Solipsis

Solipsis

To me, it looks like bulls have run out of steam a little for now. "3 inside down" candle stick pattern on the 4-hour after a double top rejection. The $11,200 (purple line) resistance is a little too strong for now and bulls are running out of steam for the time being. We'll be back, but for now I think it's headed down to consolidate. For confluence, we have...

Solipsis

Looking at the charts right now, I can see we're up against pretty heavy resistance (purple line + see circled red areas). RSI is getting into overbought territory, although some people say not to pay too much attention to this, and MACD is crossing down on the hourly (both circled in red). It's hard to say at this point, what are peoples thoughts? I know there...

Solipsis

Looks like we've made it through the long term downtrend (yellow dotted line) pretty convincingly right now, there was quite a strong push up and we seem to have hit resistance around the $11,200 mark which is pretty heavy. Discussion I'm reading and other traders seem to think we'll consolidate a bit before another attempt to push above this point. That said,...

Solipsis

Well, we finally broke out. It happened before we really traded properly into that channel we discussed in the previous ideas. It also looks like we're convincingly now above the downward trendline (yellow) and look to be continuing the upward channel from a couple weeks ago since the $6k bounce (green). The question is, will we bounce off the top of this new...

Solipsis Updated 

Last few published ideas have looked at this potential wedge pattern we are trading into now: On the 4 hour we see MACD crossing down, relatively average volume and RSI, and not much news or momentum to propel it past that yellow long term down trend line that everyone has been watching. We've been rejected off that line a couple of times now, without being...

Solipsis

Well, it looked like we broke above the downward trendline, but it just wasn't convincing enough, right now it looks like we're going to head into a wedge of sorts. Looking at the chart, you can see where I've added in the green lines from the previous channel we were trading in before we broke out for a bit, and then the yellow lines which make up the most recent...

Solipsis

Last idea discussed potential to break out of this current long term down trend we are in as the price has approached the top trend line again. Current 4h candle will be crucial, and possibly the following candle as well. On the surface it doesn't look like there is enough volume. Long/Short positions also don't give us much of an idea as to which way traders are...

Solipsis Updated 

We can see that BTC tested the long term down trend resistance again recently, and again bounced off. Such a tease. Could we possible break through or attempt again in the next 24 hours? It certainly looks that way. Overall, the trading action in the last 24 hours looks really strange, and completely removed from what we saw last week, which looked more like a...

Solipsis Updated 

Obviously I'm not the first to mention or see this, but figured I'd share and discuss to see what everyone else thinks about what might happen. Right now we're still in a broader downtrend channel, but the pump last night (due partly, in my opinion, to the EU crypto regulation roundtable news + Goldman-Sachs backed 'Circle' purchasing Poloniex - covered here )...

Solipsis

This chart is for me to keep an eye on the current trend of BTC and to try and see where it is headed and when it will break out of the larger downward trend. I have made one note/elipse marker on the 26th of Feb which is when EU regulation roundtable news came out (europa.eu), as well as news of Poloniex being purchased by Goldman-Sachs backed Circle (www.reuters.com)