SmartCryptoAssociation

SmartCryptoAssociation

Bulls were very strong in the last 24 hours but they are slowing down, indicated by the hourly volume in the up direction. The price is also at a relatively big local resistance. We would not be surprised to see the price fall more in the short term and potentially test the lower support of the channel.

SmartCryptoAssociation

The channel is playing out beautifully! We expect some pull back to come. If the bulls at strong, there may be a bounce from the middle of the channel. If the bulls can defend the center of the channel, look to see heavy bullish volume to confirm the move up. Otherwise, most ascending channels will eventually break down! Always look for the volume confirmation,...

SmartCryptoAssociation

It seems we are respecting the ascending channel at the moment. Note that we are currently at the 200 Daily MA resistance so could see bounce down before a move up. Remember patient traders get rewarded in the long run, happy trading. :)

SmartCryptoAssociation

The price is potentially starting an ascending channel in the lower time frames. We will be be carefully observing the weekly close after yesterday's RED monthly close. Small chance to bounce up as relief is also a theory that supports the lower time frame ascending channel. The channel will be validated if we fit the lower $9000 ranges. We would be looking to...

SmartCryptoAssociation

Baring that we see a hectic fall before the monthly close today, Bitcoin is looking BULLISH to us, contrary to popular belief. Comment below if you agree or disagree, would love to hear other perspectives on this. Happy trading folks :)

SmartCryptoAssociation

A divergence is forming in the RSI vs. the price action. This typically means the price is about to see a reversal. Volume will indicate the momentum of that move, so pay close attention to it. Happy Trading :)

SmartCryptoAssociation

looks like we are getting that break out now. Bulls -> Should look for break out volume and then also the retest back of the support as a confirmation to play a higher probability LONG trade. Bears -> after breakout, look for weakness with breakout volume to enter a SHORT. Happy trading y'all :)

SmartCryptoAssociation

Price is moving in a down channel inside another down channel. Parallel down channels tend to break up after multiple bounces off it's edges, creating a bull flag. Look for ascending buy volume near the top bounds of the down channel for a move up. Happy trading folks :)

SmartCryptoAssociation

Bitcoin has been dumping and some may not be feeling all that great at the moment. We want to show some potential confluence for a bounce up. Though we don't like trading head and shoulder patterns too much, there is an argument to be made for the pattern being played out now. The target is lower $8000 ranges. Fibonacci GOLDEN RATIO 0.5 to 0.618 is also at...

SmartCryptoAssociation

So the SHORTS having a good time today. The BEARs were so strong that they broke down from the original descending channel, rapidly. We are speculating to expand the descending channel "IF" the BULLs can not close the Daily Candle back in the channel. Remember that it is usually more profitable to trade with the trend! Stay safe and happy trading :)

SmartCryptoAssociation

Maybe we can get a bounce back to the monthly support level (low $9300 range) from the bottom of this channel. However, the price action confirmed that it is in a descending channel and it's usually not a good idea to trade against the trend. Looking for SHORT opportunities in the short to mid term. The trend is your friend, until it ends :) Stay safe!

SmartCryptoAssociation

The support at $9700 ranges ended up breaking down more. The support looked like it would hold after the previous candle close, because the range was tested many times, and we got wicks down that was immediately bought up. In hindsight, one should wait for confirmation and not get too greedy to catch the bottom. Waiting for the daily close for better...

SmartCryptoAssociation

The price tried to break down many times, evidently, the bears are weak and the bulls are holding up at the moment. Looking for a move up from here!

SmartCryptoAssociation

Price came down from the top of the parallel channel to the bottom of the channel and an ascending parallel channel typically breaks down. However, we are in a larger descending channel, which typically breaks up. So, we expect the the price to fall but not by much before we test upper resistance. We suspect that there will be a lot of wicks here so, look for...

SmartCryptoAssociation

The weekly and daily close today satisfies both parallel channels and it is not yet clear which channel we will respect going forward. The volume suggests an indecision. I plan to look at the lower time frames to identify trend bias and wait until the trend is a bit more mature.

SmartCryptoAssociation

The move up is slowing down and we even got our wick to 10K and back, as speculated on the previous chart. Looking to see how 9.8K support holds for short term trend, but more importantly, the weekly and daily close today. Happy Sunday Trading :)

SmartCryptoAssociation

The price is at the top the parallel channel and is at the weekly close, may not be a bad idea to take profits here. Wicks to 10K are a possibility.

SmartCryptoAssociation

This is a critical area! A move up or down will define the next consecutive movement direction.