Crypto Screener Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Technical Analysis – February 2018

This topic contains 12 replies, has 2 voices, and was last updated by margincall margincall 1 year, 3 months ago.

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  • #1482
    margincall
    margincall
    Keymaster

    This is the thread for analysis on the Bitcoin markets in the month of Feb 2018.

     

     

     

     

     

     

Viewing 12 replies - 1 through 12 (of 12 total)
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  • #1626
    margincall
    margincall
    Keymaster

    Welcome friends, sorry about the delay in the reports this week, but lets take a look at the Bitcoin market.

    BTCUSD forecast 27 Feb 2018
    Bitcoin has once again popped up above the 200 ma on the 4hr, this could be a very bullish signal, however like always, it can also get rejected and confirm the bearish trend once again.

    Resistance is still heavy above 11k – 12k and I would like to see prices stay above 10k to confirm the recent bullish push.

    Support is around 10k and should be solid around 9k, however if 9k gets tested and the bulls do not show up for the party we will experience another dip and possible sell off.

    Be patient and wait for the markets to give us the next clue, safe trades, remember you can chat to me directly in Discord. Safe trades.

    #1613
    margincall
    margincall
    Keymaster

    Welcome friends! Lets jump into the Bitcoin US Dollar report before we head into the weekend.

    BTCUSD forecast 23 Feb 2018
    On the 4hr chart there are some worrying signs as we cross below most of the MA’s including the 200 ma.

    Bullish markets could jump off from these kinds of setups, however there is a clear divergence again giving us a strong probability that the bearish trend might accelerate.

    There is heavy resistance between 10k – 12k and it seems that the bulls are quite shy of the market, even the bullish RobinHood news could not get the market to consolidate above 10k.

    We can look towards the futures as we go into the weekend, as most traders will most likely follow the street today, seeing it is Friday.

    Like usual be patient and and wait for the market to show us the next move.

    The downside could be limited to the 8k zone as there is still a whole lot of bullish news floating in the air, however if 8k – 9k breaks there will be another round of panic selling before the bulls might charge again.

    On the moon side wait for prices to consolidate above 10300 – 10500, but remember 12k is still the main obstacle.

    Feel free to discuss this trade idea with us in Discord, safe trades.

    #1604
    margincall
    margincall
    Keymaster

    Bitcoin is having quite a nice rally against the US Dollar since we hit the lows on the 5th and 6th, earlier this month.

    BTCUSD forecast 20 Feb 2018

    We are reaching another critical stage as we approach the longer term down trend line, which is also the top of the channel we currently find ourselves in.

    The resistance zone above 12k – 13k is the signal that I want to give me confirmation that we are indeed entering another bullish market.

    In the markets we are faced with contradicting signals and we need to consider all possibilities when analyzing the technical.

    There is quite solid support around 10 500 and should that fail I would expect more traders to book profits on the medium and short term.

    Should we fail to consolidate above 12 000 it is confirmation that we are still in the bearish longer term channel and a retest of the lower levels would be quite possible.

    Feel free to discuss this trade idea with me in Discord, safe trades.

     

    #1579
    margincall
    margincall
    Keymaster

    Bitcoin has had another great run from 6k, we paused a bit around the 8k zone before smashing through 9k and finding sellers in the 10k zones.

    It is not surprising that 10k has come into play as resistance, it was a major support a while back.

    Bitcoin Us Dollar Forecasta 16 Feb 2018
    In my opinion we are looking at minor correction in the market and possibly a opportunity to buy the dip. I am long on the market with exit planned should $9200 fail, at this point in time.

    On the near term I see support at $9750 and should that fail we will most likely test the $9200 – $9500 levels with $9000 being the main psychological support on the shorter timeframe.

    Contrary to what everybody thought we saw quite a bit of selling during the Asian markets, hinting that they might not be ready to buy back just yet.

    Should 10k resistance get broken today, it will be a very bullish signal for me going into the weekend and next week.

    Summary for the short term:

    Support: Near term – $9750 – Short term: $9000 – $9500

    Resistance: Near term – $10 000 – Short term: $10 300

    #1569
    margincall
    margincall
    Keymaster

    Hi friends, I see that the excitement is building and the rumors are we are going to the moon again, but lets take a technical view at the market to see what is going on.

    Bitcoin forecast 13 Feb 2018
    The possible formation of a bottom on the Bitcoin market is very real with a convincing inverted H&S.

    However as analysts we have to look and find more confirmations of the reversal.

    At the moment we have some contradicting information on the 4hr chart. The MACD looks like it wants to give a sell signal and the RSI is pointing straight down, indicating selling pressure.

    And then we also have a bullish divergence which could lead to a very nice breakout should the bulls start showing up for the party.

    We are finding ourselves in a tight trading range and I would expect some decent movement on the market before the weekend.

    Very near term resistance is at 8800 and support is at 8400.

    Should 8400 fail to act as support I will go long from lower levels again.

    Be patient and wait for the market to give us more clarity. Safe trades.

    #1536
    margincall
    margincall
    Keymaster

    Hello friends, Bitcoin didn’t waste any time confirming my previous analysis. Prices pushed pass $8400 and quickly rose, however the price action was no good and we quickly retested $8400.

    bitcoin forecast 11 feb 2018
    This does not come as a big surprise as we know the 1week candles still show massive bearish pressure on the market, as well as the confirmation of the longer term down trend line.

    The bulls did a good job, but as we can clearly see there is more work to be done. The support at $8000 is failing now and at $7800 we will see the newb traders selling their $8400+ bags at a loss on the way down.

    Remember that the trend is our friend and we will trade accordingly. I thought we had a nice diamond bottom forming and a good chance of a reversal.

    However my support zones didn’t hold and it shows that the bulls are in for another beating.

    Support is around $6000 for me on this drop, but I will keep some dry powder for the $4000 – $5000 zones, longer term speaking. Lets be patient and see what the market does.

    We have a massive bullish divergence on the longer term chart, which will cause a massive price surge to the moon side. This could be anytime from now till April by my best guess.

    Feel free to come and ask our advice on Discord. Safe trades.

    #1535
    margincall
    margincall
    Keymaster

    Hi Friends, let take a look at the Bitcoin market vs the US Dollar.

    Bitcoin Forecast 10 Feb 2018
    As we can clearly see we find ourselves in the 3rd bear flag on the 1day candles and the market is responding with a bit of uncertainty.

    As we mentioned previously we are bullish should Bitcoin stay above $8400, even though we are in a bear flag situation we also have the possible formation of a diamond bottom on the chart.

    We have a clear divergence on the chart which could lead to a breakout on the top side, however volume is very low and we could see a retest of $8400 before the market pushes higher.

    We have many contradicting signals and indicators on the charts and in situations like these I would search for fundamentals that could tip the scales.

    The momentum is clearly shifting in favor of the bulls on the longer term, but there is still pressure from the bears on the shorter term.

    If the bulls defend the $8000 – $8400 zone I would expect the market to test 10k this week, however if $8000 fails we will mostly revisit the lower part of the channel again.

    Expect some fomo to start should the markets consolidate above 10k. Safe trades, remember to come hang out with us on Discord and stand a chance to win 2 BCH. Safe trades.

    #1519
    margincall
    margincall
    Keymaster

    Lets take a look at the shorter term view of the btcusd markets.

    btcusd forecast 7 February 2018
    The bulls are putting up a good battle and the crypto good news must be spreading as we cleared $8000 this morning.

    We have a possible diamond bottom forming on the 4hr should we break through $8400, and consolidate above these prices today.

    A diamond bottom would be a very strong reversal confirmation and would set the new floor at $8400.

    There is also a possible bump and run in the mix which could bring forth some fomo and possibly push prices towards the 9k – 10k zone.

    On the flip side if we hit resistance at $8400 we could face a retrace back to the $6k level, but the trend is our friend so lets be patient and see if it confirms.

    For the more high risk trader the 10 MA has signaled the buy on the shorter term and many traders are long on btc vs usd.

    Feel free to discuss this trade idea with us on Discord.

    Summary

    ST Support: $7500 – $8000

    MT Support: $6000 – $7500

    #1518
    margincall
    margincall
    Keymaster

    Hello again friends, I am pleased to bring you my report after the last few days of carnage on the markets.

    Even the most technical trader should always be mindful of the fundamentals and check with themselves if it has an effect on the market.

    So as a rare treat here is a little fundamental breakdown, just my opinion.

    The media manipulated fudstorm really gave the newbies a run for their money, with the “China Ban” news regurgitated I think 4 times, the India news told in every bearish setting imaginable and naturally the cryptopians in the USA were FREAKING OUT (well some anyway).

    As soon as America heard that it was going to be ok, and that the fed probably bought the dip, we saw the bulls piling back into the picture. So bubbles get created out of some misunderstanding, they pop and correct themselves (some need help from the media) and birth new understanding for many new market participants.

    So fundamentally I would say the entire crypto space is still incredibly bullish and I am still a bull. (and a bear when I need to be)

    Lets take a look at the very long term picture, I will examine certain events in the past to help us get an idea of where the market might be heading.

    bitcoin usdollar forecast 7 feb 2018
    I know markets are very different than they were in 2013 and 2012, the reason I want to show this rsi is that we can clearly see the first drop in 2013 was met by the rally of 2014, before crashing and going sideways before the next bubble popped, where we find ourselves today.

    Given all the bullish fundamentals, and there are really too many to mention – more positive crypto news every day, not even to mention the masses of people getting into crypto:

    I am going to opt in for the first option (1st purple arrow) as a probability. Which means we could see the next major bull run this year taking us into 2019.

    However please be mindful of the bearish pressure on the chart, I am pretty sure it will be a choppy ride until we recover above $8600, however it could be as soon as Feb 16th when Asia gets back from holiday.

     

     

    #1515
    MrHanna
    MrHanna
    Moderator

    The support around $8000 was quickly shattered and we are heading into the bottom fib zone.

    btcusd forecast 5 feb 2018
    As we mentioned previously support was at 7500, with that blown out as I am busy writing this report, its safe to say Bitcoin is going to drop like a dead bird, again..

    I would put support around 5800 – 6500 should 7k fail to act as near term support.

    With more bearish fundamentals like the China news and the SEC meeting tomorrow, it is hard to imagine that the bulls will come to save the day, today.

    Momentum is confirming our grim forecast for the time being, however we will be on the lookout for the trend to change at any time.

    As our premium members know we have been short from previous highs and will continue to be short until the trend changes.

     

    #1503
    MrHanna
    MrHanna
    Moderator

    Lets take a eagle eye view of the Bitcoin market after the spectacular crash last month.

    btcusd forecast 3 Feb 2018
    Armed with Fib Wizardry I attack the chart from low in mid July 2017.

    We can clearly see that the prices kiss the 0.618 fib on every run since then.

    On our recent crash we broke through the 0.618 fib on the shorter term but behold, we found support at the 0.618 fib level on the long term.

    This is a nice confirmation for me, we don’t like calling bottoms in markets, but at some point we have to start pulling the trigger.

    Classic analysts look to the volume indicator (among other) on the 1 day candles to help them determine turning points in the markets.

    We analyze the candlestick patterns and also the candlesticks themselves.

    Since we have been facing so much fake news and weak hands, the prices could dip again and test the 8k zone, should it break we will place buys in the 7k zone.

    In a correction it is always wiser to break up trading positions while probing for the bottom.

    I am looking for the prices to consolidate above 9k to confirm the bullish pressure, but the trading volume is back and that is always a good sign.

    Remember to come chat to the Market Wizards on Discord, safe trades.

    #1483
    margincall
    margincall
    Keymaster

    Bitcoin finally broke through the 10k support level and prices fell sharply into the 8k – 9k zones like we indicated in our previous reports.

    btcusd forecast 2 Feb 2018
    Taking a look at the one hour candles we can see that we are still in a bearish trend and 8k will most likely get tested again.

    We are also faced with the possibility of bounce here as it is the 3rd time we are visiting the oversold zone on the RSI indicator.

    As far as momentum is concerned there is a possible divergence should momentum pick up and continue to the upside.

    Short term support is between 7500 and 8500.

    Some traders are placing buy orders in this zone and even below.

    Feel free to ask us about the markets on Discord. Safe trades.

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