BTCGBP trade ideas
BTC/GBP Speculated entry pointSupport is at 5569.30, worst case scenario. Predicted best buy in time in purple box when BTC/GBP hit about 5675.
BTC expected surgeDow Jones Index formed a inverse head and shoulder indicating more upside incoming.
Rate of increase may decrease as we go towards midnight but an increase nonetheless.
PREDICTION FOLLOWING BEARISHI produced this graph on the 26/02/20. I had both options of price increase and decrease implemented, this allows me over the period of month to watch how BTC behaves. Initially, we followed the bullish line but we retrenched and followed to the bottom of the bearish line which was more steep than expected. However I anticipate, that we will move sideways until mid April. Either way if we reach the white lower support line which matches the 2018 downward trend. This is likely to be an over crypto market bearish correction.
BTC BEARISH TRACE LINE I produced the trace lines for both bullish and bearish results and as you can see it tracked shortly along the bullish predictions and immediately dropped to the bearish prediction line. Currently it’s following bearish predictions quite closely. Further TA over next couple of hours and where the bottom for this plummet is and if we will start to see the halving having an effect potentially.
BTC FOUND A BOTTOM PREPARE FOR TAKE OFFBITFINEX:BTCUSD
COINBASE:BTCUSD
COINBASE:BTCEUR
BITSTAMP:BTCUSD
BITFLYER:BTCJPY
COINBASE:BTCGBP
BITFINEX:BTCGBP
FOREXCOM:BTCGBP
EXPECT A SIGNIFICANT INCREASE OVER THE NEXT 2 YEARS
BTC Rising wedge / Symmetrical triangle forming.Rising wedge / Symmetrical triangle forming symbolizing that BTC will continue an surge up until the diagonal resistance is hit.
After this it will then go down and bounce of the other diagonal support line for which the next time it bounces of top resistance we could see a
down fall especially if Brexit takes place tomorrow.
RSI and MACD similarly confirm this possibility.
BTC drop 500-600.After the recent pump (hope you all sold ahha) we will now see a drop in the large range of 350-600 and short range of 500-600.
It will hit a previous resistance/support area and will bounce of the support line seeing us into a higher rally than previous.
Entry will be when a sign of increase will show (1-2 days).
Bitcoin Overbought Sentiment Paves Way For Fresh Long Build-UpsOf late, the bitcoin price has been gaining its buying momentum but from the last couple of days ( a week or so) has slid a bit.
BTCUSD (at Coinbase) has dropped from yesterday’s highs of $9,194.99 levels to the current $8,665 levels.
However, the uptrend still appears to be intact, one can observe last week the bitcoin price (BTCUSD) has constantly risen against the major fiat pairs upon the constructive fundamental driving forces coupled with the lingering safe haven sentiments in geopolitical turmoil. BTCUSD has reclaimed $9k mark (+6.31% on WoW basis), BTCEUR has also edged higher towards 8,200 level (+6.80% on WoW basis), while BTCGBP spiked above 7k levels (+6.87% on WoW basis).
Technically, BTCUSD has formed hanging man and spinning top patterns to signal overbought sentiments. Consequently, prices are plummeted below 7DMAs, currently trading $8,665 level.
Short-Term Analysis: Range resistance breakout upon engulfing patterns, Bulls take-off well above 7, 21 & 100-DMAs with bullish crossovers, both leading & lagging oscillators in line with uptrend but expect minor dips on mild overbought sentiments.
Medium-Term Analysis: Shooting star plummets prices below EMAs & retraces more than 78.6% Fibonacci levels. While hammers & dragonfly doji attempt to counter these slumps as both leading oscillators show oversold pressures & gaining strength in bullish trend.
While bulls break-out triangle resistance, the major trend spikes above 21 & 100-EMAs as the interim rallies intensify. For now, the interim upswings likely to extend on bullish DMA crossovers amid mild price dips.
Trade Tips: We had foreseen these indications upfront a fortnight ago and advocated long hedges & trading strategies accordingly, now they must have not only arrested upside risks but also derived leveraged yields on trading grounds.
For now, the bearish engulfing pattern pops-up upon overbought pressures signalled by the momentum oscillators. At this juncture, this would be perceived as a better entry levels provided by the bears for fresh traders.
Current Uptrend Peak & DropHere is a rough estimation of where i think the current uptrend's peak will be (£7200 - hitting day chart resistance) which will then initiate trend reversal into downtrend.
2020-01-09 - 15 min chart playout - UK AfternoonRough estimated playout on the 15 min chart over UK afternoon 09-Jan-2020
