MoonTrader

MoonTrader

Looks like the market is about to get squeezed down below the breakout zone. It will probably stop anywhere from $200 to $210 next. We have a large downward channel acting as the top of a descending triangle that will take us to the low $200s. We had a failed H&S that took us to $245 where we were stopped by the lower end of the breakout zone before the big...

MoonTrader

As the charts begin to turn more bearish, we are forced to look for some sign of a turnaround. The trend, which has been going on for over a year, appears to still be intact. I expect that we will either form a double bottom as we did back in 2011 (I will link to an interesting chart by lowstrife that caught my attention), or we will have one final leg down to...

MoonTrader

A little narrative I created to demonstrate the thought process of a short-term head and shoulders reversal. Enjoy.

MoonTrader

We've hit daily support at the breakout zone in a very oversold market. If we see more bear action, it most likely won't be until later. I've outlined important daily support and resistance levels on the chart, and the next stop appears to be a retest of $252 where the market broke to the downside with huge red candles on very little volume compared to the...

MoonTrader

The market has been stuck in consolidation since the high of $315, and now we are waiting for another breakout in either direction. Although I'm not taking any trades until one of these two levels is broken, I think it is probable that we will test $280 resistance again, if not break through it.

MoonTrader

Right now, the market is sandwiched between two vital levels of support and resistance. If it breaks down, that confirms a move to the $220s. If it breaks up, then we can expect to see a little bit of consolidation in this are followed by a steady move toward $400. Both scenarios are plausible at this point, but I wouldn't underestimate the bulls at this...

MoonTrader

It looks like we're breaking out again, having failed to make a lower low and now piercing through resistance. I believe this will take us to about $275 before the real pullback begins. Edit: Just realized I left out the circle I was going to put on the volume. Price is breaking resistance on breakout volume.

MoonTrader

We're sitting atop the local higher low here. As soon as we establish a lower low, the targets below are where I would expect it to reach. There is strong support around $200, so if it is going to turn around, I would expect it to turn around there. Overall, I'm still pretty bullish, but we can't know for sure until we reach one of these targets and see what...

MoonTrader

After nailing a 17% trade, the market appears to be overbought and hitting strong resistance. The volume says we won't break it this time, so I'm expecting a pullback to the breakout zone before making a trend decision. This isn't a concrete trade strategy yet, just a hunch. Look for possible topping patterns to confirm. We may reach slightly higher, but I...

MoonTrader

You really have to be careful when you see a new pattern forming because that pattern may simply be swallowed up by an even bigger pattern. As we can see here, there was a descending triangle that looked completely valid up until the point that it was invalidated. However, you'll notice it never actually broke through support. This is why it's important to take...

MoonTrader

There is a high likelihood that bitcoin has found its long-term bottom. The descending wedge that bitcoin has been in for a year is still valid, except that the floor turned out not to be in exactly the right place. Nonetheless, the pattern of decline that has taken place for over a year now confirms that bitcoin is not destined to crash to zero, at the very...

MoonTrader

There are many people who will be convinced that this is just another pump, so they will sell into it. This is likely to make the ascension slower to begin with, but it will soon pick up speed. This spike up is basically a confirmation of my bullish sentiment in my last idea, which I will link to and the reason I had buy orders ready in case this happened. This...

MoonTrader

If you just take the descending triangle that is readily observable here at face value, then things look rather bearish. However, we can also now see that a larger symmetrical triangle is coming into view and also a tiny ascending triangle as well (in yellow on the chart). Given that most people are bearish right now, I am going to take an alternative view and...

MoonTrader

After breaking $200 again, the market seems to be in an even bigger descending triangle than the one I posted before. However, it's not necessarily certain which way it will break because we are still quite oversold right now. I'll wait for a technical break before taking another trade.

MoonTrader

The trend is getting steeper. I'm convinced we have not reached the bottom yet.

MoonTrader

With the market currently making lower highs and lower lows, the bear trend may not quite be over yet. A break of $200 again is very bearish, and it looks like that will soon be the case. We may face weak support on the way down at the $180-$190 level, but I don't expect this to hold. As of now, I'm watching $200 and waiting to catch a short to $130, which was...

MoonTrader

I'm now targeting the $265-$280 area. It turns out my descending triangle was actually a bullish descending wedge. I'm now long and watching $190 strong support. It may not be immediately, but somehow, sometime, we are going to reach that $270 area again. Price is bouncing at support as I type this, so I'm thinking this may be it despite the lack of a real...

MoonTrader

I closed my shorts at $185 for a 15% trade and followed it by a long at $180 and closed at $198. Now, just watching and waiting. If this breaks down, which it looks like it's going to, I'll be eyeing strong historical support in the $130s and will probably go long there if it makes it there. The downtrend for the entire bear move remains unbroken and a...