MoonTrader

MoonTrader

The market appears to be consolidating in a bearish descending triangle for the time being. Short targets at $320 and longer term $250 are still valid. Support has been identified at $347, but it will probably break soon. BTC Donations: 1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4 Thanks! Also, anyone who follows my trades and wants 10% off of trading fees on...

MoonTrader

As I expected, the bounce stopped at 365. Watch this level with an eye on volume to confirm short toward $300-$320 and lower. The long-term target is still $240-$250. This was obviously a pump, so I'm confident this setup will work. ------------------------------------------------------------------------------------------- If you would like to set up an...

MoonTrader

This is a rehash of a recent idea I had in a different scale. Maddie requested that I do this chart in log scale, so I did, and as you can see, the results are pretty much the same. The target based on the interception of the bull flag and the long-term trendline is still about $250.This, I believe, is the "crossroads" for bitcoin. Interestingly enough, the...

MoonTrader

Don't let the bears scare you just yet. The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward trend line. We are still in a bullish pennant which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a...

MoonTrader

Market currently oversold, with support below at $340. Play this if you know what you're doing.

MoonTrader

My fears were confirmed from a recent idea speculating that the mid-term uptrend would be broken. Now we have a confirmation and I am currently shorting with an eye on the support levels on this chart. The price still hasn't successfully broken through the long term downtrend, but a new bear trend within the larger bear trend is starting to develop after an...

MoonTrader

I'm still neutral as we wait for this triangle to resolve. Rarely do we see symmetrical triangles like this one, so this is a good opportunity to wait for a confirmation and then get in a long or short trade. We can see the price consolidating within the end of the triangle, but nothing is for sure until we get to the end. This could be a significant pop in...

MoonTrader

In my last idea, I came across as rather bearish, although I thought I would note that it is not quite time to sell yet by zooming in to a shorter time frame. I think we are trading in a very short range right now, and no clear trend has developed over the last two weeks with either lower lows or higher highs, which can be frustrating. However, I think things...

MoonTrader

The BTC price has been hugging the recently formed uptrend line a little too close for comfort as we approach the end of an important symmetrical triangle. If it is broken to the downside, the first target is $340, but I would be expecting more downside in that scenario. The triangle has not broken yet, but judging by the low volume, there just don't seem to...

MoonTrader

If and when the market breaks through 395 resistance, I expect a bullish move through intraday resistance to the next level of daily resistance, which is at around $515-$535. Resistance at $450 is still considerable, but an interesting new moon pattern has me thinking the bull market may last quite a bit longer. As I've mentioned before, bullish full moons in...

MoonTrader

As I've noted, the 3 full supermoons we had this summer failed as bullish indicators, meaning the bear market was bound to last for quite some time, which it did. Shortly afterward, the bullish moons began serving as good indicators again in recent months as you can see on the chart. However, this is the first new moon to fail as a bearish indicator in a long...

MoonTrader

Indicators are bottoming out as we meet intraday support and the bottom of the uptrend channel. I'm looking to enter a long in the $350s and wait for $400 to see how the price reacts, then $415 and possibly higher. After that will decide whether we are conclusively in a bull market or not. Do not try shorting at these levels. The risk is too great with too...

MoonTrader

After my latest bearish model, I checked myself and decided to step back and take a look at the big picture. I've been nailing my trades so far, but now I find myself unsure of what is going to transpire over the next few weeks. I tend to be less pessimistic because of the volume that accompanied this apparent break of the long term downtrend. The problem...

MoonTrader

The price failed at $420, a very bearish signal. We may be headed for new lows in the coming months. The price retraced 100% of the parabolic move and is in the process of stair-stepping its way down. This lines up with the approaching bear moon, indicating further bearish price action with no evidence that the trend will stop short of a new low. I may wait...

MoonTrader

I see a potential long setup forming on the 30m scale with implications on an even larger scale. The market is currently consolidating, making higher lows after hitting the .618 fib retracement line and now challenging resistance just under $400. I believe it is likely that we could either run to $420 and stop or keep going to $500, making the bull market...

MoonTrader

I decided to pick up another position around $422 since this is beginning to look like another bull flag. The breakout will probably bring us to around 490 before the real retrace, as I mentioned in my last idea. After this follows through, watch volume on the retrace to see if it's a reversal or a bear trap. If the price bumps up against 480-500 and starts...

MoonTrader

Full disclosure, I've already sold out of my longs with a nice profit after picking the bottom at $323. That said, I don't expect it to stop until it reaches about 490. After that, just look at volume. Either volume fades and price begins another downtrend or it will be a bear trap. I may buy in again if we get a retrace soon because the volume is still...

MoonTrader

Just thought I would share this since the breakout is just starting to reach $380 resistance. Indicators are topping out and a 50% retrace seems to be in order. Market is still bullish, so trade carefully, but after this pullback would be a good time to get in if the price action still looks good. For all intents and purposes, the market is in breakout mode,...