1BigPapi

1BigPapi Updated  May 22, 2021

All eyes are on Bitcoin as it reasserts market dominance by basically dumping everyone else. After the spectacular fall to ~28k and the equally spectacular bounce up, over 40% in the hours that followed, we settled into a range between the 30k and 40k range. We saw subsequent attempts to test the downside, as Bitcoin fell from short term bearish patterns only to...

1BigPapi May 22, 2021

Everyone is looking for answers and I wish I had some.. all I can say is level heads will prevail. Don't make hasty or risky decisions like jumping into a 100x trade with your whole portfolio, hoping to recover what you lost. Holding bags is almost always the better choice. Note : I'm not convinced this is a full bear market we are entering; I think its a short...

1BigPapi May 21, 2021

Looking at the symmetrical triangle, this is a continuation pattern typicaly, but its also a neutral pattern that has the possibility to reverse the price action. Bitcoin has been in an uptrend since the market correction on the 19th, so a symmetrical triangle is statistically most likely to continue that uptrend. If we measure the depth of the triangle at it's...

1BigPapi May 21, 2021

Just a quick consolidation of my last couple charts. Scenario 1 : Bullish continuation following the breakout earlier today. Range between 40-45k in the coming day(s) as we consolidate over the 200 DMA restoring some bullish sentiment in the market. Scenario 2 : Drop down to retest lower leves between 30k and 35k. Likely consolidation after but higher risk of...

1BigPapi Updated  May 21, 2021

Summary : Bitcoin is currently painting a short term bear flag within a long term bull flag. The correction of the past few weeks led Bitcoin to a strong support with the possibility of a bullish breakout, but no matter the direction of breakout, I envision some consolidation between the 30k and 40k ranges first as this is a very good opportunity for MM/whales to...

1BigPapi May 20, 2021

If we look at the worst-case scenario for BTC, it would be to measure the potential maximum drop from this short term bear flag/rising wedge based on the depth of the opening of the pattern- we would see around 35% drop. This will land us at the next lower support, ranging between 25k and 23k. I personally feel this scenario is unlikely, but we have to consider...

1BigPapi May 18, 2021

This isn't a fully blown analysis as much as a quick update. We are on something like day 10 of the current downtrend, wave E of a major corrective pattern that started in March. Everyone wonders where Bitcoin will go next. Of course if any of us had that answer we would be rich. Background : If you remember my earlier TA, we called the ATH in March as an...

1BigPapi May 17, 2021

With around 4 hours left on the daily, the window for a bullish recovery today is getting narrower but the single other time we dropped below the 20/21w MAs in a bull market we spent a couple days under it. Additionally on the 1D chart the last five times our Stoch RSI dropped to the level we are at now, it spent an average of 3 days there, and we are currently...

1BigPapi May 17, 2021

Quick Notes : I am providing potential bullish and bearish targets for the next 24-48 hours. Closing at or above bullish recovery targets today will signal the possibility of a mid-cycle correction and continuation of the bull market. Failure to close at or above the bullish targets will lend weight to the possibility of a bear cycle or full-on bear market...

1BigPapi May 15, 2021

This was quite the week in Bitcoin world. After a very memorable dump, in part aided by Elon Musk, we find Bitcoin painting either a symmetrical triangle (continuation/bearish) or an ascending triangle (reversal/bullish). I posted potential breakout targets, either likely within the next 24 hours. Look for confirmation of breakout with a retest of the...

1BigPapi May 13, 2021

We are all probably watching Bitcoin's slow price action and trying to guess what it's next move will be. Overall I feel more bullish than I did hours ago, but ultimately it comes down to Bitcoin . I see a mix of bearish and bullish signals and patterns, but the dominant support currently appears to be the horizontal bottom that has potential to form into a...

1BigPapi Updated  May 13, 2021

Obviously everyone strapped in for a ride yesterday as an unexpected Elon tweet and weak Bitcoin price action converged on a glorious dump. The correction wasn't large in terms of depth (yet) but certainly memorable. I am still bullish on Bitcoin in the long term, and probably mid term, but I don't think we escaped this correction yet, and the possibily of...

1BigPapi Updated  May 10, 2021

Background : If you read my earlier TA you know we entered May focused on two possible outcomes for the month- one is a correction and the second was consolidating between 50-60k. Based on the recent price action and breakout from the triangle on 07 May that was validated by restesting that former resistance as support- we are adding a third possible scenario....

1BigPapi Updated  May 7, 2021

As noted in earlier TA, the April correction was almost identical to the February correction, which leaves us to ponder two outcomes, one based on the current pattern/data, and one based on how Bitcoin performed following the February correction. Background: Week 2 historically in this cycle is the preferred week for Bitcoin and the market to correct. We...

1BigPapi May 6, 2021

I compared the 2014-2017 Bitcoin cycle to the 2018-2021 Ethereum cycle to see how the two coin stacks up and whether Bitcoin can reveal anything about where Ethereum is going. Observations: Bitcoin continued climbing once it posted a golden cross (20MA over 200) in October 2015. Growth was gradual but consistent until 2017 and eventually cycle top. Bitcoin...

1BigPapi May 6, 2021

Recap : Ethereum entered May extremely bullish. First it resisted deeper corrections when BTC and the TOTAL2 market corrected in April, then it came flying out of the gate towards the mid/end of April, growing over 70% to today. Quite exciting. Looking back we saw two consolidation periods where MMs appear to accumulate before a slow growth from 26 April until...

1BigPapi May 4, 2021

Current Situation: In late April Bitcoin basically repeated the initial February corrective pattern- with an identical depth of correction, angle trend and very similar fractal- now we will see if it continues copying that pattern with March's second correction. If we do, we'll have a brief bull trap here over the next 24-48 hours, or at least some slightly...

1BigPapi May 3, 2021

ETH has been very bullish over the past week as it entered new ATH and price exploration. It will go higher in May, but the odds of a retracement/correction before then increase by the hour. It broke bullish from the channel it was in and with hardly a breather in nearly a week of growth, very exciting but nothing goes up forever. I noted two support zones below...