July 3, 2018 at 7:39 am #17862
July 26, 2018 at 7:15 am - Views: 2923 #17979
Just a quick update on the Bitcoin market versus the US Dollar as we get ready to go into the weekend. Many traders that were short on the market got pretty rekt as BTC gained about $2k at the time of writing this. The market is very bullish, however be prepared for a correction before the price action goes higher.
When we take a look at the Bitcoin to USD 1 Day candle chart we can clearly see the strong bullish trend that developed during July. It is normal for the market to correct as the buyers and sellers battle it out on the order books.
This strong bullish move is not really surprising, as 2018 has been filled with thousands of potentially bullish fundamental developments in the Crypto space. We can see the regulators in various countries wrapping their heads around Crypto. Even though this news gets skewed, it is important to realise that regulation will pave the way for the big money to enter the market.
Back to the charts, should we get a pullback here I would put support anywhere between, $7600 – $8000, as we can see volatility is nice and high, which means big swings (up or down) can be expected. Resistance is steadfast around $8300 – $8600.
Elliot Wave theory suggests that this little rally still has one leg up to go, could be this weekend or after a correction. Safe trades.
Lets be patient and wait for the market to show us the next move.July 23, 2018 at 8:56 am - Views: 3581 #17948
Looking at the Bitcoin market after the weekend, I am sure a burning question in most traders minds right now, “Will Bitcoin go back up?”. Lets take a look at the 1 Day candle chart.
On this chart we can clearly see the bullish price action since the start of July, most traders were expecting a much bigger pullback, however we saw the price dipping to about $7250, before the bulls started buying back into the market.
A lot of surprised traders found Bitcoin testing the next resistance level, $7800 – $8000, this morning, looks like it will be a interesting week. Like I mentioned in my previous report, I am bullish above our shorter term support levels, and I would expect any good dips to be bought up quite quickly.
There is some fundamental news that I think will have quite a strong impact on the crypto markets in general, such as the Google and Facebook news coming out this week. There are also some global economic factors that could add to some accelerated growth in the crypto space, however timeframe on this could be more long term.
Feel free to join our Discord trading community here. Safe trades.July 18, 2018 at 9:58 am - Views: 3758 #17937
Just a quick update after the nice move from Bitcoin yesterday, price action accelerated quickly after the previous resistance levels fell.
I would expect some correction after that nice little run, blue lines indicate the possible shorter term trading range we could expect in the market. It will be interesting to see how many bears are left and where they will start offloading some of their BTC.
Hedgefunds and Crypto celebs have been calling it a good time to buy for a while now, the charts are also in agreement, as well as the fundamentals.
Resistance for the short term is between $7400 and $7800 and I will look to those levels to signal the next leg up. On the support side we could see prices dip as low as $7050, should the bears decide to join the party at these prices.
Join our trading community on Discord. Safe trades.July 17, 2018 at 10:21 am - Views: 3865 #17931
Lets have a quick look at what the Bitcoin market has been up to, and possible future price predictions.
We can see the price action the past week has lead us back to our old friend, the “resistance at $6800”. Bitcoin broke free from the 20 MA on the 4 hr chart above $6200, where we saw a nice little bull run developed pushing us to $6800.
As the Stochtastic is showing us the momentum is turning and we will most likely see a small correction here before the price action will test the resistance zone again. The market action is nice and bullish in my opinion with the possibility for the INV H&S play still on the table.
There has been quite a bit of bullish fundamentals still coming out from the crypto space, we can only be patient while all this crypto adoption is taking place.
Currently there is still major resistance around $6800, and the psychological level at around $7000. Should prices break above this zone I would expect $7400 – $7800 to be our next stop.
What to look out for in the dip, possible buying zones for the dip in my opinion would be around $6450 – $6550.
Please bear in mind the safer entry into the market is still above $7000, safe trades.July 13, 2018 at 7:26 am - Views: 4122 #17919
The Bitcoin market failed to test the resistance zone again, and soon after, we found the support levels to weak to sustain the previous run. Bitcoin dropped quite sharply to about $6100 where we saw the buyers showing their interest again. What to look out for going into the weekend, lets take a look at the contradicting signals.
I see quite a lot of market reports on Tradingview and in our community focusing on the possibility of a inverse H&S pattern forming. It is important to remember that this formation will only be considered when ALL the conditions are met. Until then it is just a “possible Inv H&S”. I see that many traders are stating that it is already a confirmed pattern, this is false, we will need to see the prices break above the neckline to confirm this as possible bullish reversal pattern.
Notice how the possible Inv H&S is busy trading inside what some would call, a massive bear flag. I will take both situations into consideration and will prepare myself in the following manner. Should prices drop below $6100, i would expect the $6000 level to get tested, should this fail as support I will consider going short on the markets again, target will most likely be the previous lows that got tested.
Should the prices consolidate above $6380, I will expect a retest of the previous resistance levels, which happens to be our INV H&S necline. There could be a quick long to play between $6400 – $6600/$6800, if the market graces us with the above mentioned scenario.
For those looking at the safest entry into the market, be patient and wait for the market to consolidate above $6800 – $7000 before going long.
July 9, 2018 at 8:51 am - Views: 4050 #17895
- This reply was modified 7 months, 1 week ago by margincall. Reason: grammar
The Bitcoin market performed very much like we outlined in last weeks report. We are currently seeing higher highs and higher lows, indicating the start of a bullish trend in the market. Lets take a look at the chart.
Bitcoin spent most of last week testing the resistance zone around $6700 – $6800, and we found ourselves above it during the weekend, before the sellers stepped in with the global markets waking up. We currently find ourselves in the $6700 zone.
To remain uber bullish on the market I would like to see prices consolidate above $6800 this week and test the $7000 psychological resistance, where we could see a breakout, or a sell-off into the new buying momentum.
A break above the 7k resistance will surely make the headlines and we could experience some fomo if there is not much selling pressure in the market.
On the flip side, support is still between $6400 – $6600 for me, and should these levels fail to act as support, the market will retest the 6k zones. Personally I am bullish and would expect some “terrible news”, fake or real, to get this little bull run stopped.
Feel free to discuss any of my trading ideas in our Discord community.July 3, 2018 at 8:04 am - Views: 4129 #17863
Bitcoin has broken out of the longer term descending triangle, there has been some bullish action across the crypto space with a few billion pouring back into the ecosystem. Bitcoin has been in a strong down trend since the $20k mark and it seems like the market is quite happy with $6k BTC. Lets take a look at the charts.
There is a very nice Adam and Eve double bottom that formed on the 4hr candle chart, some nice green jumbo candles confirming the buying volume flowing back into the market. $6300 acted as a strong support and prices quickly jumped up another $200, bullish momentum is confirmed by the price volume indicator.
The market is currently hitting some resistance in the $6700 – $6800 zones and we will pay close attention the the price action above $6500 – $6600. Consolidation above this zone will mean another leg up sooner than later. Bitcoin has broken out of the longer term triangle and my sentiment on the market bullish, unless $6400 fails as our shorter term support.
It is important to remember that the trend is your friend in the markets and it usually pays to bet according to the trend. Right now we have some nice higher highs and higher lows in the market, nice little bull run developing, should the bulls keep it up I would expect us to greet the 7k zone soon. Safe trades.
You must be logged in to reply to this topic.