ....also most of the miners are in trouble ///also everyone is bearish ATM,fyunding rate at historical lows ...we might have more upside then downside IF you do ask me ...doesnt mean it can go lower (i have limit buy at 2.2k) but we might have some upside before down
DFT hourly mapping - Most likely shortObservations:
-The red clouds are most likely FOR NOW to cock block any attempt to go through this red storm. Wait for neutral or green clouds to appear in the long term trends (supply turning to demand).
-The hourly medium term investor trend turned its resultant to buyers area despite a descending trend.This should be breakable but didn't yet.
=> I recommand for people OUT to not FOMO now.
=> If 4550 euros doesn't hold in min15 closure. I recommand a short to 3880 euros (next demand support).
Stay safe, set up SL.
Gl
