Solipsis

Solipsis

Previous idea took a longterm view, this is just a brief look at the hourly chart to see if there is room to keep falling, and based off the indicators highlighted (and volume), I do think that it is possible we keep going down for a little longer. * This is not financial advice or trading advice. This is analysis and personal opinion used for educational...

Solipsis

Looking at the chart, we're back at that critical zone for BTC, a strong bounce around this area should see us safe for a little longer, but BTC is very shaky right now and the last few days of trading have been erratic. One person I saw mentioned that the charts looked more like an "alt coin pump-n-dump" than organic trading. Regardless of what is happening,...

Solipsis Updated 

I usually don't pay too much mind to all the discussion of "whale" manipulation etc, but current activity certainly looks like whale accumulation and distribution to me. Particularly from the big push we had from the 8.6k to 9.2k range that came out of nowhere, during a time where volume had fallen off a cliff. What has continued since then is steady accumulation...

Solipsis

Just a quick note and Idea. I mentioned in the chart yesterday that we'd probably be back here, but it was really just a guess based on the sentiment shift last time on the way down to $6k and because the exact same pattern played out. At the moment, I'm waiting for the "bottom" and right now this weak volume doesn't appear to be it. I would expect a huge spike,...

Solipsis

I see some people are looking at the recent daily close hammer pattern as a bullish sign, but I'm not so sure just yet, this exact pattern played out on the way down to $6k and other traders were caught out here. See the boxes highlighted in yellow. Usually, a hammer pattern like this is interpreted as a reversal, and that may be the case if we see a...

Solipsis

I don't really use FIBs that often, but it would appear we're near the 0.5 line and also around a critical psychological value of $9,000. I'm interested to see if this will hold, or if we continue to break down. Right now sentiment is bad, lots of negative press, lots of fear about Mt. Gox trustee potentially dumping more BTC onto us , and I would imagine many...

Solipsis

So, I covered the Binance dump in the last idea, basically now trying to figure out where we'll go from here and trying to draw up potential support/resistance points moving forward. I do believe we would've bounced off this green support trend line had it not been for the Binance fear causing an absolute dump. That meant the price plummeted through the trend line...

Solipsis

News moves markets. We can chart things up as much as we like, we can talk about potential support and resistance areas, or where buyers and sellers might do battle, but all it takes is a bit of news that causes fear and things can move very fast away from what we've anticipated. This is a perfect example, as we saw a big drop in BTC thanks to Binance hack fears:...

Solipsis

So in the last idea I was trying to figure out what the current BTC trendline support might be. The line that was from the bottom of the dip was broken through so I've remove it here and left another potential trendline support that has had multiple touch points. Interestingly, this crosses over with the next support level around the $10,200 mark (resistance...

Solipsis

This Tweet clearly caused the price to surge . At first I thought it had broken up out of the wedge on its own, but then I remembered that it had actually broken down out of the wedge and looked a little shaky, perhaps even heading to 38k or below. Then, all of a sudden the VEN tweet arrives to save the day and we surge to 48k. Will be interesting to see what...

Solipsis

In my previous idea, I asked whether the dark green or bright green lines in this chart would provide trend line support. For now I'm sitting back to watch whether we'll go lower and head towards the darker line. Most assumed that there would be a lot of buyer support at $10,800, but we have been trending up and trying to break through $11,600 convincingly for a...

Solipsis Updated 

So BTC has been a little undecided in terms of whether it wants to breakout or drop back down. It's hard to say, we've been rejected off of $11500 and $11600 areas and gone down a couple of times, but we're also pretty far off the base lines drawn in. The dark green line has more touches so could potentially be more reliable, but the brighter green line is...

Solipsis

Bright green line = Possible support trend line (highlighted in my previous idea) Dark green line = Another possible support trend line Dark purple dashed line = previous resistance broken through Interesting to see where we'll bounce off from. Thoughts?

Solipsis

Just a quick look at VEN and possible reasons for some of the price action as well as support/resistance levels I've identified. Green Line = Resistance at 48k Purple Line = Next resistance at 44k Faded Purple Line = Broken resistance at 41k but not acting as support Orange Line = 38k strong support (bounced off this in the dump) Red Line = 36k range next...

Solipsis

Just a quick look at where we're at. I've been watching BTC pretty much all weekend to see what it decides to do next. Key Faded Purple Line = broken resistance Dark Purple Line = current strong resistance Red Line = very strong resistance (next target if we can actually break/close above this $11,500ish line) Green Line = current trend support line I am...

Solipsis

So the bulls are trying to regain control it seems, but for now there is some resistance which you can see in the chart above (purple lines, lower one was punched through, second purple one is proving to be an issue). Volume is pretty low, RSI and MACD also show that we could be heading down for a little bit. I doubt it will be a catastrophic drop, BTC has been...

Solipsis

Well, we broke through that second level of resistance momentarily, both areas of resistance are now marked in purple, the next target is the $11,700ish area marked in red. I am surprised we made it this far without retracing back to at least low $10,000 mark. Can we break through $11,700 today?

Solipsis

Red dashed horizontal lines = Resistance Purple dashed horizontal line = Broken resistance / potential new support Yellow arrow = current ascending trend Green solid line = longer term ascending trend (multiple touch points confirm) RSI is getting into overbought territory, but it looks like we're making a run up to $11,700 at this point. We'll see if the bulls...